Issuing Letters of Credit Sample Clauses

Issuing Letters of Credit. (a) Letters of Credit shall be issued upon written notice by the Borrower to the Agent, given not later than 10:00 A.M. (Dallas time) on the second Business Day prior to the Business Day on which such Letters of Credit are requested to be issued, or such lesser time prior to the requested issuance date as is acceptable to the Agent. Each such notice (a "Request for Letters of Credit") shall be in substantially the form of Exhibit D hereto, specifying therein (i) the aggregate stated amount of the Letters of Credit requested, (ii) the effective date (which day shall be a Business Day) of issuance of such requested Letters of Credit, (iii) the date on which such requested Letters of Credit are to expire (which date shall be a Business Day no more than 18 months following such effective date and shall in no event be later than the Maturity Date unless the Borrower deposits with and pledges to the Agent cash or cash equivalent investments acceptable to the Agent in an amount equal to the face amount of such Letter of Credit as collateral security for the Borrower's Obligations in connection with such Letter of Credit), and (iv) the Person for whose benefit the requested Letters of Credit are to be issued. At the time such request is made, the Borrower shall also provide the Agent with completed and executed Letter of Credit Applications and copies of the forms the Letters of Credit which the Borrower has requested the Agent to issue. Each Request for Letters of Credit shall be irrevocable and binding on the Borrower.
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Issuing Letters of Credit. Subject to the terms and conditions set forth in this Agreement, at any time and from time to time from the Closing Date through the day that is ninety (90) days prior to the Maturity Date, the Issuing Lender shall issue such Letters of Credit as the Borrower may request upon the delivery of a written request in the form of Exhibit C hereto (a “Letter of Credit Request”) to the Issuing Lender, provided that (i) no Default or Event of Default shall have occurred and be continuing, (ii) upon issuance of such Letter of Credit, the Letter of Credit Liabilities shall not exceed the Letter of Credit Commitment, (iii) in no event shall the sum of the outstanding principal amount of the Revolving Credit Loans, Swing Loans and Letter of Credit Liabilities (after giving effect to any requested Letters of Credit) exceed the lesser of (A) the Total Commitment and (B) the Unencumbered Pool Availability minus the outstanding principal amount of the Unsecured Debt, nor shall the sum of the outstanding principal amount of the Revolving Credit Loans, Swing Loans, Letter of Credit Liabilities (after giving effect to any requested Letters of Credit) and the Unsecured Debt cause a violation of the covenant set forth in §8.1(a), (iv) the conditions set forth in §§9.1 and 9.2 shall have been satisfied, and (v) in no event shall any amount drawn under a Letter of Credit be available for reinstatement or a subsequent drawing under such Letter of Credit. Notwithstanding anything to the contrary contained in this Article III, the Issuing Lender shall not be obligated to issue, amend, extend, renew or increase any Letter of Credit at a time when any other Lender is a Defaulting Lender, unless the Issuing Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with §5.7(c) and the Defaulting Lender shall have no participation therein, except to the extent the Issuing Lender has entered into arrangements with the Borrower or such Defaulting Lender which are satisfactory to the Issuing Lender in its good faith determination to eliminate the Issuing Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral. The Issuing Lender may assume that the conditions in §§9.1 and 9.2 have been satisfied unless it receives written notice from a Lender that such conditions have not been satisfied. Each Letter of Credit Request shall be executed by an Authorize...
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Issuing Letters of Credit. (a) Subject to the terms and conditions hereof, including satisfaction of the conditions set forth in Sections 3.1 and 3.2 hereof, and provided no Default has occurred and is continuing, the Agent shall at any time prior to the Revolving Credit Termination Date, upon the request of the Borrower pursuant to Section 2.11.1(b) hereof, issue Letters of Credit for the account of the Borrower; PROVIDED, HOWEVER, that (i) the aggregate face amount of all outstanding Letters of Credit shall not at any time exceed $17,500,000 and (ii) the aggregate face amount under all outstanding Letters of Credit issued for the account of the Borrower PLUS the aggregate of all Advances theretofore made by the Lenders to the Borrower PLUS all unreimbursed draws under Letters of Credit shall not at any time exceed the Borrower's Maximum Revolving Credit Amount. The parties hereto acknowledge and agree that on the Closing Date, all Existing Letters of Credit shall automatically and without any further action become Letters of Credit hereunder, be subject, in all respects, to the provisions of this Section 2.11 and the other provisions of this Agreement.
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Issuing Letters of Credit. If the Borrower requests the Lender to issue any letter of credit for the account of the Borrower (each, a “Letter of Credit”), the Borrower shall submit to the Lender an application for such issuance setting forth the proposed beneficiary, maximum amount and expiry date of such Letter of Credit and any other requirement of the Borrower in respect of the form of such Letter of Credit and acknowledging that such Letter of Credit, if issued by the Lender, shall be a “Letter of Credit” as defined in this Agreement. Each Letter of Credit shall be in form and substance satisfactory to the Lender and shall be issued in accordance with the provisions set forth in this Agreement and the applicable letter of credit reimbursement agreement (each, a “Letter of Credit Reimbursement Agreement”), substantially in the form of Annex I (for documentary letters of credit) or the Reimbursement Agreement for Standby Letters of Credit, dated as of September 29, 2008 between the Lender and the Borrower (for standby letters of credit) and/or such other documentation that is satisfactory to the Lender in form and substance. Prior to the issuance of any Letter of Credit by the Lender pursuant to the provisions of the Letter of Credit Agreement, the Borrower shall deliver a fully completed and originally executed copy thereof to the Lender. The Borrower agrees to pay for the issuance of each Letter of Credit the standard fees and commissions routinely charged by the Lender in connection therewith. The Lender shall not at any time be obligated to issue any Letter of Credit hereunder that would, by its terms, expire or terminate after the Maturity Date.
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Issuing Letters of Credit. Subsection (a) is amended by deleting the following: "the aggregate face amount of all outstanding Letters of Credit shall not at any time exceed $17,500,000" and substituting "the face amount of the Letter of Credit would be available as an Advance under Section 2.1(a)"
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Related to Issuing Letters of Credit

