Modification of Outstanding Letters of Credit Sample Clauses

Modification of Outstanding Letters of Credit. Subject to the terms of this Agreement (including, without limitation, those applicable to the issuance of a new Letter of Credit), and provided that no Default or Unmatured Default has occurred and is continuing, in lieu of delivering an Issuance Request for additional Letters of Credits in accordance herewith, the Borrower may from time to time modify the Stated Maturity Date or Stated Amount of outstanding Letters of Credit by delivering to the Agent an L/C Modification Notice, together with telephonic notice of the transmission of same, not less than three (3) Business Days prior to the Business Day on which the Borrower wishes such modification to be effective; provided that any such L/C Modification Notice that seeks any reduction in the Stated Maturity Date or Stated Amount of any outstanding Letters of Credit shall be accompanied by and made and effective on, and only on, the terms set forth in a CUSA Certificate delivered to the Agent with the L/C Modification Notice; and provided, further, that each such L/C Modification Notice shall provide for a comparable modification to the outstanding Letters of Credit of each Lender and any proposed reduction or increase in the Stated Amount of outstanding Letters of Credit shall apply ratably to all outstanding Letters of Credit. Each such modification of any outstanding Letters of Credit shall be substantially in the form of Exhibit "B-2" and all legal and regulatory matters in respect of each such modification to be issued by a Lender shall be reasonably satisfactory to such Lender. Each Lender will immediately notify the Agent of the issuance of each such modification by such Lender and immediately provide a copy of each such modification issued by such Lender to the Agent; provided that the failure to so notify the Agent or so provide a copy to the Agent shall not limit or impair the Borrower's Obligations hereunder, including, without limitation, its Obligations to reimburse drawings under or in respect of each modified Letter of Credit. The Letters of Credit, as modified pursuant to this Section, shall not have an expiration date later than 5:00 p.m. (New York time) on the Facility Maturity Date.
Sample 1
AutoNDA by SimpleDocs

Related to Modification of Outstanding Letters of Credit

  • Treatment of Outstanding Loans and Letters of Credit 25 2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Repayment of Swing Loans 26

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Effect of Letters of Credit on Revolving Commitments Upon the issuance by the Issuing Bank of any Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Commitment of each Revolving Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Revolving Commitment Percentage and (ii) (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Effect of Letters of Credit on Commitments Upon the issuance by the Agent of any Letter of Credit and until such Letter of Credit shall have expired or been terminated, the Commitment of each Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Lender’s Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

Time is Money Join Law Insider Premium to draft better contracts faster.