Common use of Letters of Credit Subfacility Clause in Contracts

Letters of Credit Subfacility. Subject to the terms and conditions of this Agreement and provided the Borrower complies with all reasonable and customary application requirements of the Lender for issuing letters of credit, prior to the Revolving Credit Termination Date the Lender agrees to issue and extend standby and commercial letters of credit (“Letters of Credit”) for the account of Borrower in amounts approved by the Lender up to an aggregate face amount outstanding at any one time of $2,000,000; provided, however, that (i) unless otherwise agreed by Lender no Letter of Credit shall have an expiration date that is later than the Revolving Credit Termination Date; and (ii) Borrower shall not request that the Lender issue any Letter of Credit, if, after giving effect to such issuance, the sum of the aggregate Letter of Credit Obligations plus the aggregate outstanding principal amount of all outstanding Revolving Credit Loans would exceed the Revolving Credit Commitment. At least two (2) Business Days prior to the date a Letter of Credit is to be issued, the Lender must receive notice from the Borrower (in writing or by confirmed telefacsimile) specifying the proposed terms of the Letter of Credit including the beneficiary, the face amount, the draw terms, the maturity date, and the nature of the transactions or obligations to be supported thereby. All Letters of Credit issued under the 2012 Agreement and outstanding on the Closing Date shall remain outstanding as Letters of Credit covered hereby.

Letters of Credit Subfacility. Subject to the terms and conditions of this Agreement and provided the Borrower complies with all reasonable and customary application requirements of the Lender for issuing letters of credit, prior to the Revolving Credit Termination Date the Lender agrees to issue and extend standby and commercial letters of credit (“Letters of Credit”) for the account of Borrower in amounts approved by the Lender up to an aggregate face amount outstanding at any one time of $2,000,000; provided, however, that (i) unless otherwise agreed by Lender no Letter of Credit shall have an expiration date that is later than the Revolving Credit Termination Date; and (ii) Borrower shall not request that the Lender issue any Letter of Credit, if, after giving effect to such issuance, the sum of the aggregate Letter of Credit Obligations plus the aggregate outstanding principal amount of all outstanding Revolving Credit Loans would exceed the Revolving Credit Commitment. At least two (2) Business Days prior to the date a Letter of Credit is to be issued, the Lender must receive notice from the Borrower (in writing or by confirmed telefacsimile) specifying the proposed terms of the Letter of Credit including the beneficiary, the face amount, the draw terms, the maturity date, and the nature of the transactions or obligations to be supported thereby. All Letters of Credit issued under the 2012 Agreement and outstanding on the Closing Date shall remain outstanding as Letters of Credit covered hereby.

Letters of Credit Subfacility. Subject to the terms and conditions of this Agreement and provided the Borrower complies with all reasonable and customary application requirements of the Lender for issuing letters of credit, prior to the Revolving Credit Termination Date the Lender agrees to issue and extend standby and commercial letters of credit (“Letters of Credit”) for the account of Borrower in amounts approved by the Lender up to an aggregate face amount outstanding at any one time of $2,000,00010,000,000; provided, however, that (i) unless otherwise agreed by Lender no Letter of Credit shall have an expiration date that is later than the Revolving Credit Termination Date; and (ii) Borrower shall not request that the Lender issue any Letter of Credit, if, after giving effect to such issuance, the sum of the aggregate Letter of Credit Obligations plus the aggregate outstanding principal amount of all outstanding Revolving Credit Loans would exceed the Revolving Credit Commitment. At least two (2) Business Days prior to the date a Letter of Credit is to be issued, the Lender must receive notice from the Borrower (in writing or by confirmed telefacsimileelectronic means) specifying the proposed terms of the Letter of Credit including the beneficiary, the face amount, the draw terms, the maturity date, and the nature of the transactions or obligations to be supported thereby. All Letters of Credit issued under the 2012 2017 Agreement and outstanding on the Closing Date shall remain outstanding as Letters of Credit covered hereby.