Domestic Letters of Credit. During the Domestic Revolving Commitment Period, subject to the terms and conditions hereof, Issuing Bank agrees to issue Domestic Letters of Credit for the account of Company in the aggregate amount up to but not exceeding the Domestic Letter of Credit Sublimit; provided, (i) each Domestic Letter of Credit shall be denominated in Dollars or Euro; (ii) the stated amount of each Letter of Credit shall not be less than the Dollar Equivalent of $50,000, or such lesser amount as is acceptable to the applicable Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Domestic Revolving Commitments exceed the Domestic Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Domestic Letter of Credit Usage exceed the Domestic Letter of Credit Sublimit then in effect; (v) in no event shall any standby Domestic Letter of Credit have an expiration date later than the earlier of (1) the Domestic Revolving Commitment Termination Date and (2) the date which is one year from the date of issuance of such standby Domestic Letter of Credit; (vi) in no event shall any commercial Domestic Letter of Credit (a) have an expiration date later than the earlier of (1) the Domestic EXECUTION Revolving Loan Commitment Termination Date and (2) the date which is 180 days from the date of issuance of such commercial Letter of Credit or (b) be issued if such commercial Domestic Letter of Credit is otherwise unacceptable to Issuing Bank in its reasonable discretion Subject to the foregoing, Issuing Bank may agree that a standby Letter of Credit will automatically be extended for one or more successive periods not to exceed one year each, unless Issuing Bank elects not to extend for any such additional period; provided, Issuing Bank shall not extend any such Domestic Letter of Credit if it has received written notice that an Event of Default has occurred and is continuing at the time Issuing Bank must elect to allow such extension; provided, further, in the event a Funding Default exists with respect to a Lender with Domestic Revolving Exposure, Issuing Bank shall not be required to issue any Domestic Letter of Credit unless Issuing Bank has entered into arrangements satisfactory to it and the Borrowers to eliminate Issuing Bank's risk with respect to the participation in Domestic Letters of Credit of the Defaulting Lender, including by cash collateralizing such Defaulting Lender's Pro Rata Share of ...
Domestic Letters of Credit. Each of the Domestic Lenders authorizes and requests each Domestic Letter of Credit Issuer to issue the Domestic Letters of Credit provided for in Section 2.3 and to grant each Domestic Lender a participation in each of such Domestic Letters of Credit in an amount equal to its Percentage Interest in the amount of each such Domestic Letter of Credit. Promptly upon the request of the Domestic Letter of Credit Issuer, each Domestic Lender shall reimburse the Domestic Letter of Credit Issuer in immediately available funds for such Domestic Lender's Percentage Interest in the amount of all obligations to third parties incurred by the Domestic Letter of Credit Issuer in respect of each Domestic Letter of Credit and each draft accepted under a Domestic Letter of Credit to the extent not reimbursed by the Domestic Borrower by 2:00 p.m. (Boston time or Toronto time, as the case may be) on the Banking Day when due. The Domestic Letter of Credit Issuer will notify each Domestic Lender of the issuance of any Domestic Letter of Credit, the amount and date of payment of any draft drawn or accepted under a Domestic Letter of Credit and whether in connection with the payment of any such draft the amount thereof was added to the Domestic Revolving Loan or was reimbursed by the Domestic Borrower.
Domestic Letters of Credit. During the Commitment Period, (A) the L/C Issuer, in reliance upon the commitments of the Lenders set forth herein, agrees to issue Domestic Letters of Credit for the account of the Domestic Borrower or any member of the Consolidated Group in Dollars on any Business Day, to amend Domestic Letters of Credit previously issued hereunder, and to honor drafts under Domestic Letters of Credit; and (B) each of the Lenders severally agrees to purchase from the L/C Issuer a participation interest in Domestic Letters of Credit in an amount equal to such Lender’s Domestic Revolving Commitment Percentage thereof; provided that (1) the Outstanding Amount of Domestic L/C Obligations shall not exceed TEN MILLION DOLLARS ($10,000,000) (as such amount may be decreased in accordance with the provisions hereof, the “Domestic L/C Sublimit”), (2) the Outstanding Amount of Domestic Revolving Obligations shall not exceed the Aggregate Domestic Revolving Committed Xxxxxx,
Domestic Letters of Credit. 7.1 Domestic L/C Commitment. (a) Subject to the terms and conditions hereof, the Domestic L/C Issuing Bank, in reliance on the agreements of the other Revolving Credit Lenders set forth in subsection 7.4(a), agrees to issue letters of credit (the "Domestic L/Cs") denominated in Dollars or euros for the account of the Primary Borrower on any Business Day during the Commitment Period in such form as may be approved from time to time by the Domestic L/C Issuing Bank; provided that the Domestic L/C Issuing Bank shall have no obligation to issue any Domestic L/C if, after giving effect to such issuance, (i) the Domestic L/C Obligations would exceed the Domestic L/C Commitment, (ii) the Available Revolving Credit Commitment of any Revolving Credit Lender would be less than zero or (iii) the Aggregate Outstanding Extensions of Credit of all Revolving Credit Lenders would exceed the Aggregate Revolving Credit Commitment then in effect.
Domestic Letters of Credit. Standby Letters of Credit issued or to be issued by the Issuing Banks under Section 4 hereof for the account of the Domestic Borrowers.
Domestic Letters of Credit. (i) As a subfacility under the Line of Credit, during the availability period, the Bank agrees from time to time to issue or cause an affiliate to issue letters of credit for the account of the Borrower and its domestic subsidiaries (each, a “Domestic Letter of Credit” and collectively, “Domestic Letters of Credit”).
Domestic Letters of Credit. (a) The Letter of Credit Commitment.
Domestic Letters of Credit. Subject to the terms and conditions hereof and the customary requirements of the L/C Issuer, as part of the Revolving Credit, the L/C Issuer shall issue standby letters of credit (as a credit enhancement for Indebtedness of the Loan Parties) in Dollars (each a “Domestic Letter of Credit”) for the Borrowers’ account in an aggregate undrawn face amount up to the Domestic L/C Sublimit; provided, however, (i) the sum of the aggregate undrawn face amount of Domestic Letters of Credit and Multicurrency Letters of Credit shall not exceed the L/C Sublimit and (ii) the sum of the Domestic Revolving Loans, Swing Loans and Domestic L/C Obligations at any time outstanding shall not exceed the sum of all Domestic Revolving Credit Commitments in effect at such time. Each Domestic Revolving Lender shall be obligated to reimburse the L/C Issuer for such Domestic Revolving Lender’s Domestic Revolver Percentage of the amount of each drawing under a Domestic Letter of Credit not reimbursed by the Borrowers and, accordingly, each Domestic Letter of Credit shall constitute usage of the Domestic Revolving Commitment of each Domestic Revolving Lender pro rata in an amount equal to its Domestic Revolver Percentage of the Domestic L/C Obligations then outstanding.
Domestic Letters of Credit. Standby or direct pay Letters of Credit issued or to be issued by the Issuing Bank under Section 4 hereof for the account of the Company. Domestic Loans. Collectively, the Syndicated Loans, the Swing Line Loans and the Competitive Bid Loans. Drawdown Date. The date on which any Loan is made or is to be made.
Domestic Letters of Credit. Letters of credit may be used for either specific shipments or on a standby basis for a continuing relationship. Issued by the customer's bank, on the customer's behalf, the terms and duration are negotiated to mutual satisfaction and set forth in a bank letter of credit. Care must be taken to be sure that these instruments are drafted in a manner most beneficial to Lennox.
