Second Lien Letters of Credit Sample Clauses

Second Lien 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 irrevocably request on not less than three nor more than five Business Days’ notice, in the case of either an initial issuance of a Second Lien Letter of Credit on the Closing Date, or a request for the extension of the Stated Expiry Date of a Second Lien Letter of Credit (in each case, unless a shorter notice period is agreed to by the Second Lien Issuer, in its sole discretion), that the Second Lien Issuer issue, or extend the Stated Expiry Date of, a Second Lien Letter of Credit in such form as may be requested by the Borrower and approved by the Second Lien Issuer, solely for the purposes described in Section 7.1.7. No Second Lien Letter of Credit may be initially issued on any day other than the Closing Date.
Sample 1
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Second Lien Letters of Credit. Upon the issuance of each Second Lien Letter of Credit, and without further action, each Second Lien Lender (other than the Second Lien Issuer) shall be deemed to have irrevocably purchased, to the extent of its Percentage, a participation interest in such Second Lien Letter of Credit, including any Contingent Liability or Second Lien Reimbursement Obligation created as a result of any issuance thereof or Disbursement with respect thereto (each, a “Second Lien Letter of Credit Participation Obligation”). Each Second Lien Lender’s Second Lien Letter of Credit Participation Obligation shall be cash collateralized (as provided in Section 2.1.5), in favor of the Second Lien Issuer, by such Lender’s Second Lien Deposit. Such Second Lien Lender’s Second Lien Deposit shall be available for withdrawal by the Collateral Agent, in the amounts contemplated by and otherwise in accordance with clauses (c)(i) and (ii) of Section 2.1.5, to reimburse the Second Lien Issuer for Second Lien Reimbursement Obligations. At the option of the Second Lien Issuer, amounts payable in respect of any Disbursement under any Second Lien Letter of Credit may be paid to the beneficiary of such Letters of Credit directly from amounts on deposit in the Second Lien Deposit Account and the Second Lien Cash Collateral Account, on a pro rata basis.
Sample 1
Second Lien Letters of Credit. Upon the occurrence and during the continuation of any Default under Section 8.1.9 or upon notification by the Administrative Agent (acting at the direction of the Required Second Lien Facility Lenders) to the Borrower of its obligations under this Section, following the occurrence and during the continuation of any other Event of Default, a Second Lien Loan shall be deemed to have been made automatically upon such event or notice by each Second Lien Lender in an amount equal to such Lender’s Second Lien Deposit. If each of the Defaults and Events of Default giving rise to any such deemed Loan shall be cured or waived in full, then such deemed Loan shall be treated, on and after the date of such cure or waiver, as a Second Lien Deposit, subject to all other terms and provisions hereof.
Sample 1

Related to Second Lien Letters of Credit

  • 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.

  • 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.

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • Requesting Letters of Credit The Borrower must make written application for any Letter of Credit at least three Business Days (or such shorter period as may be agreed upon by the LC Issuer) before the date on which the Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, the Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.07 will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in the form of the Letter of Credit Application. If all LC Conditions for a Letter of Credit have been met as described in Section 2.07 on any Business Day before 11:00 a.m., LC Issuer will issue such Letter of Credit on the same Business Day at LC Issuer’s Lending Office. If the LC Conditions are met as described in Section 2.07 on any Business Day on or after 11:00 a.m., LC Issuer will issue such Letter of Credit on the next succeeding Business Day at LC Issuer’s Lending Office. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any extension of an Auto-Extension Letter of Credit. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business Days prior to the end of the Commitment Period; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) from the Administrative Agent, any Lender or the Borrower on or before the day that is five Business Days before the last day in which notice of non-extension for such Letter of Credit may be given that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the L/C Issuer not to permit such extension.

  • 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 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.

  • First Loans and Letters of Credit On the Closing Date:

  • 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.

  • Loans and Letters of Credit On the Closing Date:

  • 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.

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