Alternative Currency Letters of Credit. (a) With respect to any Alternative Currency Letter of Credit, the applicable Issuing Lender shall not later than the second Business Day of each month, recalculate the Dollar Amount of the L/C Obligations under such Letter of Credit by notionally converting into Dollars the Outstanding Amount of such L/C Obligations in accordance with Section 1.5(a) (a “Recalculation”) and promptly deliver such Recalculation to the Administrative Agent.
(b) Each Issuing Lender shall provide the Administrative Agent with prompt notice (and in any event within one Business Day) of any issuance, increase, decrease, extension and/or termination of any Alternative Currency Letter of Credit;
(c) Each Issuing Lender shall provide the Administrative Agent with a consolidated list of all outstanding Alternative Currency Letters of Credit not later than 9:00 a.m. (New York time), two Business Days prior to the last Business Day of each March, June, September and December.
(d) The Administrative Agent shall use reasonable efforts to provide Letter of Credit fee invoices in connection with any Alternative Currency Letters of Credit on the applicable Fee Payment Date (or within five Business Days thereafter). Any discrepancies in fee calculations will be adjusted in the subsequent Fee Payment Date.
Alternative Currency Letters of Credit. (a) REQUESTS FOR OFFERS. From time to time during the Availability Period, an Account Party may request any or all of the Lenders to make offers to issue an Alternative Currency Letter of Credit for account of such Account Party. Each Lender may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to such Lender, and such Account Party may, but shall have no obligation to, accept any such offers. An Alternative Currency Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or extension of each Alternative Currency Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the Aggregate Credit Exposure shall not exceed the aggregate amount of the Commitments. Each such Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as XL Capital, the applicable Account Party and such Lender shall agree, including expiry, drawing conditions, reimbursement, interest, fees and provision of cover; PROVIDED that the expiry of any Alternative Currency Letter of Credit shall not be later than the one-year anniversary from the date of issuance thereof (or, in the case of any renewal or extension thereof, one-year after such renewal or extension).
Alternative Currency Letters of Credit. From time to time during the Availability Period, an Account Party may request the Lender to make offers to issue an Alternative Currency Letter of Credit for the account of such Account Party. The Lender may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to the Lender, and such Account Party may, but shall have no obligation to, accept any such offers. An Alternative Currency Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or extension of each Alternative Currency Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the Credit Exposure shall not exceed the amount of the Commitment. Each such Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as XL Capital, the applicable Account Party and the Lender shall agree, including expiry, drawing conditions, reimbursement, interest, fees and provision of cover; PROVIDED that the expiry of any Alternative Currency Letter of Credit shall not be later than the one-year anniversary from the date of issuance thereof (or, in the case of any renewal or extension thereof, one-year after such renewal or extension).
Alternative Currency Letters of Credit. The Issuing Bank agrees, -------------------------------------- on the terms and subject to the conditions set forth in this Agreement, to issue Alternative Currency Letters of Credit for the account of the Borrower from time to time on any Business Day during the period from the Closing Date until sixty (60) days before the Revolving Termination date (A) in an aggregate Available Amount for all Alternative Currency Letters of Credit not to exceed at any time the Issuing Bank's Alternative Currency Letter of Credit Commitment at such time and (B) in an Available Amount for each such Alternative Currency Letter of Credit (i) not to exceed an amount equal to the Unused Alternative Currency Revolving Sub-Commitments of the Alternative Currency Revolving Lenders at such time and (ii) not to exceed an amount equal to the Unused Revolving Commitments of the Revolving Lenders at such time. No Alternative Currency Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than 60 days before the Revolving Termination date. Within the limits of the Alternative Currency Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Alternative Currency Letters of Credit under this Section 2.01(d), repay any Alternative Currency Letter of Credit Advances resulting from drawings under Alternative Currency Letters of Credit pursuant to Section 2.03(c) and request the issuance of additional Alternative Currency Letters of Credit under this Section 2.01(d)."
