IRB Letters of Credit Sample Clauses

IRB Letters of Credit. The IRB Letters of Credit will remain in effect each as a “Letter of Credit” hereunder. The stand-by letter of credit fees applicable to the IRB Letters of Credit on the first day of each fiscal quarter of Borrower thereafter, based on and equal to, the then Applicable Margin for the Libor Rate Option for and calculated on the basis of a 360-day year and actual days elapsed, and shall be payable quarterly in arrears on the first day of each fiscal quarter of the Borrower while such letters of credit are outstanding. The related reimbursement agreements and bond documents (as may have been previously modified), shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. See §3.1(a).
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall continue to be determined, and shall be payable, as provided in the applicable reimbursement agreements or bond documents which currently govern such IRB Letters of Credit, and such reimbursement agreements and bond documents shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit prior to the date of this Agreement shall be adjusted from and after the date of this Agreement to .75% per annum on the face amount of such IRB Letters of Credit with such fees payable annually in advance and calculated on the basis of a 360-day year and actual days elapsed. The applicable reimbursement agreements for the IRB Letters of Credit shall remain in full force and effect except as modified hereby, and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall continue to be .75% per annum on the face amount of such IRB Letters of Credit with such fees calculated on the basis of a 360-day year and actual days elapsed. The fee applicable to the ECIDA Letter of Credit shall be payable every six months in arrears on each June 1 and December 1 while such Letter of Credit is outstanding. The fee applicable to the New Hampshire Letter of Credit shall be payable every six months in arrears, on each June 30 and December 31 while such Letter of Credit is outstanding. The applicable reimbursement agreements for the IRB Letters of Credit shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. The IRB Letters of Credit will remain in effect, and as of the date of this Agreement shall be a “Letter of Credit” hereunder. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall be initially determined on the date of this Agreement, and adjusted on the first day of each fiscal quarter of Borrower thereafter, based on and equal to, the then applicable Applicable Margin for the Libor Rate Option for and calculated on the basis of a 360-day year and actual days elapsed, and shall be payable quarterly in arrears on the first day of each fiscal quarter of the Borrower while such letters of credit are outstanding. The related reimbursement agreements and bond documents, except as modified herein, and modified on or after the date hereof to provide that the expiry dates thereof do not exceed the Business Day prior to the Revolving Credit Maturity Date, and the related bond documents shall remain in full force and effect and shall continue to govern the IRB Letters of Credit. The Issuing Bank shall refund any fees paid by the Borrower with respect to any of the IRB Letters of Credit before the date of this Agreement for any period after the date of this Agreement or provide the Borrower a credit for such fees against other amounts payable by the Borrower to the Issuing Bank as a Lender hereunder.
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IRB Letters of Credit. Each IRB L/C and the Borrower's and NationsBank's respective rights and obligations in respect thereof shall be subject to a separate letter of credit and reimbursement agreement (each, an "IRB L/C Agreement") between NationsBank and the Borrower, entered into in connection with the issuance of such IRB L/C. In the case of any conflict between the provisions of any IRB L/C Agreement and the provisions of this ARTICLE 3 (other than such provisions as are inapplicable to IRB L/Cs), the provisions of this ARTICLE 3 shall control.
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IRB Letters of Credit. From and after the Xxxxx Telecom Closing Date, the IRB Letters of Credit shall be deemed to be Letters of Credit issued under this Agreement and subject to the terms and conditions hereof. Borrowers acknowledge and agree that in the event there is an express conflict between the terms of this Agreement and the terms of any Reimbursement Agreement between any Obligor and LaSalle Bank National Association relating to any IRB Letters of Credit, including, but not limited to, the reimbursement obligations of any Obligor with respect thereto or the fees payable by any Obligor in connection therewith, the terms of this Agreement shall govern and control.”
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Related to IRB 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.

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Requesting Letters of Credit The Borrower must make written application for any Letter of Credit at least three Business Days (or such shorter period as may be agreed upon by the LC Issuer) before the date on which the Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, the Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.07 will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in the form of the Letter of Credit Application. If all LC Conditions for a Letter of Credit have been met as described in Section 2.07 on any Business Day before 11:00 a.m., LC Issuer will issue such Letter of Credit on the same Business Day at LC Issuer’s Lending Office. If the LC Conditions are met as described in Section 2.07 on any Business Day on or after 11:00 a.m., LC Issuer will issue such Letter of Credit on the next succeeding Business Day at LC Issuer’s Lending Office. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any extension of an Auto-Extension Letter of Credit. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business Days prior to the end of the Commitment Period; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) from the Administrative Agent, any Lender or the Borrower on or before the day that is five Business Days before the last day in which notice of non-extension for such Letter of Credit may be given that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the L/C Issuer not to permit such extension.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • Loans and Letters of Credit On the Closing Date:

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • First Loans and Letters of Credit On the Closing Date:

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender 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.

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