European Letters of Credit Sample Clauses

European Letters of Credit. The European Revolving Loan Commitment may, in addition to advances under the European Revolving Loan, be utilized, upon the request of European Borrower Representative on behalf of the applicable European Borrower, for the issuance of European Letters of Credit. Immediately upon the issuance by a European L/C Issuer of a European Letter of Credit or on the Closing Date in the case of European Letters of Credit outstanding under the Existing Credit Agreement, and without further action on the part of European Loan Agent, European Funding Agent or any of the European Lenders, each European Revolving Lender shall be deemed to have purchased from such European L/C Issuer a participation in such European Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such European Revolving Lender's Pro Rata Share of the aggregate amount available to be drawn under such European Letter of Credit. European Letters of Credit outstanding under the Existing Credit Agreement shall remain outstanding and shall be governed hereby. (i) European Maximum Amount. The aggregate amount of European Letter of Credit Obligations with respect to all European Letters of Credit outstanding at any time shall not exceed the Equivalent Amount of $10,000,000 ("European L/C Sublimit").

European Letters of Credit. The issuance of the European Letters of Credit shall be governed by the terms of Section 2.17, not Section 2.1(e) or Section 2.3, and such European Letters of Credit do not constitute usage of the Revolving Credit Commitments.

European Letters of Credit. (a) ISSUANCE OF EUROPEAN LETTERS OF CREDIT; PARTICIPATION BY LENDERS. Provided each of the conditions precedent set forth in Article 3 hereof shall have been fulfilled to the satisfaction of the European Letter of Credit Bank, the European Letters of Credit shall be issued on the Closing Date. Each notice of reduction with respect to, a European Letter of Credit shall specify therein the requested date of such reduction (which shall be a Business Day). The European Letter of Credit Bank shall have no obligation to issue the European Letters of Credit in the event the Lenders shall, for any reason, have no obligation to participate therein as hereinafter provided. All European Letters of Credit shall comply with the terms and conditions of the European Letter of Credit Agreements.

European Letters of Credit. The European Revolving Loan Commitment may, in addition to advances under the European Revolving Loan, be utilized, upon the request of European Borrower, for the issuance of European Letters of Credit. Immediately upon the issuance by a European L/C Issuer of a European Letter of Credit or on the Closing Date in the case of European Letters of Credit outstanding under the Existing Credit Agreement, and without further action on the part of European Loan Agent, European Funding Agent or any of the European Lenders, each European Revolving Lender shall be deemed to have purchased from such European L/C Issuer a participation in such European Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such European Revolving Lender’s Pro Rata Share of the aggregate amount available to be drawn under such European Letter of Credit. European Letters of Credit outstanding under the Existing Credit Agreement shall remain outstanding and shall be governed hereby.

European Letters of Credit. During the European Revolving Commitment Period, subject to the terms and conditions hereof, Issuing Bank agrees to issue European Letters of Credit for the account of European Borrower in the aggregate amount up to but not exceeding the European Letter of Credit Sublimit; provided, (i) each European Letter of Credit shall be denominated in Euro; (ii) the stated amount of each European Letter of Credit shall not be less than (euro)100,000, 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 European Revolving Commitments exceed the European Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the European Letter of Credit Usage exceed the European Letter of Credit Sublimit then in effect; (v) in no event shall any standby European Letter of Credit have an expiration date later than the earlier of (1) the European Revolving Commitment Termination Date and (2) the date which is one year from the date of issuance of such standby European Letter of Credit; (vi) in no event shall any commercial European Letter of Credit (a) have an expiration date later than the earlier of (1) the European 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 European Letter of Credit is otherwise unacceptable to Issuing Bank in its reasonable discretion and (vii) in no event shall there be more than twelve Letters of Credit outstanding for the account of European Borrower at any one time unless the applicable Issuing Bank shall have otherwise agreed. 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 European 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 European Loan Exposure, Issuing Bank shall not be required to issue any European Letter of Credit unless Issuing Bank has entered into arrangements satisfactory to it and the Borrowers to eliminate Issuing Bank...

European Letters of Credit. Each European Issuing Bank severally agrees, on the terms and conditions hereinafter set forth, to issue (or cause its Affiliate that is a commercial bank to issue on its behalf) letters of credit or Bank Guarantees denominated in a European Committed Currencies in each case in respect of the European Revolving Credit Tranche (such letters of credit and Bank Guarantees, collectively, the “European Letters of Credit”), for the account of any European Borrower from time to time on any Business Day during the period from the date hereof until 10 Business Days before the Termination Date in an aggregate Available Amount (A) for all European Letters of Credit not to exceed at any time the European Letter of Credit Facility at such time, (B) for all European Letters of Credit issued by such Issuing Bank not to exceed such Issuing Bank’s European Letter of Credit Commitment at such time, and (C) for each such European Letter of Credit not to exceed the Unused European Revolving Credit Commitments of the Lenders at such time.

