Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter of Credit Outstandings shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)
Appears in 2 contracts
Samples: Credit Agreement (Dillard's, Inc.), Credit Agreement (Dillard's, Inc.)
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter of Credit Outstandings LC Exposure shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”)150,000,000, (ii) the aggregate amount of the Letter of Credit Outstandings Exposure attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Revolving Credit Extensions Exposure of any Lender shall not exceed the Commitment of such Lender, (iv) the sum of the total Revolving Credit Extensions Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the Total Commitment total Commitments and (v) in the event the Maturity Commitment Termination Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings LC Exposure attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension Existing Commitment Termination Date, plus (y) the aggregate principal amount of outstanding Competitive Loans maturing after such Existing Commitment Termination Date plus (z) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Existing Commitment Termination Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Competitive Loans and such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d).
Appears in 1 contract
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter LC Exposure of Credit Outstandings each Issuing Lender (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”)60,000,000, (ii) the sum of the total LC Exposures plus the aggregate principal amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date outstanding Advances shall not exceed the total Commitments and (iii) if at such time there are Extended Commitments, the total LC Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to this Section 2.18) with respect to Letters of Credit that shall have been extended to a an expiry date after the latest expiration date Original Termination Date does not exceed the total Extended Commitments. If there are Extended Commitments in effect at any time and, upon the Original Termination Date, there are outstanding Letters of Credit, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to this Section 2.18) under (and ratably participated in by the latest maturity date of such Swingline Loans. Each Issuing Lender Extending Lenders pursuant to) the Extended Commitments (other than JPMorgan) will receive confirmation from the Agent it being understood that the requirements in clauses (i) and (iv) participations therein of the foregoing sentence are satisfied before issuingNon-Extending Lenders shall be correspondingly released) and, amending, renewing or extending a Letter of Credit. Notwithstanding to the foregoingextent necessary, the Parent Borrower may adjust Borrowers shall prepay outstanding Swing Line Advances and/or Revolving Credit Advances pursuant to Section 2.10 on the Original Termination Date in an amount sufficient to permit the reallocation of the Standby LC Exposure relating to such outstanding Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)contemplated hereby.
Appears in 1 contract
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower applicable Account Party shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter LC Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Revolving Credit Outstandings Lenders pursuant to paragraph (e) of this Section) shall not exceed the lesser Letter of Credit Sublimit, (ii) the sum of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate undrawn amount of the Letter of Credit Outstandings attributable to all outstanding Letters of Credit issued by any Issuing Lender at such time plus (y) the aggregate amount of all LC Disbursements made by such Issuing Lender that have not yet been reimbursed by or on behalf of the Borrower at such time shall not exceed the LC Sublimit of such Issuing Lender’s Letter of Credit Commitment, (iii) the total Dollar Revolving Credit Extensions of any Lender Exposures shall not exceed the Commitment aggregate amount of such Lenderthe Dollar Revolving Credit Sub-Commitments, (iv) the total Multicurrency Revolving Credit Extensions Exposures shall not exceed the Total Commitment and aggregate amount of the Multicurrency Revolving Credit Sub-Commitments, (v) in the event Total Revolving Credit Exposures shall not exceed the Maturity Date shall have been extended as provided in Section 2.20, aggregate amount of the Revolving Credit Commitments and (vi) the sum of (x) the total Revolving Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the aggregate amount of the Revolving Credit Commitments. The Borrower may, at any time and from time to time, reduce the Letter of Credit Outstandings attributable to Letters Commitment of any Issuing Lender with the consent of such Issuing Lender; provided that the Borrower shall not reduce the Letter of Credit expiring Commitment of any Issuing Lender if, after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and reduction, the latest maturity date of such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from conditions set forth in the Agent that the requirements in immediately preceding clauses (i) and through (ivv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does shall not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)be satisfied.
