Revolving Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, at any time and from time to time after the Closing Date and prior to the Revolving L/C Facility Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue from time to time from the Closing Date through the Revolving L/C Facility Maturity Date for the account of the Borrower (or, so long as the Borrower is the primary obligor and signatory to the Letter of Credit Request, for the account of Holdings or any Restricted Subsidiary) letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”), which Revolving Letters of Credit shall not at any time exceed (i) such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment, (ii) the L/C Sublimit and (iii) individual Letters of Credit, in such form as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion.
(b) Notwithstanding the foregoing, (i) no Revolving Letter of Credit shall be issued the Stated Amount of which, when added to the Revolving Letters of Credit Outstanding at such time, would exceed the L/C Sublimit (or with respect to any Revolving Letter of Credit Issuer, exceed such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment); (ii) no Revolving Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders’ Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Revolving Letter of Credit shall have an expiration date occurring no later than one year after the date of issuance thereof (except as set forth in Section 3.2(d)), provided that in no event shall such expiration date occur later than the Revolving L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, the Revolving Letter of Credit Issuer and, unless the Revolving Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Revolving Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Revolving Letter of Credit shall be denominated in Dollars; (v) no Revolving Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Revolving Letter of Credit to have a Revolving Let...
Revolving Letters of Credit. Subject to and upon the terms and conditions herein set forth, at any time and from time to time on and after the Closing Date and prior to the Revolving L/C Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue upon the request of the Borrower and for the direct or indirect benefit of the Borrower and the Restricted Subsidiaries and for the direct or indirect benefit of the Parent and its other Subsidiaries (excluding the Oncor Subsidiaries) so long as the aggregate Stated Amount of all Letters of Credit issued for the Parent and its other Subsidiaries’ benefit does not exceed $250,000,000, a letter of credit or letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”) in such form and with such Issuer Documents as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion; provided that the Borrower shall be a co-applicant, and jointly and severally liable with respect to each Revolving Letter of Credit issued for the account of the Parent and its other Subsidiaries, US Holdings or a Restricted Subsidiary.
Revolving Letters of Credit. By delivering to the Administrative Agent an Issuance Request on or before 2:00 p.m. (New York, New York time) on a Business Day, the Borrower may from time to time irrevocably request on not less than (i) in the case of Revolving Letters of Credit denominated in Dollars, three Business Days’ notice and (ii) in the case of Revolving Letters of Credit denominated in Euros, four Business Days’ notice, and in each case not more than five Business Days’ notice, in the case of either an initial issuance of a Revolving Letter of Credit or a request for the extension of the Stated Expiry Date of a Revolving Letter of Credit (in each case, unless a shorter notice period is agreed to by the Revolving Issuer, in its sole discretion), that the Revolving Issuer issue, or extend the Stated Expiry Date of, a Revolving Letter of Credit denominated in Dollars or Euros in such form as may be requested by the Borrower and approved by the Revolving Issuer, solely for the purposes described in Section 7.1.7.
Revolving Letters of Credit. During the Revolving Commitment Period, subject to the terms and conditions hereof, Issuing Bank agrees to issue Letters of Credit for the account of Borrower in the aggregate amount up to but not exceeding the Revolving Letter of Credit Sublimit; provided, (i) each Revolving Letter of Credit shall be denominated in Dollars; (ii) the stated amount of each Revolving Letter of Credit shall not be less than $250,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Revolving Letter of Credit Usage exceed the Revolving Letter of Credit Sublimit then in effect; (v) in no event shall any standby Revolving Letter of Credit have an expiration date later than the earlier of (1) the Revolving Commitment Termination Date and (2) the date which is one year from the date of issuance of such standby Revolving Letter of Credit; and
Revolving Letters of Credit. From time to time on any Business Day occurring from the Closing Date but thirty days prior to the Revolving Loan Maturity Date, each Issuer agrees that it will, to the extent requested by the Borrower,
(a) issue one or more letters of credit (relative to such Issuer, its “Revolving Letter of Credit”) for the account of the Borrower or any Subsidiary Guarantor in the Stated Amount requested by the Borrower on such day; or
(b) extend the Stated Expiry Date of an existing Revolving Letter of Credit previously issued hereunder. The Stated Expiry Date of each Revolving Letter of Credit shall be no later than the earlier to occur of (i) five Business Days before the Revolving Loan Commitment Termination Date and (ii) one year from the date of such issuance or extension. Any Revolving Letter of Credit may provide for automatic renewal thereof for additional periods of up to 12 months so long as no Revolving Letter of Credit will, in any event, have a Stated Expiry Date that is later than five Business Days before the Revolving Loan Commitment Termination Date. No Issuer shall be permitted or required to issue any Revolving Letter of Credit if, after giving effect thereto, (i) the aggregate amount of all Revolving Letter of Credit Outstandings would exceed the Revolving Letter of Credit Commitment Amount or (ii) the sum of the aggregate amount of all Revolving Letter of Credit Outstandings plus the aggregate principal amount of all Revolving Loans then outstanding would exceed the Revolving Loan Commitment Amount.
