Common use of The Letter of Credit Commitment Clause in Contracts

The Letter of Credit Commitment. Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below, and (2) to honor drawings under the Letters of Credit; (B) each Domestic Lender severally agrees to participate in Domestic Letters of Credit and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 4 contracts

Samples: Joinder Agreement (Quiksilver Inc), Joinder Agreement (Quiksilver Inc), Joinder Agreement (Quiksilver Inc)

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The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 4 contracts

Samples: Credit Agreement (Flir Systems Inc), Credit Agreement (Flir Systems Inc), Credit Agreement (Flir Systems Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian all Revolving Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 4 contracts

Samples: Credit Agreement (Cantel Medical Corp), Credit Agreement (Cantel Medical Corp), Credit Agreement (Cantel Medical Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth hereinherein and other terms and conditions that the applicable L/C Issuer may reasonably require, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.032.2, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue standby Letters of Credit in Dollars for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party), and to amend or extend Letters of Credit previously issued by it, in each case in accordance with Section 2.03(bsubsection (b) below, below and (2) to honor drawings under the Letters of Credit; (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic such Letters of Credit and any drawings thereunderissued for the account of the Borrower; provided thatprovided, however, that after giving effect to the issuance of any Letter of Credit (1) the sum of the aggregate principal amount of outstanding Revolving Loans plus the aggregate principal amount of outstanding L/C Credit Extension with respect to any Domestic Letter Obligations plus the aggregate principal amount of Credit, (x) the Total Domestic Outstandings Swing Line Loans shall not exceed the Domestic Loan CapRevolving Committed Amount, (y2) with respect to each individual Lender, the sum of the aggregate Outstanding Amount principal amount of outstanding Revolving Loans of such Lender plus such Lender’s Pro Rata Share of the Committed Domestic Loans aggregate principal amount of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic outstanding L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Obligations and Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z3) the Outstanding Amount aggregate amount of the Domestic L/C Obligations shall not at any time exceed the Domestic Letter of Credit Sublimit; Sublimit and (C4) each Canadian Lender severally agrees to participate in Canadian Letters the aggregate principal amount of Credit and any drawings thereunder; provided that, after giving effect to any Canadian outstanding L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount Obligations of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian any Initial L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Issuer shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian Initial L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, that the Issuer’s L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentenceCommitment. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 3 contracts

Samples: Credit Agreement (Public Service Co of New Mexico), Credit Agreement (Texas New Mexico Power Co), And Restatement of Credit Agreement (Texas New Mexico Power Co)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, and subject to the terms and conditions set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the such Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan Capaggregate Revolving Commitments, (y) without duplication, the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Revolving Lender’s Domestic Revolving Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and . Notwithstanding the above (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings except that at no time shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit), unless the applicable L/C Issuer shall otherwise consent in its sole discretion, no L/C Issuer shall be obligated to issue Letters of Credit hereunder having a maximum aggregate amount in excess of Nine Million and No/100 Dollars ($9,000,000.00) at any one time outstanding. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 3 contracts

Samples: Credit Agreement (Cim Real Estate Finance Trust, Inc.), Credit Agreement (Cole Office & Industrial REIT (CCIT II), Inc.), Credit Agreement (Cole Credit Property Trust V, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01 (A) the Bank of America, in its capacity as an L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or, in its capacity as Alternative Currency L/C Issuer, in an Alternative Currency applicable to such L/C Issuer for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian or Loan Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; (B) each Domestic Lender other L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of any Borrower or Loan Party, and to amend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (C) the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or any Loan Party and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (x) the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Lender’s Commitment, (y) the aggregate Outstanding Amount of all Revolving Credit Loans denominated in Alternative Currencies plus the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the aggregate Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations denominated in Alternative Currencies shall not exceed such Domestic Lender’s Domestic Commitmentthe Alternative Currency Sublimit, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 3 contracts

Samples: Credit Agreement (Diodes Inc /Del/), Credit Agreement (Diodes Inc /Del/), Credit Agreement (Diodes Inc /Del/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer severally and not jointly agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any the Borrower (provided that any Canadian in a maximum aggregate amount up to the Letter of Credit may be for the benefit of any Canadian Loan Party)Sublimit, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xI) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan Capaggregate amount of the Commitments, (yII) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zIII) the Outstanding Amount stated amount (calculated in accordance with Section 1.06 hereof) of the Domestic L/C Obligations of any L/C Issuer shall not exceed the Domestic lesser of (x) 33.33% of the Letter of Credit Sublimit; , and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans Commitment of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Issuer in its capacity as a Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Agree Realty Corp), Revolving Credit and Term Loan Agreement (Agree Realty Corp), Revolving Credit and Term Loan Agreement (Agree Realty Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.3, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, or any Borrower (of its Subsidiaries as provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Partyin Section 2.3(k), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower, or any of its Subsidiaries as provided in Section 2.3(k), and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) the Outstanding aggregate Stated Amount of the Canadian all Letters of Credit issued by each L/C Obligations Issuer shall not exceed the Canadian Letter of Credit Sublimitsuch L/C Issuer’s Fronting Commitment. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Oglethorpe Power Corp), Credit Agreement (Oglethorpe Power Corp), Credit Agreement (Oglethorpe Power Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Acadia Healthcare Company, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (x) (A) the L/C Issuer each Issuing Bank agrees, in reliance upon the agreements of the U.S. Revolving Lenders set forth in this Section 2.032.05, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue U.S. Letters of Credit denominated in Dollars for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend U.S. Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the U.S. Letters of Credit; (B) each Domestic Lender the U.S. Revolving Lenders severally agrees agree to participate in Domestic U.S. Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder and (y) each Issuing Bank agrees, in reliance upon the agreements of the Alternative Currency Revolving Lenders set forth in this Section 2.05, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Alternative Currency Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or its Subsidiaries, and to amend or extend Alternative Currency Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Alternative Currency Letters of Credit; and (B) the Alternative Currency Revolving Lenders severally agree to participate in Alternative Currency Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xA) the Total Domestic Outstandings aggregate L/C Exposure shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C ObligationsExposure Sublimit and, plus such Domestic Lender’s Applicable Percentage unless otherwise agreed by any Issuing Bank in its sole discretion, the L/C Exposure in respect of the Outstanding Amount Letters of all Swing Line Loans made to the Domestic Borrowers Credit issued by any Issuing Bank shall not exceed such Domestic LenderIssuing Bank’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations Commitment, (B) the total U.S. Revolving Credit Exposures shall not exceed the Domestic Letter of Credit Sublimit; and total U.S. Revolving Commitments, (C) each Canadian Lender severally agrees to participate in Canadian Letters of the total Alternative Currency Revolving Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings Exposures shall not exceed the Canadian Loan Captotal Alternative Currency Revolving Commitments, (yD) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations total Revolving Credit Exposures shall not exceed the Canadian Letter Borrowing Base, and (E) after giving effect thereto, Excess Availability would be less than the greater of (x) $60,000,000 and (y) 40% of the Line Cap unless, in the case of this clause (F), the aggregate Credit Exposure in respect of Loans and Letters of Credit Sublimitissued for the account of the Bermuda Borrower at such time is not less than $15,000,000. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the denominated in U.S. Dollars shall be deemed to be U.S. Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the all Existing Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice denominated in any other currency shall be deemed to be furnished Alternative Currency Letters of Credit, in each case, issued pursuant to this Agreement on such day of the week as Closing Date and from and after the Administrative Agent Closing Date shall be subject to and such L/C Issuer may agreegoverned by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Dole PLC), Credit Agreement (Dole PLC), Assignment and Assumption (Dole Food Co Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until seven days prior to the Letter of Credit Expiration Maturity Date, to issue Letters of Credit in Dollars or in one or more Alternative Currencies for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (ESCO Corp), Credit Agreement (ESCO Corp), Credit Agreement (ESCO Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Issuing Lender agrees, in reliance upon the agreements of the Dollar Tranche Revolving Credit Lenders set forth in this Section 2.03Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Company or any of its Restricted Subsidiaries organized under the laws of the United States or any state thereof or any country in which a Borrower (provided is organized or, in each Issuing Lender’s sole and absolute discretion, any of the Company’s other Foreign Subsidiaries that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)are Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below2.3(b), and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Dollar Tranche Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued under such Tranche for the account of the Company or its Restricted Subsidiaries and any drawings thereunder; provided thatno Issuing Lender shall be obligated to issue a Letter of Credit if, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) the L/C Obligations would exceed the L/C Commitment, (x) the Total Domestic Outstandings shall not aggregate principal amount of outstanding Revolving Credit Loans, plus the aggregate principal amount of outstanding Swingline Loans, plus the aggregate amount of L/C Obligations would exceed the Domestic Loan Cap, Revolving Credit Commitment and (y) the aggregate Outstanding Amount principal amount of the Committed Domestic Loans of any Domestic Lenderoutstanding Dollar Tranche Revolving Credit Loans, plus (without duplication) such Domestic Lender’s Applicable Percentage the aggregate principal amount of outstanding Swingline Loans plus the Outstanding Amount aggregate amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Dollar Tranche Revolving Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such Borrower that the L/C Letter of 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and deemed L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify Obligations, and from and after the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as Closing Date shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Blackbaud Inc), Credit Agreement (Blackbaud Inc), Credit Agreement (Blackbaud Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon (among other things) the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or an Alternative Currency for the account of the Parent Borrower or any Borrower Restricted Subsidiary (provided that the Borrowers hereby irrevocably agree to reimburse the applicable L/C Issuer for amounts drawn on any Canadian Letter Letters of Credit may be issued for the benefit account of the Parent Borrower or any Canadian Loan Party), Restricted Subsidiary on a joint and several basis with such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below2.03(c), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit and issued for the account of the Parent Borrower or any drawings thereunderRestricted Subsidiary; provided that, after giving effect that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit, if as of the date of such L/C Credit Extension (w) the aggregate amount of L/C Obligations owing to such L/C Issuer would exceed the Letter of Credit Commitment of such L/C Issuer, (x) the Total Domestic Revolving Credit Outstandings shall not would exceed the Domestic Loan CapRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus would exceed such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and Revolving Credit Commitment or (z) the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by denominated in Dollars or an Alternative Currency. In the Administrative Agent event of any inconsistency between the terms and conditions of this Agreement and the L/C Issuerterms and conditions of any Letter of Credit, such L/C Issuer the terms and conditions of this Agreement shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreecontrol.