Appears in 1 contract
Samples: Pledge Agreement (Teleflex Inc)
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter LC Exposure of Credit Outstandings each Issuing Lender (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed the lesser $30,000,000; provided that any Issuing Lender may, but shall not be obligated to, increase or decrease its maximum LC Exposure upon request of (x) PPG; provided, further, that the aggregate LC Sublimits for Exposure of all Issuing Lenders and (y) at any time shall not exceed $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”)300,000,000, (ii) the sum of the total LC Exposures plus the aggregate principal amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date outstanding Advances shall not exceed the total Commitments and (iii) if at such time there are Commitments that shall have been extended to a date will remain in effect after the latest expiration date occurrence of such a Termination Date, the total LC Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to this Section 2.17) with respect to Letters of Credit and the latest maturity that have an expiry date of after such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings Termination Date does not exceed the aggregate sublimit for Letter amount of such Commitments. If there is more than one Tranche in effect at any time and, upon a Termination Date there are outstanding Letters of Credit, such Letters of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm automatically be deemed to have been issued (including for purposes of the Parent Borrower, the Issuing Lenders and obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to this Section 2.17) under (and ratably participated in by the amount and the effective date of the revised sublimits. (d)Lenders Credit Agreement
Appears in 1 contract
Limitations on Amounts. Issuance and Amendment. A Letter of Credit shall be issued, amended, extended, reinstated or renewed or extended only if (and upon issuance, amendment, extension, reinstatement or renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal or extension (i) the aggregate Letter of Credit Outstandings L/C Obligations shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters Letter of Credit Sublimit”), (ii) the aggregate amount Outstanding Amount of the Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment, and (iii) the Total Outstandings shall not exceed the Maximum Availability. (i) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit Outstandings attributable in particular or shall impose upon the L/C Issuer with respect to Letters the Letter of Credit issued by any Issuing Lender restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not exceed applicable on the LC Sublimit Closing Date and which the L/C Issuer in good xxxxx xxxxx material to it; (B) the issuance of such Issuing Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally; (C) except as otherwise agreed by Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount less than $200,000; (D) any Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (iiiin its sole discretion) with Borrower or such Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit Extensions then proposed to be issued or that Letter of any Lender shall not exceed Credit and all other L/C Obligations as to which the Commitment of such LenderL/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (xE) the Letter of Credit Outstandings attributable to Letters contains any provisions for automatic reinstatement of Credit expiring the stated amount after any Maturity Date before giving effect drawing thereunder. (ii) The L/C Issuer shall be under no obligation to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus amend any Commercial Letter of Credit Outstandings does not exceed if (A) the aggregate sublimit for L/C Issuer would have no obligation at such time to issue the Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)of
Appears in 1 contract
Samples: Revolving Credit Agreement (Invesco Real Estate Income Trust Inc.)
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter of Credit Outstandings LC Exposure shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate amount of the Letter of Credit Outstandings Exposure attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Revolving Credit Extensions Exposure of any Lender shall not exceed the Commitment of such Lender, (iv) the sum of the total Revolving Credit Extensions Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the Total Commitment total Commitments and (v) in the event the Maturity Commitment Termination Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings LC Exposure attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension Existing Commitment Termination Date, plus (y) the aggregate principal amount of outstanding Competitive Loans maturing after such Existing Commitment Termination Date plus (z) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Existing Commitment Termination Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Competitive Loans and such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Administrative Agent, so long as the total of such Standby Letters of Credit Sublimit plus any LC Exposure in respect of Commercial Letter Letters of Credit Outstandings outstanding does not exceed the aggregate sublimit for Letter Letters of Credit Outstandings set forth in Section 2.06(c)(i). The Administrative Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d).
