Letters of Credit and Bankers Acceptances Sample Clauses

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Letters of Credit and Bankers Acceptances. The subparts (i) and (ii) of Section 2.3(a) are deleted in their entirety and are replaced with the following:
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Letters of Credit and Bankers Acceptances. 54 3.01. L/C-B/A Commitment ..................................................................................................... 54 3.02. Procedure for Issuance of Letter of Credit ....................................................................... 56 3.03. Fees and Other Charges ................................................................................................... 56 3.04. L/C-B/A Participations .................................................................................................... 56 3.05. Reimbursement Obligation of the Borrower .................................................................... 57 3.06.
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Letters of Credit and Bankers Acceptances. (a) The Letter of Credit and Bankers’ Acceptances Commitment. (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies under the Company Sublimit for the account of the Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, (2) to honor drawings under the Letters of Credit and (3) with respect to Acceptance Credits, to create Bankers’ Acceptances in accordance with the terms thereof and hereof; and (B) the Lenders severally agree to participate in Letters of Credit and Bankers’ Acceptances issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (v) the Total Outstandings shall not exceed the Aggregate Commitments, (w) the Credit Exposure of any Lender shall not exceed such Lender’s Commitment, (x) the Outstanding Amount of all Loans and L/C Obligations under the Company Sublimit shall not exceed the Company Sublimit then in effect, (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the Outstanding Amount of the L/C Obligations under Letters of Credit issued by such L/C Issuer shall not exceed such L/C Issuer’s L/C Issuer Sublimit. Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. Notwithstanding the foregoing, neither Barclays nor any of its Affiliates shall hav...
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Letters of Credit and Bankers Acceptances. The Borrower's acquisition of Capacitores Unidos, S.A. -- ---------- de C.V, a Mexican corporation ("CU") pursuant to a Purchase Agreement dated April 5, 1999.
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Letters of Credit and Bankers Acceptances. The obligations of Agent to issue and of any Bank to participate in any Letter of Credit under this Agreement (including the initial Letter of Credit issued hereunder) or to create and of any Bank to participate in any Banker's Acceptance hereunder (including the initial Bankers' Acceptance created hereunder) shall be subject to the following conditions precedent:
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Letters of Credit and Bankers Acceptances. If the Bank issues Letters of Credit on Borrower's behalf or extends credit to Borrower under the Revolving Credit Commitment by creating Bankers Acceptances, the Bank shall require Borrower to execute such documents as it customarily uses in connection with Letters of Credit and Bankers Acceptance financing for its borrowers generally. The interest rate that the Bank shall charge to Borrower in connection with any Bankers Acceptance financing shall be such Bank's "Bankers Acceptance Reference Rate" or other rate normally quoted by such Bank for such purposes, plus a margin of 100 basis points. Borrower shall pay the customary fees and charges the Bank imposes in connection with letter of credit financing.
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Letters of Credit and Bankers Acceptances. The Letter of Credit-BA Commitment.
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Letters of Credit and Bankers Acceptances. (a) Subject to the terms and conditions and relying upon the representations and warranties herein set forth, the Issuing Bank agrees, at any time and from time to time on or after the Closing Date until the Termination Date, to issue and deliver or to extend the expiry of Letters of Credit and/or Bankers Acceptances for the account of the Company in an aggregate undrawn amount at any one time outstanding which does not exceed (i) $19,000,000 during the period from January 15, 1997 through and including April 14, 1997, and (ii) $15,000,000 at all other times (the "L/C Facility Commitment"); provided, however, that the Issuing Bank shall not issue or extend the expiry of any Letter of Credit or Bankers Acceptance if, immediately after giving effect to such issuance or extension the aggregate outstanding principal balance of the Revolving Loans and the LC Exposure would exceed the aggregate Commitments. Each Letter of Credit (x) shall be in a form approved in writing by the Company, the Agent and the Issuing Bank, (y) shall be in a minimum principal amount of $5,000 and (z) shall permit drawings upon the presentation of one or more sight drafts, or one or more time drafts for a period not to exceed six months, and such other documents as shall be specified by the Company in the applicable notice and Application delivered pursuant to subsection 2.7(c) below. (b) Each Letter of Credit shall by its terms expire not later than the earlier of (i) the first anniversary of the date of issuance or extension (subject to extension for additional one-year periods by the Issuing Bank as contemplated by paragraph (a) above) and (ii) the Termination Date. Each Bankers Acceptance shall have a term of six months or less. Each Letter of Credit and each Bankers Acceptance shall by its terms provide for payment of drawings in dollars. (c) The Company shall give the Issuing Bank written or telecopy notice not later than 10:00 a.m., Chicago time, two Business Days (or such shorter period as shall be acceptable to the Issuing Bank and the Agent) prior to any proposed issuance of a Letter of Credit. Each such notice shall refer to this Agreement and shall specify (i) the date on which such Letter of Credit is to be issued (which shall be a Business Day), the face amount of such Letter of Credit (which shall be an amount in dollars), (ii) the name and address of the beneficiary, (iii) whether such Letter of Credit shall permit a single drawing or multiple drawings, (iv) the form of...
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Letters of Credit and Bankers Acceptances 
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Related to Letters of Credit and Bankers Acceptances

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Letters of Credit (i) Each Issuing Bank agrees, on the terms and conditions hereinafter set forth, in reliance upon the agreements of the Lenders set forth in this Agreement, to issue standby and trade letters of credit (each, a “Letter of Credit”) denominated in Dollars for the account of the Borrower and its specified Subsidiaries from time to time on any Business Day during the period from the Effective Date until 15 days before the Termination Date applicable to such Issuing Bank in an aggregate Available Amount (i) for all Letters of Credit issued by each Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed an amount equal to the Unused Revolving Credit Commitments of the Lenders; provided that if (i) the Termination Date has been extended as to some but not all Lenders pursuant to Section 2.22 and (ii) the Borrower requests the issuance of a Letter of Credit which expires later than the Termination Date of any Lender in effect prior to such extension, then compliance with clause (y) above shall be determined solely with reference to the Lenders whose Revolving Credit Commitments have been so extended. Within the limits referred to above, the Borrower may from time to time request the issuance of Letters of Credit under this Section 2.01(b). Each letter of credit outstanding under the Existing Credit Agreement shall be deemed to constitute a Letter of Credit issued hereunder, and each Lender that is an issuer of such a Letter of Credit shall, for purposes of Section 2.03, be deemed to be an Issuing Bank for each such letter of credit, provided that any renewal or replacement of any such letter of credit shall be issued by an Issuing Bank pursuant to the terms of this Agreement. (ii) No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 15 days before the latest Termination Date and one year after the date of Issuance thereof (or such longer period agreed to by the applicable Issuing Bank in its sole discretion), but may by its terms be renewable annually automatically or upon written notice (a “Notice of Renewal”) given to the applicable Issuing Bank and the Agent on or prior to any date for notice of renewal set forth in such Letter of Credit but in any event at least three Business Days prior to the date of the expiration of such standby Letter of Credit; provided, that the terms of each standby Letter of Credit that is automatically renewable annually (“Auto-Extension Letter of Credit”) shall permit the applicable Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable Issuing Bank, the Borrower shall not be required to make a specific request to such Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than 15 days before the latest Termination Date; provided, however, that such Issuing Bank shall not permit any such extension if (A) such Issuing Bank has reasonably determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 3.02 is not then satisfied, and in each such case directing such Issuing Bank not to permit such extension.

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