Letters of Credit; LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by a Borrower, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by such Borrower, Letters of Credit for the account of a Borrower or (ii) execute LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by a Borrower, shall guaranty the payment or performance by a Borrower of its reimbursement obligations with respect to letters of credit; provided that the LC Amount shall not exceed $10,000,000 at any time. No Letter of Credit or LC Guaranty may have an expiration date after the last day of the Term. Notwithstanding anything to the contrary contained herein, Borrowers, Agent and Lenders hereby agree that all LC Obligations and all obligations of each Borrower relating thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans that are Base Rate Portions, which Borrowers hereby acknowledge are requested and Lenders hereby agree to fund. In the event that Revolving Credit Loans are not, for any reason, promptly made to satisfy all then existing LC Obligations, each Lender hereby agrees to pay to Agent, on demand, an amount equal to such LC Obligations multiplied by such Lender's Revolving Loan Percentage, and until so paid, such amount shall be secured by the Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate Portions. Immediately upon the issuance of a Letter of Credit or an LC Guaranty under this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from Agent, without recourse or warranty, an undivided interest and participation therein equal to such LC Obligations multiplied by such Lender's Revolving Loan Percentage.
Letters of Credit; LC Guaranties. Lender agrees, for so long as no Default or Event of Default exists and if requested by Borrower, to (i) issue its, or cause to be issued its Affiliate’s, Letters of Credit for the account of Borrower or (ii) execute LC Guaranties by which Lender or its Affiliate shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to Letters of Credit and letters of credit issued for Borrower’s account by other Persons in support of Borrower’s obligations (other than obligations for the repayment of Money Borrowed), provided that the LC Amount at any time shall not exceed $8,000,000. No Letter of Credit or LC Guarantee may have an expiration date that is later than thirty (30) days prior to the last day of the Original Term or the then applicable Original Term. Any amounts paid by Lender under any LC Guaranty or in connection with any Letter of Credit shall be treated as Revolving Credit Loans, shall be secured by all of the Collateral and shall bear interest and be payable at the same rate and in the same manner as Revolving Credit Loans.
Letters of Credit; LC Guaranties. Lender agrees, for so long as no Default or Event of Default exists and subject to the satisfaction of the applicable conditions precedent set forth in Sections 9 and 9A, and if requested by Borrower, to (a) issue its, or cause to be issued its Affiliate's, documentary Letters of Credit for the account of Borrower or (b) execute LC Guaranties by which Lender shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to documentary letters of credit issued for Borrower's account by other Persons, provided that the LC Amount at any time shall not exceed the lesser of (a) Three Million Dollars ($3,000,000), and (b) the Maximum Revolving Amount minus the then aggregate outstanding principal amount of Revolving Credit Loans. The parties agree that any Letters of Credit or LC Guaranties outstanding under the Existing Loan Agreement automatically shall be deemed to be outstanding under this Agreement as of the Closing Date. No Letter of Credit or LC Guarantee may have an expiration date that is after the last day of the Original Term or the then applicable Renewal Term. Any amounts paid by Lender under any LC Guaranty or in connection with any Letter of Credit shall be treated as Revolving Credit Loans, shall be secured by all of the Collateral, and shall bear interest and be payable at the same rate and in the same manner as Revolving Credit Loans.
Letters of Credit; LC Guaranties. Lender agrees, for so long as no Default or Event of Default exists and if requested by Borrower, to (i) issue its, or cause to be issued by its Affiliates, standby Letters of Credit for the account of Borrower or (ii) execute LC Guaranties by which Lender or its Affiliates shall guaranty the payment or performance by each Borrower of its reimbursement obligations with respect to standby Letters of Credit, provided that the LC Amount at any time shall not exceed $2,000,000. No Letter of Credit or LC Guaranty may have an expiration date that is after the last day of the Original Term. Any amounts paid by Lender under any LC Guaranty or in connection with any Letter of Credit shall be treated as Revolving Credit Loans, shall be secured by all of the Collateral and shall bear interest and be payable at the same rate and in the same manner as Revolving Credit Loans.