Appears in 1 contract
Samples: Year Credit Agreement (Dillards Inc)
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter LC Exposure of Credit Outstandings each Issuing Lender (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed the lesser $20,000,000; provided that any Issuing Lender may, but shall not be obligated to, increase or decrease its maximum LC Exposure upon request of (x) PPG; provided, further, that the aggregate LC Sublimits for Exposure of all Issuing Lenders and (y) at any time shall not exceed $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”)300,000,000, (ii) the sum of the total LC Exposures plus the aggregate principal amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date outstanding Advances shall not exceed the total Commitments and (iii) if at such time there are Commitments that shall have been extended to a date will remain in effect after the latest expiration date 41 occurrence of such a Termination Date, the total LC Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to this Section 2.17) with respect to Letters of Credit and the latest maturity that have an expiry date of after such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings Termination Date does not exceed the aggregate sublimit for Letter amount of such Commitments. If there is more than one Tranche in effect at any time and, upon a Termination Date there are outstanding Letters of Credit, such Letters of Credit Outstandings set forth shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to this Section 2.06(c)(i). The Agent 2.17) under (and ratably participated in by the Lenders pursuant to) the Commitments of the Tranche or Tranches that will remain in effect after the occurrence of such Termination Date (it being understood that the participations therein of the Lenders whose Commitment termination on such Termination Date shall promptly confirm be correspondingly released) and, to the Parent Borrowerextent necessary, each Borrower shall prepay outstanding Revolving Credit Advances attributable to it pursuant to Section 2.09 on such Termination Date in an amount sufficient to permit the Issuing Lenders and the Lenders the amount and the effective date reallocation of the revised sublimits. (d)LC Exposure relating to such outstanding Letters of Credit contemplated hereby.
Appears in 1 contract
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter LC Exposure of Credit Outstandings each Issuing Lender (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall not exceed the lesser $20,000,000; provided that any Issuing Lender may, but shall not be obligated to, increase or decrease its maximum LC Exposure upon request of (x) PPG; provided, further, that the aggregate LC Sublimits for Exposure of all Issuing Lenders and (y) at any time shall not exceed $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”)300,000,000, (ii) the sum of the total LC Exposures plus the aggregate principal amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date outstanding Advances shall not exceed the total Commitments and (iii) if at such time there are Commitments that shall have been extended to a date will remain in effect after the latest expiration date occurrence of such a Termination Date, the total LC Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to this Section 2.17) with respect to Letters of Credit and the latest maturity that have an expiry date of after such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings Termination Date does not exceed the aggregate sublimit for Letter amount of such Commitments. If there is more than one Tranche in effect at any time and, upon a Termination Date there are outstanding Letters of Credit, such Letters of Credit Outstandings set forth shall automatically be deemed to have been issued (including for purposes of the obligations of the Lenders to purchase participations therein and to make payments in respect thereof pursuant to this Section 2.06(c)(i). The Agent 2.17) under (and ratably participated in by the Lenders pursuant to) the Commitments of the Tranche or Tranches that will remain in effect after the occurrence of such Termination Date (it being understood that the participations therein of the Lenders whose Commitment termination on such Termination Date shall promptly confirm be correspondingly released) and, to the Parent Borrowerextent necessary, each Borrower shall prepay outstanding Revolving Credit Advances attributable to it pursuant to Section 2.09 on such Termination Date in an amount sufficient to permit the Issuing Lenders and the Lenders the amount and the effective date reallocation of the revised sublimits. (d)LC Exposure relating to such outstanding Letters of Credit contemplated hereby.
Appears in 1 contract
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter of Credit Outstandings LC Exposure shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate amount of the Letter of Credit Outstandings CreditLC Exposure attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Revolving Credit Extensions Exposure of any Lender shall not exceed the Commitment of such Lender, (iv) the sum of the total Revolving Credit Extensions Exposures plus the aggregate principal amount of outstanding Competitive Loans shall not exceed the Total Commitment total Commitments and (v) in the event the Maturity Commitment Termination Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings LC Exposure attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension Existing Commitment Termination Date, plus (y) the aggregate principal amount of outstanding Competitive Loans maturing after such Existing Commitment Termination Date plus (z) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Existing Commitment Termination Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Competitive Loans and such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Administrative Agent, so long as the total of such Standby Letters of Credit Sublimit plus any LC Exposure in respect of Commercial Letter Letters of Credit Outstandings outstanding does not exceed the aggregate sublimit for Letter Letters of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)-28-
Appears in 1 contract
Samples: Credit Agreement (Dillard's, Inc.)
