Common use of Letter of Credit Issuance Clause in Contracts

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. Subject to the terms and conditions ------------------------- hereof and the execution 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 from an Authorized Signatory of the Borrower, Parent at least four (4) Business Days prior to issuance, and in reliance upon the representations and warranties of the Borrower Borrowers contained herein and upon the agreement of the Lenders set forth in (S)3.7 hereof, the Issuing Lender, on behalf of the LendersLenders in the case of a U.S. L/C or on behalf of the Multicurrency Lenders in the case of an International L/C, 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 Borrowers 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 BorrowerCredit); provided, however, that after giving effect to such Letter request, (a) the aggregate Maximum Drawing Amount of all U.S. L/Cs plus the aggregate outstanding principal amount of all Revolving Credit Loans shall not exceed the Revolving Credit Commitment, (b) the aggregate Maximum Drawing Amount of all International L/Cs plus the aggregate outstanding principal amount of all Multicurrency Loans shall not exceed the Multicurrency Commitment, (c) the aggregate Maximum Drawing Amount of all Letters of Credit Requestplus the aggregate outstanding principal amount of all Revolving Credit Loans and all Multicurrency Loans shall not exceed the Total Commitment, (d) the Maximum Drawing Amount of all U.S. L/Cs shall not exceed seventy-five percent (75%) of the lesser of then effective Revolving Credit Commitment, and (a) $100,000,000 or (be) the Maximum Drawing Amount of all International L/Cs shall not exceed seventy-five percent (75%) of the then effective 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 Borrowers shall not be required to make requests for Letters of Credit in a minimum amount. All Existing Letters of Credit outstanding on the Closing Effective Date under the Prior Credit Agreement listed on Schedule 3.1(a) hereto and all Existing Wheelabrator L/Cs listed on Schedule 3.1(b) hereto 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. Subject to the terms and conditions ------------------------- hereof and the execution 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 from the Borrower, Borrowers at least four (4) Business Days prior to issuance, the Managing Agent on behalf of the Lenders and in reliance upon the representations and warranties of the Borrower Borrowers 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 Borrowers and agreed to by the Issuing Lender Managing Agent (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 Borrowerrenewals); provided, however, that after giving effect to such Letter request, (a) the aggregate Maximum Drawing Amount of all Domestic L/Cs plus the aggregate outstanding principal amount of all Revolving Credit Loans shall not exceed the Revolving Credit Commitment, (b) the aggregate Maximum Drawing Amount of all Foreign L/Cs plus the aggregate outstanding principal amount of all Multicurrency Loans shall not exceed the Multicurrency Commitment, (c) the aggregate Maximum Drawing Amount of all Letters of Credit Requestplus the aggregate outstanding principal amount of all Loans shall not exceed the Total Commitment, (d) the Maximum Drawing Amount of all Domestic L/Cs shall not exceed seventy-five percent (75%) of the lesser of then effective Revolving Credit Commitment, and (a) $100,000,000 or (be) the Maximum Drawing Amount of all Foreign L/Cs shall not exceed seventy-five percent (75%) of the then effective 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 Borrowers shall not be required to make requests for Letters of Credit in a minimum amount. All Existing Letters letters of credit issued pursuant to the Original Credit Agreement and outstanding on the Closing Effective Date under the Prior Credit Agreement (including, without limitation, those listed on SCHEDULE 3.1 hereto) 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. 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 Issuer commits to issue standby letters of credit and commercial (a "Letter documentary) letters of Credit Request"), together with a Letter credit for the account 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 from the Borrower and agreed Closing Date to by the Issuing Lender (which Letters Line of Credit may provide for automatic annual renewals subject to the satisfaction of the conditions precedent to the renewal set forth herein and in 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 which may be opened to support obligations (ii) any excess of the Subsidiaries but shall Available Credit Portion over the Line of Credit Balance. The expiration date of any Letter of Credit will be for a Business Day that is not later than the account date which is twenty-five days prior to the Line of the Borrower)Credit Maturity Date; 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 for the Letter of Credit is confirmed 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 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 Letter 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 accordance with the provisions 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 provisions reimbursement obligation of this Agreement Borrower with respect thereto, and any guaranty thereof or collateral therefor. Such other Lender's Pro-Rata undivided interest shall controlbe the same as its Pro-Rata share of the Line of Credit Commitment.