Credit Instruments Clause Samples

Credit Instruments. Collectively, (a) a bank guarantee issued by the Bank Guarantee Bank on October 24, 1997 in the face amount of approximately 5,000,000 British pounds sterling for the account of WD UK; and (c) a bank guarantee issued by the Bank Guarantee Bank on November 7, 1997 in favor of ABN Amro Bank in the face amount of 500,000 dutch guilders for the account of WD UK.

Credit Instruments. (a) Subject to the terms and conditions of this Agreement, the Issuing Lender agrees to issue letters of credit for the account of U.S. Borrowers (each, an "L/C") or to purchase participations or execute indemnities or reimbursement obligations (each such undertaking, an "L/C Undertaking") with respect to letters of credit issued by an Underlying Issuer (as of the Closing Date, the prospective Underlying Issuer is to be Wells Fargo) for the account of U.S. Borrowers. To request t▇▇ issuance of an L/C or an L/C Undertaking (or the amendment, renewal, or extension of an outstanding L/C or L/C Undertaking), Administrative Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and Agent (reasonably in advance of the requested date of issuance, amendment, renewal, or extension) a notice requesting the issuance of an L/C or L/C Undertaking, or identifying the L/C or L/C Undertaking to be amended, renewed, or extended, the date of issuance, amendment, renewal, or extension, the date on which such L/C or L/C Undertaking is to expire, the amount of such L/C or L/C Undertaking, the name and address of the beneficiary thereof (or of the Underlying Letter of Credit, as applicable), and such other information as shall be necessary to prepare, amend, renew, or extend such L/C or L/C Undertaking. If requested by the Issuing Lender, the applicable U.S. Borrower also shall be an applicant under the application with respect to any Underlying Letter of Credit that is to be the subject of an L/C Undertaking. The Issuing Lender shall have no obligation to issue a Letter of Credit if any of the following would result after giving effect to the requested Letter of Credit: (i) the Letter of Credit Usage would exceed (x) the U.S. Borrowing Base minus (y) the sum of the then extant amount of outstanding U.S. Advances plus the then extant Acceptance Face Amount, or (ii) the Letter of Credit Usage plus the then extant Acceptance Face Amount would exceed $60,000,000, or (iii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the then extant amount of outstanding Advances plus the then extant Acceptance Face Amount. (b) Promptly following receipt of a notice of L/C Disbursement pursuant to Section 2.11(a), each U.S. Lender agrees to fund its Pro Rata Share of the U.S. Advance deemed made pursuant to Section 2.11(g) on the same terms and conditio...