Letters of Credit Facility. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance upon the representations and warranties contained herein and in the other Loan Documents and upon the agreements of the other Multi-Currency Lenders set forth in Section 5.3(a) and (b), agrees to issue under the Aggregate Commitment any letter of credit (each, a “Letter of Credit”) requested to be issued by it and so issued by it for the account of the Company or for the co-account of any Subsidiary on any Business Day during the Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided, however, that such Issuing Lender shall have no obligation to issue such Letter of Credit if, after giving effect to such issuance, (i) the Equivalent in Dollars of the L/C Obligations would exceed $60,000,000 and (ii) the sum of the Aggregate Outstanding Multi-Currency Extensions of Credit would exceed the Maximum Availability. Each Letter of Credit shall (i) be denominated in Dollars or such Denomination Currency acceptable to the Issuing Lender in its sole discretion, (ii) be either (x) a standby letter of credit issued to support obligations of the Company or any of its Subsidiaries, contingent or otherwise, which are of a type for which Revolving Credit Loans (if the obligations were then due and payable) would be available (a “Standby Letter of Credit”), or (y) a documentary letter of credit in respect of the purchase of goods or services by the Company or any of its Subsidiaries in the ordinary course of business (a “Commercial Letter of Credit”) and (iii) expire no later than one year from the date of issue, in the case of Commercial Letters of Credit, and five years from the date of issue, in the case of Standby Letters of Credit; provided, further, that no Letter of Credit shall have an expiration date that is later than the Stated Multi-Currency Termination Date; provided, further, that the Undrawn L/C Obligations in respect of each outstanding Letter of Credit which expires after the last day of the Commitment Period shall be Fully Secured from and after such day.
Letters of Credit Facility. Subject to the terms and conditions set forth herein, Lender may from time to time up to and including December 15, 2004, issue letters of credit for the account of Pioneer Services (each, a “Letter of Credit” and collectively, “Letters of Credit”) up to a cumulative maximum face amount (whether or not advanced) of the lesser of (i) an amount equal to the Borrowing Base (as such term is defined hereinbelow) less any amounts outstanding under the Borrowing Base Line of Credit (as such term is defined hereinbelow), or (ii) $2,500,000.00 (the “Letters of Credit Facility”); provided, that 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 issued for a term not to exceed 360 days, as designated by Pioneer Services, provided, that no Letter of Credit shall have an expiration date subsequent to December 15, 2005. For each Letter of Credit issued hereunder, Pioneer Services shall pay to Lender, at the time of issuance, a cash letter of credit fee of one and one- half percent (1.50%) per annum of the face amount of such Letter of Credit.
Letters of Credit Facility. (i) In the event of the termination of all the Letters of Credit Maximum Amount, Borrower shall, on the date of such termination, fully Cash Collateralize 105% of such L/C Exposures.
Letters of Credit Facility. In order to assist Provider in establishing or opening Letters of Credit from time to time with a bank or trust company (herein the "Bank") in an aggregate amount not to exceed $2,000,000.00 for the purpose of Provider's self-funded worker's compensation as required by Sentry Insurance, Provider requests that CHF join in the applications for such Letters of Credit and/or guarantee payment or performance of such Letters of Credit and any drafts or acceptances thereunder, thereby lending CHF's credit to Provider. These arrangements shall be handled by Provider subject to the terms and conditions set forth in this Agreement. CHF's funding of any Letter of Credit hereunder is contingent upon, in addition to all other terms and conditions set forth in this Agreement all of the following conditions: (1) Sentry Insurance located at 1800 North Point Drive, Stevens Poixx, Xxxxxxxxx 00000, xxx xxxxxxxxxxx xx xxxx xxxxxxx Xetter of Credit number 512802P issued by CoreStates Bank, N.A., for the account of Provider (the "CoreStates LC") for obligations of Provider due Sentry Insurance under an agreement between Sentry Insurance and Provider dated March 20, 1993; and (2) Sentry Insurance shall agree to notify CoreStates Bank, N.A. to terminate the CoreStates LC and thereby release CoreStates Bank, N.A. of its obligations thereunder and accept a Letter of Credit in replacement of the CoreStates LC arranged by CHF and Provider pursuant to this Agreement on terms and conditions similar to the Core States LC; and (3) any security interest maintained by CoreStates Bank, N.A. and/or Congress Financial (the Parent company of CoreStates, N.A.) in the assets of Provider shall be promptly assigned to CHF or released upon Sentry Insurance's notification to CoreStates Bank, N.A. of the termination of the CoreStates LC and release of CoreStates Bank, N.A.'s obligations thereunder. CHF's assistance in this matter shall at all times and in all respects be in CHF's sole discretion. The amount and extent of the Letters of Credit and the terms and conditions thereof and of any drafts or acceptances thereunder, shall in all respects be determines solely by CHF and shall be subject to change, modification and revision by CHF at any time and from time-to-time. Any indebtedness, liability or obligation of any sort whatsoever, however arising, whether present or future, fixed or contingent, secured or unsecured, due or to become due, paid or incurred, arising or incurred in connection with an...
Letters of Credit Facility. All existing letters of credit issued under the Existing Credit Agreement shall have been terminated or otherwise cash collateralized on terms reasonably acceptable to the Issuing Lender (as such term is defined in the Existing Credit Agreement) of such letters of credit and the Administrative Agent. The Lenders shall have received the acknowledgement of such Issuing Lender attached to this Agreement, pursuant to which acknowledgment such Issuing Lender shall acknowledge and agree (a) that all such letters of credit are no longer issued and outstanding under this Agreement, and (b) that the Administrative Agent, the Collateral Agent and the Lenders are released from any and all of their respective duties, liabilities and obligations in connection with the such letters of credit, including, without limitation, the obligation of the Lenders to participate in any such letters of credit or drawings thereunder.
Letters of Credit Facility. Section 2.2.1(b) of the Financing Agreement is hereby deleted in its entirety and replaced with the following:
Letters of Credit Facility. Letter of Credit Obliga- tions Absolute
Letters of Credit Facility
