Common use of Procedure for Obtaining Letters of Credit Clause in Contracts

Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Section 2.3.2. shall be designated by the Borrower's written request delivered to the Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Borrower shall execute and deliver to the Lender an application and agreement with respect to the Letter of Credit, said application and agreement to be in the form customarily used by the Lender. The terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's form of application and agreement with respect to Letters of Credit. The Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (i) the Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.00, or (iii) the amount thereof when added to the total outstanding Advances under the Revolving Line of Credit would exceed the Borrowing Base Amount then in effect. Borrower agrees to pay the Lender a fee for the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender upon issuance of each Letter of Credit by the Lender and on each anniversary date of such issuance while such Letter of Credit is outstanding. The said fee shall be a per annum fee in the amount equal to the applicable Eurodollar Margin times the face amount of the Letter of Credit for such period (calculated separately for each Letter of Credit).

Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Section 2.3.2. shall be designated by the Borrower's written request delivered to the Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Borrower shall execute and deliver to the Lender an application and agreement with respect to the Letter of Credit, said application and agreement to be in the form customarily used by the Lender. The terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's form of application and agreement with respect to Letters of Credit. The Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (i) the Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.00, or (iii) the amount thereof when added to the total outstanding Advances under the Revolving Line of Credit Facility A would exceed the Facility A Borrowing Base Amount then in effect. Borrower agrees to pay the Lender a fee for the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender upon issuance of each Letter of Credit by the Lender and on each anniversary date of such issuance while such Letter of Credit is outstanding. The said fee shall be a per annum fee in the amount equal to the applicable Eurodollar Margin times the face amount of the Letter of Credit for such period (calculated separately for each Letter of Credit).

Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance re-issuance of a Letter of Credit pursuant to the Section 2.3.2. 2.4 shall be designated by the Borrower's ’s written request delivered to the Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuancere-issuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Borrower shall execute and deliver to the Lender an application and agreement with respect to the Letter of Credit, said application and agreement to be in the form customarily used by the Lender. The terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's ’s form of application and agreement with respect to Letters of Credit. The Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (i) the Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, ; (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds Two Million and No/100 Dollars ($5,000,000.00, 2,000,000.00); or (iii) the amount thereof when added to the total outstanding Advances Loans under the Revolving Line of Credit Loan Commitment would exceed the Borrowing Base Amount then in effect. Borrower agrees to pay the Lender a fee for the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender upon issuance of each Letter of Credit by the Lender and on each anniversary date of such issuance while such Letter of Credit is outstanding. The said fee shall be a per annum fee in the an amount equal to the applicable Eurodollar LIBOR Margin at the time times the face amount of the Letter of Credit for such period (calculated separately for each Letter of Credit).

Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Lender's commitment above in Section 2.3.2. shall be designated by the requesting Borrower's written request delivered to the Lender Administrative Agent at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Borrower shall execute and deliver to the Lender Administrative Agent an application and agreement with respect to the Letter of Credit, said application and agreement to be in the form customarily used by the LenderAdministrative Agent. The terms Administrative Agent shall promptly thereafter deliver to the Lenders a copy of this Agreement shall control the Borrower's request, a copy of the Letter of Credit application, and a copy of the Letter of Credit issued in case of any conflict between the terms of this Agreement and the Lender's form of application and agreement with respect connection therewith as such are amended from time to Letters of Credittime. The Lender Administrative Agent shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (i) the Lender Administrative Agent does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheldthereof in its sole discretion, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.0010,000,000.00, or (iii) the amount thereof when added to the total outstanding Advances under the Revolving Line of Credit would exceed the Borrowing Base Amount then in effect. As of the date hereof, there are outstanding Letters of Credit in the total amount of $2,600,000.00. Once issued, the Administrative Agent shall have the authority to renew and extend from time to time the expiry date of any Letter of Credit, in accordance with the provisions of this Agreement, without the requirement of the joinder of any of the Lenders, except that the Administrative Agent shall not renew or extend the expiry date beyond the Termination Date. Borrower agrees to pay the Lender Administrative Agent a fee for the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender Administrative Agent upon issuance of each Letter of Credit by the Lender Administrative Agent and on each anniversary date of such issuance while such Letter of Credit is outstanding. The said fee shall be a per annum fee in the amount equal to the applicable Eurodollar Margin times 2.00% of the face amount of the Letter of Credit for such period (calculated separately for each Letter of Credit). One-half percent (.50%) of the said fee shall be retained by the Administrative Agent as an issuance fee. The remainder of the said fee shall be divided Pro Rata among the Lenders (including Hibernia). The Administrative Agent shall deliver to the Lenders their Pro Rata share of such fee upon receipt of the same from Borrower. Letters of Credit outstanding prior to the date of this Agreement shall continue to accrue fees and commissions at the rate or rates contracted for upon their issuance until such time as such Letters of Credit expire and are renewed or reissued pursuant to the provisions of this Agreement.

Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Section 2.3.22.2.2. shall be designated by the Borrower's ’s written request delivered to the Lender Agent at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Borrower shall execute and deliver to the Lender Agent an application and agreement with respect to the Letter of Credit, said application and agreement to be in the form customarily used by the LenderAgent. The terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's Agent’s form of application and agreement with respect to Letters of Credit. The Lender Agent shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (i) the Lender Agent does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.0015,000,000.00, or (iii) the amount thereof when added to the total outstanding Advances Revolving Loans under the Revolving Line of Credit would exceed the Borrowing Base Amount then in effectLine of Credit Loan Commitment. Borrower agrees to pay the Lender Agent, for the benefit of Lenders, a fee for the issuance of each Letter of Credit, which . This fee shall be due and payable by the Borrower to the Lender Agent upfront, upon the issuance of each Letter of Credit by the Lender Agent and on each anniversary date of such issuance while such Letter of Credit is outstanding. The said fee shall be a per annum fee in the amount equal to the applicable Eurodollar Margin LIBOR Margin, times the face amount of the Letter of Credit for such period (calculated separately for each Letter of Credit).. In addition, the Borrower agrees to pay the Agent, for the sole benefit of Agent, its standard up-front fee for issuance of a letter of credit and the other customary administrative charges, which fee and charges shall be due and payable upfront upon the issuance of each Letter of Credit by the Agent and a renewal fee on each anniversary date of such issuance while such Letter of Credit is outstanding