Common use of LETTER OF CREDIT USAGE AND SUBLIMIT Clause in Contracts

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 and (ii) shall be deemed to constitute Facility-A Loans for the purpose of calculating availability under the Facility-A Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 5 contracts

Samples: Loan Agreement (Metawave Communications Corp), Loan Agreement (Metawave Communications Corp), Loan Agreement (Metawave Communications Corp)

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LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A B Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A B Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 200,000.00 and (ii) shall be deemed to constitute Facility-A B Loans for the purpose of calculating availability under the Facility-A B Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A B Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 2 contracts

Samples: Loan Agreement (Extricity Inc), Loan Agreement (Extricity Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Revolving Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A Revolving Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 and (ii) shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating availability under the Facility-A Revolving Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A Revolving Maturity Date, subject to Bank's right to extend the expiration date of each such Letter of Credit beyond the Revolving Maturity Date in its sole and absolute discretion. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 2 contracts

Samples: Loan Agreement (Identix Inc), Loan Agreement (Identix Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to availability under the availability Revolving Line of the Facility-A Commitment and in reliance on the representations and warranties of Borrower set forth hereinCredit, at any time and from time to time from the date hereof through the Banking Day banking day immediately prior to the Facility-A Revolving Line of Credit Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request requests shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 5,000,000 ("Letter of Credit Sublimit") and (ii) shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating availability under the Facility-A CommitmentRevolving Line of Credit. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A Revolving Line of Credit Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard all usual issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 1 contract

Samples: Credit Agreement (Eco Soil Systems Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. (i) Subject to the availability of under the Facility-A Commitment Committed Revolving Line and in reliance on the representations and warranties of Borrower Borrowers set forth herein, at any time and from time to time from the date hereof through the Banking Business Day immediately prior to the Facility-A Revolving Maturity Date, Bank shall issue for the account of Borrower Borrowers such standby and commercial letters of credit ("each, a “Letter of Credit” and collectively, “Letters of Credit") as Borrower Borrowers may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's ’s standard formform substantially similar to Exhibit E attached hereto; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (ia) shall not at any time exceed $3,000,000.00 500,000 and (iib) shall be deemed to constitute Facility-A Loans Advances for the purpose of calculating availability under the Revolving Facility-A Commitment. Unless Borrower Borrowers shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A Revolving Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's ’s form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower Borrowers will pay any standard issuance and other fees that Bank notifies Borrower Borrowers will be charged for issuing and processing Letters of Credit for BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Inphonic Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of Revolving Loans and subject to the Facility-A Commitment terms and in reliance on the representations and warranties conditions of Borrower set forth hereinthis Agreement, at any time and from time to time from the date hereof through Closing Date to the Banking Business Day immediately prior to the Facility-A Maturity Date, Bank Lender shall issue for the account of Borrower such standby and commercial letters of credit (each a "Letter of Credit," and collectively, the "Letters of Credit") as Borrower may request, which request requests shall be made by delivering to Bank Lender a duly executed letter of credit application on BankLender's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 and 4,000,000 in the aggregate (the "Letter of Credit Sublimit"), (ii) shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating the availability under the Facility-A Commitmentof Revolving Loans. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Each Letter of Credit shall have an expiration initial maturity not to exceed 365 days from the issuance date and shall be renewable annually for another year unless at least 60 days prior to the then current maturity date the Lender gives notice to the beneficiary that is later than the Facility-A Maturity DateLetter of Credit will not be renewed, provided, however, that the maximum maturity date of any Letter of Credit shall not be more that eight (8) years from its issuance date. All Letters of Credit shall be in form and substance acceptable to Bank Lender in its sole discretion and shall be subject to the terms and conditions of BankLender's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto agreement and incorporated herein such other agreements as are required by this referenceLender. Borrower will shall pay any standard all usual issuance and other fees that Bank Lender notifies Borrower it will be charged for issuing and processing Letters of Credit for Borrower. The standard bank fees related to issuing and processing Letters of Credit are as follows: - Processing fee: $250 - Applicable Annual Fee if cash collateralized Letter(s) of Credit: 1% of the letter of credit amount - Applicable Annual Fee if Letter(s) of Credit is not cash collateralized: 1.25% of the letter of credit amount.

Appears in 1 contract

Samples: Loan and Security Agreement (Formfactor Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to availability under the availability Revolving Line of the Facility-A Commitment and in reliance on the representations and warranties of Borrower set forth hereinCredit, at any time and from time to time from the date hereof through the Banking Day banking day immediately prior to the Facility-A Revolving Line of Credit Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request requests shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 and (ii) shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating availability under the Facility-A CommitmentRevolving Line of Credit. Unless Borrower shall have deposited with Bank cash collateral agreed to in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writingwriting by Bank, no Letter of Credit shall have an expiration date that is later than Ninety days after the Facility-A Revolving Line of Credit Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto agreement and incorporated herein other agreements required by this referenceBank. Borrower will pay any standard all THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED WITH A *** AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT REQUESTED usual issuance and other fees that Bank notifies Borrower it will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 1 contract

Samples: Confidential Treatment Requested (Overland Data Inc)

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LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Revolving Loan Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A Revolving Loan Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 1,500,000.00 and (ii) any Letters of Credit currently issued or hereafter issued by Bank for the account of Borrower shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating availability under the Facility-A Revolving Loan Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writingCredit, no Letter of Credit shall have an expiration date that is later than the Facility-A Revolving Loan Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.credit

Appears in 1 contract

Samples: Loan Agreement (Salon Internet Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day business day immediately prior to the Facility-A Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly duty executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (ia) shall not at any time exceed $3,000,000.00 500,000, and (iib) shall be deemed to constitute Facility-A Loans for the purpose of calculating availability under the Facility-Facility A Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than the Facility-A Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 1 contract

Samples: Security and Loan Agreement (Brocade Communications Systems Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 15,000,000 and (ii) shall be deemed to constitute Facility-A Loans for the purpose of calculating availability under the Facility-A Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writing, no Letter of Credit shall have an expiration date that is later than 90 days after the Facility-A Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 1 contract

Samples: Loan Agreement (Diamond Multimedia Systems Inc)

LETTER OF CREDIT USAGE AND SUBLIMIT. Subject to the availability of the Facility-A Revolving Loan Commitment and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Banking Day immediately prior to the Facility-A Revolving Loan Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit ("Letters of Credit") as Borrower may request, which request shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed $3,000,000.00 100,000.00 and (ii) shall be deemed to constitute Facility-A Revolving Loans for the purpose of calculating availability under the Facility-A Revolving Loan Commitment. Unless Borrower shall have deposited with Bank cash collateral in an amount sufficient to cover all undrawn amounts under each such Letter of Credit and Bank shall have agreed in writingCredit, no Letter of Credit shall have an expiration date that is later than the Facility-A Revolving Loan Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and conditions of Bank's form application and letter of credit agreement, in the form of EXHIBIT B attached hereto and incorporated herein by this reference. Borrower will pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Letters of Credit for Borrower.

Appears in 1 contract

Samples: Loan Agreement (Salon Internet Inc)

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