Appears in 3 contracts

Samples: Credit Agreement (Paya Holdings Inc.), Credit Agreement (Maravai Lifesciences Holdings, Inc.), Credit Agreement (Maravai Lifesciences Holdings, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Committed Loan Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Committed Loan Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Outstandings Outstanding Amount of Committed Loans, Bid Loans, Swing Line Loans and L/C Obligations shall not exceed the Domestic Loan CapAggregate Commitments, (yw) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Committed Loan Lender, plus (without duplication) such Domestic Committed Loan Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Committed Loan Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Committed Loan Lender’s Domestic Commitment, and (zx) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters the Outstanding Amount of Credit and any drawings thereunder; provided that, after giving effect to any Canadian the L/C Credit Extension, (x) the Total Canadian Outstandings Obligations under any Tranche shall not exceed the Canadian Loan CapLetter of Credit Sublimit for such Tranche, (y) in respect of any Tranche, the aggregate Outstanding Amount of the Committed Canadian Loans of any Committed Loan Lender in respect of such Canadian LenderTranche, plus (without duplication) such Canadian Committed Loan Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C ObligationsObligations in respect of such Tranche, plus such Canadian Committed Loan Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower in respect of such Tranche shall not exceed such Canadian Committed Loan Lender’s Canadian Commitment, Commitment for such Tranche and (z) the aggregate Outstanding Amount of the Canadian Committed Loans, Swing Line Loans and L/C Obligations under any Tranche shall not exceed the Canadian Letter of Credit SublimitApplicable Sublimit for such Tranche. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any Each L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicableof the receipt of any application for a Letter of Credit, in writing on each Business Day any repayment of any drawing under any Letter of Credit, the stated amount of all Letters of Credit issued on by it, the prior Business Day by such L/C Issuerundrawn amount thereof, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued any Unreimbursed Amount in respect thereof and any such week exceeds such amount as shall be agreed other information requested from time to time by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeAgent.

Appears in 3 contracts

Samples: Pledge and Security Agreement (Host Hotels & Resorts L.P.), Pledge and Security Agreement (Host Hotels & Resorts L.P.), Pledge and Security Agreement (Host Hotels & Resorts, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Borrower and the Lenders set forth in this Section 2.032.3, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of any the Borrower or its subsidiaries (provided that any Canadian Letter of Credit may be for so long as the benefit of any Canadian Loan PartyBorrower is a co-applicant and jointly and severally liable thereunder), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its subsidiaries and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings Utilization of Revolving Commitments shall not exceed the Domestic Loan CapRevolving Commitments then in effect, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans and Swing Line Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic CommitmentRevolving Commitment then in effect, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; , and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Revolving Loans of such Canadian Lenderand Swing Line Loans made by each L/C Issuer, plus (without duplication) the aggregate Outstanding Amount of all Letters of Credit issued by such Canadian LenderL/C Issuer, plus such L/C Issuer’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Obligations issued by other L/C Issuers shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitIssuer’s Revolving Commitment at such time. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Lannett Co Inc), Pledge and Security Agreement (Lannett Co Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower the Company or its Subsidiaries (provided that any Canadian Letter HSBC shall issue Letters of Credit may be solely for the benefit account of any Canadian Loan Partythe Designated UK Borrowers), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, including Supporting L/Cs in accordance with Section 2.03(m) and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit (other than Bank Guaranties) issued for the account of the Company or its Subsidiaries and any drawings thereunderthereunder (provided that HSBC shall participate in Letters of Credit solely as hereafter provided); provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xu) the aggregate Outstanding Amount of all Loans and L/C Obligations denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit, (v), the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Combined Commitments, (yw) the Total Outstandings minus the aggregate Outstanding Amount of all Designated UK Borrower Obligations shall not exceed the Aggregate Commitments (US), (x) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, Lender plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; , and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Designated UK Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter UK Sublimit; and provided further that the availability of the Aggregate Commitments (US) and the UK Commitment at any time for the making of Loans and the issuance of Letters of Credit Sublimitshall be reduced by the amount of the Alternative Currency Reserve (if any). Letters of Credit shall be requested by Grant Prideco, L.P., on behalf of the Company and its Subsidiaries, except that the applicable Designated UK Borrower shall request the issuance or amendment of UK Issued L/Cs. Each request by the Lead Borrower Grant Prideco, L.P. or the Canadian Borrower, as applicable, applicable Designated UK Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such Person that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each BorrowerGrant Prideco, L.P.’s and the Designated UK Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower Grant Prideco, L.P. and the Designated UK Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on pursuant hereto, and from and after the prior Business Day Closing Date shall be subject to and governed by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that terms and conditions hereof. Any Bank Guaranty issued under this Agreement shall be subject to the provisions additional requirements of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree2.03(m).

Appears in 2 contracts

Samples: Assignment and Assumption (Grant Prideco Inc), Credit Agreement (Grant Prideco Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders under the applicable Revolving Credit Facility set forth in this Section 2.03, to honor drawings, payments or disbursements, as applicable, under the Letters of Credit issued under such Revolving Credit Facility; and (1B) from time (i) with respect to time on any Business Day during the period from the Closing Date until the a request for a Letter of Credit Expiration Date(which may include bank guarantees issued in connection with transactions outside of the United States) by the US Borrower or the European Borrower in respect of the Multicurrency RCF Commitments (each such letter of credit, a “Multicurrency RCF Letter of Credit”), the Multicurrency RCF Lenders severally agree to issue participate in Multicurrency RCF Letters of Credit issued for the account of the US Borrower and for the account of the European Borrower, and any Borrower drawings, payments or disbursements, as applicable, thereunder and (provided that any Canadian ii) with respect to a request for a Letter of Credit may be for by the benefit US Borrower in respect of any Canadian Loan Partythe US Dollar RCF Commitments (each such letter of credit, a “US Dollar RCF Letter of Credit” and, together with the Multicurrency RCF Letters of Credit, the “Letters of Credit”), and the US Dollar RCF Lenders severally agree to amend or extend participate in US Dollar RCF Letters of Credit previously issued by it, in accordance with Section 2.03(b) belowfor the account of the US Borrower, and (2) to honor drawings under the Letters of Credit; (B) each Domestic Lender severally agrees to participate in Domestic Letters of Credit and any drawings drawings, payments or disbursements, as applicable, thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xi) the Total Domestic Multicurrency RCF Outstandings shall not exceed the Domestic Loan CapMulticurrency Revolving Credit Facility, (yii) the Total US Dollar RCF Outstandings shall not exceed the US Dollar Revolving Credit Facility, (iii) the aggregate Outstanding Amount of the Committed Domestic Multicurrency RCF Loans of any Domestic Multicurrency RCF Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic Multicurrency RCF L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Multicurrency RCF Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Multicurrency RCF Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yiv) the aggregate Outstanding Amount of the Committed Canadian US Dollar RCF Loans of such Canadian any US Dollar RCF Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian US Dollar RCF L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all US Dollar RCF Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, US Dollar RCF Commitment and (zv) the Outstanding Amount of the Canadian sum of (x) the Multicurrency RCF L/C Obligations and (y) the US Dollar RCF L/C Obligations, shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower maythe Borrowers may on or after the Acquisition Funding Date, during the foregoing periodAvailability Period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent payments or the Canadian Agentdisbursements made in respect of, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreereimbursed.