European Letters of Credit. The European Revolving Loan Commitment may, in addition to advances under the European Revolving Loan, be utilized, upon the request of Borrower Representative on behalf of the European Borrower, for the issuance of European Letters of Credit. Immediately upon the issuance by a European L/C Issuer of a European Letter of Credit, and without further action on the part of Agent or any of the Lenders, each European Revolving Lender shall be deemed to have purchased from such European L/C Issuer a participation in such European Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such European Revolving Lender's Pro Rata Share of the aggregate amount available to be drawn under such European Letter of Credit. (i) MAXIMUM AMOUNT. The aggregate amount of European Letter of Credit Obligations with respect to all European Letters of Credit outstanding at any time shall not exceed 2,000,000 Euros ("EUROPEAN L/C SUBLIMIT"). All European Letters of Credit shall be stated, denominated and repayable in Euros.

European Letters of Credit. European Borrower agrees to pay to Agent for the benefit of European Revolving Lenders, as compensation to such European Revolving Lenders for European Letter of Credit Obligations incurred hereunder, (i) all reasonable costs and expenses, if any, incurred by Agent or any Lender on account of such European Letter of Credit Obligations, and (ii) for each month during which any European Letter of Credit Obligation shall remain outstanding, a fee (the "EUROPEAN LETTER OF CREDIT FEE") in an amount equal to the Applicable European L/C Margin from time to time in effect multiplied by the average for the period of the maximum amount available from time to time to be drawn under the applicable European Letter of Credit. Such fee shall be paid to Agent for the benefit of the European Revolving Lenders in arrears, on the first Business Day of each month and on the European Commitment Termination Date. In addition, European Borrower shall pay to any European L/C Issuer, promptly after receipt of documentation in support thereof, such fees (including all per annum fees), charges and expenses, including attorney fees and expenses, (provided if the European L/C Issuer is a Lender, such expenses, including attorney fees and expenses, must be reasonable) of such European L/C Issuer in respect of (i) the issuance, negotiation, acceptance, amendment, transfer and payment of such European Letter of Credit or otherwise payable pursuant to the application and related documentation under which such European Letter of Credit is issued and (ii) any action or proceeding relating to a court order, injunction or other process or decree restraining or seeking to restrain the European L/C Issuer from paying any amount under, or otherwise relating in any way to, any European Letter of Credit.

European Letters of Credit. In the event any European Letters of Credit are outstanding at the time that the European Revolving Loan Commitment is terminated, European Borrower shall (1) deposit with Agent Annex A Page 27 for the benefit of all European Revolving Lenders cash in an amount equal to 105% of the aggregate outstanding European Letter of Credit Obligations to be available to Agent to reimburse payments of drafts drawn under such European Letters of Credit and pay any Fees and expenses related thereto and (2) prepay the fee payable under SECTION 1.3(c)(ii) with respect to such European Letters of Credit for the full remaining terms of such Letters of Credit. Upon termination of any such European Letter of Credit, subject to SECTION 6.3, the unearned portion of such prepaid fee attributable to such European Letter of Credit, along with any cash remaining in such deposit after satisfaction of all such European Letter of Credit Obligations (including without limitation any Fees and expenses related thereto), shall be refunded to European Borrower.

European Letters of Credit. (i) Subject to the terms and conditions of this Agreement, the European Issuing Lender agrees to issue letters of credit for the account of European Borrowers (each, a “European L/C”) or to purchase participations or execute indemnities or reimbursement obligations (each such undertaking, a “European L/C Undertaking”) with respect to letters of credit issued by a European Underlying Issuer (as of the Closing Date, the prospective European Underlying Issuer is to be Xxxxx Fargo) for the account of European Borrowers. Each request for the issuance of a European Letter of Credit or the amendment, renewal, or extension of any outstanding European Letter of Credit shall be made in writing by an Authorized Person and delivered to the applicable European Issuing Lender and European Administrative Agent via hand delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance satisfactory to the European Issuing Lender in its Permitted Discretion and shall specify (i) the amount of such European Letter of Credit, (ii) the currency in which amounts under such European Letter of Credit shall be payable, (iii) the date of issuance, amendment, renewal, or extension of such European Letter of Credit, (iv) the expiration date of such European Letter of Credit, (v) the name and address of the beneficiary thereof (or the beneficiary of the European Underlying Letter of Credit, as applicable), and (vi) such other information (including, in the case of an amendment, renewal, or extension, identification of the outstanding European Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such European Letter of Credit. If requested by the European Issuing Lender, European Borrowers also shall be an applicant under the application with respect to any European Underlying Letter of Credit that is to be the subject of a European L/C Undertaking. The European Issuing Lender shall have no obligation to issue a European Letter of Credit if any of the following would result after giving effect to the issuance of such requested European Letter of Credit: (A) the European Letter of Credit Usage would exceed the European Borrowing Base less the Dollar Equivalent of the outstanding principal amount of European Advances, or (B) the European Letter of Credit Usage would exceed $30,000,000 le...