Common use of Issuance of the Letter of Credit Clause in Contracts

Issuance of the Letter of Credit. (a) Subject to the terms and conditions set forth in this Agreement and the applicable Application, LC Issuing Bank shall, during the Commitment Increase Period, on each Banking Day specified in a Notice of LC Activity described in Section 2.2.3, issue Letters of Credit, extend the expiry date of any Letter of Credit or increase the Stated Amount of any Letter of Credit (as applicable), for the account of Borrower, of the Letter(s) of Credit to which such Notice of LC Activity relates, and deliver each such Letter of Credit (or a notice of extension of the expiry date thereof or increase in the Stated Amount thereof) to the applicable LC Beneficiary. Subject to Section 2.2.6(b), LC Issuing Bank shall not modify the conditions for draws or terms of availability for any Letter of Credit issued and outstanding hereunder without Borrower’s consent. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of the applicable Application, the terms and conditions of this Agreement shall control. (b) In connection with the first issuance of Letters of Credit on or following the Commitment Increase Date the LC Issuing Bank will cause all then outstanding letters of credit issued by it under the Citibank Credit Agreement to be terminated as letters of credit under the Citibank Credit Agreement and to be designated as Letters of Credit under this Agreement, and, subject to compliance with all applicable provisions of this Agreement, all such letters of credit so designated shall become Letters of Credit issued hereunder.

Issuance of the Letter of Credit. (a) Subject to the terms and conditions set forth in this Agreement and the applicable Application, each LC Issuing Bank shall, during the Commitment Increase Period, Availability Period on each Banking Day specified in a Notice of LC Activity described in Section 2.2.3, issue Letters of Credit, extend the expiry date of any Letter of Credit or increase the Stated Amount of any Letter of Credit (as applicable), for the account of BorrowerLC Obligor, of the Letter(s) of Credit to which such Notice of LC Activity relates, and deliver each such Letter of Credit (or a notice of extension of the expiry date thereof or increase in the Stated Amount thereof) to the applicable LC Beneficiary. Subject to Section 2.2.6(b), an LC Issuing Bank shall not modify the conditions for draws or terms of availability for any Letter of Credit issued and outstanding hereunder without BorrowerLC Obligor’s consent. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of the applicable Application, the terms and conditions of this Agreement shall control. (b) In connection with Subject to the first issuance of Letters of Credit on or following the Commitment Increase Date the LC Issuing Bank will cause all then outstanding letters terms and conditions hereof, each letter of credit issued by it JPMCB, as issuing bank, under the Citibank Existing Credit Agreement to that is outstanding on the Effective Date shall automatically be terminated continued hereunder on the Effective Date by JPMCB as letters an LC Issuing Bank hereunder, and as of credit under the Citibank Credit Agreement and to be designated Effective Date the Lenders shall acquire a participation therein as Letters if such Letter of Credit under this Agreementwere issued hereunder, and, subject to compliance with and each such Letter of Credit shall be deemed a Letter of Credit for all applicable provisions purposes of this Agreement, all such letters Agreement as of credit so designated shall become Letters of Credit issued hereunderthe Effective Date.

Issuance of the Letter of Credit. (a) Subject to the terms and conditions set forth in this Agreement and the applicable Application, each LC Issuing Bank shall, during the Commitment Increase Period, Availability Period on each Banking Day specified in a Notice of LC Activity described in Section 2.2.3, issue Letters of Credit, extend the expiry date of any Letter of Credit or increase the Stated Amount of any Letter of Credit (as applicable), for the account of BorrowerLC Obligor, of the Letter(s) of Credit to which such Notice of LC Activity relates, and deliver each such Letter of Credit (or a notice of extension of the expiry date thereof or increase in the Stated Amount thereof) to the applicable LC Beneficiary. Subject to Section 2.2.6(b), an LC Issuing Bank shall not modify the conditions for draws or terms of availability for any Letter of Credit issued and outstanding hereunder without BorrowerLC Obligor’s consent. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of the applicable Application, the terms and conditions of this Agreement shall control. (b) In connection with Subject to the first issuance of Letters of Credit on or following the Commitment Increase Date the LC Issuing Bank will cause all then outstanding letters terms and conditions hereof, each letter of credit issued by it JPMCB, as issuing bank, under the Citibank Credit Agreement that is outstanding on the Effective Date and is designated to be terminated continued hereunder in Schedule 2.2.1 shall automatically be continued hereunder on the Effective Date by JPMCB as letters an LC Issuing Bank hereunder, and as of credit under the Citibank Credit Agreement and to be designated Effective Date the Lenders shall acquire a participation therein as Letters if such Letter of Credit under were issued hereunder, and each such Letter of Credit shall be deemed a Letter of Credit for all purposes of this AgreementAgreement as of the Effective Date. As of the Effective Date, LC Obligor hereby assumes all liability as account party for each such Letter of Credit (and, subject except as provided in Article IX, Borrower shall cease to compliance with all applicable provisions of this Agreement, all such letters of credit so designated shall become Letters of Credit issued hereunderhave any direct liability thereunder as the account party thereof).

Issuance of the Letter of Credit. (a) Subject to the terms and conditions set forth in this Agreement and the applicable Application, each LC Issuing Bank shall, during the Commitment Increase Period, Availability Period on each Banking Day specified in a Notice of LC Activity described in Section 2.2.3, issue Letters of Credit, extend the expiry date of any Letter of Credit or increase the Stated Amount of any Letter of Credit (as applicable), for the account of Borrower, of the Letter(s) of Credit to which such Notice of LC Activity relates, and deliver each such Letter of Credit (or a notice of extension of the expiry date thereof or increase in the Stated Amount thereof) to the applicable LC Beneficiary. Subject to Section 2.2.6(b), an LC Issuing Bank shall not modify the conditions for draws or terms of availability for any Letter of Credit issued and outstanding hereunder without Borrower’s consent. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of the applicable Application, the terms and conditions of this Agreement shall control. (b) In connection with Subject to the first issuance of Letters of Credit on or following the Commitment Increase Date the LC Issuing Bank will cause all then outstanding letters terms and conditions hereof, each letter of credit issued by it JPMCB, as issuing bank, under the Citibank Existing Credit Agreement to that is outstanding on the Effective Date shall automatically be terminated continued hereunder on the Effective Date by JPMCB as letters an LC Issuing Bank hereunder, and as of credit under the Citibank Credit Agreement and to be designated Effective Date the Lenders shall acquire a participation therein as Letters if such Letter of Credit under this Agreementwere issued hereunder, and, subject to compliance with and each such Letter of Credit shall be deemed a Letter of Credit for all applicable provisions purposes of this Agreement, all such letters Agreement as of credit so designated shall become Letters of Credit issued hereunderthe Effective Date.