Appears in 2 contracts

Samples: Credit Agreement (Colfax CORP), Credit Agreement (Colfax CORP)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date date hereof until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Borrowers or certain Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit and any drawings thereunderissued for the account of the Borrowers; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, Credit (xi) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yii) the aggregate Outstanding Amount of Total Outstandings denominated in Alternative Currencies shall not exceed the Committed Domestic Loans Alternative Currency Sublimit, (iii) the Revolving Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Lender shall not exceed such Domestic Lender’s Domestic Commitment, and (ziv) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (Cv) each Canadian in the case of the Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian acting as the L/C Issuer with respect to such Letter of Credit Extension(whether directly or through an Affiliate), (x) the Total Canadian Outstandings unless such Lender shall not exceed the Canadian Loan Capagree otherwise in its sole discretion, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, ’s Revolving Credit Exposure plus (without duplication) the aggregate face amount of outstanding Letters of Credit issued by such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Issuer shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such each 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit Agreement (McKesson Corp), Credit Agreement (McKesson Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit (I) with respect to the Lender acting as L/C Issuer for such Letter of Credit, the sum (xwithout duplication) of (A)(1) the Revolving Credit Exposure of such Lender plus (2) the Outstanding Amount of all outstanding Letters of Credit issued by such Lender (or any Affiliate thereof) (and for which the participations of other Lenders have not been funded) plus (3) the aggregate outstanding principal amount of the Swing Line Loans made by such Lender (or any Affiliate thereof) plus (4) the aggregate outstanding principal amount of all Individual Currency Loans of such Lender (or any Affiliate thereof) shall not exceed (B) the sum of (1) such Lender’s Core Currency Commitment plus (2) such Lender’s (and its Affiliates’) aggregate Individual Currency Commitments, (II) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yIII) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Lender shall not exceed such Domestic Lender’s Domestic Core Currency Commitment, and (zIV) the Outstanding Amount of the Domestic L/C Obligations in respect of Letters of Credit issued by such L/C Issuer shall not exceed such L/C Issuer’s L/C Commitment and (V) the Outstanding Amount of the L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Tiffany & Co), Five Year Credit Agreement (Tiffany & Co)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolving Loans denominated in Alternative Currencies), plus, with respect only to the Alternative Currency Participating Lenders, such Lender’s Alternative Currency Risk Participations in Revolving Loans denominated in Alternative Currencies advanced by the Alternative Currency Fronting Lender for such Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Revolving Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees provided, further, that unless the applicable L/C Issuer shall otherwise consent, no L/C Issuer shall be obligated to participate in Canadian issue Letters of Credit hereunder in an aggregate face amount at any time outstanding in excess of an amount equal to the lesser of (i) one-third of the Letter of Credit Sublimit at such time and any drawings thereunder; provided that, after giving effect to any Canadian (ii) the Revolving Commitment of the Revolving Lender acting as such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of Issuer at such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimittime. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all The Existing Letters of Credit shall be deemed to have been issued on hereunder by the prior Business Day by issuer thereof, to the extent such L/C Issuerissuer is a Revolving Lender, provided that (i) until and such issuer shall have the Administrative Agent advises obligation to amend, renew, extend or otherwise modify any such L/C Issuer that Existing Letter of Credit, subject to terms, conditions and limitations hereunder. From and after the provisions of Section 4.02 are not satisfiedClosing Date, or (ii) the aggregate amount of the Existing Letters of Credit issued in any such week exceeds such amount as shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Healthpeak Properties, Inc.), Credit Agreement (Healthpeak Properties, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Cxxxxxxxx or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of Cxxxxxxxx or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) (i) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yii) the aggregate Outstanding Amount of the Committed Canadian all Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the denominated in Alternative Currencies and Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Cxxxxxxxx for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Cxxxxxxxx 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, each Borrower’s Cxxxxxxxx’x ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower Cxxxxxxxx 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant to this Agreement and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Carpenter Technology Corp), Credit Agreement (Carpenter Technology Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Lender shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in an Alternative Currency plus the aggregate Outstanding Amount of Loans denominated in an Alternative Currency shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any Furthermore, each Lender acknowledges and confirms that it has a participation interest in the liability of the L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on under each Business Day of all Letters Existing Letter of Credit issued on the prior Business Day by such L/C Issuerin a percentage equal to its Pro Rata Share of Revolving Loans. The Company’s reimbursement obligations in respect of each Existing Letter of Credit, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfiedand each Lender’s obligations in connection therewith, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed governed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week terms of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreethis Agreement.

Appears in 2 contracts

Samples: Credit Agreement (Teledyne Technologies Inc), Credit Agreement (Teledyne Technologies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Borrowers or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and Sublimit or (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations and all Loans, in each case, denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Brady Corp), Credit Agreement (Brady Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunderthereunder (however, except as set forth in Section 2.04(a)(iii) below, any Lender’s failure to so participate shall not affect the L/C Issuer’s obligation to issue any Letters of Credit); provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit Agreement (Lowes Companies Inc), Credit Agreement (Lowes Companies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving A Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Initial Borrowing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies, Australian Dollars or New Zealand Dollars for the account of the Parent or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving A Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Parent or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Revolving A Outstandings shall not exceed the Domestic Loan CapAggregate Revolving A Commitments, (yw) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (x) the aggregate Outstanding Amount of the Committed Domestic Revolving A Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations plus such Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving A Commitment and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit Agreement (Fleetcor Technologies Inc), Credit Agreement (Fleetcor Technologies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of GFI or any Borrower (provided that any Canadian Letter of Credit may be its Subsidiaries denominated in Dollars or in one or more Alternative Currencies or for the benefit account of the Foreign Borrower or any Canadian Loan Party)of its Subsidiaries in Dollars or in one or more Alternative Currencies, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian all Revolving Loans of such Canadian Lender, made in Alternative Currencies plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian Foreign L/C Obligations shall not exceed the Canadian Letter Alternative Currency Sublimit; and provided further that the availability of the Aggregate Revolving Commitments at any time for the making of Loans and the issuance of Letters of Credit Sublimitshall be reduced by the amount of the Alternative Currency Reserve. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the first proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each such Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (GFI Group Inc.), Credit Agreement (GFI Group Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed plus such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, Loans plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all U.K. Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Revolving Commitment and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Navigant Consulting Inc), Credit Agreement (Navigant Consulting Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings properly drawn under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount amount available to be drawn under all Letters of Credit issued by the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian applicable L/C Obligations, plus Issuer issuing such Canadian Lender’s Applicable Percentage Letter of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Credit shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Issuer’s Letter of Credit SublimitCommitment (provided that any L/C Issuer may, following a request from the Borrower and in its sole discretion, issue Letters of Credit in an aggregate available amount in excess of such L/C Issuer’s Letter of Credit Commitment so long as the other conditions to the issuance of any such Letters of Credit are satisfied). Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank All Existing Letters of America or any of its Lender Affiliates) Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. The Borrower agrees to promptly notify the Administrative Agent of the designation of any Lender or the Canadian Agent, Affiliate of a Lender as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such an L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit Agreement (Republic Services, Inc.), Credit Agreement (Republic Services, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Issuing Bank agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04 and within the limits of its Issuing Commitment, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars, any Alternative Currency or such other currency as maybe agreed by such Issuing Bank in its sole discretion and the Agent that is a lawful currency readily available and freely transferable and convertible into Dollars (which additional currency, solely for purposes of the applicable Letter of Credit, the drawings thereunder and the reimbursement thereof, shall be deemed to be an “Alternative Currency”) for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving Credit Advances of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Commitment Percentage of the Outstanding Amount of all Swing Line Loans made to Advances, plus such Lender’s Commitment Percentage of the Domestic Borrowers Outstanding Amount of all L/C Obligations shall not exceed such Domestic Lender’s Domestic Revolving Credit Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower Company or the Canadian Borrower, as applicable, an LC Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers Company or the Canadian Borrower, as applicable, such LC Subsidiary 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, each Borrower’s the ability of the Company and the LC Subsidiaries to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company and the LC Subsidiaries 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on pursuant hereto, and from and after the prior Business Day Closing Date shall be subject to and governed by such L/C Issuerthe terms and conditions hereof. Each Issuing Bank may, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfiedin its discretion, arrange for one or (ii) the aggregate amount of the more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required Affiliate with respect to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeAffiliate.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Gap Inc), Assignment and Acceptance (Gap Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or Alternative Currencies for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 2 contracts

