Letter of Credit Sub-Facility. (a) Subject to the terms and conditions hereof and the payment by the Borrower to each Issuer of such fees as the Borrower and such Issuer shall have agreed in writing, each Issuer severally (and not jointly) agrees, in reliance on the agreement of the other Lenders set forth in Section 2.9, to issue standby or commercial letters of credit (each a “Letter of Credit” and, collectively, the “Letters of Credit”) during the Commitment Period for the account of the Borrower; provided that immediately after the issuance of each Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not exceed the Aggregate Letter of Credit Commitment, (ii) the Aggregate Credit Exposure shall not exceed the Aggregate Commitment Amount, (iii) the Letter of Credit Exposure of such Issuer shall not exceed the Letter of Credit Commitment of such Issuer, and (iv) the Commercial Letter of Credit Exposure of such Issuer shall not exceed the Commercial Letter of Credit Commitment of such Issuer. Each Letter of Credit shall have an expiration date which shall be not later than, in the case of standby Letters of Credit, the earlier to occur of one year from the date of issuance thereof or 5 days prior to the Commitment Termination Date and, in the case of commercial Letters of Credit, the earlier to occur of 180 days from the date of issuance thereof or 5 days prior to the Commitment Termination Date. No Letter of Credit shall be issued if the Administrative Agent, or any Lender by notice to the Administrative Agent, and the proposed Issuer shall have determined, no later than 3:00 P.M. one Domestic Business Day prior to the requested date of issuance of such Letter of Credit, that the conditions set forth in Section 6 have not been satisfied or waived.
Letter of Credit Sub-Facility. (a) Subject to the terms and conditions hereof and the payment by the Borrower to the Issuer of such fees as the Borrower and the Issuer shall have agreed in writing, the Issuer agrees, in reliance on the agreement of the other Lenders set forth in Section 2.9, to issue standby letters of credit (each a “Letter of Credit” and, collectively, the “Letters of Credit”) during the Commitment Period for the account of the Borrower, provided that immediately after the issuance of each Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not exceed the Letter of Credit Commitment, and (ii) the Aggregate Credit Exposure shall not exceed the Aggregate Commitment Amount. Each Letter of Credit shall have an expiration date which shall be not later than the earlier to occur of one year from the date of issuance thereof or 5 days prior to the Commitment Termination Date. No Letter of Credit shall be issued if the Administrative Agent, or any Lender by notice to the Administrative Agent and the Issuer no later than 3:00 P.M. one Domestic Business Day prior to the requested date of issuance of such Letter of Credit, shall have determined that the conditions set forth in Sections 5 and/or 6, as applicable have not been satisfied.
Letter of Credit Sub-Facility. The Bank agrees to issue standby letters of credit (each a "Letter of Credit") on behalf of the Borrower of up to $250,000.00. At no time, however, shall the total principal amount of all Advances outstanding under the Line of Credit, together with the total face amount of all Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the Borrowing Base.
Letter of Credit Sub-Facility. (a) Subject to the terms and conditions hereof, the Issuer agrees, in reliance on the agreement of the other Lenders set forth in Section 2.8, to issue standby and commercial letters of credit (each a "Letter of Credit" and, collectively, the "Letters of Credit") during the Commitment Period for the account of a Borrower, provided that immediately after the issuance of each Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not exceed the Letter of Credit Commitment, and (ii) the Aggregate Credit Exposure would not exceed the Aggregate Commitment Amount. Each Letter of Credit shall have an expiration date which shall be not later than the earlier to occur of 12 months from the date of issuance thereof or 10 days prior to the Commitment Termination Date. No Letter of Credit shall be issued if the Agent, or any Lender by notice to the Agent, the Issuer and the Company no later than 3:00 P.M. one Domestic Business Day prior to the requested date of issuance of such Letter of Credit, shall have determined that the conditions set forth in Sections 5 and 6 have not been satisfied and such conditions remain unsatisfied as of the requested date of issuance of such Letter of Credit.
Letter of Credit Sub-Facility. (a) Subject to the terms and conditions of this Agreement and the payment by the Borrower to the Issuer of such fees as the Borrower and the Issuer shall have agreed, the Issuer agrees, in reliance on the agreement of the other Lenders set forth in Section 2.9, to issue standby letters of credit (each a "Letter of Credit" and, collectively, the "Letters of Credit") during the Revolving Credit Commitment Period for the account of the Borrower, provided that immediately after the issuance of each Letter of Credit (i) the aggregate amount available to be drawn under all Letters of Credit (whether or not the conditions for drawing thereunder have or may be satisfied) shall not exceed $5,000,000, and (ii) the Aggregate Revolving Credit Exposure would not exceed the Aggregate Revolving Credit Commitment Amount. Each Letter of Credit shall have an expiration date which shall not be later than the earlier of (1) twelve months from the date of issuance thereof (or, in the case of any renewal or extension thereof, twelve months after such renewal or extension), or (2) the day immediately preceding the Revolving Credit Commitment Termination Date.
