Letters of Credit and Acceptances. Subject to the terms and conditions hereof, Agent shall (a) issue or cause the issuance of standby and documentary (trade) Letters of Credit ("Letters of Credit") on behalf of any Borrower, or (b) accept, or cause to be accepted Acceptances; provided, however, that Agent will not be required to issue or cause to be issued any Letters of Credit or accept or cause to be accepted any Acceptances to the extent that the face amount of such Letters of Credit and Acceptances would then cause the sum of (i) the outstanding Revolving Advances plus (ii) outstanding Letters of Credit plus (iii) outstanding Acceptances to exceed the lesser of (x) the Maximum Revolving Advance Amount or (y) the Formula Amount. The maximum amount of outstanding Letters of Credit and Acceptances shall not exceed $15,000,000 in the aggregate at any time. All disbursements or payments related to Letters of Credit and Acceptances shall be deemed to be Domestic Rate Loans consisting of Revolving Advances and shall bear interest at the Revolving Interest Rate for Domestic Rate Loans; Letters of Credit that have not been drawn upon shall not bear interest. That certain Irrevocable Letter of Credit No. S247285NJY dated April 10, 2002, in the amount of $409,863.01 issued for the benefit of J. P. Morgan Trust Company, National Association, as Trustee, shalx xxxx xxx xfter the Closing Date be deemed to be issued pursuant to this Agreement, including without limitation, Sections 2.9, 2.10, 2.11 and 3.2, and this Agreement shall amend and restate the provisions of that certain Reimbursement, Credit and Security Agreement dated as of April 1, 2002, between Foster and PNC with respect to such Letter of Credit."
Letters of Credit and Acceptances. (a) (i) The Borrowers agree to pay to the Lenders, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit and on the maturity date of each Bankers' Acceptance, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit, an amount equal to the face value of each Bankers' Acceptance accepted by such Lender maturing on that day (notwithstanding that a Lender may be the holder thereof at maturity) and all reasonable expenses paid or incurred by the Agent relative thereto. Unless the Borrowers shall have made such payment to the Lenders on such day, upon each such payment by the Agent with respect to a Letter of Credit and each such maturity date of each Banker's Acceptance, the Agent shall be deemed to have disbursed to the relevant Borrowers, and such Borrowers shall be deemed to have elected to satisfy its reimbursement and payment obligation by, a Revolving Credit Borrowing bearing interest at the Floating Rate for the account of the Lenders in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit or in the face value of such Banker's Acceptance then maturing. Such Revolving Credit Borrowing shall be disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article II hereof and, to the extent of the Revolving Credit Borrowing so disbursed, the reimbursement and payment obligation of the Company under this Section 3.3(a)(i) shall be deemed satisfied; provided, however, that nothing in this Section 3.3 shall be deemed to constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or otherwise.
Letters of Credit and Acceptances. Subject to the terms and conditions hereof, Agent shall (a) issue or cause the issuance of standby and/or trade letters of credit (such letters of credit, the "Letters of Credit") for the account of any Borrower or (b) accept or cause to be accepted Acceptances; provided, however, that Agent will not be required to issue or cause to be issued any Letters of Credit or accept or cause to be accepted any Acceptances to the extent that the issuance or acceptance thereof would then cause the sum of (i) the outstanding Revolving Advances plus (ii) Maximum Undrawn Amount of outstanding Letters of Credit plus (iii) the outstanding Swing Loans plus (iv) outstanding Acceptances to exceed the lesser of (x) the Maximum Revolving Advance Amount less the Carve‑Out Reserve or (y) the Formula Amount (without giving effect to clause (iv) of the definition thereof). The Maximum Undrawn Amount of outstanding Letters of Credit plus the aggregate amount of outstanding Acceptances shall not exceed in the aggregate at any time the Letter of Credit Sublimit. All disbursements or payments related to Letters of Credit and Acceptances shall be deemed to be Eurodollar Rate Loans consisting of Revolving Advances and shall bear interest at the Revolving Interest Rate for Eurodollar Rate Loans; Letters of Credit that have not been drawn upon shall not bear interest.
Letters of Credit and Acceptances. SECTION 4.1. Issuance of Letters of Credit and Creation of Acceptances. Letters of Credit shall be issued and Acceptances shall be created on the terms set forth below.
Letters of Credit and Acceptances a. So long as no Event of Default or Potential Default exists and remains uncured, Lender agrees, subject to the terms and conditions of this Agreement, to issue from time to time from the Closing Date, up to and including the 30th day immediately preceding the Revolving Credit Loan Maturity Date, its Letters of Credit and Acceptances, for the account of Obligors in an amount which: (i) when added to the aggregate amount of all other outstanding Letters of Credit at the proposed issuance date will not exceed the Applicable Letter of Credit Sublimit; and (ii) when added to the aggregate amount of all other outstanding Letters of Credit at the proposed issuance date and all outstanding Advances, will not exceed the Revolving Credit Loan Commitment.
Letters of Credit and Acceptances. 4.1. Issuance of Letters of Credit and Creation of Acceptances..........................................................44 4.1.1. Letters of Credit................................................................................................45 4.1.2. Non-U.S. Letters of Credit.......................................................................................46 4.1.3. Acceptances......................................................................................................47 4.2. Issuances, Extensions and Creations................................................................................49 4.3. Destruction of Goods, etc..........................................................................................49 4.4. Other Lenders' Participation.......................................................................................50 4.5.
Letters of Credit and Acceptances. (a) Letters of Credit Issued and Acceptances Created.
Letters of Credit and Acceptances. 33 3.01. Letters of Credit and Acceptances................................................................33 3.02. Participations...................................................................................37
Letters of Credit and Acceptances. 4.1. Issuance of Letters of Credit and Creation of Acceptances.....................................................-46- 4.1.1. Letters of Credit.............................................................................................-46- 4.1.2. Non-U.S. Letters of Credit....................................................................................-47- 4.1.3. Acceptances...................................................................................................-48- 4.2. Issuances, Extensions and Creations...........................................................................-50- 4.3. Destruction of Goods, etc.....................................................................................-50- 4.4. Other Lenders' Participation..................................................................................-51- 4.5. Disbursements and Maturities..................................................................................-52- 4.6. Reimbursement; Outstanding Letters, etc.......................................................................-52- 4.7. Deemed Disbursements..........................................................................................-55- 4.8. Nature of Reimbursement Obligations...........................................................................-56- 4.9. Existing Letters of Credit and Acceptances....................................................................-57- 4.10. Authentic Letters of Credit and Acceptances...................................................................-57- ARTICLE V CERTAIN LIBO RATE AND OTHER PROVISIONS
Letters of Credit and Acceptances. 1.2.1. LETTERS OF CREDIT; ACCEPTANCES;
