Other Letters of Credit. The Borrower shall request a Letter of Credit pursuant to clause (b) of the definition thereof by notifying each of the Administrative Agent and the applicable L/C Issuer in writing not later than 11:00 a.m. (New York Time) at least fifteen (15) Business Days (or such later date and time as such L/C Issuer and the Administrative Agent may agree in a particular instance in their sole discretion) prior to the proposed issuance date of such Letter of Credit of its request for such issuance and specifying in such notice (i) the proposed issuance date of such Letter of Credit (which shall be a Business Day); (ii) the proposed amount thereof; (iii) the proposed type of such Letter of Credit; (iv) the proposed expiry date thereof; (v) the proposed name and address of the beneficiary thereof; (vi) the proposed documents to be presented by such beneficiary in case of any drawing thereunder; (vii) the proposed full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viii) in the case of a Letter of Credit denominated in Euro, Sterling or an Alternative Currency, the proposed currency in which such Letter of Credit is to be denominated. Each of the Administrative Agent and the applicable L/C Issuer may, in its sole discretion, agree to such Letter of Credit by notifying the Borrower in writing not later than 11:00 a.m. (New York Time) at least five (5) Business Days prior to the proposed issuance date of such Letter of Credit (or such later date and time as such L/C Issuer and the Administrative Agent may agree in a particular instance in their sole discretion); provided that (A) the consent of each of the Administrative Agent and the applicable L/C Issuer shall be required with respect to each such Letter of Credit, which consent may be withheld in the Administrative Agent’s and the applicable L/C Issuer’s discretion and (B) if the Administrative Agent or the applicable L/C Issuer shall not have notified the Borrower within such time period, the Administrative Agent or the applicable L/C Issuer shall be deemed to have declined to consent to such Letter of Credit. None of the Administrative Agent or any L/C Issuer shall be obligated to consent to such Letter of Credit, unless it so consents in its sole discretion.
Other Letters of Credit. Any Lender may, but shall not be obligated to, issue to Borrower or any Guarantor Letters of Credit (that are not Facility Letters of Credit) for its own account, and at its own risk. None of the provisions of this Article IV shall apply to any Letter of Credit that is not a Facility Letter of Credit.
Other Letters of Credit. Borrower will not request or obtain any letters of credit from any financial institution or other provider of letters of credit other than Bank.
Other Letters of Credit. In the case of a Letter of Credit other than an Evergreen Letter of Credit, the Applicant and the Co-Applicants, if any, may request in writing delivered to the Agent that the Stated Expiration Date thereof be extended for a term of up to one (1) year from the then Stated Expiration Date, and the Agent shall then elect, in its sole discretion, to extend such Stated Expiration Date. Upon receipt of such request, the Agent will promptly notify each Bank thereof. If all of the Banks consent to such extension, the Agent shall notify the Issuing Bank and the Issuing Bank shall amend such Letter of Credit to reflect such extended Stated Expiration Date. Each Bank will use its best efforts to promptly respond to any such request; provided that no Bank’s failure to so respond shall create any claim against it or have the effect of extending the Stated Expiration Date of such Letter of Credit. Notwithstanding the foregoing, in the event that the Agent shall have received prior written notice from the Applicant, a Co-Applicant or Bank that a Default or an Event of Default has occurred and is continuing, the Agent shall not extend the Stated Expiration Date of such Letter of Credit.
Other Letters of Credit. On and as of the Effective Date (as defined below), certain existing letters of credit shall be deemed to be, and shall be considered to be, issued under the Credit Agreement. In furtherance thereof (i) Section 1.1 of the Credit Agreement is hereby amended by (A) deleting the definition of “Existing Letters of Credit”, (B) inserting in the appropriate alphabetical order the below new definition of “Other Letters of Credit” and (C) amending and restating the definition of “Letters of Credit” to read in full as set forth below, (ii) the Loan Documents are hereby amended by deleting all references therein to the phrase “Existing Letters of Credit” and substituting in lieu thereof in each case the phrase “Other Letters of Credit” and (iii) the Schedule III attached hereto as Exhibit B shall replace the Schedule III currently attached to the Credit Agreement:
Other Letters of Credit. (a) In order to assist the Borrower in establishing or opening Other Letters of Credit with an Issuing Bank the Borrower has requested the Agent on behalf of the Lenders to join in the applications for such Other Letters of Credit and/or guarantee payment or performance of such Other Letters of Credit, and any drafts or acceptances thereunder, through the issuance of a Letter of Credit Guaranty, thereby lending the Lenders' credit to the Borrower's, and the Agent and the Lenders have agreed to do so. These arrangements shall be handled by the Agent subject to the terms and conditions set forth below.