Letter of Credit Sub-Facility. (a) Subject to the terms and conditions of this Agreement, the Bank agrees to issue standby letters of credit (each, a “Letter of Credit”) during the Letter of Credit Commitment Period for the account of the Borrower, provided that immediately after the issuance of each Letter of Credit (i) the Letter of Credit Exposure shall not exceed the Letter of Credit Commitment Amount, (ii) the sum of the aggregate principal amount of the Revolving Credit Loans plus the Letter of Credit Exposure would not exceed the Revolving Credit Commitment Amount, and (iii) the sum of the aggregate principal amount of all Loans plus the Letter of Credit Exposure would not exceed the Borrowing Base. Each of the Existing L/Cs shall be deemed to have been issued under the Letter of Credit Commitment and shall be a “Letter of Credit” under this Agreement.
Letter of Credit Sub-Facility. 4.1 L/C Commitment. (a) Subject to the terms and conditions hereof, each Issuing Bank agrees to issue letters of credit for the account of the Company on any Business Day during the Commitment Period in such form as shall be reasonably acceptable to such Issuing Bank; provided that no Letter of Credit shall be issued if, after giving effect thereto (i) the aggregate amount of the Domestic Revolving Credit Exposure of all the Domestic Lenders would exceed the lesser of (A) the aggregate amount of the Domestic Revolving Credit Commitments or (B) the Domestic Borrowing Base then in effect minus the aggregate principal amount outstanding of the Incremental Dollar Loans or (ii) the aggregate amount of the L/C Obligations would exceed the L/C Commitment then in effect.
Letter of Credit Sub-Facility. (a) Subject to the terms and conditions hereof and the payment by the Borrower to the Issuing Bank of such fees as the Borrower and the Issuing Bank shall have agreed in writing, the Issuing Bank agrees, in reliance on the agreement of the other Lenders set forth in section 2.19, to issue standby letters of credit (each a "Letter of Credit" and, collectively, the "Letters of ---------------- ---------- Credit") during the RC Commitment Period for the account of the Borrower, ------ provided that immediately after the issuance of each Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not exceed the Letter of Credit Commitment, and (ii) the sum of the aggregate outstanding RC Loans and the Letter of Credit Exposure of all Lenders shall not exceed the RC Commitments. Each Letter of Credit shall have an expiration date which shall be not later than the earlier to occur of one year from the date of issuance or last extension thereof or one Business Day prior to the RC Commitment Termination Date. No Letter of Credit shall be issued if the Administrative Agent, or any Lender by notice to the Administrative Agent and the Issuing Bank no later than 3:00 P.M. one Business Day prior to the requested date of issuance of such Letter of Credit, shall have determined that the applicable conditions set forth in Section 5 have not been satisfied.
Letter of Credit Sub-Facility. Subject to the terms of the Agreement and those contained herein, the Bank agrees to issue commercial letters of credit of up to $5,000,000 and standby letters of credit of up to $20,000,000 (each a "Letter of Credit") on behalf of the Borrower for general corporate purposes. At no time, however, shall the total face amount of all standby Letters of Credit outstanding and 50% of all commercial Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the sum of $20,000,000 and, together with the total principal amount of all Advances exceed the Line of Credit.
Letter of Credit Sub-Facility. Within the limitations of the Revolving Credit Facility herein set forth, the Borrowers may from time to time request that the Bank issue irrevocable standby or commercial letters of credit for the account of the relevant Borrower and in support of any obligation deemed acceptable by the Bank in its sole discretion (any such letter of credit so issued, a "Letter of Credit" and collectively the "Letters of Credit"). Notwithstanding the foregoing (i) no Letter of Credit shall be issued by the Bank in a Stated Amount which (x) when added to the Letters of Credit Outstanding at such time, would exceed $1,000,000.00 or (y) when added to the sum of the aggregate outstanding principal amount of the Revolving Credit Loans plus the Letter of Credit Outstanding, at such time, would exceed the Maximum Revolving Credit Principal Amount. Each Letter of Credit issued in accordance herewith shall have an expiration date occurring no later than one year from the date of issuance and in any event no later than (i) 6 months, in the case of commercial letters of credit, and (ii) 1 year, in the case of irrevocable automatically renewable letters of credit, after the Revolving Credit Expiration Date. Each Letter of Credit shall be denominated in U.S. dollars. When a Borrower desires that a Letter of Credit be issued for its account, it shall give the Bank at least 3 Business Days' written notice (or such lesser number of days as may be agreed to by the Bank). Each such request shall be accompanied by a completed and executed "Letter of Credit Application/Agreement" (or an amendment to any then effective application) in the form furnished by the Bank to the Borrowers from time to time. The terms of each such application/agreement are incorporated herein to the extent not consistent herewith. In connection with the issuance of any Letters of Credit in accordance herewith, the Borrowers shall pay all letter of credit fees and other expenses that are customarily charged by the Bank in connection therewith.