Limitations on Amounts. Issuance and Amendment. A Letter of Credit shall be issued, amended, extended, reinstated or renewed or extended only if (and upon issuance, amendment, extension, reinstatement or renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, extension, reinstatement or renewal or extension (i) the aggregate Letter of Credit Outstandings shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate amount of the Letter of Credit Outstandings attributable to outstanding Letters of Credit issued by any Issuing Lender Bank shall not exceed its L/C Commitment, (ii) the aggregate L/C Obligations shall not exceed the LC Sublimit of such Issuing LenderL/C Sublimit, (iii) the Revolving Credit Extensions Exposure of any Revolving Credit Lender shall not exceed the its Revolving Credit Commitment of such Lender, and (iv) the total Revolving Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date Exposures shall not exceed the total Commitments Revolving Credit Commitments. An Issuing Bank shall not be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from issuing such Letter of Credit, or any Law applicable to such Issuing Bank shall prohibit, or request that such Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall have been extended impose upon such Issuing Bank with respect to a date after such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated hereunder) not in effect on the latest expiration date Amendment Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense that was not applicable on the Amendment Date and that such Issuing Bank in good xxxxx xxxxx material to it; (ii) the issuance of such Letters Letter of Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally; (iii) except as otherwise agreed by the Administrative Agent and such Issuing Bank, such Letter of Credit is in an initial amount less than $250,000, in the case of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit; or (iv) any Revolving Credit Lender is at that time a Defaulting Lender, unless such Issuing Bank has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such Issuing Bank (in its reasonable discretion) with the Borrower or such Revolving Credit Lender to eliminate such Issuing Bank’s actual or potential Fronting Exposure (after giving effect to Section 2.14(a)(iv)) with respect to the Defaulting Lender arising from either such Letter of Credit then proposed to be issued or such Letter of Credit and all other L/C Obligations as to which such Issuing Bank has actual or potential Fronting Exposure, as it may elect in its sole discretion. An Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) such Issuing Bank would have no obligation at such time to issue the latest maturity date Letter of such Swingline Loans. Each Issuing Lender Credit in its amended form under the terms hereof, or (other than JPMorganB) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) beneficiary of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit does not accept the proposed amendment to the Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d)45 #96922345v9
Appears in 1 contract
Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Parent Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate Letter of Credit Outstandings shall not exceed the lesser of (x) the aggregate LC Sublimits for all Issuing Lenders 4879-0244-9248v.759 US 9692390v.1 CHA715/20025 and (y) $200,000,000 and, subject to the last sentence of this subsection (c), no more than $100,000,000 of which may be in respect of Standby Letters of Credit (the “Standby Letters of Credit Sublimit”), (ii) the aggregate amount of the Letter of Credit Outstandings attributable to Letters of Credit issued by any Issuing Lender shall not exceed the LC Sublimit of such Issuing Lender, (iii) the Credit Extensions of any Lender shall not exceed the Commitment of such Lender, (iv) the Credit Extensions shall not exceed the Total Commitment and (v) in the event the Maturity Date shall have been extended as provided in Section 2.20, the sum of (x) the Letter of Credit Outstandings attributable to Letters of Credit expiring after any Maturity Date before giving effect to such extension plus (y) the Swingline Exposure attributable to Swingline Loans maturing after such Maturity Date shall not exceed the total Commitments that shall have been extended to a date after the latest expiration date of such Letters of Credit and the latest maturity date of such Swingline Loans. Each Issuing Lender (other than JPMorgan) will receive confirmation from the Agent that the requirements in clauses (i) and (iv) of the foregoing sentence are satisfied before issuing, amending, renewing or extending a Letter of Credit. Notwithstanding the foregoing, the Parent Borrower may adjust the amount of the Standby Letters of Credit Sublimit by providing three (3) Business Days prior written notice to the Agent, so long as the total of such Standby Letters of Credit Sublimit plus any Commercial Letter of Credit Outstandings does not exceed the aggregate sublimit for Letter of Credit Outstandings set forth in Section 2.06(c)(i). The Agent shall promptly confirm to the Parent Borrower, the Issuing Lenders and the Lenders the amount and the effective date of the revised sublimits. (d).
Appears in 1 contract
Samples: Credit Agreement (Dillard's, Inc.)
