Certain Letters of Credit. Subject to the terms and conditions hereof, (i) each DIP Revolving Letter of Credit that is outstanding on the Conversion Date, listed on Schedule 1.1(b) shall, effective as of the Conversion Date and without any further action by the Borrower, be continued (and deemed issued) as a Revolving Letter of Credit hereunder and from and after the Conversion Date shall be deemed a Revolving Letter of Credit for all purposes hereof and shall be subject to and governed by the terms and conditions hereof and (ii) each DIP Term Letter of Credit that is outstanding on the Conversion Date, listed on Schedule 1.1(b) shall, effective as of the Conversion Date and without any further action by the Borrower, be continued (and deemed issued) as a Term Letter of Credit hereunder and from and after the Conversion Date shall be deemed a Term Letter of Credit for all purposes hereof and shall be subject to and governed by the terms and conditions hereof. Subject to the terms and conditions hereof, each Term Letter of Credit and Parent Letter of Credit that is outstanding immediately prior to the Seventh Amendment Effective Date shall, effective as of the Seventh Amendment Effective Date and without any further action by the Borrower or any other Person, be continued (and deemed issued) as a Revolving Letter of Credit hereunder and from and after the Seventh Amendment Effective Date shall be deemed a Revolving Letter of Credit for all purposes hereof and shall be subject to and governed by the terms and conditions hereof. Notwithstanding anything to the contrary herein, (i) to the extent necessary, the Specified Revolving Letter of Credit Commitment of each Revolving Letter of Credit Issuer may be temporarily exceeded to accommodate the deemed reissuance of Term Letters of Credit and Parent Letters of Credit provided in this Section 3.10; provided that (x) in no event shall any such Revolving Letter of Credit Issuer be obligated to issue any further Revolving Letters of Credit unless and until the face amount of all Revolving Letters of Credit then outstanding and issued by such Revolving Letter of Credit Issuer no longer exceeds such Revolving Letter of Credit Issuer’s Specified Revolving Letter of Credit Commitment and (y) the Borrower shall replace Revolving Letters of Credit issued by any Revolving Letter of Credit Issuer in order to eliminate such excess within 180 days after the Seventh Amendment Effective Date (or such later date as the applicable Revolving Letter of Cred...
Certain Letters of Credit. Subject to the terms and conditions hereof, each Existing Letter of Credit that is outstanding on the Closing Date, listed on Schedule 1.1(b) shall, effective as of the Closing Date and without any further action by the Borrower, be continued (and deemed issued) as a Revolving Letter of Credit or Term Letter of Credit, as indicated on Schedule 1.1(b) hereto, hereunder and from and after the Closing Date shall be deemed a Revolving Letter of Credit or Term Letter of Credit, as applicable, for all purposes hereof and shall be subject to and governed by the terms and conditions hereof.
Certain Letters of Credit. Purchaser agrees to cause the Surviving Corporation to use is reasonable best efforts to replace the Letters of Credit of Seller for the benefit of IMC Salt, Inc., Sifto Canada, Inc. and IMC Kalium Xxxxx Corp. set forth in item 3 of Section 3.16(a)(v) of the Seller Disclosure Schedule as soon as reasonably practicable following the Closing. Purchaser hereby agrees to reimburse Seller for any amounts extended pursuant to such existing Letters of Credit.
Certain Letters of Credit. On or before December 31, 2000, the Loan Parties shall cause all Letters of Credit issued with respect to the assets that have been sold pursuant to the Louisville Purchase Agreements, the Raleigh Purchase Agreement and the Charlotte Purchase Agreement to be cancelled, replaced or fully cash collateralized.
Certain Letters of Credit. Use reasonable best efforts to cause the beneficiary of each Mellon L/C and each B of A L/C to accept on or prior to April 1, 2003 a Letter of Credit in substitution therefor issued by the Issuing Lender hereunder.
Certain Letters of Credit. Unless otherwise instructed in writing by Buyer, Sellers shall retain possession of the letters of credit listed as items 2, 3 and 4 on Disclosure Schedule 5.04(b) (the “Designated LCs”). If Buyer reasonably determines that Ferro has the right to make a draw under either of the Designated LCs and requests that Ferro make a draw under a Designated LC then (a) Ferro will make such draw on Buyer’s behalf, (b) Ferro will promptly turn over to Buyer any funds received as a result of such draw and (c) Buyer will indemnify Ferro for any claims made by the issuer of such Designated LC related to or arising from such draw.
Certain Letters of Credit. Notwithstanding anything to the contrary contained herein (including, without limitation, Section 2.6(b)), the parties hereto hereby acknowledge and agree that to the extent that any letter of credit (other than any Letter of Credit issued under the Working Capital Facility outstanding on September 21, 2010) issued by Nordea is cash collateralized and the related obligations are not otherwise secured, no Secured Party shall have a Lien on the amounts deposited in a deposit account or securities account to cash collateralize such letter of credit and no such deposited amounts shall form part of the Collateral, in each case so long as such letter of credit or any related obligations remains outstanding.
Certain Letters of Credit. Schedule 2.05(k) contains a description of letters of credit that were issued pursuant to the Existing Credit Agreement and which remain outstanding on the Initial Borrowing Date (and setting forth, with respect to each such letter of credit, (i) the name of the issuing lender, (ii) the letter of credit number, (iii) the name(s) of the account party or account parties, (iv) the stated amount, (v) the name of the beneficiary, (vi) the expiry date and (vii) whether such letter of credit constitutes a standby letter of credit or a trade letter of credit). Each such letter of credit identified on Schedule 2.05(k) as an “Existing Letter of Credit”, including any extension or renewal thereof in accordance with the terms thereof and hereof (each, as amended from time to time in accordance with the terms thereof and hereof, an “Existing Letter of Credit”) shall constitute a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued on the Initial Borrowing Date; provided that no letter of credit listed on Schedule 2.05(k) and identified as a “Non-Continuing Letter of Credit” (each such letter of credit, a “Non-Continuing Letter of Credit”) shall constitute a “Letter of Credit” for any purpose under this Agreement.
Certain Letters of Credit. Notwithstanding the Specified Events of Default and/or any other Defaults that may arise as a result thereof, the issuance of the following Letters of Credit is hereby permitted as of the date of such issuance: (a) Letter of Credit in favor of Xxxxxxxx Scotsman, Inc., in the face amount of $3,000,000 and (b) Letter of Credit in favor of GE Commercial Distribution Finance Corporation in the face amount of $2,000,000, in each case, expiring one year from date of their respective issuance.
Certain Letters of Credit. Subject to the terms and conditions hereof, each Existing Letter of Credit that is outstanding on the Amendment No. 4 Effective Date, listed on Schedule 1.1(b) shall, effective as of the Amendment No. 4 Effective Date and without any further action by the Borrower, be continued (and deemed issued) as a Revolving Letter of Credit or Stand-Alone Letter of Credit, as indicated on Schedule 1.1(b) hereto (as amended by Amendment No. 4), xxxxxxxxx and from and after the Amendment No. 4 Effective Date shall be deemed a Revolving Letter of Credit or Stand-Alone Letter of Credit, as applicable, for all purposes hereof and shall be subject to and governed by the terms and conditions hereof.
