Letter of Credit Issuance. Subject to the terms and conditions ------------------------- hereof and receipt by the Managing Agent and the Issuing Lender of a written notice in the form of EXHIBIT C (or telephonic notice confirmed by telecopy the same day in the form of EXHIBIT C) of each Letter of Credit requested hereunder (a "Letter of Credit Request"), together with a Letter of Credit Application executed by an Authorized Signatory of the Borrower, at least four (4) Business Days prior to issuance, and in reliance upon the representations and warranties of the Borrower contained herein and upon the agreement of the Lenders set forth in (S)3.7 hereof, the Issuing Lender, on behalf of the Lenders, will issue Letters of Credit denominated in Dollars or any Optional Currency in such form as may be requested from time to time by the Borrower and agreed to by the Issuing Lender (which Letters of Credit may provide for automatic annual renewals subject to the satisfaction of the conditions precedent to the renewal set forth herein and in the Letter of Credit and which may be opened to support obligations of the Subsidiaries but shall be for the account of the Borrower); provided, however, that after giving effect to such Letter of Credit Request, the Maximum Drawing Amount shall not exceed the lesser of (a) $100,000,000 or (b) the Multicurrency Commitment minus the aggregate outstanding principal ----- amount of all Multicurrency Loans, Competitive Bid Loans, and Swing Line Loans (in each case calculating all amounts denominated in Optional Currencies at their Dollar Equivalent). No Letter of Credit shall have an expiration date later than thirty (30) days (or, if the Letter of Credit is confirmed by a confirmer or otherwise provides for one or more nominated Persons, forty-five (45) days) prior to the Maturity Date. The Borrower shall not be required to make requests for Letters of Credit in a minimum amount. All Existing Letters of Credit outstanding on the Closing Date under the Prior Credit Agreement shall be Letters of Credit under this Agreement. To the extent that the provisions of any Letter of Credit Application conflict with the provisions of this Agreement, the provisions of this Agreement shall control.
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. (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
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. 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. Section 3.1 of the Loan Agreement is ------------------------- hereby amended and restated in its entirety and substituting the following therefor:
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. 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. ------------
