AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT Sample Clauses

AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. (a) Section 6 of the face of the Letter of Credit Agreement shall be amended by changing the expiration date from "May 21, 2004" to "May 20, 2005". (b) Section 1 of Addendum B to the Letter of Credit Agreement shall be amended in its entirety to read as follows: 1. Section 1(b) of the Application is hereby supplemented with the specific Letter of Credit fee as follows: Applicant agrees to pay Bank of America: (i) a non-refundable fee of $75,000 upon the issuance of the Letter of Credit; (ii) a non-refundable fee of $162,500 on the date of the issuance of the Letter of Credit; (iii) a non-refundable fee of $162,500 on August 22, 2003; (iv) a fee of $87,500 on November 24, 2003; (v) a fee of $87,500 on February 23, 2004; and (vi) a fee of $175,000 on May 20, 2004. Receipt of payment of the fees described in subsections (i) through (v) is hereby acknowledged by Bank of America. The fees described in subsections (i) through (iii) above shall be non-refundable under any circumstances. However in the event the letter of credit is cancelled prior to its stated expiry date, the fees described in subsections (iv), (v), and (vi) as applicable shall be prorated for the period the Letter of Credit has been outstanding since the date the fee was paid. Such calculation shall be determined by multiplying the fee by a fraction whose numerator is the number of days which have elapsed from the last date a Letter of Credit Fee was due and payable and paid, and whose denominator is 90 or 364 in the case of (vi) above. All fees payable under the Application shall be made in immediately available funds at Account No. 3750836479, at Bank of America, or at such other account or place as Bank of America may from time to time direct.
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. (a) The definition of "BORROWING BASE" is hereby amended by adding a new clause (v) and a new clause (vi), each reading in its entirety as follows: (v) minus, on and after the closing date of the disposition of the West Coast Assets (as determined pursuant to the West Coast Asset Purchase Agreement), an amount equal to the greater of (A) the West Coast Net Proceeds and (B) $9,050,000; (vi) minus, on and after the closing date of the ArkLaTex Disposition (as determined pursuant to the ArkLaTex Asset Purchase Agreement), an amount equal to the sum of (A) twenty-two and one half percent (22.5%) of the ArkLaTex Inventory Amount, (B) $14,000,000, less the amount (if any) by which the aggregate value of Eligible Receivables arising in connection with the ArkLaTex assets prior to such closing date (valued in accordance with the method for determining the value of Eligible Receivables prior to such closing date), multiplied by the Advance Rates applicable to such Eligible Receivables, exceeds the face amount of Letters of Credit issued to support accounts payable incurred in connection with the ArkLaTex assets, and (C) such other amount as the LC Agent may determine, in its sole discretion, may be necessary to ensure that no material increase or decrease in the Borrowing Base results directly from the ArkLaTex Disposition and the repayment of Indebtedness and other transactions contemplated in connection therewith." (b) The defined terms "Amendment No. 1", "ArkLaTex Asset Purchase Agreement", "ArkLaTex Disposition", "ArkLaTex Inventory Amount", "West Coast Asset Purchase Agreement" and "West Coast Net Proceeds", are hereby inserted in Section 1 of the Letter of Credit Agreement in appropriate alphabetical order, each reading in its entirety as follows:
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. (a) The defined terms "Amendment No. 2", "ChevronTexaco Disposition" "ChevronTexaco Marketing Agreement" and "ChevronTexaco Net Proceeds" are hereby inserted in Section 1 of the Letter of Credit Agreement in appropriate alphabetical order, each reading in its entirety as follows:
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. (a) The second proviso in the definition of "Borrowing Base" in Section I of the Letter of Credit Agreement is hereby amended to read in its entirety as follows: provided, further, however, that on December 31, 2003, (i) the LC Agent's right to reduce Advance Rates as set forth in the above proviso shall be permanently terminated, (ii) the reference to "$65,000,000" in clause (i)(L) above shall be amended to "$25,000,000", and (iii) clauses (v) and (vi) of this definition shall be deleted in their entireties;
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. Subject to the terms and conditions of this Amendment, including without limitation the fulfillment of the conditions precedent specified in Section 6 below, the Letter of Credit Agreement is hereby amended by deleting Schedule 3.19 in its entirety and substituting, in lieu thereof, the schedule attached hereto as Attachment A.
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. Subject to the terms and conditions of this Amendment, including without limitation the fulfillment of the conditions precedent specified in Section 7 below, the Letter of Credit Agreement is hereby amended as follows:
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. Subject to the terms and conditions of this Amendment, including without limitation the fulfillment of the conditions precedent specified in Section 6 below, the Letter of Credit Agreement is hereby amended as follows: Section 1.1 (a) of the Letter of Credit Agreement is hereby amended by deleting the reference to the phrase "the outstanding Letter of Credit Exposure" that appears at the end of the first sentence of such section and by substituting in lieu thereof a reference to the phrase "the aggregate outstanding principal balance of the Reimbursement Obligations for any and all payments made by Creditor on or pursuant to any and all Letter of Credit Obligations". 1.2 Section 6.3 of the Letter of Credit Agreement is hereby amended by deleting clause (m) in the first sentence thereof in its entirety and substituting in lieu thereof the following clause (m) as follows:
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT. (a) The definition of "BORROWING BASE" is hereby amended by adding a new proviso at the end of this definition reading in its entirety as follows: "provided, further, however, that upon the closing of the ChevronTexaco Disposition, on the "Effective Date" as defined in the ChevronTexaco Marketing Agreement, (i) the LC Agent's right to reduce Advance Rates as set forth in the above proviso shall be permanently terminated, (ii) the reference to "$65,000,000" in clause (i)(L) above shall be amended to "$25,000,000", and (iii) clauses (v) and (vi) of this definition shall be deleted in their entireties; provided, further, that on February 29, 2004, if the aggregate MTBE Net Proceeds as of such date shall be less than $10,000,000, clause (i)(L) above shall be further amended by reducing the amount referred to therein by the Shortfall Amount multiplied by a factor of 2.5; provided, further, that after February 29, 2004, upon receipt by the Collateral Agent of additional MTBE Net Proceeds, as of the date of such receipt, there shall be added to the then current amount in clause (i)(L) above an amount equal to such MTBE Net Proceeds multiplied by a factor of 2.5." (b) The defined terms "Amendment No. 3", "MTBE Disposition", "MTBE Net Proceeds" and "Shortfall Amount" are hereby inserted in Section 1 of the Letter of Credit Agreement in appropriate alphabetical order, each reading in its entirety as follows:
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AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT 
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Related to AMENDMENTS TO THE LETTER OF CREDIT AGREEMENT

  • Amendments to the Loan Agreement The Loan Agreement is hereby amended as follows:

  • Amendments to the Credit Agreement (a) Section 1.01 of the Credit Agreement, Definitions, is hereby amended by adding the following definitions in the appropriate alphabetical order:

  • Amendments to Credit Agreement (a) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:

  • Specific Amendments to Credit Agreement Upon the effectiveness of this Amendment, the parties hereto agree that the Credit Agreement shall be amended as follows: (a) The Credit Agreement is amended by adding the following definitions to Section 1.01 thereof in the appropriate alphabetical location:

  • The Letter of Credit Facility (i) Subject to the terms and conditions hereinafter set forth (A) Issuing Bank agrees, in reliance on the Agreements of the Lenders set forth in this Section (1) to issue Letters of Credit for the account of any Borrower from time to time on any Business Day during the period from the Effective Date hereof until 10 days before the Termination Date in an aggregate Available Amount for all Letters of Credit not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) the Unused Revolving Credit Commitments of the Lenders at such time (provided that in no event shall the Issuing Bank be required to issue a Letter of Credit if, after giving effect to such issuance, the aggregate amount of the Revolving Credit Exposures of all Lenders shall exceed the Revolving Credit Availability at such time) and to amend or extend Letters of Credit previously issued by it in accordance with the terms of this Section 2.16, and (2) to honor drawings under the Letters of Credit, and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of any Borrower and any drawings thereunder. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance, extension or amendment of the Letter of Credit so requested complies with the conditions set forth in the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. (ii) No Letter of Credit shall have an expiration date (including all rights of the applicable Borrower or the beneficiary to require renewal) later than the earlier of (A) 10 days before the Termination Date and (B) one year after the date of issuance thereof (but such Letter of Credit may by its terms be automatically renewable (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing Bank to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Bank, the applicable Borrower shall not be required to make a specific request to the Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the date 10 days before the Termination Date; provided that the Issuing Bank shall not permit any such extension if (A) the Issuing Bank has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of this Section 2.16 or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date (1) from the Agent that the Required Lenders have elected not to permit such extension or (2) from the Agent, any Lender or a Borrower that one or more of the applicable conditions specified in Section 3.02 is not then satisfied, and in each such case directing the Issuing Bank not to permit such extension. (iii) The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing the Letter of Credit, or any law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Bank with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuing Bank in good xxxxx xxxxx material to it; (B) the issuance of the Letter of Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally; (C) except as otherwise agreed by the Agent and the Issuing Bank, the Letter of Credit is in an initial stated amount of less than $100,000; (D) the Letter of Credit is to be denominated in a currency other than Dollars; (E) any Lender is at that time a Defaulting Lender, unless the Issuing Bank has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the Issuing Bank (in its sole discretion) with the Borrowers or such Lender to eliminate the Issuing Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.23(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Exposure as to which the Issuing Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion; or (F) the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder. (iv) The Issuing Bank shall not amend any Letter of Credit if the Issuing Bank would not be permitted at such time to issue the Letter of Credit in its amended form under the terms hereof. (v) The Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) the Issuing Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to the Letter of Credit. (vi) The Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the Issuing Bank shall have all of the benefits and immunities (A) provided to the Agent in Article VII with respect to any acts taken or omissions suffered by the Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and L/C Related Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article VII included the Issuing Bank with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Issuing Bank.