Alternative Currency Letters of Credit. (i) Each Alternative Currency Letter of Credit may, in the sole discretion of the Issuing Bank, be issued upon notice, given not later than 11:00 A.M. (Buffalo, New York time) on the tenth (10th) Business Day prior to the date of the proposed issuance of such Alternative Currency Letter of Credit, by the Borrower to the Issuing Bank, which shall give to the Administrative Agent, each Alternative Currency Revolving Credit Lender and each other Revolving Credit Lender prompt notice thereof by telex or telecopier. Each such notice of issuance of an Alternative Currency Letter of Credit (an "Alternative Currency Notice of Issuance") shall be by telephone, confirmed immediately in writing, or telex or telecopier, specifying therein the requested (i) date of issuance (which shall be a Business Day), (ii) Available Amount of such Alternative Currency Letter of Credit, (iii) Applicable Currency, (iv) expiration date of such Alternative Currency Letter of Credit, (v) name and address of the beneficiary of such Alternative Currency Letter of Credit and (vi) form of such Alternative Currency Letter of Credit, and shall be accompanied by such application and agreement for letter of credit as the Issuing Bank may specify to the Borrower for use in connection with such requested Alternative Currency Letter of Credit (an "Alternative Currency Letter of Credit Agreement"). If the requested form of such Alternative Currency Letter of Credit is acceptable to the Issuing Bank, in its sole discretion, the Issuing Bank may, in its sole discretion, upon fulfillment of the applicable conditions set forth in Article III, make such Alternative Currency Letter of Credit available to the Borrower as agreed between the Issuing Bank and the Borrower in connection with such issuance, provided, that, such Alternative Currency Letter of Credit shall in any event be made available to the Borrower or as the Borrower may direct in London or the financial center of the country of the Applicable Currency. In the event and to the extent that the provisions of any such Alternative Currency Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern.
(ii) The Issuing Bank shall furnish (i) to the Administrative Agent on the first Business Day of each week a written report summarizing issuance and expiration dates of Alternative Currency Letters of Credit issued during the previous week and drawings during such week under all Alternative Currency L...
Alternative Currency Letters of Credit. Each payment by the Borrower on account of any Alternative Currency Letter of Credit (including the Reimbursement Obligation with respect to any Alternative Currency Letter of Credit) shall be made in Dollars not later than 1:00 p.m. (the time of the applicable Issuing Lender’s Correspondent) on the date specified for payment under this Agreement to the Administrative Agent’s account with the applicable Issuing Lender’s Correspondent for the account of the applicable Issuing Lender in immediately available funds, and shall be made without any set-off, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. (the time of the applicable Issuing Lender’s Correspondent) on such day shall be deemed a payment on such date for the purposes of Section 12.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. (the time of the applicable Issuing Lender’s Correspondent) shall be deemed to have been made on the next succeeding Business Day for all purposes.
Alternative Currency Letters of Credit. Each payment by the Borrower on account of any Alternative Currency Letter of Credit (including the Reimbursement Obligation with respect to any Alternative Currency Letter of Credit) shall be made in Dollars not later than 1:00 p.m. (the time of the Issuing Lender's Correspondent) on the date specified for payment under this Agreement to the Administrative Agent's account with the Issuing Lender's Correspondent for the account of the Issuing Lender in immediately available funds, and shall be made without any set-off, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. (the time of the Issuing Lender's Correspondent) on such day shall be deemed a payment on such date for the purposes of Section 12.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. (the time of the Issuing Lender's Correspondent) shall be deemed to have been made on the next succeeding Business Day for all purposes.
Alternative Currency Letters of Credit. (i) With respect to any Alternative Currency Letter of Credit, the applicable Issuing Lender shall not later than the second Business Day of each month, recalculate the Dollar Amount of the L/C Obligations under such Letter of Credit by notionally converting into Dollars the Outstanding Amount of such L/C Obligations in accordance with Section 1.5(a) (a “Recalculation”) and promptly deliver such Recalculation to the Administrative Agent.
(ii) Each Issuing Lender shall provide the Administrative Agent with prompt notice (and in any event within one Business Day) of any issuance, increase, decrease, extension and/or termination of any Alternative Currency Letter of Credit;
(iii) Each Issuing Lender shall provide the Administrative Agent with a consolidated list of all outstanding Alternative Currency Letters of Credit not later than 9:00 a.m. (New York time), two Business Days prior to the last Business Day of each March, June, September and December.
Alternative Currency Letters of Credit. With respect to any Alternative Currency Letter of Credit, the applicable Issuing Lender shall not later than the second Business Day of each month, recalculate the Dollar Amount of the L/C Obligations under such Letter of Credit by notionally converting into Dollars the Outstanding Amount of such L/C Obligations in accordance with Section 1.5(a) (a “Recalculation”) and promptly deliver such Recalculation to the Administrative Agent.
Alternative Currency Letters of Credit. In the case of a Letter of Credit to be denominated in an Alternative Currency, there shall not have occurred any material change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of the Issuer would make it impracticable for such Letter of Credit to be denominated in the relevant Alternative Currency.
(bb) Section 6.9(b) of the Credit Agreement is hereby amended to read as follows:
