LC Commitment. (i) Subject to the terms and conditions hereof, the Issuing Bank, in reliance on the agreements of the other Revolving Lenders set forth in Section 2.22(c), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower (or for the account of any Subsidiary so long as the Borrower and such Subsidiary are co-applicants in respect of such Letter of Credit) on any Business Day during the Revolving Availability Period in such form as may be approved from time to time by the Issuing Bank; provided that the Issuing Bank shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (x) the LC Obligations would exceed the LC Commitment, (y) the aggregate amount of the Available Revolving Commitments would be less than zero or (z) subject to Section 9.04(b)(ii)(E), the Applicable Fronting Exposure of such Issuing Bank would exceed its Revolving Commitment. Each Letter of Credit shall, except as provided in Section 2.22(a)(ii) below, expire no later than the earlier of (A) the first anniversary of its date of issuance and (B) the date that is five Business Days prior to the Revolving Maturity Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (B) above).
(ii) If requested by the Borrower and if the Issuing Bank agrees, the Issuing Bank may issue one or more Letters of Credit hereunder, with expiry dates that would occur after the fifth (5th) Business Day prior to the Revolving Maturity Date, based upon the Borrower’s agreement to cash collateralize the LC Obligations in accordance with Section 2.22(h). If the Borrower fails to cash collateralize the outstanding LC Obligations in accordance with the requirements of Section 2.22(h), each outstanding Letter of Credit shall automatically be deemed to be drawn in full on such date and the reimbursement obligations of the Borrower set forth in Section 2.22(d) shall be deemed to apply and shall be construed such that the reimbursement obligation is to provide cash collateral in accordance with the requirements of Section 2.22(h).
(iii) The Borrower shall grant to the Administrative Agent for the benefit of the Issuing Bank and the Lenders, pursuant to a collateral agreement, a security interest in all cash, deposit accounts and all balances therein and all proceeds of the foregoing as required to be deposited pursuant...
LC Commitment. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of and (subject to the representation in the second sentence of clause (b) below being true and correct) each Issuing Lender agrees to issue Letters of Credit in Dollars upon request of the Borrower at any time and from time to time from the Revolver Availability Date to but excluding the date that is five (5) Business Days prior to the Revolving Facility Maturity Date, for the Borrower’s own account or the account of any other Subsidiary of Parent; provided that no Issuing Lender shall issue (or amend, renew or extend) any Letter of Credit if, after giving effect to such issuance (or amendment, renewal or extension), (i) the LC Exposure in respect of Letters of Credit issued by it would exceed its LC Commitment or (ii) the aggregate amount of the Unused Total Revolving Commitment would be less than zero.
LC Commitment. Subject to the terms and conditions of this Agreement and Applicable Law, LC Issuer agrees, in reliance upon the agreement of the other Lenders in this Section 2.3, to issue LCs and to amend or renew LCs previously issued by it, upon Borrower’s application therefor (denominated in Dollars) by delivering to LC Issuer (with a copy to Administrative Agent) a properly completed LC Request and an LC Agreement with respect thereto no later than 10:00 a.m. Dallas, Texas time three Business Days before such LC is to be issued or amended; provided that, (i) on any date of determination and after giving effect to any LC to be issued or amended on such date, the Commitment Usage shall never exceed the aggregate amount of the Commitments then in effect, (ii) on any date of determination and after giving effect to any LC to be issued or amended on such date, the LC Exposure shall never exceed the LC Commitment, (iii) at the time of issuance or amendment of such LC, no Default or Event of Default shall have occurred and be continuing, and (iv) each LC must expire no later than the earlier of the 30th day prior to the Termination Date, or one year from its issuance; provided further that, (x) any LC may provide for automatic renewal for periods of up to one year (but no renewal period may extend beyond the 30th day prior to the Termination Date) unless LC Issuer has given prior notice to the applicable beneficiary of its election not to extend such LC; (y) LC Issuer shall be under no obligation to issue any LC if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain LC Issuer from issuing such LC, or any law applicable to LC Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over LC Issuer shall prohibit, or request that LC Issuer refrain from, the issuance of letters of credit generally or such LC in particular or shall impose upon LC Issuer with respect to such LC any restriction, reserve, or capital requirement (for which LC Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon LC Issuer any unreimbursed loss, cost, or expense which was not applicable on the Effective Date and which LC Issuer in good fxxxx xxxxx material to it, or (B) the issuance of such LC would violate one or more policies of LC Issuer; and (z) LC Issuer shall be under no obligation to amend any LC if ...
