Borrower Sublimit Clause Samples

Borrower Sublimit. Each request by the Canadian Borrower for the issuance or amendment of a Canadian Letter of Credit shall be deemed to be a representation by the Canadian Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Canadian Borrower’s ability to obtain Canadian Letters of Credit shall be fully revolving, and accordingly the Canadian Borrower may, during the foregoing period, obtain Canadian Letters of Credit to replace Canadian Letters of Credit that have expired or that have been drawn upon and reimbursed.
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Borrower Sublimit. Within the limits of each Revolving Credit ▇▇▇▇▇▇’▇▇▇▇▇▇▇’▇ Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01(b), prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans denominated in Dollars may be Base Rate Loans, Daily SOFR Loans or Term SOFR Loans. Revolving Credit Loans denominated in an Alternative Currency must be Alternative Currency Daily Rate Loans or Alternative Currency Term Rate Loans, as applicable. Section 2.02. Section 2.02.
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Borrower Sublimit. The references to (a) $75,000,000 appearing in the definition of Foreign Currency Sublimit and (b) “SEVENTY-FIVE MILLION DOLLARS ($75,000,000)” appearing in proviso (D) contained in Section 2.1(a) of the Credit Agreement are each hereby amended to read “THREE HUNDRED AND FIFTY MILLION DOLLARS ($350,000,000)”. A new sentence is hereby added to the end of Section 2.1(a) to read as follows: Notwithstanding any provision in the Credit Documents to the contrary, (a) no U.K. Borrower shall be liable for Loans made to or other Obligations of any other U.K. Borrower, either as a Guarantor or pursuant to joint and several liability as a co-U.K. Borrower, (b) no U.K. Borrower shall be liable for Loans made to the Company or other Obligations of the Company other than Obligations of the Company with respect to Loans made to such U.K. Borrower and (c) no collateral owned by any U.K. Borrower shall secure any Obligations other than the Obligations of such U.K. Borrower.
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Borrower Sublimit. If at any time and for any reason with respect to any Borrower, the aggregate principal amount (tested in the manner set forth in clause (a) above) of all Advances outstanding hereunder to such Borrower, plus the aggregate amount of all Letter of Credit Obligations for the account of such Borrower (tested in the manner set forth in clause (a) above), exceeds the Borrower Sublimit applicable to such Borrower (as used in this clause (b), the "Excess"), then in each case, such Borrower shall (i) immediately repay that portion of the Indebtedness outstanding to such Borrower then carried as a Prime-based Advance, if any, by the amount of such Excess, and/or reduce on such day any pending request for an Advance submitted by such Borrower by the amount of such Excess, to the extent thereof; and (ii) on the last day of each Interest Period of any Eurocurrency-based Advance outstanding to such Borrower as of such time, until the necessary reductions of Indebtedness under this Section 2.14(b) have been fully made, repay such Indebtedness carried in such Advances and/or reduce any requests for refunding or conversion of such Advances submitted (or to be submitted) by such Borrower in respect of such Advances, by the amount of such Excess, to the extent thereof.
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Related to Borrower Sublimit

  • Letter of Credit Sublimit Subject to the availability under the Revolving Line, and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Business Day immediately prior to the Revolving Maturity Date, Bank shall issue for the account of Borrower such Letters of Credit as Borrower may request by delivering to Bank a duly executed letter of credit application on Bank’s standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed the Letter of Credit Sublimit, and (ii) shall be deemed to constitute Advances for the purpose of calculating availability under the Revolving Line. Any drawn but unreimbursed amounts under any Letters of Credit shall be charged as Advances against the Revolving Line. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank’s form application and letter of credit agreement. Borrower will pay any standard issuance and other fees that Bank notifies Borrower it will charge for issuing and processing Letters of Credit.