Samples: Credit Agreement (Wright Medical Group Inc), Credit Agreement (Wright Medical Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars (or, in accordance with Section 1.09, an Alternative L/C Currency) for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)U.S. Borrowers or their Subsidiaries, and to amend or extend Letters of Credit denominated in Dollars (or an Alternative L/C Currency) previously issued by it, in accordance with Section 2.03(b), (2) belowfrom time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Euros or Pounds (or, in accordance with Section 1.09, an Alternative L/C Currency) for the account of the U.K. Borrowers or their Subsidiaries, and to amend Letters of Credit denominated in Euros or Pounds (or an Alternative L/C Currency) previously issued by it in accordance with Section 2.03(b), and (23) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapFacility, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; , and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Revolving Credit Loans of such Canadian Lenderdenominated in Foreign Currencies, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations in respect of Letters of Credit denominated in Foreign Currencies shall not exceed the Canadian Letter of Credit Foreign Currency Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Sothebys Holdings Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or Sterling for the account of the Borrower or any Borrower (provided that any Canadian Letter other Subsidiary of Credit may be for the benefit of any Canadian Loan Party)Parent, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of Borrower or other Subsidiaries of the Parent (for the avoidance of doubt, including any Letters of Credit with an expiry date later than the Letter of Credit Expiration Date issued in accordance with Section 2.03(a)(ii)(B) below) and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension 51729297_11 with respect to any Domestic Letter of CreditCredit (based in respect of any Letter of Credit denominated in Sterling on the Equivalent in Dollars), (x) the Total Domestic Outstandings Outstanding Amount of all Advances, all L/C Obligations and all Swing Line Loans shall not exceed the Domestic Loan CapTotal Commitment, (y) the aggregate Outstanding Amount of the Committed Domestic Loans Advances of any Domestic Lender, Lender plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Invesco Ltd.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section SECTION 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, PROVIDED that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) PLUS such Domestic Lender’s 's Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus PLUS such Domestic Lender’s 's Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic 's Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; . Subject to the other terms and (C) each Canadian Lender severally agrees to participate in Canadian conditions set forth herein, the Borrower may request the issuance of such Letters of Credit and any drawings thereunderin an Optional Currency; provided PROVIDED, however, that, in addition to the other conditions to the issuance of Letters of Credit set forth in this SECTION 2.03(A)(I), after giving effect to any Canadian L/C Credit Extensionsuch request, (x) the Total Canadian Outstandings Dollar Equivalent of the Foreign LC Exposure shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount $10,000,000 at any one time. Such Letters of Credit issued in an Optional Currency hereunder shall constitute utilization of the Committed Canadian Loans Aggregate Commitments in the amount of the Dollar Equivalent of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitCredit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s 's ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms of and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Columbus McKinnon Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or Alternative Currency for the account of the Borrowers or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus Obligations shall not exceed such Domestic Revolving Lender’s Applicable Percentage of Revolving Commitment, (y) the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers L/C Obligations shall not exceed such Domestic Lender’s Domestic Commitment, the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations denominated in Alternative Currency shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Alternative Currency Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Fortress Investment Group Holdings LLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies applicable to such L/C Issuer for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Permitted L/C Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Permitted L/C Party and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (w) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Commitment, (x) the Outstanding Amount of the L/C Obligations in Alternative Currencies shall not exceed the Alternative Currency Sublimit, (y) the aggregate Outstanding Amount of the Committed Domestic Loans all Financial Letters of Credit and commercial letters of credit at any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers time shall not exceed such Domestic Lender’s Domestic Commitment(i) other than during the Relief Period, $150,000,000 and (ii) during the Relief Period, $30,000,000 and (z) the Outstanding Amount of the Domestic L/C Obligations of any L/C Issuer shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans Issuer Sublimit of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitIssuer. Each request by the Lead Borrower or the Canadian Borrower, as applicable, a Permitted L/C Party for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the Borrower may, during the foregoing periodperiod listed in subclause (A)(1) of this Section, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank For the avoidance of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agentdoubt, as applicable, in writing on each Business Day of all Letters of Credit issued on outstanding under the prior Business Day by such Existing Credit Agreement as of the Closing Date for the account of a Permitted L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Party shall in each case be deemed to have been Letters of Credit issued in any such week exceeds such amount as pursuant hereto, and from and after the Closing Date shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Babcock & Wilcox Enterprises, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Domestic Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or in the Alternative Currency for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each the Domestic Lender Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapMaximum Permitted Revolving Outstandings, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any Furthermore, each Domestic Lender acknowledges and confirms that it has a participation interest in the liability of the L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify under the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount in a percentage equal to its Applicable Percentage of the Domestic Revolving Loans. The Borrower’s reimbursement obligations in respect of the Existing Letters of Credit issued Credit, and each Domestic Lender’s obligations in any such week exceeds such amount as connection therewith, shall be agreed governed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week terms of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreethis Agreement.

Appears in 1 contract

Samples: Credit Agreement (Knoll Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or the Alternative Currency for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Multicurrency Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Restricted Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings Outstanding Amount shall not exceed the Domestic Loan CapAggregate Commitments under the Multicurrency Revolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic LenderLender under the Multicurrency Revolving Credit Facility, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Multicurrency Revolving Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Om Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Revolving Credit Lender, plus (without duplication) such Domestic Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; . Subject to the other terms and (C) each Canadian Lender severally agrees to participate in Canadian conditions set forth herein, the Borrower may request, for its own account or the account of a Subsidiary, the issuance of such Letters of Credit and any drawings thereunderin an Alternative Currency; provided provided, however, that, in addition to the other conditions to the issuance of Letters of Credit set forth in this Section 2.03(a)(i), after giving effect to any Canadian L/C Credit Extensionsuch request, (x) the Total Canadian Outstandings Dollar Equivalent of the Foreign LC Exposure shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount $2,000,000 at any one time. Such Letters of Credit issued in an Alternative Currency hereunder shall constitute utilization of the Committed Canadian Loans Aggregate Commitments in the amount of the Dollar Equivalent of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitCredit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentencetwo sentences. Within the foregoing limits, and subject to the terms and conditions hereof, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof; provided that, on or before the prior Business Day by such L/C Issuerdate that is ninety (90) days after the Closing Date, provided that (i) until the Administrative Agent advises any such L/C Issuer that Borrower shall cause the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Existing Letters of Credit to be cancelled and, if necessary, re-issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreehereunder.

Appears in 1 contract

Samples: Credit Agreement (Infrasource Services Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or Alternative Currency for the account of the Borrowers or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus Obligations shall not exceed such Domestic Revolving Lender’s Applicable Percentage of Revolving Commitment, (y) the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers L/C Obligations shall not exceed such Domestic Lender’s Domestic Commitment, the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations denominated in Alternative Currency shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Alternative Currency Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Fortress Investment Group LLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolving Loans denominated in Alternative Currencies), plus, with respect only to the Alternative Currency Participating Lenders, such Lender’s Alternative Currency Risk Participations in Revolving Loans denominated in Alternative Currencies advanced by the Alternative Currency Fronting Lender for such Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Revolving Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees provided, further, that unless the applicable L/C Issuer shall otherwise consent, no L/C Issuer shall be obligated to participate in Canadian issue Letters of Credit hereunder in an aggregate face amount at any time outstanding in excess of an amount equal to the lesser of (i) one-third of the Letter of Credit Sublimit at such time and any drawings thereunder; provided that, after giving effect to any Canadian (ii) the Revolving Commitment of the Revolving Lender acting as such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of Issuer at such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimittime. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all The Existing Letters of Credit shall be deemed to have been issued on hereunder by the prior Business Day by issuer thereof, to the extent such L/C Issuerissuer is a Revolving Lender, provided that (i) until and such issuer shall have the Administrative Agent advises obligation to amend, renew, extend or otherwise modify any such L/C Issuer that Existing Letter of Credit, subject to terms, conditions and limitations hereunder. From and after the provisions of Section 4.02 are not satisfiedClosing Date, or (ii) the aggregate amount of the Existing Letters of Credit issued in any such week exceeds such amount as shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Hcp, Inc.)

