Common use of Letter of Credit Facility Clause in Contracts

Letter of Credit Facility. Upon the terms and conditions (including, without limitation, the right of the Agent to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon the representations and warranties contained in this Agreement, the Agent agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two Business Days prior to the requested date for issuance of the relevant Letter of Credit of a Letter of Credit Application executed by a Borrower; provided, however, (i) no Letter of Credit shall have an expiration date which is subsequent to the Commitment Termination Date, and (ii) the Agent shall not be obligated to issue any Letter of Credit if (A) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (C) after giving effect to the issuance thereof, the L/C Exposure when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect. (a) Should the Agent be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon presentation of drafts or otherwise, such payment by the Agent on account of such Letter of Credit shall be treated for all purposes as a Loan and a Borrowing on the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event of Default then exists, the Borrowers shall pay to the Agent for the account of the Lenders on demand the amount of such Borrowing.

Letter of Credit Facility. (a) Upon the terms and conditions (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Credit Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two Business Days prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than 360 days after the issuance thereof or subsequent to the Commitment Termination Date, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, (A) the L/C Exposure Exposure, when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect, or (B) the L/C Exposure would exceed $2,000,000. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Floating Rate Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event of Default then exists, the Borrowers shall pay to the Agent for the account of the Lenders on demand the amount of such BorrowingNote.

Letter of Credit Facility. (a) Upon the terms and conditions ------------------------- (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two Business Days prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than 60 days after the issuance thereof or subsequent to the Commitment Termination Date, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, (A) the L/C Exposure Exposure, when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect, or (B) the L/C Exposure would exceed $3,000,000. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Floating Rate Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event Note." 2.06 Addition of Default then exists, the Borrowers shall pay Section 2.18. A new section designated "Section 2.18" is ------------------------ hereby added to the Agent for the account of the Lenders on demand the amount of such Borrowing.Agreement to read as follows:

Letter of Credit Facility. (a) Upon the terms and conditions (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two one Business Days Day prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than 60 days after the issuance thereof or subsequent to the Commitment Termination DateDate except up to $75,000 of appeal bonds with maturities up to one year, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, (A) the L/C Exposure Exposure, when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base for the Revolving Line of Credit then in effect, or (B) the L/C Exposure would exceed $1,000,000. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Floating Rate Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event of Default then exists, the Borrowers shall pay to the Agent for the account of the Lenders on demand the amount of such BorrowingNote.

Letter of Credit Facility. (a) Upon the terms and conditions (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two three Business Days prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than 360 days after the issuance thereof or subsequent to the Commitment Termination Date, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, (A) the L/C Exposure Exposure, when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect, or (B) the L/C Exposure would exceed $1,000,000. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event of Default then exists, the Borrowers shall pay to the Agent for the account of the Lenders on demand the amount of such BorrowingNote.

Letter of Credit Facility. (a) Upon the terms and conditions (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two Business Days prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than 365 days after the issuance thereof or subsequent to the Commitment Termination Date, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, the L/C Exposure when added to the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect$5,000,000. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Floating Rate Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event Note.” 2.05 Addition of Default then exists, the Borrowers shall pay Section 2.17. A new section designated “Section 2.17” is hereby added to the Agent for the account of the Lenders on demand the amount of such Borrowing.Agreement to read as follows:

Letter of Credit Facility. (a) Upon the terms and conditions (including, without limitation, the right of the Agent Lender to decline to issue any Letter of Credit so long as any Default or Event of Default exists) and relying upon on the representations and warranties contained in this Agreement, the Agent Lender agrees, during the Commitment Period, to issue Letters of Credit following the receipt not less than two (2) Business Days prior to the requested date for issuance of the relevant Letter of Credit Credit, of a Letter of Credit Application executed by a the Borrower; provided, however, (ia) no Letter of Credit shall have an expiration date which is more than three hundred sixty-five (365) days after the issuance thereof or subsequent to the Commitment Termination Date, and (iib) the Agent Lender shall not be obligated to issue any Letter of Credit if (Ai) the face amount thereof would exceed the Available Commitment, (B) the L/C Exposure would exceed $500,000, or (Cii) after giving effect to the issuance thereof, the L/C Exposure when added to (A) the Loan Balance then outstanding, would exceed the lesser of the Commitment Amount or the Borrowing Base then in effect, or (B) the L/C Exposure would exceed $500,000.00. (ab) Should the Agent Lender be called upon by the beneficiary of any Letter of Credit to honor all or any portion of the commitment thereunder, whether upon the presentation of drafts or otherwise, such payment by the Agent Lender on account of such Letter of Credit shall be treated treated, for all purposes purposes, as a Loan and a Borrowing on an advance against the Notes and each Lender agrees to advance its proportionate share thereof, and if a Default or an Event of Default then exists, the Borrowers shall pay to the Agent for the account of the Lenders on demand the amount of such BorrowingNote.