 What is the issuance or Modification of?
On the issuance or Modification of an LC, the LC Issuer will be deemed, without further action by any party, to have unconditionally and irrevocably sold to each Lender, and each Lender will be deemed, without further action by any party, to have unconditionally and irrevocably purchased from the LC Issuer, a participation in the LC (and each Modification of the LC) and the related LC Obligations in proportion to its Pro Rata Share.
LC