The Letter of Credit Commitment. Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or any Borrower of its Restricted Subsidiaries (provided that the Borrower hereby irrevocably agrees to reimburse the applicable L/C Issuer for amounts drawn on any Canadian Letter Letters of Credit may be issued for the benefit account of any Canadian Loan Party), its Restricted Subsidiary on a joint and several basis with such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; Credit issued by such L/C Issuer and (B) each Domestic Lender the Revolving Credit Lenders under any Revolving Facility severally agrees agree to participate in Domestic Letters of Credit and issued for the account of the Borrower or any drawings thereunderRestricted Subsidiary; provided thatthat no L/C Issuer shall issue any Letter of Credit if, as of the date of such issuance (and after giving effect to any L/C Credit Extension thereto) (w) with respect to any Domestic Letter Revolving Facility, the sum of Creditthe Dollar Amount of the Total Revolving Credit Outstandings under such Revolving Facility would exceed the Revolving Credit Commitments in respect of such Revolving Facility, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan Capwith respect to any Revolving Facility, (y) the aggregate Dollar Amount of the Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic LenderLender under such Revolving Facility, plus (without duplication) the Dollar Amount of such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C ObligationsObligations under such Revolving Facility, plus the Dollar Amount of such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Swingline Loans made to the Domestic Borrowers shall not would exceed such Domestic Lender’s Domestic CommitmentRevolving Credit Commitment under such Revolving Facility, and (zy) the Dollar Amount of the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and Sublimit or (z) the Outstanding Amount Letter of Credit is denominated in an Alternative Currency other than Euros or Pounds Sterling which has not been agreed to by the Canadian Administrative Agent, such L/C Obligations shall not exceed Issuer, all of the Canadian Letter of Revolving Credit Sublimit. Each request by Lenders and the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Medpace Holdings, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or an Alternative Currency for the account of PRA or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each the Domestic Lender Revolving A Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of PRA or its Subsidiaries and any drawings thereunder; provided thatprovided, however, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xi) the Total Domestic Revolving A Outstandings shall not exceed the Aggregate Domestic Loan CapRevolving A Commitments, (yii) the aggregate Outstanding Amount Aggregate Domestic Revolving A Loans plus the Aggregate Multi Currency Revolving B Loans plus the outstanding amount of the Committed Term Loan plus the outstanding amount of the Incremental Term Loan shall not exceed the Domestic Loans Borrowing Base, (iii) the Domestic Revolving A Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Revolving A Lender shall not exceed such Domestic Lender’s Domestic Commitment, Revolving A Commitment and (ziv) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, PRA for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, PRA 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, each BorrowerPRA’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower PRA 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Portfolio Recovery Associates Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders under the applicable Revolving Tranche severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yw) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving A Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Revolving A Lender shall not exceed such Domestic Lender’s Domestic 's Revolving A Commitment, and (zx) the aggregate Revolving B Exposure of any Revolving B Lender shall not exceed such Revolving B Lender's Revolving B Commitment, (y) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (xz) the Total Canadian Revolving Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitAggregate Revolving Commitments. Each request by the Lead Company or any Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers Company or the Canadian Borrower, as applicable, such 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, each the Company's and the applicable Borrower’s 's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company or such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Global Payments Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in US Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that or any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Borrower or any Subsidiary and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to shall not exceed such Lender’s Revolving Commitment, (y) the Total Revolving Outstandings of the Domestic Borrowers shall not exceed such the Domestic Lender’s Domestic Commitment, Revolving Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) further that the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount availability of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage Aggregate Revolving Commitments at any time shall be reduced by the amount of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Foreign Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitFacility Reserve. Each request by the Lead any Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Brightpoint Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of -49- any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Revolving Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Notwithstanding the foregoing or anything to the contrary contained herein, no L/C Issuer shall be obligated to issue, amend or extend any Letter of Credit if, immediately after giving effect thereto, the outstanding L/C Obligations in respect of all Letters of Credit issued by such L/C Issuer would exceed such Person’s L/C Issuer Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Equinix Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Xxxxxxxxx or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of Xxxxxxxxx or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) (i) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yii) the aggregate Outstanding Amount of the Committed Canadian all Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the denominated in Alternative Currencies and Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Xxxxxxxxx for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Xxxxxxxxx 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, each Borrower’s Xxxxxxxxx’x ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower Xxxxxxxxx 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant to this Agreement and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Carpenter Technology Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender (less, with respect only to the Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk Participations in all Revolving Loans denominated in Alternative Currencies), plus, with respect only to the Alternative Currency Participating Lenders, such Lender’s Alternative Currency Risk Participations in Revolving Loans denominated in Alternative Currencies advanced by the Alternative Currency Fronting Lender for such Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Revolving Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees provided, further, that unless the applicable L/C Issuer shall otherwise consent, no L/C Issuer shall be obligated to participate in Canadian issue Letters of Credit hereunder in an aggregate face amount at any time outstanding in excess of an amount equal to the lesser of (i) one-third of the Letter of Credit Sublimit at such time and any drawings thereunder; provided that, after giving effect to any Canadian (ii) the Revolving Commitment of the Revolving Lender acting as such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of Issuer at such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimittime. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all The Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued hereunder, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Hcp, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) each of the L/C Issuer Issuers agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of day that is seven days prior to the latest Maturity Date for the Revolving Credit Expiration DateFacility then in effect, to issue Letters of Credit for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x1) the Total Domestic Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (y2) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s 's Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s 's Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Loans, shall not exceed such Domestic Lender’s Domestic 's Commitment, and (z3) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z4) the Outstanding Amount of the Canadian L/C Obligations related to Letters of Credit issued by Xxxxx Fargo shall not exceed $50,000,000, (5) the Canadian Letter Outstanding Amount of the L/C Obligations related to Letters of Credit Sublimitissued by The Bank of Nova Scotia shall not exceed $50,000,000, and (6) the Outstanding Amount of the L/C Obligations related to Letters of Credit issued by U.S. Bank National Association shall not exceed $50,000,000. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s 's ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Patterson Uti Energy Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Second Amendment and Restatement Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect with respect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Issuer shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Issuer’s L/C Fronting Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any Furthermore, each Lender acknowledges and confirms that it has a participation interest in the liability of the L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify under the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Existing Letters of Credit issued on in a percentage equal to its Applicable Percentage of the prior Business Day Revolving Loans. The Borrower’s reimbursement obligations in respect of the Existing Letters of Credit, and each Lender’s obligations in connection therewith, shall be governed by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions terms of Section 4.02 are not satisfied, or this Agreement. (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such The L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters not issue any Letter of Credit issued by if: (A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or (B) the expiry date of such requested Letter of Credit would occur after the date twelve months after the Maturity Date, unless all the Lenders have approved such expiry date. (iii) The L/C Issuer during shall not be under any obligation to issue any Letter of Credit if: (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.from issuing such 29

Appears in 1 contract

Samples: Credit Agreement (Laboratory Corp of America Holdings)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the theeach L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Borrower or its their Subsidiaries and any drawings thereunder; provided thatprovided, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xxw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yyx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zzy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) Bank of America shall not be required to issue any further Letters of Credit to the Outstanding Amount extent all Letters of the Canadian Credit issued by Bank of America would be in excess of $50,000,000 (unless Bank of America agrees in writing to such overage in its sole discretion); provided, further, if any other Person becomes an L/C Obligations Issuer pursuant to the definition thereof, such L/C Issuer shall not exceed the Canadian Letter be required to issue Letters of Credit Sublimitin excess of any sublimit applicable to such L/C Issuer. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each the applicable Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the applicable 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Verisk Analytics, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Parent or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in an Alternative Currency plus the aggregate Outstanding Amount of Revolving Loans denominated in an Alternative Currency shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Fleetcor Technologies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders with Revolving Commitments severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, after giving effect that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (xw) the Total Domestic Revolving Outstandings shall not would exceed the Domestic Loan CapAggregate Revolving Commitment, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Revolving Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage Revolving Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not would exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Credit Sublimit; and , or (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations and Revolving Loans denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Team Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in an Alternative Currency plus the aggregate Outstanding Amount of Committed Loans denominated in an Alternative Currency shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Amphenol Corp /De/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Multicurrency Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in an Alternative Currency (or any additional currency requested and available from the L/C Issuer or an Affiliate of the L/C Issuer) for the account of the Company (or any Borrower (provided that any Canadian Letter Subsidiary of Credit may the Company so long as the Company is a joint and several co-applicant, and references to "the Company" in this Section 2.03 shall be for the benefit of any Canadian Loan Party), deemed to include reference to such Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Multicurrency Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit and any drawings thereunderissued pursuant to this Section 2.03; provided that, after giving effect that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings and no Lender shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of be obligated to participate in any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters if as of Credit and any drawings thereunder; provided that, after giving effect to any Canadian the date of such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Multicurrency Revolving Credit Loans of such Canadian any Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage 's Pro Rata Share of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage 's Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to would exceed the Canadian Borrower shall not exceed excess of such Canadian Lender’s Canadian Commitment's Multicurrency Revolving Credit Commitment over such Lender's Pro Rata Share of the Overdraft Loan Facility Available Amount then in effect, and (zy) the Outstanding Amount of the Canadian L/C Obligations shall not would exceed the Canadian Letter of Credit Sublimit. Each request by Sublimit or (z) the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment aggregate Outstanding Amount of a Letter of Multicurrency Revolving Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, that the Loans which are Alternative Currency Loans and L/C Credit Extension so requested complies with Obligations denominated in Alternative Currencies would exceed the conditions set forth in the proviso to the preceding sentenceAlternative Currency Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s the Company's ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (UGS PLM Solutions Asia/Pacific INC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving A Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving A Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries pursuant to this Section 2.03 and any drawings thereunder; provided thatthat only Bank of America shall be permitted to issue any Letter of Credit denominated in an Alternative Currency; provided, further, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xu) the aggregate amount of the outstanding Letters of Credit issued by an L/C Issuer shall not exceed its L/C Commitment, (v) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yw) the aggregate Revolving A Credit Exposure of any Lender shall not exceed such Lender’s Revolving A Commitment, (x) the aggregate Outstanding Amount of the Committed Domestic all Revolving B Loans and Letters of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Credit denominated in Alternative Currencies shall not exceed such Domestic Lender’s Domestic Commitment, the Alternative Currency Sublimit and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any Furthermore, each Revolving A Lender acknowledges and confirms that it has a participation interest in the liability of the L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify under the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount in a percentage equal to its Applicable Revolving Credit Percentage of the Revolving A Loans. The Borrower’s reimbursement obligations in respect of the Existing Letters of Credit issued Credit, and each Revolving A Lender’s obligations in any such week exceeds such amount as connection therewith, shall be agreed governed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week terms of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreethis Agreement.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (ModivCare Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (Ax) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1I) from time to time on any Business Day during the period from the Closing Initial Funding Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Permitted L/C Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2II) to honor drawings under the Letters of Credit; and (By) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued under the applicable Facility for the account of any Permitted L/C Party and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of CreditExtension, (x1) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (y2) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Revolving Credit Lender shall not exceed such Domestic Lender’s Domestic Revolving Credit Commitment, and (z3) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x4) the Total Canadian Revolving Credit Outstandings denominated in Alternative Currencies shall not exceed the Canadian Loan CapAlternative Currency Sublimit, and (y5) unless agreed to by the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian applicable L/C ObligationsIssuer, plus the aggregate amount available to be drawn under all Letters of Credit issued by the applicable L/C Issuer issuing such Canadian Lender’s Applicable Percentage Letter of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Credit shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Issuer’s Letter of Credit SublimitCommitment; provided, further, that (A) no more than $20,000,000 aggregate face amount of Letters of Credit shall be issued on the Initial Funding Date and (B) CoBank shall not be required to issue any Letters of Credit denominated in an Alternative Currency. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on the prior Business Day by such L/C IssuerInitial Funding Date pursuant to the Revolving Credit Facility hereunder, provided that (i) until and from and after the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as Initial Funding Date shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Sylvamo Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit upon request from the Borrower as an applicant thereof or for the account support of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its or its Subsidiaries’ obligations, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower and its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) (i) the aggregate undrawn amount of all outstanding Letters of Credit issued by the L/C Issuer at such time plus (ii) the aggregate amount of all L/C Borrowings made by the L/C Issuer that have not yet been reimbursed by or on behalf of the Borrower or converted to Committed Loans at such time shall not exceed its Letter of Credit Commitment, (x) the Total Domestic Outstandings (excluding 2020 Loans) shall not exceed the Domestic Aggregate Commitments (excluding 2020 Loan CapCommitments), (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment (excluding its 2020 Loan Commitment, if any), and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any The Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the support of any Subsidiary’s obligations as provided in this Section 2.03(a)(i), the Borrower will be fully responsible for the reimbursement of L/C Issuer Borrowings in accordance with the terms hereof, the payment of interest thereon and the payment of fees due under Section 2.03(i) to the same extent as if it were the sole account party in respect of such Letter of Credit (other than Bank the Borrower hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of America or the obligations of such a Subsidiary that is an account party in respect of any such Letter of its Lender AffiliatesCredit). Notwithstanding the foregoing, the letters of credit identified on Schedule 2.03 (the “Existing Letters of Credit”) shall notify be deemed to be “Letters of Credit” issued on the Administrative Agent or Closing Date for all purposes of the Canadian AgentLoan Documents. For the avoidance of doubt, as applicable, in writing on each Business Day of all no Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by available under the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree2020 Loan Commitments.