Revolving Letters of Credit. In the event that a Revolving Letter of Credit shall be issued on behalf of the Revolving Lenders by an Issuing Bank:
(a) the Principal Outstanding in respect of such Letter of Credit shall be considered to be allocated among the Revolving Lenders pro rata on the basis of their respective Rateable Portions, and on the basis that each such Revolving Lender is liable to, and by entering into this Agreement agrees to, indemnify and hold harmless such Issuing Bank in relation to such Issuing Bank’s liability as issuer of such Letter of Credit to the extent of the amount of such pro rata share of such liability; and
(b) for greater certainty and without limiting the generality of Section 14.1, the Principal Outstanding among the Revolving Lenders shall be adjusted in the circumstances and in the manner contemplated by Section 14.1 in order to reflect the Issuance by the Issuing Bank on behalf of the Revolving Lenders.
Revolving Letters of Credit. Subject to and upon the terms and conditions set forth herein, at any time and from time to time after the Closing Date and prior to the Revolving L/C Facility Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue from time to time from the Closing Date through the Revolving L/C Facility Maturity Date for the account of the Borrower (or, so long as the Borrower is the primary obligor and signatory to the Letter of Credit Request, for the account of Holdings or any Restricted Subsidiary) letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”), which Revolving Letters of Credit shall not at any time exceed (i) such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment, (ii) the L/C Sublimit and (iii) individual Letters of Credit, in such form as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion.
Revolving Letters of Credit. Subject to the terms and conditions hereof, each Revolving Issuing Lender severally agrees to issue letters of credit (“Revolving Letters of Credit” and, together with Credit-Linked Letters of Credit, “Letters of Credit”) for the account of each Borrower from time to time during the Revolving Commitment Period; provided that, after giving effect to any Revolving Letter of Credit requested by the Borrowers’ Agent on behalf of a Borrower:
(a) each of the conditions set forth in Section 6.2 (and, if applicable, Section 6.3) shall be satisfied; and
(b) Section 3.7 shall not be contravened at any time. The Borrowers acknowledge and agree that, for the avoidance of doubt, each Letter of Credit designated as a Revolving Letter of Credit shall be entirely a Revolving Letter of Credit and no portion thereof will be a Credit-Linked Letter of Credit.
Revolving Letters of Credit. Subject to the terms and conditions of this Agreement, the Revolving Credit Commitments may be utilized, upon the request of the Borrower, in addition to the Revolving Credit Loans provided for by Section 2.01(a) hereof, by the issuance by the Issuing Lender of letters of credit (collectively, "REVOLVING LETTERS OF CREDIT") for account of the Borrower or any of its Subsidiaries (as specified by the Borrower), PROVIDED that in no event shall (i) the aggregate amount of all Revolving Letter of Credit Liabilities and the aggregate principal amount of all Revolving Credit Loans, exceed the aggregate amount of the Revolving Credit Commitments, (ii) the outstanding aggregate amount of all Revolving Letter of Credit Liabilities exceed U.S. $10,000,000 or (iii) the expiration date of any Revolving Letter of Credit extend beyond the earlier of the Revolving Credit Termination Date and the date one year following the issuance of such Revolving Letter of Credit. The following additional provisions shall apply to Revolving Letters of Credit:
Revolving Letters of Credit. The Opener agree that in the case of revolving Letter(s) of Credit the amount utilised under the credit shall be again available for utilisation only after the draft drawn by seller (beneficiary) is fully paid along with interests and all other charges.
