Common use of The L/C Commitment Clause in Contracts

The L/C Commitment. (i) Subject to the terms and conditions set forth herein, the L/C Issuer agrees, in reliance upon the agreements of the Borrower and the Revolving Credit Lenders set forth in this Section 2.03, (a) from time to time on any Business Day during the period from the Closing Date until the L/C Expiration Date (other than during the Revolver Freeze Period), to issue Letters of Credit, or (as the case may be) to cause Letters of Credit to be issued by the L/C Substitute Issuer, in each case for the account of the Borrower, and to amend or extend Letters of Credit previously issued, or (as the case may be) to cause Letters of Credit previously issued to be amended or extended by the L/C Substitute Issuer, all in accordance with Section 2.03(b), and (b) to honor drawings under the Letters of Credit, or (as the case may be) to cause the L/C Substitute Issuer to honor drawings under the Letters of Credit; and the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided, however, that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Consolidated Revolving Credit Outstanding shall not exceed the Revolving Credit Commitment then in effect, (y) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Lender, plus such Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, shall not exceed such Lender’s Revolving Credit Commitment, and (z) the aggregate Outstanding Amount of the L/C Obligations shall not exceed the L/C Commitment. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

The L/C Commitment. (ia) Subject to the terms and conditions hereof, including, without limitation, the satisfaction of the conditions precedent set forth hereinin Section 6 hereof, the L/C Issuer agreesIssuing Lender, in reliance upon on the agreements of the Borrower and the Revolving Credit other Lenders set forth in this Section 2.033.4(a), agrees to issue letters of credit (athe “Letters of Credit”) from time to time for the account of any Borrower or any Subsidiary or Affiliate of a Borrower in which EPEP has a direct or indirect investment, on any Business Day during the period Commitment Period in such form as may be approved from time to time by the Closing Date until Issuing Lender; provided that the L/C Expiration Date (other than during the Revolver Freeze Period), to Issuing Lender shall not issue Letters of Credit, or (as the case may be) to cause Letters any Letter of Credit if, after giving effect to be issued by the L/C Substitute Issuer, in each case for the account of the Borrower, such issuance and to amend or extend Letters of Credit previously issued, or (as the case may be) to cause Letters of Credit previously issued to be amended or extended by the L/C Substitute Issuer, all in accordance with Section 2.03(b), and (b) to honor drawings under the Letters of Credit, or (as the case may be) to cause the L/C Substitute Issuer to honor drawings under the Letters of Credit; and the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided, however, that after giving effect to any L/C Loans requested to be made or Letters of Credit Extension with respect requested to any be issued on such date (i) the sum of the Loans and Letter of Credit, Credit Outstandings would exceed the lesser of (xA) the Consolidated Revolving Credit Outstanding shall not exceed Commitments and (B) the Revolving Credit Commitment Borrowing Base then in effect, effect or (yii) the aggregate Outstanding Amount Letter of the Revolving Credit Loans of any Revolving Lender, plus such Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, shall not exceed such Lender’s Revolving Credit Commitment, and (z) the aggregate Outstanding Amount of the L/C Obligations shall not Outstandings would exceed the L/C CommitmentSublimit. Each request Letter of Credit shall (x) be issued to support obligations of any Borrower or any Subsidiary or Affiliate of a Borrower in which EPEP has a direct or indirect investment, contingent or otherwise, and (y) shall expire no later than the earlier of (I) three years (or such later date agreed to by the Borrower Issuing Lender) after the date of issuance and (II) five Business Days prior to the Termination Date, provided that any Letter of Credit may provide for the issuance or amendment of a extension thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (II) above). Each Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth denominated in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursedDollars.