Bond Letters of Credit Sample Clauses

Bond Letters of Credit. In addition to the remedies otherwise described in this Section 8 or in any other Credit Document or Bond Document, upon the occurrence of an Event of Default hereunder, the Agent, at the request of the Required Banks, shall direct the Bond Letter of Credit Issuer to exercise one or more of the following rights and remedies: (a) give notice of the occurrence of an Event of Default hereunder (or of an "event of default" under the applicable Reimbursement Agreement) to the applicable Trustee directing an acceleration, redemption or tender of the applicable Bonds, thereby causing the applicable Bond Letter of Credit to terminate the number of days thereafter specified in such Bond Letter of Credit; (b) if permitted under the terms of the applicable Bond Letter of Credit, give notice that an amount drawn under a Bond Letter of Credit to pay interest on Bonds will not be reinstated; and/or (c) pursue any rights and remedies provided to the Issuing Bank and/or the Agent under the Bond Documents. Each Bank acknowledges that if the notice described in clause (b) of the preceding sentence is not delivered on a timely basis, the interest component of the applicable Bond Letter of Credit will reinstate in accordance with its terms.
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Bond Letters of Credit. Subject to and upon the provisions of the Bond Letter of Credit Agreements, the Agent has agreed to issue the Bond Letters of Credit for the period commencing on the Closing Date and ending on the Revolving Credit Termination Date (the "Bond Letter of Credit Commitment"). The Agent shall have no obligation or commitment to issue a Bond Letter of Credit if the aggregate stated amount of all Bond Letters of Credit then outstanding or proposed to be issued exceeds Twelve Million Dollars ($12,000,000) (the "Bond Letter of Credit Committed Amount").
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Bond Letters of Credit. (a) Each Bond Letter of Credit shall be substantially in the form of Exhibit C-3 hereto (with such changes therein as shall be approved by the Issuing Bank and the Majority Banks), shall be stated to expire on the seventh anniversary of the Closing Date and shall be in the stated amount requested by the Borrower in the Extension of Credit Request given with respect thereto (which stated amount shall be equal to the aggregate outstanding principal amount of the Bonds to which such Bond Letter of Credit relates plus an amount for accrued interest required by the rating agencies rating the Bonds); provided that the aggregate stated amount of the Bond Letters of Credit issued hereunder shall not exceed the Total Bond Letter of Credit Commitments. At the time of any Bond Letter of Credit Disbursement with respect to a Bond Letter of Credit, the amount available to be drawn under such Bond Letter of Credit shall be reduced by the amount of such Bond Letter of Credit Disbursement.
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Bond Letters of Credit. The Borrowers and the Banks acknowledge and agree that (x) the Bond Letters of Credit may provide for automatic reductions and reinstatements as set forth in the provisions of such Bond Letters of Credit, and (y) the Bond Letters of Credit may provide for the beneficiary thereof to reduce from time to time the amounts available to be drawn thereon. Each Bank acknowledges that, because the interest component of any Bond Letter of Credit may be reinstated at a time when the applicable Borrower has not reimbursed the Banks in full for an interest drawing under such Bond Letter of Credit, the total L/C Obligations may exceed the aggregate L/C Commitments of the Banks, and each Bank agrees to pay the Administrative Agent its Revolver Percentage of any drawing under such Bond Letter of Credit notwithstanding that any such payment may result in the aggregate amount owing from such Bank hereunder exceeding the L/C Commitment of such Bank. The Company will at all times maintain aggregate Unused Revolving Credit Commitments sufficient to cover at least one periodic interest payment with respect to each Bond Letter of Credit which is a direct-pay letter of credit, to the extent that such amount is not already included in the face amount of each such Bond Letter of Credit.
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Bond Letters of Credit. Wachovia has issued and delivered each Bond Letter of Credit in favor of the applicable Trustee in substantially the form of Exhibit A-1 and A-2 attached hereto. To the extent permitted with the consent of the California Bondholders, Borrower and Banks agree that LaSalle shall replace Wachovia as provider of the California Letter of Credit within ninety (90) days from the date hereof. Any annual fee or commission paid in advance to Wachovia relating to the California Letter of Credit shall be refunded to Borrower by Wachovia upon such substitution. In the event that such consent is not obtained or such replacement shall not occur within ninety (90) days, Wachovia shall continue to provide the California Letter of Credit. In no event shall the transfer of the California Letter of Credit alter that Maximum Revolving Loan Amounts applicable to Wachovia or LaSalle hereunder. Borrower agrees to pay Wachovia in its capacity as remarketing agent for the California Bonds a fee of $12,000 for structuring the California Letter of Credit substitution. The applicable Bank agrees that any and all payments under each Bond Letter of Credit will be made with such Bank’s own funds.
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Bond Letters of Credit. Subject to and upon the provisions of the Bond Letter of Credit Agreements, the Agent has agreed to issue the Bond Letters of Credit for the period commencing on the First Closing Date and ending on the Revolving Credit Termination Date (the "Bond Letter of Credit Commitment"). The Agent shall have no obligation or commitment to issue a Bond Letter of Credit if the aggregate stated amount of all Bond Letters of Credit then outstanding or proposed to be issued exceeds Eighteen Million Eight Hundred Fifty-Two Thousand Dollars ($18,852,000) (the "Bond Letter of Credit Committed Amount"). (B)
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Bond Letters of Credit 
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Related to Bond 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.

  • 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.

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • 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.

  • 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.

  • 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.

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used for working capital, for lease acquisitions, for exploration and production operations, for development (including the drilling and completion of producing xxxxx), for the payment of fees and expenses incurred in connection with this Agreement and for any other general business purposes. The Credit Parties are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • 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.

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