Letters of Credit; LC Guaranties. 1.2.1. Issuance of Letters of Credit and LC Guarantees. Agent agrees, for so long as no Default or Event of Default exists and if requested by a Borrower, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by such Borrower, Letters of Credit (sight drafts only) for the account of a Borrower or (ii) execute LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by a Borrower, shall guaranty the payment or performance by a Borrower of its reimbursement obligations with respect to letters of credit issued for a Borrower's account by other Persons; provided that (a) the Dollar Equivalent of the LC Amount shall not exceed $15,000,000 at any time and (b) at no time will a Letter of Credit or LC Guaranty be issued if doing so could cause a violation of subsection 1.1.1. No Letter of Credit or LC Guaranty may have an expiration date (a) after the last day of the Term, (b) in the case of standby Letters of Credit or LC Guaranties supporting standby letters of credit, more than 1 year after the issuance date thereof or (c) in the case of documentary Letters of Credit or LC Guaranties supporting documentary letters of credit, more than 180 days after the issuance date hereof.
Letters of Credit; LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by Borrower to (i) issue its, or cause to be issued its Affiliate's, Letters of Credit for the account of Borrower or (ii) execute LC Guaranties by which Agent or its Affiliate shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to Letters of Credit and letters of credit issued for Borrower's account by other Persons in support of Borrower's obligations (other than obligations for the repayment of Money Borrowed), provided that the Aggregate LC Amount at any time shall not exceed $1,000,000. Any amounts paid by Agent or Lenders under any LC Guaranty or in connection with any Letter of Credit shall be treated as Revolving Credit Loans, shall be secured by all of the Collateral and shall bear interest and be payable at the same rate and in the same manner as Revolving Credit Loans.
Letters of Credit; LC Guaranties. (a) U.S. Letters of Credit; U.S.
Letters of Credit; LC Guaranties. 1.2.1. Issuance of Letters of Credit and LC Guarantees. Agent agrees, ----------------------------------------------- for so long as no Default or Event of Default exists and if requested by a Borrower, to, as requested by a Borrower, (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by a Borrower, Letters of Credit for the account of a Borrower or (ii) execute LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by a Borrower, shall guaranty the payment or performance by such Borrower of its reimbursement obligations with respect to letters of credit issued for a Borrower's account by other Persons; provided that the LC Amount shall not exceed -------- $7,500,000 at any time. No Letter of Credit or LC Guaranty may have an expiration date after the last day of the Term.
Letters of Credit; LC Guaranties. So long as no Default or Event of Default exists and subject to the satisfaction of the applicable conditions precedent set forth in Sections 9 and 9A, Lender agrees, if requested by Borrower, to (i) issue its, or cause to be issued its Affiliate's, Letters of Credit for the account of Borrower or (ii) execute LC Guaranties by which Lender or its Affiliate shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to Letters of Credit, provided that the LC Amount at any time shall not exceed the lesser of (a) $1,500,000, and (b) the lesser of (i) the Maximum Amount minus the then aggregate outstanding principal amount of Revolving Credit Loans or (ii) the Borrowing Base at such time minus the aggregate outstanding principal amount of the Revolving Credit Loans. No Letter of Credit or LC Guaranty may have an expiration date that is after the last day of the Original Term or the then applicable Renewal Term. Any amounts paid by Lender under any LC Guaranty or in connection with any Letter of Credit shall be treated as Revolving Credit Loans, shall be secured by all of the Collateral and shall bear interest and be payable at the same rate and in the same manner as Revolving Credit Loans.
Letters of Credit; LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by VEI, on behalf of all Borrowers, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by VEI, on behalf of all Borrowers, Letters of Credit for the account of Borrowers (or any one of them) or (ii) execute LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by VEI, on behalf of all Borrowers, shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to Letters of Credit; provided that the LC Amount shall not exceed Five Million Dollars ($5,000,000) at any time; and provided further
