Rights Against Letter of Credit Issuer Sample Clauses

Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the Borrower’s rights or claims, if any, under Law or otherwise, against any Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by such Letter of Credit Issuer or which arise as a result of such Letter of Credit Issuer’s willful misconduct, gross negligence or bad faith (as determined by a court of competent jurisdiction in a final and non-appealable decision).
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Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the Borrower's rights, if any, with respect to the Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between the Borrower and the Letter of Credit Issuer.
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Rights Against Letter of Credit Issuer. Nothing contained in this Agreement, including clauses (i) and (ii) of this Section 1.3(f), is intended to limit the Borrowers’ rights, if any, with respect to the Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between the Borrowers and the Letter of Credit Issuer.
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Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the UK Borrowers’ rights, if any, with respect to the Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between the UK Borrower (or the UK Borrower Representative on its behalf) and the Letter of Credit Issuer.
Sample 1
Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the US Borrowers’ rights, if any, with respect to the Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between the US Borrower (or the US Borrower Representative on its behalf) and the Letter of Credit Issuer or any other Person that is not a US Lender or US Agent.
Sample 1
Rights Against Letter of Credit Issuer. Nothing contained in this Agreement shall limit the Obligated Parties’ rights, if any, with respect to the Letter of Credit Issuer that arise as a result of the letter of credit application and related documents executed by and between the Obligated Parties and the Letter of Credit Issuer.
Sample 1
Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit the Parent's or the UK Borrowers' rights, if any, with respect to the Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between any such Parent or the UK Borrowers and the Letter of Credit Issuer.
Sample 1
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Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit any Borrower's (i) rights, if any, with respect to any Letter of Credit Issuer which arise as a result of the letter of credit application and related documents executed by and between such Borrower and such Letter of Credit Issuer or (ii) claims for direct (as opposed to special, indirect, consequential or punitive) damages, if any, suffered by such Borrower that are caused by (A) such Letter of Credit Issuer's willful misconduct or gross negligence in determining whether documents presented under any Letter of Credit comply with the terms of such Letter of Credit, or (B) such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it of documents strictly complying with the terms and conditions of such Letter of Credit.
Sample 1
Rights Against Letter of Credit Issuer. Nothing contained in this Agreement is intended to limit or expand the Borrower's rights, if any, with respect to the Letter of Credit Issuer which arise in connection with a drawing or attempt to draw, or any payment or nonpayment under a Letter of Credit. Such rights shall be governed solely by (i) the terms of the letter of credit application and related agreements between the Borrower and the Letter Credit Issuer (the "L/C Agreements") and (ii) applicable law and the UCP 500 or ISP 98, as applicable, (as defined in the L/C Agreements).
Sample 1

Related to Rights Against Letter of Credit Issuer

  • Issuance of Letters of Credit The Borrower may at any time prior to the Expiration Date request the issuance of a standby or trade letter of credit (each a “Letter of Credit”) on behalf of itself or another Loan Party, or the amendment or extension of an existing Letter of Credit, by delivering or having such other Loan Party deliver to the Issuing Lender (with a copy to the Administrative Agent) a completed application and agreement for letters of credit, or request for such amendment or extension, as applicable, in such form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance of the proposed date of issuance. Promptly after receipt of any letter of credit application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide Administrative Agent with a copy thereof. Unless the Issuing Lender has received notice from any Lender, Administrative Agent or the Borrower, at least one day prior to the requested date of issuance, amendment or extension of the applicable Letter of Credit, that one or more applicable conditions in Section 7 [Conditions of Lending and Issuance of Letters of Credit] is not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements of the other Lenders set forth in this Section 2.8, the Issuing Lender or any of the Issuing Lender’s Affiliates will issue a Letter of Credit or agree to such amendment or extension, provided that each Letter of Credit shall (A) have a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than the Expiration Date and provided further that in no event shall (i) the Letter of Credit Obligations exceed, at any one time, $20,000,000 (the “Letter of Credit Sublimit”) or (ii) the Revolving Facility Usage exceed, at any one time, the Revolving Credit Commitments. Each request by the Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a representation by the Borrower that it shall be in compliance with the preceding sentence and with Section 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the requested issuance, amendment or extension of such Letter of Credit. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the applicable Issuing Lender will also deliver to Borrower and Administrative Agent a true and complete copy of such Letter of Credit or amendment.

  • Letter of Credit Facility So long as no Default hereunder has occurred, the Bank shall make available to the Borrower and its Subsidiaries a credit facility within the Commitment (the "Letter of Credit Facility") whereby the Bank will issue up to an aggregate of Ten Million Dollars ($10,000,000.00) against amounts available under the Revolving Line of Credit Facility, of letters of credit (a "Letter of Credit") for the Borrower's or one of its Subsidiaries' account with an expiration date on any specific Letter of Credit no later than the Termination Date, unless the Bank chooses to issue a Letter of Credit to expire after the Termination Date. The individual Letters of Credit shall be issued in accordance with the Bank's customary practices at the time of issuance, utilizing documentation prevailing at such times and, if drawn upon, amounts paid thereon will be repaid upon demand by the Borrower (and, if applicable, its Subsidiary for whose account the Letter of Credit was issued) in full reimbursement to the Bank of all such amounts drawn upon under any or all Letters of Credit, pursuant hereto, or to such additional reimbursement obligations as may be contained in any documentation executed by the Borrower in conjunction with the issuance of such Letter(s) of Credit. To the extent repayment of such amounts as are reimbursable to the Bank for such drawings against Letters of Credit is not immediately made, the amount of such drawings shall be charged as Revolving Line of Credit Loans. The amount of outstanding commitments under issued Letters of Credit plus the aggregate amounts drawn under any Letters of Credit and not reimbursed by the Borrower to the Bank shall reduce availability under the Revolving Line of Credit Facility. This Letter of Credit Facility will be made available to those Subsidiaries of Borrower listed in the attached Exhibit "C" as well as to Borrower and Borrower's reimbursement obligations described herein shall apply regardless of whether Borrower or one of its Subsidiaries is the account party of a particular Letter of Credit.

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