Appears in 1 contract

Samples: Credit Agreement (Texas Roadhouse, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunderthereunder (however, except as set forth in Section 2.04(a)(iii) below, any Lender’s failure to so participate shall not affect the L/C Issuer’s obligation to issue any Letters of Credit); provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xi) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yii) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic LenderXxxxxx’s Domestic Commitment, and (ziii) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (Civ) each Canadian Lender severally agrees to participate in Canadian the aggregate amount of the outstanding Letters of Credit and issued by any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings Issuer shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian its L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Lowes Companies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in U.S. Dollars or, if the applicable L/C Issuer shall agree, in one or more Alternative Currencies for the account of any the Borrower (provided that or any Canadian Letter of its Restricted Subsidiaries so long as the Borrower is a joint and several co-applicant, and references to the “Borrower” in this Section 2.03 and elsewhere in this Agreement with respect to requests for Letters of Credit may (including renewals or continuations thereof) shall be for the benefit of deemed to include any Canadian Loan Partysuch Restricted Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings under the Letters of CreditCredit issued by it; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan Capaggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Revolving Credit Lender, plus (without duplication) such Domestic Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) the Outstanding Amount aggregate amount of the Canadian L/C Obligations owing to an L/C Issuer shall not exceed the Canadian amount set forth opposite such L/C Lender’s name on Schedule 2.01 under the caption “Letter of Credit SublimitCommitments”. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Bellring Brands, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Tranche 1 Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in U.S. Dollars, Canadian Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter wholly-owned Subsidiary of Credit may be for the benefit of any Canadian Loan Party)Company, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Tranche 1 Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or any wholly-owned Subsidiary of the Company and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Tranche 1 Outstandings shall not exceed the Domestic Loan CapAggregate Tranche 1 Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Tranche 1 Loans of any Domestic Tranche 1 Lender, plus (without duplication) such Domestic Tranche 1 Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Tranche 1 Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all U.S. Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Tranche 1 Lender’s Domestic Tranche 1 Commitment, and (z) the Outstanding Amount of the Domestic L/C FLOC Obligations shall not exceed the Domestic Letter of Credit FLOC Sublimit; and provided further that (Ci) each Canadian Lender severally agrees to participate in Canadian the availability of the Aggregate Tranche 1 Commitments at any time for the making of any Tranche 1 Loans and the issuance of Letters of Credit shall be reduced by the amount of the Alternative Currency Reserve (if any), and (ii) in determining the availability of the Aggregate Tranche 1 Commitments hereunder with respect to any drawings thereunder; provided thatEscalating Credits issued or outstanding hereunder, the Aggregate Tranche 1 Commitments will be deemed to be utilized in respect of such Escalating Credits in the aggregate amount equal to the maximum aggregate amount available to be drawn under all such Escalating Credits (after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimitincreases). Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on pursuant hereto, and from and after the prior Business Day Closing Date shall be subject to and governed by such L/C Issuer, provided the terms and conditions hereof. The Company certifies that (i) until Schedule 1.01-2 accurately and completely sets forth the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Existing Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeCredit.

Appears in 1 contract

Samples: Credit Agreement (Jacobs Engineering Group Inc /De/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Cash Collateral Date, to issue Letters of Credit for the account of the Borrower, any Borrower (provided that Consolidated Entity or any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Unconsolidated Entity, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower, any Consolidated Entity or any Unconsolidated Entity and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Credit Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Revolving Credit Lender, plus (without duplication) such Domestic Revolving Credit Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Revolving Credit Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Credit Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) the Outstanding Amount aggregate Unsecured Debt of the Canadian L/C Obligations Borrower and the Consolidated Entities (including any requested or pending Credit Extension) shall not exceed the Canadian Letter of Credit Sublimitamount permitted pursuant to Section 7.03(a)(ii) hereof. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that are expiring or have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.conditions hereof. 56718230_5

Appears in 1 contract

Samples: Assignment and Assumption (Cousins Properties Inc)

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The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings properly drawn under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount amount available to be drawn under all Letters of Credit issued by the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian applicable L/C Obligations, plus Issuer issuing such Canadian Lender’s Applicable Percentage Letter of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Credit shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Issuer’s Letter of Credit SublimitCommitment (provided that any L/C Issuer may, following a request from the Borrower and in its sole discretion, issue Letters of Credit in an aggregate available amount in excess of such L/C Issuer’s Letter of Credit Commitment so long as the other conditions to the issuance of any such Letters of Credit are satisfied). Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank All Existing Letters of America or any of its Lender Affiliates) Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. The Borrower agrees to promptly notify the Administrative Agent of the designation of any Lender or the Canadian Agent, Affiliate of a Lender as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such an L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.. 101250789 129624357_3

Appears in 1 contract

Samples: Credit Agreement (Republic Services, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Cash Collateral Date, to issue Letters of Credit for the account of the Borrower, any Borrower (provided that Consolidated Entity or any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Unconsolidated Entity, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower, any Consolidated Entity or any Unconsolidated Entity and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage 's Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage 's Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic 's Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) the Outstanding Amount aggregate Unsecured Debt of the Canadian L/C Obligations Borrower and the Consolidated Entities (including any requested or pending Credit Extension) shall not exceed the Canadian Letter of Credit Sublimitamount permitted pursuant to Section 7.03(a)(ii) hereof. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s 's ability to obtain Letters of Credit shall be fully revolving, and accordingly such the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that are expiring or have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Cousins Properties Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or Alternative Currency for the account of the Loan Parties or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Loan Parties or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus Obligations shall not exceed such Domestic Revolving Lender’s Applicable Percentage of Revolving Commitment, (y) the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers L/C Obligations shall not exceed such Domestic Lender’s Domestic Commitment, the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations denominated in Alternative Currency shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Alternative Currency Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on pursuant hereto, and from and after the prior Business Day Closing Date shall be subject to and governed by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the terms and conditions hereof. Existing Letters of Credit issued in any such week exceeds such amount as shall may not be agreed by renewed or extended upon the Administrative Agent and the L/C Issuer, such L/C Issuer shall current expiry date thereof but may be required to so notify the Administrative Agent in writing only once each week of the replaced with new Letters of Credit issued by such L/C Issuer during pursuant to the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day terms of the week as the Administrative Agent and such L/C Issuer may agreethis Section 2.03.

Appears in 1 contract

Samples: Credit Agreement (Fortress Investment Group LLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Fronting Bank agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration DateAvailability Period, to issue Fronted Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)each L/C Borrower, and to amend or extend Fronted Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Fronted Letters of Credit; and the Lenders severally agree to participate in Fronted Letters of Credit issued for the account of such Borrower and any drawings thereunder; (B) each Domestic Lender severally agrees agrees, (1) from time to participate time on any Business Day during the Availability Period, to issue, extend and renew in Domestic such Lender’s Applicable Percentage, Several Letters of Credit denominated in Dollars or one or more Alternative Currencies at the request of and for the account of each L/C Borrower, in accordance with subsection (b) below (except such Letters of Credit as to which it has advised that it is a Participating Bank), and (2) to honor its Applicable Percentage of drawings under the Several Letters of Credit and each Fronting Bank who has agreed to front for a Participating Bank under Several Letters of Credit hereby agrees that it shall be severally (and not jointly) liable for an amount equal to its Applicable Percentage plus such Participating Bank’s Applicable Percentage under each Several Letter of Credit and each Participating Bank hereby agrees to purchase a risk participation in the obligations of the relevant Fronting Bank under any drawings thereundersuch Several Letter of Credit in an amount equal to such Participating Bank’s Applicable Percentage; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Capsuch Lender’s Commitment, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian Secured L/C Obligations, plus such Canadian Lender’s Applicable Percentage Obligations of the Outstanding Amount of all Swing Line Loans made to the Canadian an L/C Borrower shall not exceed such Canadian LenderBorrower’s Canadian CommitmentBorrowing Base, and (z) the Outstanding Amount stated amount of all Letters of Credit denominated in an Alternative Currency plus the Canadian L/C Obligations aggregate outstanding principal amount of Loans denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead an L/C Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the L/C Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the L/C Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Axis Capital Holdings LTD)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (v) the Total Outstandings shall not exceed the Aggregate Commitments, (w) the Total Revolving Outstandings shall not exceed an amount equal to the Revolving Advance Limit plus the BofA Treasury Support Amount, (x) the Total Domestic Outstandings Revolving Outstanding shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Revolving Committed Domestic Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Revolving Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Sonic Automotive Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Co-Borrowers or their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Co-Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Co-Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Co-Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Co-Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Co-Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Verisk Analytics, Inc.)

