Letter of Credit Line. Subject to the terms and conditions of this Agreement, Lender hereby agrees to issue or cause an Affiliate to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”) from time to time; provided that (a) the Letter of Credit Obligations shall not at any time exceed the Letter of Credit Sublimit and (b) the Letter of Credit Obligations will be treated as Advances for purposes of determining availability under the Credit Limit and shall decrease, on a dollar-for-dollar basis, the amount available for other Advances. The form and substance of each Letter of Credit snail be subject to approval by Lender, in its reasonable discretion. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit agreements, applications and any related documents required by Lender in connection with the issuance thereof (each, a “Letter of Credit Agreement”). Each draft paid under any Letter of Credit shall be repaid by Borrower in accordance with the provisions of the applicable Letter of Credit Agreement. No Letter of Credit shall be issued that results in an Overadvance or while any Overadvance is outstanding, Upon the Maturity Date, the amount of Letters of Credit Obligations shall be cash collateralized on terms acceptable to Lender in an amount equal to 100% of such Letters of Credit Obligations if the term of this Agreement is not extended by Lender.
Letter of Credit Line. Subject to the terms and conditions of this Agreement, Lender hereby agrees to issue or cause an affiliate to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, the “Letters of Credit”) from time to time up to and including the earlier of: (x) the Revolving Maturity Date or (y) the Termination Date. The form and substance of each Letter of Credit shall be subject to approval by Lender, in its sole discretion. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit agreements, applications and any related documents required by Lender in connection with the issuance thereof (each, a “Letter of Credit Agreement”). Each draft paid under any Letter of Credit shall be repaid by Borrower in accordance with the provisions of the applicable Letter of Credit Agreement. No Letter of Credit shall be made that results in an Overadvance or while any Overadvance is outstanding. Upon the earliest of (i) the Revolving Maturity Date, (ii) the Termination Date, if the term of this Agreement is not extended by Lender, or (iii) the occurrence of an Event of Default, the amount of Letters of Credit Outstanding shall be secured by unencumbered cash on terms acceptable to Lender. Notwithstanding anything to the contrary herein, the amounts of Letters of Credit Outstanding that are secured by unencumbered cash on terms acceptable to Lender shall not reduce the amount available under the Revolving Credit Limit nor be included in the calculation of Overadvance.
Letter of Credit Line. Subject to the terms and conditions of this Agreement, Bank hereby agrees to establish a letter of credit line (“Letter of Credit Line”) under which Bank shall issue or cause an affiliate to issue commercial and standby letters of credit for the account of Borrower to finance working capital and other corporate requirements (each, a "Letter of Credit" and collectively, "Letters of Credit") from time to time up to and including March 27, 2014; provided however, that the aggregate of all undrawn amounts, and all amounts drawn and unreimbursed, under any Letters of Credit issued under the Letter of Credit Line shall not at any time exceed the principal amount of One Hundred Fifty Million Dollars ($150,000,000.00). The form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term not to extend beyond March 27, 2014, as designated by Borrower. Each Letter of Credit shall be subject to the additional terms of the Commercial and Standby Letter of Credit Agreements, as applicable, to be dated as of the date of their respective execution, applications thereunder, and any related documents required by Bank in connection with the issuance thereof (each, a "Letter of Credit Agreement").