(b) Within the Revolving Line of Credit and the Aggregate Net Availability, the Agent and the Lenders shall assist the Borrower in obtaining Other Letter(s) of Credit in an aggregate amount outstanding at any one time not to exceed the Letter of Credit Sub-Line. The Agent's and Lenders' assistance for amounts in excess of the limitation set forth herein shall at all times and in all respects be in the Agent's sole discretion. Any and all outstanding Other Letters of Credit shall be treated as a Revolving Credit Loan for Availability purposes.
(c) It is understood that the form and purpose of each Letter of Credit must be acceptable to the Agent in its reasonable business judgment. Notwithstanding anything herein to the contrary, upon the occurrence of a Default and/or Event of Default, the Agent's assistance in connection with the issuance of a Letter of Credit Guaranty shall be in the Agent's sole discretion unless such Default and/or Event of Default is cured or waived by the Agent, acting on the instructions of the Required Lenders. The Agent shall have the right, without notice to the Borrower, to charge the Revolving Loan Account on the Agent's books (without double-counting) with the amount of any and all indebtedness, liability or obligation of any kind incurred by the Agent under any Letter of Credit Guaranty at the earlier of (a) payment by the Agent under the Letters of Credit Guaranty or (b) the occurrence of an Event of Default. Any amount charged to the Revolving Loan Account shall be deemed a Revolving Credit Loan hereunder and shall incur interest at the rate provided in Section 3.1.
(d) In order to request the issuance of an Other Letter of Credit, an Executive Officer of the Borrower shall deliver a notice to the Agent in form and substance satisfactory to the Agent requesting the issuance of an Other Letter of Credit. Each such request shall ...
Other Letters of Credit. The Borrower and the Guarantors ----------------------- may apply with any of the Banks for the issuance of additional letters of credit from time to time provided that: (i) no Event of Default is in existence, (ii) the Borrower or such Guarantor executes and delivers such Bank's customary letter of credit application and reimbursement agreement and other customary documentation therefor, (iii) the Borrower or such Guarantor agrees to pay the letter of credit fees therefor as may be mutually agreed upon, (iv) such Bank notifies the other Banks in writing of the proposed issuance of a letter of credit, and the face amount and term thereof, and (v) the sum of (x) all Letter of Credit Obligations after the issuance of such additional letter(s) of credit plus (y) all outstanding Loans shall not exceed ---- the aggregate Commitments. NOTWITHSTANDING THE FOREGOING, THIS SECTION 2.14 SHALL IN NO EVENT BE CONSTRUED TO BE A COMMITMENT BY ANY BANK TO ISSUE ANY LETTER(S) OF CREDIT TO THE BORROWER OR TO ANY GUARANTOR.
Other Letters of Credit in respect of each other Letter of Credit, for the account of each Bank, a participation fee with respect to its participations in Letters of Credit, which shall accrue at a rate per annum equal to 2.50% per annum on the daily stated amount of such Bank's Revolving Loan Commitment Percentage of the Letter of Credit Liabilities (excluding any portion thereof attributable to unreimbursed Reimbursement Obligation) during the period from and including the Closing Date to but excluding the later of the date on which such Bank's Revolving Loan Commitment terminates and the date on which such Bank ceases to have any participation interest in the Letter of Credit Liabilities with such participation fees accrued through and including each Quarterly Date due and payable on the fifth Business Day following such Quarterly Date, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the date on which the Revolving Loan Commitments terminate and any such fees accruing after the date on which the Revolving Loan Commitments terminate shall be payable on demand (For purposes of this paragraph, a Defaulting Bank shall not be deemed to have any interest in the Letter of Credit Liabilities for as long as such Bank is a Defaulting Bank);
Other Letters of Credit. Request or permit the issuance or amendment of any letter of credit for the account of the Borrower or any Subsidiary other than (i) the Letters of Credit, (ii) amendments to Existing Letters of Credit, and (iii) in the event either (x) it shall be unlawful or impractical for the Issuing Bank to issue any Letters of Credit, or (y) the LC Commitment shall expire, then in either case, the Borrower or any Subsidiary may request or permit the issuance or amendment of letters of credit by Persons other than the Issuing Bank (a "Third Party Letter of Credit") for the account of the Borrower or any Subsidiary so long as the aggregate amount of the obligation of Borrower and its Subsiaries to reimburse drawings under the Letters of Credit and Third Party Letters of Credit does not exceed $20,000,0000.
Other Letters of Credit
