Common use of Letters of Credit Sublimit Clause in Contracts

Letters of Credit Sublimit. (a) Bank shall issue or have issued Letters of Credit for Borrower's account not exceeding the Revolving Line minus (i) the outstanding principal balance of any Advances (including any Cash Management Services), minus (ii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Seventeen Million Five Hundred Thousand Dollars ($17,500,000.00). Each Letter of Credit may have an expiry date after the Revolving Maturity Date provided Borrower's Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Maturity Date of the Revolving Line, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion, and shall be subject to the terms and conditions of Bank's standard Application and Letter of Credit Agreement ("Letter of Credit Application"). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. (a) Bank shall issue or have issued Letters of Credit for Borrower's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base minus (iii) the outstanding principal balance of any Advances (including any Cash Management Services), minus (iiiii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Seventeen Million Five Hundred Thousand Dollars ($17,500,000.00)5,000,000.00. Each Letter of Credit may shall have an expiry date no later than 180 days after the Revolving Maturity Date provided Borrower's Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Revolving Maturity Date of if the Revolving LineMaturity Date is not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be be, in form and substance substance, acceptable to Bank in its sole discretion, discretion and shall be subject to the terms and conditions of Bank's form of standard Application and Letter of Credit Agreement ("Letter of Credit Application")Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. (a) Bank shall issue or have issued Letters of Credit for Borrower's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base minus (iii) the outstanding principal balance of any Advances (including any Cash Management Services), minus (iiiii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Seventeen Five Million Five Hundred Thousand Dollars ($17,500,000.005,000,000.00). Each Letter of Credit may have an expiry date after the Revolving Maturity Date provided Borrower's Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Maturity Date of the Committed Revolving Line, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion, and shall be subject to the terms and conditions of Bank's standard Application and Letter of Credit Agreement ("Letter of Credit Application"). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. (a) Bank shall issue or have issued Letters of Credit for Borrower's account not exceeding (i) the lesser of the Revolving Line or the Borrowing Base minus (iii) the outstanding principal balance of any Advances (including any Cash Management Services), minus (iiiii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Seventeen Million Five Hundred Thousand Dollars ($17,500,000.00)6,500,000.00. Each Letter of Credit may shall have an expiry date no later than 180 days after the Revolving Maturity Date provided Borrower's Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Revolving Maturity Date of the Revolving Lineif not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be be, in form and substance substance, acceptable to Bank in its sole discretion, discretion and shall be subject to the terms and conditions of Bank's form of standard Application and Letter of Credit Agreement ("Letter of Credit Application")Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. (a) Bank shall issue or have issued Letters of Credit for Borrower's account not exceeding (i) the Revolving lesser of the Committed Line or the Borrowing Base, minus (iii) the outstanding principal balance of any Advances (including any Cash Management Services), minus (iiiii) the amount of all Letters of Credit (including drawn but unreimbursed Letters of Credit), plus an amount equal to any Letter of Credit Reserves. The face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve) may not exceed Seventeen Five Million Five Hundred Thousand Dollars ($17,500,000.005,000,000.00). Each Letter of Credit may have an expiry date after the Revolving Maturity Date provided Borrower's Letter of Credit reimbursement obligation shall be secured by cash on terms acceptable to Bank on and after (i) the Maturity Date if the term of the Revolving Linethis Agreement is not extended by Bank, or (ii) the occurrence of an Event of Default hereunder. All Letters of Credit shall be be, in form and substance substance, acceptable to Bank in its sole discretion, discretion and shall be subject to the terms and conditions of Bank's form of standard Application and Letter of Credit Agreement ("Letter of Credit Application")Agreement. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.