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Requesting Letters of Credit The Borrower must make written application for any Letter of Credit at least three Business Days (or such shorter period as may be agreed upon by the LC Issuer) before the date on which the Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, the Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.07 will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in the form of the Letter of Credit Application. If all LC Conditions for a Letter of Credit have been met as described in Section 2.07 on any Business Day before 11:00 a.m., LC Issuer will issue such Letter of Credit on the same Business Day at LC Issuer’s Lending Office. If the LC Conditions are met as described in Section 2.07 on any Business Day on or after 11:00 a.m., LC Issuer will issue such Letter of Credit on the next succeeding Business Day at LC Issuer’s Lending Office. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any extension of an Auto-Extension Letter of Credit. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business Days prior to the end of the Commitment Period; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) from the Administrative Agent, any Lender or the Borrower on or before the day that is five Business Days before the last day in which notice of non-extension for such Letter of Credit may be given that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the L/C Issuer not to permit such extension.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Issuance of Letters of Credit (a) The Borrower may at any time prior to the Letter of Credit Maturity Date request the issuance of a letter of credit (each, a “Letter of Credit”), for its own account or the account of any of the Borrower’s Subsidiaries, or the amendment or extension of an existing Letter of Credit, by delivering or transmitting by facsimile or email (in “pdf,” “tif” or similar format), to an Issuing Lender selected by the Borrower (with a copy to the Revolving/TLA Administrative Agent) a completed application for letter of credit, or request for such amendment or extension, as applicable, signed by the Borrower (and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, also signed by such Subsidiary) and otherwise in such form as such Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by such Issuing Lender, in advance of the proposed date of issuance. The Borrower shall authorize and direct each Issuing Lender to name the Borrower as the “Applicant” or “Account Party” of each Letter of Credit and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, to name such Subsidiary as the “Co-Applicant” of such Letter of Credit. Promptly after receipt of any letter of credit application, such Issuing Lender shall confirm with the Revolving/TLA Administrative Agent (by telephone or in writing) that the Revolving/TLA Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide the Revolving/TLA Administrative Agent with a copy thereof. Letters of Credit may be issued in the form of a Standby Letter of Credit or a Commercial Letter of Credit; provided that the Specified Issuing Lenders shall not be required to issue any Commercial Letter of Credit. Letters of Credit shall be issued only in U.S. Dollars. For the avoidance of doubt, the Loan Parties acknowledge that each Letter of Credit issued for the account of Persons other than the Loan Parties shall constitute an Investment and Guaranty in an amount equal to the face amount of such Letter of Credit, without duplication, and shall be subject to the limitations set forth herein.

  • Use of Letters of Credit The Letters of Credit shall be available (and each Borrower agrees that it shall use such Letters of Credit) for general corporate purposes of Holdings and its Subsidiaries.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • Loans and Letters of Credit On the Closing Date:

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