Common use of Letters of Credit Sublimit Clause in Contracts

Letters of Credit Sublimit. Bank will 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 (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to percent ( %) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing BaseLine, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and Advances, (iii) minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Fifteen Million Five Hundred Thousand Dollars ($2,500,00015,000,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a Bank’s standard letter of credit fee fees (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to percent ( %) per annum of the face amount of the Letter of Credit). Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing BaseLine, minus (ii) the outstanding principal balance of the Advances Advances, minus the Cash Management Sublimit and Sublimit, minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000)the amount of the Committed Revolving Line. Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to percent ( %) per annum of the face amount of the be agreed upon by Borrower and Bank. If any Letter of CreditCredit is drawn upon, such amount shall constitute an Advance. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for a Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000)Line. Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s Borrowers' joint and several obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees Borrowers agree to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower Borrowers shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to two percent ( (2.0%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower Borrowers shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will 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 (i) the outstanding principal balance of the Advances, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX ReserveEquipment Advances; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and Cash Management Services may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to one and one half percent ( (1.5%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional customary issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base; minus (i) the outstanding principal balance of the Advances, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX ReserveEquipment Advances; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to one percent ( (1.0%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional customary issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the outstanding principal balance of the Advances minus and the Cash Management Sublimit and minus the FX ReserveSublimit; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Five Million Five Hundred Thousand Dollars ($2,500,0005,000,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the occurrence of any Event of Default or after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to three quarters of one percent ( (.75%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will 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 (ii) the outstanding principal balance of the Advances minus Advances, the Cash Management Sublimit and minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two One Million Five Hundred Thousand Dollars ($2,500,0001,000,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the occurrence of any Event of Default or after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to three quarters of one percent ( (.75%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (ia) the lesser of the Committed Revolving Line or the Borrowing Base, as in effect from time to time, minus (iib) the outstanding principal balance of the Advances minus the Cash Management Sublimit and Services Reserve, minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,0002,000,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to two percent ( (2%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when customarily required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX ReserveOutstandings; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and Sublimit Outstandings may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a its standard letter of credit fee fees (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”) in an amount equal to percent ( %) per annum of the face amount of the Letter of Credit"). Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued letters of credit (each a “Letter of Credit” and collectively the “Letters of Credit Credit”) for Borrower’s account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing BaseLine, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and Sublimit, minus the FX Reserve; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) ), together with all outstanding Advances, all amounts for services utilized under the Cash Management Services Sublimit and the FX Reserve, may not at any time exceed Two Fifteen Million Five Hundred Thousand Dollars ($2,500,00015,000,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “Letter of Credit Fee” and collectively the “Letter of Credit Fees”) in an amount equal to one percent ( (1%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.

Letters of Credit Sublimit. Bank will issue or have issued Letters of Credit for Borrower’s 's account not exceeding (i) the lesser of the Committed Revolving Line or the Borrowing Base, minus (ii) the outstanding principal balance of the Advances minus the Cash Management Sublimit and minus the FX ReserveBusiness Credit Card Sublimit; however, the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000500,000). Each Letter of Credit will have an expiry date of no later than one hundred eighty (180) days after the Revolving Maturity Date, but Borrower’s 's obligations to reimburse Bank under the Letters of Credit will be secured by cash on terms acceptable to Bank at any time after the Revolving Maturity Date if the term of this Agreement is not extended by Bank. Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request. Prior to or simultaneously with the opening of each Letter of Credit, Borrower shall pay to Bank, a letter of credit fee (each a “"Letter of Credit Fee” " and collectively the “"Letter of Credit Fees”") in an amount equal to two percent ( (2%) per annum of the face amount of the Letter of Credit. Such Letter of Credit Fees shall be paid in advance upon the issuance of the Letter of Credit and upon each anniversary thereof, if any. In addition, Borrower shall pay to Bank any and all additional issuance, negotiation, processing, transfer or other fees to the extent and as and when required by Bank.