Common use of Letter of Credit Issuance Clause in Contracts

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. 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 Issuer commits 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 standby letters Letters of credit Credit denominated in Dollars or any Optional Currency in such form as may be requested from time to time by the Borrower and commercial agreed to by the Issuing Lender (documentary) letters which Letters of credit 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 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 DateBorrower); 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 for later than thirty (30) days (or, if the Letter of Credit may 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 later than the Line required to make requests for Letters of Credit Maturity in a minimum amount. All Existing Letters of Credit outstanding on the Closing Date if under the Prior Credit Agreement shall be Letters of Credit under this Agreement. To the extent that the provisions of any 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 Application conflict with the terms and conditions provisions of this Agreement, Letter the provisions of Credit Issuer this Agreement 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 Commitmentcontrol.

Letter of Credit Issuance. Subject to the terms and conditions hereof and the execution and receipt of a Letter of Credit Issuer commits Application from an Authorized Signatory of the Parent at least four (4) Business Days prior to issuance, 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, the Issuing Lender, on behalf of the Lenders 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 standby letters Letters of credit and commercial (documentary) letters of credit for the account of Borrower Credit denominated in Dollars or any Optional Currency in such form as may be requested from time to time from by the Closing Date Borrowers and agreed to by the Issuing Lender (which Letters of Credit may provide for automatic annual renewals subject to the Line satisfaction of Credit Maturity Date, but only if the conditions precedent to the renewal set forth herein and in 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 DateCredit); provided, however, that after giving effect to such 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 plus 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 then effective Revolving Credit Commitment, and (e) the Maximum Drawing Amount of all International L/Cs shall not exceed seventy-five percent (75%) of the then effective Multicurrency Commitment (in each case calculating all amounts denominated in Optional Currencies at their Dollar Equivalent). No Letter of Credit shall have an expiration date for later than thirty (30) days (or, if the Letter of Credit may is confirmed by a confirmer or otherwise provides for one or more nominated Persons, forty-five (45) days) prior to the Maturity Date. The Borrowers shall not be later than the Line required to make requests for Letters of Credit Maturity in a minimum amount. All Existing Letters of Credit outstanding on the Effective Date if 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 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 Application conflict with the terms and conditions provisions of this Agreement, Letter the provisions of Credit Issuer this Agreement 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 Commitmentcontrol.

Letter of Credit Issuance. Subject to the terms and conditions ------------------------- hereof and the execution and receipt of a Letter of Credit Issuer commits Application from the 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 Borrowers contained herein and upon the agreement of the Lenders set forth in (S)3.7 hereof, will issue standby letters Letters of credit and commercial (documentary) letters of credit for the account of Borrower Credit denominated in Dollars or any Optional Currency in such form as may be requested from time to time from by the Closing Date Borrowers and agreed to by the Line Managing Agent (which Letters 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 Datemay provide for automatic annual renewals); provided, however, that after giving effect to such 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 plus 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 then effective Revolving Credit Commitment, and (e) the Maximum Drawing Amount of all Foreign L/Cs shall not exceed seventy-five percent (75%) of the then effective Multicurrency Commitment (in each case calculating all amounts denominated in Optional Currencies at their Dollar Equivalent). No Letter of Credit shall have an expiration date for later than thirty (30) days (or, if the Letter of Credit may is confirmed by a confirmer or otherwise provides for one or more nominated Persons, forty-five (45) days) prior to the Maturity Date. The Borrowers shall not be later than the Line required to make requests for Letters of Credit Maturity in a minimum amount. All letters of credit issued pursuant to the Original Credit Agreement and outstanding on the Effective Date if (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 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 Application conflict with the terms and conditions provisions of this Agreement, Letter the provisions of Credit Issuer this Agreement 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 Commitmentcontrol.