Common use of Letter of Credit Line Clause in Contracts

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, Lender hereby agrees to issue or cause an affiliate Affiliate to issue letters of credit for the account of Borrower Borrowers (each, a “Letter of Credit” and collectively, the “Letters of Credit”) from time to time up to and including the earlier of: time; provided that (xa) the Revolving Maturity Date or sum of the Letter of Credit Obligations and the FX Amount (yas defined in Section 1.10 below) shall not at any time exceed the International Sublimit and (b) the Termination DateLetter 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 Borrowers in accordance with the provisions of the applicable Letter of Credit Agreement. No Letter of Credit shall be made issued that results in an Overadvance or while any Overadvance is outstanding. Upon the earliest of (i) the Revolving Maturity Date, (ii) the Termination Date, amount of Letters of Credit Obligations shall be secured by unencumbered cash on terms acceptable to Lender 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. (a) Subject to the terms and conditions of this Agreement, Lender Bank hereby agrees from time to time during the term hereof to issue or cause an affiliate to issue standby letters of credit in either USD or OAC for the account of Borrower for corporate purposes (each, a “"Letter of Credit” "); provided however, that the aggregate undrawn amount of, and collectivelythe aggregate amount drawn and not yet reimbursed under, all outstanding Letters of Credit shall not at any time exceed the “USD Equivalent Amount of Five Million Dollars ($5,000,000.00) (the "Letter of Credit Line"), provided however, that any OAC-denominated Letters of Credit shall reduce the availability under the Letter of Credit Line by an amount equal to 120% of the undrawn USD Equivalent Amount of such outstanding OAC-denominated 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 LenderBank, in its sole reasonable discretion. Except as expressly provided in paragraph 1.1(b) below, (X) each Letter of Credit shall be issued for a term not to exceed 12 months, as designated by Borrower, and (Y) no Letter of Credit shall have an expiration date subsequent to the Maturity Date. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit agreementsAgreements, applications and any related documents required by Lender Bank and agreed to by Borrower in connection with the issuance thereof (each, a “Letter thereof. Bank shall exercise its rights with respect to any collateral in the Pledged Account for repayment of Credit Agreement”). Each draft paid the amount of any drawing under any Letter of Credit (and Borrower shall be liable to Bank for any costs in connection therewith to the extent any such collateral is other than cash). If there are insufficient assets in the Pledged Account to repay any such drawing, Bank shall debit any other account maintained by Borrower with Bank for the amount of any shortfall in the Pledged Account. In the event any amounts remain due and owing to Bank, Borrower shall immediately pay to Bank the full USD Equivalent Amount of any such due and owing amounts, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower in accordance with Borrower, at the provisions Base Rate. In the event of a conflict between the terms of the applicable Letter of Credit Agreement and this 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 terms 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 Overadvanceprevail.

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: Termination Date; provided that (xa) the Revolving Maturity Date or sum of (yi) the Termination DateLetter of Credit Outstanding after giving effect to any requested Letter of Credit and (ii) an amount equal to 10 times the aggregate amount of outstanding FX Forward Contracts shall not at any time exceed the International Sublimit, and (b) the Letter of Credit Outstanding will be treated as Advances for purposes of determining availability under the Revolving Credit Limit and shall decrease, on a Dollar-for-Dollar basis, the amount available for other Revolving 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 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 (iiiii) 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, 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; 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 Two Million Dollars ($2,000,000) minus amounts outstanding under paragraphs (e) and (f) (the “Letter of Credit Sublimit”). 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 if the term of this Agreement is not extended by 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.