The Letter of Credit Commitment. Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03Agreement, (1) until the Maturity Date, Issuing Lender shall take such Letter of Credit Actions denominated in Dollars or Offshore Currencies as Borrower may from time to time on request; PROVIDED, HOWEVER, that the Equivalent Amount in Dollars of the Outstanding Obligations of each Lender (EXCLUDING any Business Day during Lender's Competitive Loans and Swing Line Lender's Swing Line Loans) shall not exceed such Lender's Commitment, (ii) the period from Equivalent Amount in Dollars of the Closing Date until Outstanding Obligations of all Lenders shall not exceed the combined Commitments at any time, (iii) the Equivalent Amount in Dollars of the Letter of Credit Expiration Date, to issue Letters Usage shall not exceed the Letter of Credit for Sublimit at any time and (iv) the account Equivalent Amount in Dollars of the Outstanding Obligations denominated in an Offshore Currency shall not exceed the Offshore Currency Sublimit at any Borrower time. Subject to subsection (provided that any Canadian f) below and unless consented to by Issuing Lender and Requisite Lenders, no Letter of Credit may be for expire more than 12 months after the benefit date of any Canadian Loan Party)its issuance or last renewal; PROVIDED, and to amend or extend Letters of Credit previously issued by itHOWEVER, in accordance with Section 2.03(b) below, and (2) to honor drawings under the Letters of Credit; (B) each Domestic Lender severally agrees to participate in Domestic Letters of Credit and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic that no Letter of Credit Sublimit; and shall expire after the fifth (C5th) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and Business Day preceding the Maturity Date. If any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Usage remains outstanding after such date, Borrower or the Canadian Borrowershall, as applicablenot later than such date, for the issuance or amendment deposit cash in an Equivalent Amount in Dollars equal to such Letter of Credit Usage in a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeCash Collateral Account.

Appears in 1 contract

Samples: Credit Agreement (Tech Data Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Borrower or its their Subsidiaries and any drawings thereunder; provided thatprovided, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each the applicable Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the applicable 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Verisk Analytics, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Borrowers or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrowers or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and Sublimit or (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations and all Loans denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Brady Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, and subject to the terms and conditions set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the such Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Loan Party and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x1) the Total Domestic Outstandings shall not exceed the Domestic Loan Capwithout duplication, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Lender’s Domestic Commitment, and (z2) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; , and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x3) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, lesser of (yaa) the aggregate Outstanding Facility Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (zbb) the Borrowing Base then in effect. Notwithstanding the above (except that at no time shall the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit), unless the applicable L/C Issuer shall otherwise consent in its sole discretion, no L/C Issuer shall be obligated to issue Letters of Credit hereunder having a maximum aggregate amount in excess of Twelve Million Five Hundred Thousand Dollars ($12,500,000) at any one time outstanding. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (CIM Commercial Trust Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars for the account of the Borrower or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (E-Commerce Exchange, Inc)

The Letter of Credit Commitment. (1) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving A Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Initial Borrowing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Parent or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving A Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Parent or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Revolving A Outstandings shall not exceed the Domestic Loan CapAggregate Revolving A Commitments, (yw) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (x) the aggregate Outstanding Amount of the Committed Domestic Revolving A Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations plus such Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, Revolving A Commitment and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Fleetcor Technologies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Tranche 1 Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in U.S. Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Tranche 1 Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Tranche 1 Outstandings shall not exceed the Domestic Loan CapAggregate Tranche 1 Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans Revolving Credit Exposure of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Tranche 1 Lender shall not exceed such Domestic Tranche 1 Lender’s Domestic Tranche 1 Commitment, and (z) the Outstanding Amount of the Domestic L/C FLOC Obligations shall not exceed the Domestic Letter of Credit FLOC Sublimit; and provided further that (Ci) each Canadian Lender severally agrees to participate in Canadian the availability of the Aggregate Tranche 1 Commitments at any time for the making of any Tranche 1 Loans and the issuance of Letters of Credit and shall be reduced by the amount of the Alternative Currency Reserve (if any) applicable to Tranche 1, (ii) in determining the availability of the Aggregate Tranche 1 Commitments hereunder with respect to any drawings thereunder; provided thatEscalating Credits issued or outstanding hereunder, the Aggregate Tranche 1 Commitments will be deemed to be utilized in respect of such Escalating Credits in the aggregate amount equal to the maximum aggregate amount available to be drawn under all such Escalating Credits (after giving effect to any Canadian L/C Credit Extension, all increases) and (xiii) the Total Canadian Outstandings additional limitations, if any, with respect to Xxxxxx Nederland set forth in Section 2.01(d) shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimitalso apply. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limitslimits and the respective Issuer Sublimits from time to time in effect, and subject to the terms and conditions hereof, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit shall be deemed to have been issued on pursuant hereto, and from and after the prior Business Day Closing Date shall be subject to and governed by such L/C Issuer, provided the terms and conditions hereof. The Company certifies that (i) until Schedule 1.02 accurately and completely sets forth the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Existing Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeCredit.

Appears in 1 contract

Samples: Credit Agreement (Jacobs Engineering Group Inc /De/)

The Letter of Credit Commitment. Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or any Borrower of its Restricted Subsidiaries (provided that the Borrower hereby irrevocably agrees to reimburse the applicable L/C Issuer for amounts drawn on any Canadian Letter Letters of Credit may be issued for the benefit account of any Canadian Loan Party), its Restricted Subsidiary on a joint and several basis with such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; Credit issued by such L/C Issuer and (B) each Domestic Lender the Revolving Credit Lenders under any Revolving Facility severally agrees agree to participate in Domestic Letters of Credit and issued for the account of the Borrower or any drawings thereunderRestricted Subsidiary; provided thatthat no L/C Issuer shall issue any Letter of Credit if, as of the date of such issuance (and after giving effect to any L/C Credit Extension thereto) (u) with respect to any Domestic Revolving Facility, the sum of the Dollar Amount of the Total Revolving Credit Outstandings under such Revolving Facility would exceed the Revolving Credit Commitments in respect of such Revolving Facility, (v) with respect to any Revolving Facility, the aggregate Dollar Amount of the Outstanding Amount of the Revolving Credit Loans of any Lender under such Revolving Facility, plus the Dollar Amount of such Lender’s Pro Rata Share of the Outstanding Amount of all L/C Obligations under such Revolving Facility, plus the Dollar Amount of such Lender’s Pro Rata Share of the Outstanding Amount of all Swingline Loans would exceed such Lender’s Revolving Credit Commitment under such Revolving Facility, (w) the Dollar Amount of the Outstanding Amount of the L/C Obligations would exceed the Letter of CreditCredit Sublimit, (x) the Total Domestic Outstandings shall Letter of Credit is denominated in an Alternative Currency other than Euros or Pounds Sterling which has not exceed been agreed to by the Domestic Loan CapAdministrative Agent, such L/C Issuer, all of the Revolving Credit Lenders and the Borrower, (y) the Dollar Amount of the Outstanding Amount of such L/C Issuer’s L/C Obligations would exceed such L/C Issuer’s L/C Commitment or (z) the aggregate Outstanding Amount of the Committed Domestic all Revolving Credit Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not denominated in Alternative Currencies would exceed the Domestic Letter of Credit Alternative Currency Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Medpace Holdings, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Second Restatement Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in US Dollars or in one or more Alternative Currencies for the account of the Borrower or any Borrower (provided that any Canadian Letter other Subsidiary of Credit may be for the benefit of any Canadian Loan Party)Ultimate Parent, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or any other Subsidiary of Ultimate Parent and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) the Total Outstandings will not exceed the Aggregate Commitments, (x) the Total Domestic Outstandings shall Outstanding Amount of all Bid Loans plus the Outstanding Amount of all Committed Loans and all Letters of Credit denominated in Alternative Currencies will not exceed the Domestic Loan CapAlternative Currency Sublimit, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall will not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall will not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall will be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the ability to obtain Letters of Credit shall will be fully revolving, and accordingly such Borrower mayaccordingly, during the foregoing period, obtain Letters of Credit may be obtained to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Actavis PLC)

The Letter of Credit Commitment. (a) Subject to the terms and conditions set forth herein, (Ai) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03Article 3, (1A) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Maturity Date, to issue Letters of Credit denominated in US Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below3.2, and (2B) to honor drawings under the Letters of Credit; Credit and (Bii) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of made by any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Commitment Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Commitment Percentage of the Outstanding Amount of all Swing Line Swingline Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter amount of Credit Sublimit; such Lender’s Revolving Commitment and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Revolving Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, denominated in Alternative Currencies and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolvingrevolving and, and accordingly such 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. Any All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and, from and after the Closing Date, shall be subject to and governed by the terms and conditions hereof; without limiting the foregoing, each Lender shall be deemed to have purchased from the L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, a risk participation in writing on each Business Day of all Letters Existing Letter of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Closing Date pursuant to Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree3.2(b).

