LCs. Any LC may be renewed, extended, amended, replaced, or canceled consistent with the terms of this agreement by writing executed by the Issuing Lender and Borrower that is first approved by Agent.
LCs. Administrative Agent is served with, or becomes subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any amount under any LC and either (a) a drawing has occurred under the LC and Borrower has refused to reimburse Administrative Agent for payment or (b) the expiration date of the LC has occurred but the right of any beneficiary thereunder to draw under the LC has been extended past the expiration date in connection with the pendency of the related court action or proceeding and Borrower has failed to deposit with Administrative Agent cash collateral in an amount equal to Administrative Agent’s maximum exposure under the LC.
LCs. (a) Subject to the terms and conditions of this Agreement, the Borrower may from time to time request that the Agent issue or cause to be issued by an Affiliate of the Agent one or more LC's for the Borrower's account for any purpose acceptable to the Agent in its reasonable discretion (the Agent or its Affiliate thereby becoming the "Issuer"); provided however, that the Agent shall not issue or cause its Affiliate to issue any such LC if (i) such issuance would cause the LC Obligations to exceed $5,000,000 at the time of such issuance, (ii) the face amount of such LC exceeds the Available Amount at the time of such issuance, or (iii) the proposed expiry date for the LC is on or after a date which is the earlier of (A) twelve (12) months after its date of issuance or (B) the Revolving Maturity Date.
(b) In order to effect the issuance of each LC, the Borrower shall deliver to the Agent a letter of credit application (the "Application") not later than 11:00 a.m. (Denver time), five (5) Business Days prior to the proposed date of issuance of the LC. The Application shall be duly executed by a responsible officer of the Borrower, shall be irrevocable and shall (i) specify the day on which such LC is to be issued (which shall be a Business Day), and (ii) be accompanied by a certificate executed by a responsible officer stating that all conditions precedent to such issuance have been satisfied and setting forth calculations evidencing availability for such LC as required pursuant to Section 2.2(a).
(c) Upon receipt of the Application, and satisfaction of the applicable terms and conditions of this Agreement, and provided however, that no Default or Matured Default exists, or would exist after giving effect to the issuance of the LC, the Agent or its Affiliate shall issue such LC no later than the close of business, in Denver, Colorado or Minneapolis, Minnesota, on the date so specified. The Agent shall provide the Borrower and each Lender with a copy of the LC which has been issued. Each LC shall (i) provide for the payment of drafts presented for honor thereunder by the beneficiary in accordance with the terms thereof, when such drafts are accompanied by the documents described in the LC, if any, and (ii) to the extent not inconsistent with the express terms hereof or the applicable Application, be subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 (together with any subseq...
LCs. Agent is served with, or becomes subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any amount under any LC and either (a) a drawing has occurred under the LC and Borrower has refused to reimburse Agent for payment or (b) the expiration date of the LC has occurred but the right of any beneficiary thereunder to draw under the LC has been extended past the expiration date in connection with the pendency of the related court action or proceeding and Borrower has failed to deposit with Agent cash collateral in an amount equal to Agent's maximum exposure under the LC.
LCs. LC Issuer shall have been served with, or becomes otherwise subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any drafts under any LC and either (i) there has been a draft under such LC which LC Issuer would otherwise be obligated to pay and Borrower has refused to reimburse LC Issuer for such payment or (ii) the expiration date of such LC has occurred but the right of any beneficiary thereunder to draw under such LC has been extended past the expiration date in connection with the pendency of the related court action or proceeding and Borrower has failed to deposit with Administrative Agent cash collateral in an amount equal to the maximum drawing which could be made under such LC.
LCs. Agent is served with, or becomes subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any amount under any LC and EITHER (a) a drawing has occurred under the LC, and Borrower has refused to reimburse the Issuing Lender for payment, OR (b) the expiration date of the LC has occurred, but the Right of the beneficiary to draw under the LC has been extended past the Stated-Termination Date in connection with the pendency of the related court action or proceeding, and Borrower has failed to deposit with Agent cash collateral in an amount equal to the Issuing Lender's maximum exposure under the LC.
LCs. (a) Subject to the terms and conditions of this Agreement, the Borrower may from time to time request that the Lender issue one or more LCs for the Borrower’s account for any purpose acceptable to the Lender in its reasonable discretion; provided, however, that the Lender shall not issue any such LC if (i) such issuance would cause the LC Obligations to exceed $8,000,000.00 at the time of such issuance, (ii) the face amount of such LC exceeds the Revolving Loan Available Amount at the time of such issuance, or (iii) the proposed expiry date for the LC is on or after a date which is the earlier of (A) twelve (12) months after its date of issuance or (B) the Maturity Date.”
LCs. LC Issuer shall have been served with, or becomes otherwise subject to, a court order, injunction, or other process or decree restraining or seeking to restrain it from paying any drafts under any Existing LC and either (i) there has been a draft under such Existing LC which LC Issuer would otherwise be obligated to pay and Borrower has refused to reimburse LC Issuer for such payment or (ii) the expiration date of such Existing LC has occurred but the right of any beneficiary thereunder to draw under such Existing LC has been extended past the expiration date in connection with the pendency of the related court action or proceeding and Borrower has failed to deposit with Administrative Agent Cash Collateral in an amount equal to the maximum drawing which could be made under such Existing LC.
LCs. If the maturity of the Revolving Loan shall be accelerated pursuant to Section 10.01, the Borrowers shall immediately deposit with the Bank, as security for the Borrowers' obligation to reimburse the Bank for any then outstanding LC, cash or Acceptable Marketable Securities having a fair cash value equal to the sum of the aggregate undrawn balance of any then outstanding LCs.
LCs. No LC shall be issued for the purpose of making an acquisition of Real Estate Investments or other assets in lieu of Cash or for other enhancement purposes.
