Facility LCS. (a) Each LC Issuer hereby agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.18, on the terms and conditions set forth in this Agreement, to issue letters of credit (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time from the Closing Date and prior to the fifth Business Day prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment, (ii) the sum of the aggregate undrawn face amount of all Facility LCs outstanding at such time issued by the LC Issuers and the Reimbursement Obligations shall not exceed the LC Subcommitment, (iii) the sum of the aggregate undrawn face amount of all Facility LCs issued by any LC Issuer and the Reimbursement Obligations owed to such LC Issuer shall not exceed such LC Issuer’s LC Commitment, and (iv) no Lender shall be a Defaulting Lender, unless the LC Issuer has entered into an arrangement, including the delivery of Cash Collateral, satisfactory to such LC Issuer (in its sole discretion), with the Borrower or such Lender to eliminate the LC Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.22(a)(iv)) with respect to the Defaulting Lender arising from either the Facility LC then proposed to be issued or that Facility LC and the Outstanding Credit Exposure as to which such LC Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion. No Facility LC shall have an expiry date later than the earlier of (A) the fifth Business Day prior to the Facility Termination Date and (B) one year after its issuance (the “Facility LC Maturity Date”), provided that any Facility LC with a one-year tenor may provide for the renewal thereof for additional one-year periods (but in no event beyond the date referred to in clause (A) above). Notwithstanding the foregoing, no LC Issuer shall be under any obligation to issue any Facility LC if (x) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the LC Issuer from issuing such Facility LC, or any law applicable to such LC Issuer or (y) any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdictio...
Facility LCS. Section 2.19.1. Issuance The LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby letters of credit (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time from and including the date of this Agreement and prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $5,000,000, and (ii) the Aggregate Outstanding Revolving Credit Exposure shall not exceed the Aggregate Revolving Commitment. No Facility LC shall have an expiry date later than the earlier of (x) the fifth Business Day prior to the Facility Termination Date and (y) one year after its issuance.
Section 2.19.2. Participations Upon the issuance or Modification by the LC Issuer of a Facility LC in accordance with this Section 2.19, the LC Issuer shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably sold to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the LC Issuer, a participation in such Facility LC (and each Modification thereof) and the related LC Obligations in proportion to its Applicable Percentage.
Facility LCS. (a) Each of the LC Issuers hereby agrees, subject to satisfaction of the conditions precedent contained in SECTIONS 4.1 and 4.2 (the satisfaction of which the applicable LC Issuer shall have no duty to ascertain), on the terms and conditions set forth in this Agreement, to issue stand-by and commercial letters of credit (each, a "FACILITY LC") and to renew, extend, increase, decrease or otherwise modify each Facility LC (each a "MODIFICATION"), from time to time from and including the date of this Agreement and prior to the Revolving Loan Termination Date upon the request of the Borrower; PROVIDED that immediately after each such Facility LC is issued or after each such Modification, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $100,000,000 and (ii) the Revolving Credit Obligations shall not exceed the Aggregate Revolving Loan Commitment; PROVIDED, FURTHER, that if the Borrower has requested a Lender other than First Chicago, Bank of America Illinois or The Bank of New York (the "DESIGNATED ISSUERS") to act as LC Issuer with respect to the issuance or Modification of a particular Facility LC, such issuance or Modification shall be made only in the sole discretion of such Lender; and PROVIDED, FURTHER, that no Designated Issuer shall be obligated to issue a Facility LC if, after taking into account the requested LC: (i) the aggregate amount of such Designated Issuer's LC Obligations would exceed
Facility LCS. (a) The LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue stand-by and commercial Facility LCs in Dollars or an Agreed Currency for the account of the Borrower (each, a "Facility LC") and to renew, extend, increase, decrease or otherwise modify each Facility LC (each a "Modification"), from time to time from and including the date of this Agreement and prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate Dollar Amount of the outstanding LC Obligations shall not exceed $20,000,000, (ii) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment and (iii) the Dollar Amount of all Eurocurrency Loans and Facility LCs in Agreed Currencies other than Dollars is less than or equal to the Maximum Eurocurrency Amount; provided, further, that if the Borrower has requested a Lender other than First Chicago to act as LC Issuer with respect to the issuance or Modification of a particular Facility LC, such issuance or Modification shall be made only in the sole discretion of such Lender. No Facility LC shall have an expiry date later than the earlier of (i) the fifth Business Day prior to the Facility Termination Date and (ii) the day which is one year after the date of issuance (or the most recent Modification) thereof.
(b) On the date hereof with respect to the Existing LCs and upon the issuance or Modification by the LC Issuer of a Facility LC in accordance with this Section 2.19, the LC Issuer ------------
Facility LCS. Each New Commitment Provider shall participate in all Facility LCs outstanding on the Commitment Increase Effective Date according to its Pro Rata Share.
Facility LCS. Issuance Lender hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby letters of credit (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time from and including the date of this Agreement and prior to the Facility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $5,000,000, and (ii) the Outstanding Credit Exposure shall not exceed the Revolving Commitment. No Facility LC shall have an expiry date later than the earlier of (x) the fifth Business Day prior to the Facility Termination Date and (y) one year after its issuance.
Facility LCS. Notwithstanding anything in this Section 2.16 or otherwise in this Agreement, no Facility LCs shall be issued under this Agreement.
Facility LCS. Notwithstanding the terms of this Section 2.19, the parties acknowledge and agree that Facility LCs shall not be available hereunder.
Facility LCS. Section 2.19 of the Credit Agreement shall be amended as follows:
(a) Section 2.19.1 of the Credit Agreement shall be amended to read as follows:
Facility LCS. Upon acceleration of the maturity of the Obligations as provided in Section 8.1, (i) an amount equal to the maximum amount which would be available at any time to be drawn under Facility LCs then outstanding (whether or not any beneficiary under any Facility LC shall have presented, or shall be entitled at such time to present, the drafts or other documents required to draw under such Facility LC), and all reimbursement obligations in respect of such outstanding Facility LCs shall become forthwith due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby waived by the Borrower, (ii) the Agent may, with the consent of the Lenders, cause to be advanced for the account of the Borrower an Advance consisting of Loans bearing interest at the rate provided in Section 2.11(ii) in an amount equal to the aggregate amount so becoming due and payable, the proceeds of which Advance shall be paid directly into the LC Cxxx Xxxlateral Account as hereinafter provided (such Advance to be funded by the Lenders in the manner provided in Section 2.1), and (iii) the Agent may exercise any rights or remedies under the LC Cxxx Xxxlateral Assignment. So long as any Facility LC shall remain outstanding, any amounts described in clauses (i) and (ii) above with respect to the Facility LCs, when received by the Agent, shall be deposited in the LC Cxxx Xxxlateral Account as cash collateral for the obligations of the Borrower hereunder in the event of any drawing under a Facility LC, and upon drawing under any outstanding Facility LC in respect of which the Agent has deposited in the LC Cxxx Xxxlateral Account any amounts described in clause (i) above, the Agent shall pay such amounts held in the LC Cxxx Xxxlateral Account to the LC Issuer to reimburse the LC Issuer for the amount of such drawing.