  • Amendment of Credit Agreement (a) Effective as of the First Incremental Term Facility Amendment Effective Date, the Credit Agreement is hereby amended as follows: (i) The following definitions are hereby added in the appropriate alphabetical order to Section 1.01:

  • Credit Agreement Amendments The Credit Agreement is hereby amended as follows:

  • Amendments to Original Credit Agreement On the Effective Date, the Original Credit Agreement shall be amended as follows: (a) Section 1.02 of the Original Credit Agreement shall be amended by adding the following definitions in appropriate alphabetical order:

  • Issuance, Amendment and Renewal of Letters of Credit (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Borrower received by the Issuing Bank (with a copy sent by the Company to the Agent) at least four days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of issuance. Each such request for issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of an L/C Application, and shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed date of issuance of the Letter of Credit (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiry date of the Letter of Credit; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by the beneficiary of the Letter of Credit in case of any drawing thereunder; (vi) the full text of any certificate to be presented by the beneficiary in case of any drawing thereunder; (vii) the applicable Borrower; and (viii) such other matters as the Issuing Bank may require. The Agent will promptly notify the Banks of the receipt by it of any L/C Application. (b) At least two Business Days prior to the Issuance of any Letter of Credit, the Issuing Bank will confirm with the Agent (by telephone or in writing) that the Agent has received a copy of the L/C Application or L/C Amendment Application from a Borrower and, if not, the Issuing Bank will provide the Agent with a copy thereof. Unless the Issuing Bank has received notice on or before the Business Day immediately preceding the date the Issuing Bank is to issue a requested Letter of Credit from the Agent (A) directing the Issuing Bank not to issue such Letter of Credit because such issuance is not then permitted under subsection 3.01(a) as a result of the limitations set forth in clauses (1) through (3) thereof or subsection 3.01(b)(ii); or (B) that one or more conditions specified in Article V are not then satisfied; then, subject to the terms and conditions hereof, the Issuing Bank shall, on the requested date, issue a Letter of Credit for the account of the Borrower in accordance with the Issuing Bank's usual and customary business practices. (c) From time to time while a Letter of Credit is outstanding and prior to the Revolving Termination Date, the Issuing Bank will, upon the written request of the applicable Borrower received by the Issuing Bank (with a copy sent by the Borrower to the Agent) at least four days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of amendment, amend any Letter of Credit issued by it. Each such request for amendment of a Letter of Credit shall be made by facsimile, confirmed immediately in an original writing, made in the form of an L/C Amendment Application and shall specify in form and detail satisfactory to the Issuing Bank: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the Issuing Bank may require. The Issuing Bank shall be under no obligation to amend any Letter of Credit if: (A) the Issuing Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms of this Agreement; or (B) the beneficiary of any such letter of Credit does not accept the proposed amendment to the Letter of Credit. The Agent will promptly notify the Banks of the receipt by it of any L/C Amendment Application. (d) The Issuing Bank and the Banks agree that, while a Letter of Credit is outstanding and prior to the Revolving Termination Date, at the option of the applicable Borrower and upon the written request of the Borrower received by the Issuing Bank (with a copy sent by the Borrower to the Agent) at least five days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of notification of renewal, the Issuing Bank shall be entitled to authorize the automatic renewal of any Letter of Credit issued by it. Each such request for renewal of a Letter of Credit shall be made by facsimile, confirmed immediately in an original writing, in the form of an L/C Amendment Application, and shall specify in form and detail satisfactory to the Issuing Bank: (i) the Letter of Credit to be renewed; (ii) the proposed date of notification of renewal of the Letter of Credit (which shall be a Business Day); (iii) the revised expiry date of the Letter of Credit; and (iv) such other matters as the Issuing Bank may require. The Issuing Bank shall be under no obligation so to renew any Letter of Credit if: (A) the Issuing Bank would have no obligation at such time to issue or amend such Letter of Credit in its renewed form under the terms of this Agreement; or (B) the beneficiary of any such Letter of Credit does not accept the proposed renewal of the Letter of Credit. If any outstanding Letter of Credit shall provide that it shall be automatically renewed unless the beneficiary thereof receives notice from the Issuing Bank that such Letter of Credit shall not be renewed, and if at the time of renewal the Issuing Bank would be entitled to authorize the automatic renewal of such Letter of Credit in accordance with this subsection 3.02 (e) upon the request of the Borrower but the Issuing Bank shall not have received any L/C Amendment Application from the Borrower with respect to such renewal or other written direction by the Company with respect thereto, the Issuing Bank shall nonetheless be permitted to allow such Letter of Credit to renew, and the Company and the Banks hereby authorize such renewal, and, accordingly, the Issuing Bank shall be deemed to have received an L/C Amendment Application from the Borrower requesting such renewal.

  • Amendments to Loan Documents Upon any such assignment, the Borrower and the Guarantors shall, upon the request of the Agent, enter into such documents as may be reasonably required by the Agent to modify the Loan Documents to reflect such assignment.

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