Expiry of Letters of Credit Sample Clauses

Expiry of Letters of Credit. The Issuing Lender may, at its election (or shall, when required by the Agent at the direction of the Majority Lenders), deliver any notices of termination or other communications to any Letter of Credit beneficiary or transferee, or take any other action as necessary or appropriate, at any time and from time to time, in order to cause the expiry date of such Letter of Credit to be a date not later than the Revolving Expiry Date, unless such later date has been previously approved by the Agent and all the Lenders in writing and such Letter of Credit is fully cash collateralized.
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Expiry of Letters of Credit. Upon the expiry of a Letter of Credit on its Expiry Date, the maximum actual and contingent liabilities of each Lender under such Letter of Credit will be reduced to zero.
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Expiry of Letters of Credit. Exchange agrees that, if on the expiry of any Letters of Credit deposited with the Escrow Agent hereunder, the aggregate undrawn amount of the outstanding Letters of Credit on deposit with the Escrow Agent would be less than the Required Amount, it will either:
Sample 1
Expiry of Letters of Credit. Each Letter of Credit shall expire not later than the earlier of (i) eighteen (18) months after its date of Issuance and (ii) the date that is 544 days after the Termination Date applicable to the applicable Issuing Bank, provided that (A) any Letter of Credit with a one-year or eighteen month term may provide for the renewal thereof for additional one-year or eighteen month periods (which shall in no event extend beyond the date referred to in clause (ii) above) and (B) at least 30 days prior to the applicable Termination Date, the Borrower shall, to the extent of the balance, replace outstanding Letters of Credit and/or deposit an amount equal to the Minimum Collateral Amount in cash in a cash collateral account established with the Agent for the benefit of the Lenders on terms and conditions satisfactory to the Agent. The participations of each Non-Extending Lender in each outstanding Letter of Credit shall terminate on the Termination Date applicable to such Non-Extending Lender, and the participations of each other Lender shall termination on the Termination Date applicable to the Issuing Bank in respect of any Letter of Credit extended in accordance with the terms of the proviso to the immediately preceding sentence.
Sample 1
Expiry of Letters of Credit. Each party hereto acknowledges and agrees that:
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Related to Expiry of Letters of Credit

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Terms of Letters of Credit At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the Revolving Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the Revolving Termination Date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”) so long as the Borrower delivers to the Administrative Agent for the benefit of the applicable Issuing Bank and the Revolving Lenders no later than 30 days prior to the Revolving Termination Date, Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date 30 days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $500,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower).

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