LC Commitment. 23 2.2 Loan Procedures....................................................................................23 2.2.1 Various Types of Loans....................................................................23 2.2.2 Borrowing Procedures......................................................................23 2.2.3 Conversion and Continuation Procedures....................................................24 2.3 Letter of Credit Procedures........................................................................25 2.3.1 LC Applications...........................................................................25 2.3.2 Participations in Letters of Credit.......................................................25 2.3.3 Reimbursement Obligations.................................................................26 2.3.4 Limitation on Obligations of Issuing Lender...............................................26 2.3.5 Funding by Lenders to Issuing Lender......................................................26 2.4 Commitments Several................................................................................27 2.5 Certain Conditions.................................................................................27 2.6 Holdings as Funds Administrator....................................................................27
LC Commitment. (a) The Issuing Lender will issue standby letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each a "Letter of Credit"), at the request of the Funds Administrator and for the account of the Borrowers from time to time before the date which is 30 days prior to the Revolving Credit Termination Date and (b) as more fully set forth in Section 2.3.2, each Lender agrees to purchase a participation in each such Letter of Credit; provided that (i) the aggregate Stated Amount of all Letters of Credit shall not at any time exceed $100,000 and (ii) the Revolving Outstandings will not exceed at any time the lesser of (x) the Revolving Commitment Amount and (y) the Borrowing Base.
LC Commitment. On and after the Closing Date and prior to the Facility Termination Date, each Lender severally agrees, on the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of the Borrower herein set forth, to participate in Facility LCs issued pursuant to Section 2.19 for the account of the Borrower; provided that in no event may the aggregate amount of all LC Obligations exceed the lesser of (A) the Aggregate LC Commitment or (B) an amount equal to the Aggregate Commitment minus the sum of all outstanding Loans.
LC Commitment. Subject to the terms and conditions hereof, the Borrowers may until the Loan Maturity Date request the Agent to arrange for the issuance by Fortis or an Affiliate of Fortis acceptable to the Borrowers (the “LC Issuer”) of one or more Letters of Credit under the Revolving Commitment, provided that, after taking such Letter of Credit into account:
(i) the Facility Usage does not exceed the Borrowing Base at such time; and
(ii) the aggregate amount of LC Obligations at such time does not exceed $5,000,000.00;
(iii) the expiration date of such Letter of Credit is prior to the Loan Maturity Date;
(iv) the form and terms of such Letter of Credit are acceptable to such LC issuer in its sole and absolute discretion; and
(v) each of the conditions set forth in Section 13 hereof have been satisfied or waived. LC Issuer will honor any such request if the foregoing conditions (i) through (v) (in the following Subsection (b) called the “LC Conditions”) have been met as of the date of issuance of such Letter of Credit. LC Issuer may choose to honor any such request for Letter of Credit that does not meet the LC Conditions, but has no obligation to do so.
LC Commitment. 26 3.2. Request for Issuance of Letters of Credit.................... 26 3.3. Expiration................................................... 27 3.4. Participation................................................ 27 3.5. Notification of Demand for Payment........................... 27 3.6. Funding by Issuing Lender.................................... 27 3.7. Non-Conforming Demand For Payment............................ 27 3.8. Return of Letter of Credit................................... 28 3.9. Reimbursement Agreement of the Borrower...................... 28 3.10. Funding By Lenders........................................... 28 3.11. Return of Funds Related to Non-Conforming Demand............. 29 3.12. Obligation to Reimburse for or Participate in Letter of Credit Payments................................ 29 3.13. Mandatory Payment to Agent of LC Obligations................. 30 3.14. Fees......................................................... 30 3.15. Voluntary Reduction of the LC Commitments.................... 31 3.16.
LC Commitment. The Issuing Lender agrees for itself and the Lenders to issue from time to time before the Termination Date such standby letters of credit (such letters of credit, together with the Existing BAI Letters of Credit being herein collectively called "Letters of Credit," and individually a "Letter of Credit") as the Borrower may request, subject to the terms and conditions of Sections 3.4 and 5.
LC Commitment. The Issuing Lender agrees for itself and the ------------- Lenders to issue from time to time before the Revolving Termination Date such standby letters of credit (such letters of credit being herein collectively called "Letters of Credit" and individually a "Letter of Credit") as the Borrower may request, it being understood that, pursuant to Section 4.3, ----------- concurrently with the issuance of each such Letter of Credit, each Lender shall be deemed to have automatically purchased from the Issuing Lender a participation in such Letter of Credit equal to its Percentage multiplied by the face amount of such Letter of Credit. The aggregate amount of all Letters of Credit (other than Letters of Credit with respect to which the Borrower has pledged cash collateral in accordance with the terms of Section 4.2) issued and ----------- outstanding pursuant to this Section 2.2 or drawn ------- and not reimbursed pursuant to Section 4.10 (the "LC Amount") shall not at any ------------ --------------- one time exceed $10,000,000. The foregoing commitment of each Lender is herein called its "LC Commitment" and collectively the "LC Commitments."