Letter of Credit Line. The following definitions related to the “Letter of Credit Line” (as defined in the Loan Agreement) shall be deleted in their entirety and replaced by the following new definitions:
Letter of Credit Line. This Line of Credit may be used for financing:
Letter of Credit Line. Subject to the terms and conditions of this Agreement, Bank hereby agrees to issue standby letters of credit for the account of BRC or TC International in support of bid bonds, performance bonds and warranty bonds and to secure advance payments to any Borrower for contract work undertaken in the normal course of such Borrower's business (each, a "Letter of Credit" and collectively, "Letters of Credit") from time to time up to and including March 31, 1997; provided however, that the form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion; and provided further, that the aggregate of all undrawn amounts, and all amounts drawn and reimbursed, under any Letters of Credit issued under the Letter of Credit Line (the "Line") shall not at any time exceed the principal amount of SEVEN MILLION AND NO/100 DOLLARS ($7,000,000.00) up to and including May 31, 1996 and on April 1, 1996 the aggregate of all undrawn amounts, and all amounts drawn and unreimbursed, under any Letters of Credit issued under the Line shall be reduced to an amount not at any time to exceed the principal amount of THREE MILLION AND NO/100 DOLLARS ($3,000,000.00) up to and including March 31, 1997. Each Letter of Credit shall be issued for a term not to exceed three (3) years, as designated by Borrowers; provided however, that no Letter of Credit shall have an expiration date subsequent to March 31, 1997, except for the Standby Letter of Credit issued by Bank for the account of Borrower and in favor of Post & Telecommunications Corporation in the principal amount of $489,764.30 which shall have an expiration date of October 3, 1997, nor shall any Letter of Credit with an expiration date subsequent to March 31, 1996 exceed the amount of $3,000,000.00 without prior written Bank consent. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit Agreement and related documents, if any, required by Bank in connection with the issuance thereof (each, a "Letter of Credit Agreement" and collectively, "Letter of Credit Agreements").
Letter of Credit Line. Subject to the terms and conditions of this Agreement and in an amount not to exceed the International Sublimit, Lender hereby agrees to issue or cause an Affiliate to issue letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”) from time to time; provided that (a) the Letter of Credit Obligations will be treated as Advances for purposes of determining availability under the Credit Limit and shall decrease, on a dollar-for-dollar basis, the amount available for other Advances. The form and substance of each Letter of Credit shall be subject to approval by Lender, in its sole discretion. Each Letter of Credit shall be subject to the additional terms of the Letter of Credit agreements, applications and any related documents required by Lender in connection with the issuance thereof (each, a “Letter of Credit Agreement”). Each draft paid under any Letter of Credit shall be repaid by Borrower in accordance with the provisions of the applicable Letter of Credit Agreement, No Letter of Credit shall be issued that results in an Overadvance or while any Overadvance is outstanding.
Letter of Credit Line. (a) Borrower may request Letters of Credit from time to time hereunder, in each instance in accordance with such procedures as may from time to time be acceptable to Bank.
Letter of Credit Line. The sum of all outstanding Letters of Credit made under the Letter of Credit Line at any one time shall not exceed the aggregate amount of Ten Million Dollars ($10,000,000.00).
Letter of Credit Line. (a) Subject to the terms and conditions of this Subsection 2.8 and Section 5, the Company may utilize a portion of the amounts available under the Revolving Credit Commitments of the Banks, in an aggregate amount not to exceed $40,000,000 with respect to all of the LOC Banks and not to exceed a maximum amount for each LOC Bank at any time as set forth on Schedule 11 attached hereto and made part hereof, in the form of letters of credit (each a "Letter of Credit" and, collectively, the "Letters of Credit") (i) to secure payment of customer escrow deposits, (ii) to serve as performance bonds, or to serve as collateral, directly or indirectly, to support performance bonds, and (iii) to serve as collateral for outstanding non-recourse notes. All Outstanding Letters of Credit shall be deemed issued under this Agreement. The Letters of Credit shall be issued by a LOC Bank for the joint and several account of the Company and the Consolidated Subsidiary of Hovnanian requesting issuance of the Letter of Credit upon at least three (3) Business Days' prior written notice from the Company or such Consolidated Subsidiary to such LOC Bank requesting such issuance and specifying the stated amount of the Letter of Credit requested, the requested date of issuance, the expiration date thereof and the beneficiary thereof. No Letter of Credit shall be issued hereunder with an expiration date on or after one (1) Business Day immediately preceding the Commitment Termination Date. Unless the LOC Bank has received notice from any Bank on or before the Business Day immediately preceding the date the LOC Bank is to issue the requested Letter of Credit that one or more of the conditions specified in Subsection 5.2 are not then satisfied, then subject to the terms and conditions of this Subsection 2.8 and provided that the applicable conditions set forth in Subsection 5.2 hereof have been satisfied, the LOC Bank shall, on the requested date, issue such Letter of Credit in accordance with the LOC Bank's usual and customary business practices; provided, however, that the LOC Bank shall not be under any obligation to issue any Letter of Credit if:
