Letter of Credit Issuance. Letter of Credit Issuer commits to issue standby letters of credit and commercial (documentary) letters of credit for the account of Borrower from time to time from the Closing Date to the Line of Credit Maturity Date, but only if the Letter of Credit Exposure will not as a result of such issuance exceed the lesser of (1) $1,000,000 and (ii) any excess of the Available Credit Portion over the Line of Credit Balance. The expiration date of any Letter of Credit will be a Business Day that is not later than the date which is twenty-five days prior to the Line of Credit Maturity Date; provided, however, that the expiration date for the Letter of Credit may be later than the Line of Credit Maturity Date if Letter of Credit Issuer consents to such issuance and Borrower provides to Letter of Credit Issuer cash collateral satisfactory to Letter of Credit Issuer as security for Borrower's obligation to reimburse Letter of Credit Issuer for all draws thereunder. Immediately, upon the issuance by Letter of Credit Issuer of a Letter of Credit in accordance with the terms and conditions of this Agreement, Letter of Credit Issuer shall be deemed to have sold and transferred to each other Lender, and such other Lender shall be deemed to have purchased and received from Letter of Credit Issuer, a Pro-Rata, undivided interest and participation in such Letter of Credit, the reimbursement obligation of Borrower with respect thereto, and any guaranty thereof or collateral therefor. Such other Lender's Pro-Rata undivided interest shall be the same as its Pro-Rata share of the Line of Credit Commitment.
Letter of Credit Issuance. So long as any Revolving Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Usage will be 100% covered by the Revolving Credit Commitments of the Non-Defaulting Lenders and/or Cash Collateral will be provided by the Borrower in accordance with Section 2.18(b)(ii), and participating interests in any newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.18(b)(i) (and such Defaulting Lender shall not participate therein).
Letter of Credit Issuance. Subject to the terms and conditions ------------------------- hereof and the execution and receipt of a Loan and Letter of Credit Request reflecting the Maximum Drawing Amount of all Letters of Credit (including the requested Letter of Credit) and a Letter of Credit Application at least four Business Days prior to issuance, the Bank, in reliance upon the representations and warranties of the Borrower contained herein, may, at its discretion, issue standby letters of credit in such form as may be requested from time to time by the Borrower and agreed to by the Bank (the "Letters of Credit"); provided, -------- however, that, no Letter of Credit shall have an expiration date later ------- than the earlier of (i) one year after the date of issuance of the Letter of Credit, or (ii) thirty (30) days prior to the 86 Maturity Date and provided further that, after giving effect to the -------- ------- requested Letter of Credit, the aggregate Maximum Drawing Amount of all Letters of Credit issued hereunder shall not exceed $2,000,000."
Letter of Credit Issuance. Subject to the terms and conditions of this Section 2.01 and provided that the applicable conditions set forth in Article III hereof are satisfied, the Issuing Bank shall, on the requested date, issue a Letter of Credit to the Beneficiary thereof on behalf of the Company in accordance with the Issuing Bank’s usual and customary business practices.
Letter of Credit Issuance. The actual principal amount available for advances for Borrowers by Bank under the Revolving Note at any time shall include amounts for issuance of Letters of Credit not to exceed the face amount of the Revolving Note. Letters of Credit will be treated as sums advanced under the Revolving Note equal to the face amount of the Letter of Credit issued as if fully included as an advance under the terms of the Revolving Note. Letters of Credit will be issued in accordance with the Revolving Note as requested but subject to the availability under the Revolving Note and in no event shall the expiry date of the Letters of Credit issued hereunder be later than the scheduled maturity date of the Revolving Note. Bank will have no obligation to issue Letters of Credit unless all conditions established herein have been satisfied or after the occurrence of an Event of Default or an after event on this Loan Agreement that may constitute an Event of Default which may be continuing. All draws on Letters of Credit issued by Bank on Borrowers' behalf shall be credited to the principal sums due under the terms of the Revolving Note.
Letter of Credit Issuance. At Borrower's request, as of the Fifth Amendment Date, the Lender has caused Fleet National Bank (the "Bank") to issue a letter of credit in the face amount of $444,600 (the "Letter of Credit") to TASC, Inc. (the "Landlord"). In connection with the issuance of the Letter of Credit, the Lender has entered into a letter of credit application and reimbursement agreement with the Bank (the
Letter of Credit Issuance. Section 3.1 of the Loan Agreement is ------------------------- hereby amended and restated in its entirety and substituting the following therefor:
Letter of Credit Issuance. At Borrower's request, as of the September 18, 1997, the Lender has caused Fleet National Bank (the "Bank") to issue a letter of credit in the face amount of $444,600 (the "Letter of Credit") to TASC, Inc. (the "Landlord"). In connection with the issuance of the Letter of Credit, the Lender has entered into a letter of credit application and reimbursement agreement with the Bank (the "Reimbursement Agreement") under which the Lender has agreed to reimburse the Bank for all amounts drawn by the Landlord under the Letter of Credit.
Letter of Credit Issuance. (i) Subject to the terms and conditions set forth herein, the Borrower may request that an Issuing Bank issue standby letters of credit (each, a “Letter of Credit”) for the account of the Borrower from time to time during the Availability Period and amend, extend, reinstate or renew such Letters of Credit, provided, that after giving effect to such issuance, amendment, extension, reinstatement or renewal (A) the Letter of Credit Exposure shall not exceed the Letter of Credit Sublimit, (B) the Revolving Exposure of any Lender shall not exceed its Revolving Commitment and (C) the Aggregate Revolving Exposure shall not exceed the Revolving Commitments.
(ii) An Issuing Bank shall not be under any obligation to issue any Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any Law applicable to such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit
(iii) An Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) such Issuing Bank would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit.
Letter of Credit Issuance. Subject to the terms and conditions ------------------------- hereof and the execution and receipt of a Letter of Credit Application from the Parent, on behalf of itself and other Borrowers as their agent, at least four (4) Business Days prior to issuance, the Agent on behalf of the Lenders and in reliance upon the representations and warranties of the Borrowers contained herein and upon the agreement of the Lenders set forth in (S)3.7 hereof, will issue standby letters of credit (the "Letters of Credit") in such form as may be requested from time to time by the Borrowers and agreed to by the Agent; provided, however, that after giving effect to such request, the aggregate ----------------- Maximum Drawing Amount of all Letters of Credit issued at any time under this (S)3.1 shall not exceed $25,000,000, and the aggregate Maximum Drawing Amount of all Letters of Credit plus the outstanding principal amount of all Loans shall not exceed the Total Commitment. No Letter of Credit shall have an expiration date later than the earlier of (i) one year after the date of issuance of the Letter of Credit, or (ii) thirty (30) days prior to the Maturity Date. The Borrowers shall not be required to make requests for Letters of Credit in a minimum amount. All letters of credit issued pursuant to the Original Credit Agreement (including, without limitation, those listed on Schedule 3.1 hereto) shall be Letters of Credit under this Agreement. ------------