Appears in 1 contract

Samples: Credit Agreement (Williams Sonoma Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the applicable L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit to any Revolving Borrower, denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)such Revolving Borrower, and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the such Letters of Credit; and (B) each Domestic Lender the Lenders (other than the Non-Global Lenders) severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Revolving Borrowers and any drawings thereunder; provided thatthat the Revolving Borrowers shall not request, after giving effect and the L/C Issuer shall not be obligated to make, any L/C Credit Extension with respect to any Domestic Letter of CreditCredit issued for the account of any Revolving Borrower, and no Lender shall be obligated to participate in any Letter of Credit issued for the account of any Revolving Borrower, if as of the date of such L/C Credit Extension, (w) the aggregate Outstanding Amount of all Revolving Loans, plus the aggregate Outstanding Amount of all L/C Obligations (excluding Subsidiary L/C Obligations), plus the Assumed Swingline Loan Amount would exceed the Aggregate Commitments; (x) the Total Domestic Outstandings shall not aggregate Outstanding Amount of all Revolving Loans other than the portion of Revolving Loans made by the Non-Global Lenders, plus the aggregate Outstanding Amount of all L/C Obligations (excluding Subsidiary L/C Obligations), plus the Assumed Swingline Loan Amount would exceed the Domestic Loan Cap, excess of the Aggregate Commitments over the portion of the Aggregate Commitments held by the Non-Global Lenders; (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations (excluding Subsidiary L/C Obligations), plus such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Assumed Swingline Loan Amount of all Swing Line Loans made to the Domestic Borrowers shall not would exceed such Domestic Lender’s Domestic Commitment, and ; or (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of all the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not for the account of the Revolving Borrowers would exceed the Canadian Letter of Credit Sublimit. Each request by Subject to the Lead Borrower or last sentence of Section 2.03(c)(v) and the Canadian Borrowerterms and conditions set forth herein the applicable L/C Issuers severally agree, as applicablein reliance upon the agreements of the other Lenders set forth in this Section 2.03, for (1) from time to time on any Business Day during the issuance or amendment of a period from the Closing Date until the Letter of Credit shall be deemed Expiration Date to be a representation by issue Letters of Credit for the Domestic Borrowers or account of the Canadian Subsidiary Swingline Borrower to whom it makes Swingline Loans denominated in the Subsidiary Currency applicable to such Subsidiary Swingline Borrower, as applicableand to amend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under such Letters of Credit; provided that the Subsidiary Swingline Borrowers shall not request, and the L/C Issuer shall not be obligated to make, any L/C Credit Extension so requested complies with respect to any Letter of Credit issued for the account of any Subsidiary Swingline Borrower, if as of the date of such L/C Credit Extension (without application of the Assumed Swingline Loan Amount), the Outstanding Amount (calculated in the applicable Subsidiary Currency) of all Subsidiary L/C Obligations of the applicable Subsidiary Swingline Borrower, plus the Outstanding Amount (calculated in the applicable Subsidiary Currency) of all Swingline Loans of such Subsidiary Swingline Borrower would exceed such Subsidiary Swingline Borrower’s Subsidiary Currency Sublimit; and provided, further, that each Swingline Lender need only make Letters of Credit available in the Subsidiary Currency applicable to such Subsidiary Swingline Borrower as such Swingline Lender, Subsidiary Swingline Borrower and the Administrative Agent shall agree in accordance with this Agreement. In addition, the Lenders severally agree to participate in Letters of Credit issued for the account of the Subsidiary Swingline Borrowers and any drawings thereunder in accordance with the conditions provisions set forth in the proviso to the preceding sentenceSections 2.01, 2.02 and 2.03(c). Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Mettler Toledo International Inc/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.06, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in US Dollars or in one or more other Available Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Anixter or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of Anixter or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of Obligations and all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Anixter for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Anixter 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, each BorrowerAnixter’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower Anixter 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. Any L/C Issuer (other than Bank As of America or any the Closing Date, each of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Existing Letters of Credit issued on shall constitute, for all purposes of this Agreement and the prior Business Day by such L/C Issuerother Loan Documents, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters a Letter of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreehereunder.

Appears in 1 contract

Samples: And Incremental Facility Agreement (Anixter International Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that or any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of any Borrower or any Subsidiary and any drawings thereunder; provided that, after giving effect that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings and no Lender shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of be obligated to participate in any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters if as of Credit and any drawings thereunder; provided that, after giving effect to any Canadian the date of such L/C Credit Extension, (x) the Total Canadian Revolving Outstandings shall not would exceed the Canadian Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Canadian Revolving Loans of such Canadian any Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not would exceed such Canadian Lender’s Canadian Revolving Commitment, and or (z) the aggregate Outstanding Amount of the Canadian L/C Obligations shall not denominated in an Alternative Currency plus the aggregate Outstanding Amount of all Swing Line Loans denominated in an Alternative Currency plus the aggregate Outstanding Amount of Revolving Loans denominated in an Alternative Currency would exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such any 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Quanta Services Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed plus such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Revolving Commitment and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Navigant Consulting Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Revolving Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Revolving Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit (and (C) each Canadian Lender severally agrees to participate in Canadian Letters the Outstanding Amount of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings Obligations denominated in Alternative Currencies shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit). Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (International Game Technology)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit upon request from the Borrower as an applicant thereof or for the account support of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its or its Subsidiaries’ obligations, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower and its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) (i) the aggregate undrawn amount of all outstanding Letters of Credit issued by the L/C Issuer at such time plus (ii) the aggregate amount of all L/C Borrowings made by the L/C Issuer that have not yet been reimbursed by or on behalf of the Borrower or converted to Committed Loans at such time shall not exceed its Letter of Credit Commitment, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.of

Appears in 1 contract

Samples: Credit Agreement (Texas Roadhouse, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth hereinout in this Agreement, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth out in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Termination Date, to issue Letters of Credit denominated in Dollars for the account of any Borrower (provided that any Canadian Letter of Credit may be Parent, and denominated in Dollars or in one or more Alternative currencies for the benefit account of any Canadian Loan Party)UK Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bclause (b) below, and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of Borrowers and any drawings drawing thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xA) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yB) the Outstanding Amount of all Revolving Loans, L/C Obligations, and Swing Line Loans shall not exceed the Revolving Committed Amount, (C) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not would exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yD) the aggregate Outstanding Amount of the Committed Canadian Revolving Loans of such Canadian any Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian CommitmentApplicable Percentage of the Revolving Committed Amount, and (zE) the Outstanding Amount of the Canadian L/C Obligations for Parent shall not exceed its Letter of Credit Sublimit, (F) the Canadian Outstanding Amount of the L/C Obligations for UK Borrower shall not exceed its Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such any 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. Any L/C Issuer (other than Bank From and after the occurrence of America or any of its Lender Affiliates) shall notify the Administrative Agent or Closing Date and the Canadian Agent, as applicable, in writing on each Business Day satisfaction of all conditions precedent in Section 4.01(c), all Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Powell Industries Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the Domestic L/C Issuer agrees, in reliance upon the agreements of the Domestic Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the twenty (20) days prior to Letter of Credit Expiration Date, to issue Domestic Letters of Credit denominated in U.S. Dollars or in an Alternative Currency for the account of EMS or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Subsidiaries, and to amend or extend Domestic Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Domestic Letters of Credit; and (B) each the Domestic Lender Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of EMS or any of its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any Domestic L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Revolving Outstandings shall not exceed the Aggregate Domestic Loan CapRevolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Lender’s Domestic Commitment, Revolving Commitment and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, EMS for the issuance or amendment of a Domestic Letter of Credit shall be deemed to be a representation by EMS that the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each BorrowerEMS’s ability to obtain Domestic Letters of Credit shall be fully revolving, and accordingly such Borrower EMS may, during the foregoing period, obtain Domestic Letters of Credit to replace Domestic Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Domestic Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Ems Technologies Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies applicable to such L/C Issuer for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Restricted Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Revolving Credit Lender, plus (without duplication) such Domestic Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Credit Commitment, (y) the Outstanding Amount of all L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations of any L/C Issuer shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans Issuer Sublimit of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitIssuer. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Mohawk Industries Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Amendment Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian the Company or another Permitted Letter of Credit may be for the benefit of any Canadian Loan Account Party), and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or another Permitted Letter of Credit Account Party and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, (y) the sum of (1) the Outstanding Amount of the L/C Obligations demoninated in Hong Kong Dollars or New Zealand Dollars and (2) the Outstanding Amount of Committed Loans denominated in Hong Kong Dollars or New Zealand Dollars shall not exceed $300,000,000 at any time, and (z) the Outstanding Amount of the Domestic L/C Obligations relating to Financial Letters of Credit shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Financial Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Amendment Effective Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Aecom Technology Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving A Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of the CHAR1\0000000x0 Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving A Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or its Restricted Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (w) the Total Revolving A Outstandings shall not exceed the Aggregate Revolving A Commitments, (x) the aggregate Revolving A Exposure of any Revolving A Lender shall not exceed such Xxxxxx’s Revolving A Commitment, (y) the aggregate Outstanding Amount amount of the Committed Domestic Loans outstanding Letters of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of Credit issued by the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Issuer shall not exceed such Domestic Lender’s Domestic the L/C Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Company or any Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers Company or the Canadian Borrower, as applicable, such 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, each the Company’s and the applicable Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Company or such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (EnerSys)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bclause (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company or any Subsidiary and any drawings thereunder; provided provided, that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Credit Commitments, (yx) with respect to each Revolving Credit Lender, the Revolving Credit Exposure of such Revolving Credit Lender plus, without duplication, the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers advanced by such Revolving Credit Lender in its capacity as a Swing Line Lender, shall not exceed such Domestic Revolving Credit Lender’s Domestic Revolving Credit Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; , and (Cz) each Canadian Lender severally agrees to participate in Canadian the aggregate Outstanding Amount of all Revolving Credit Loans and Letters of Credit and any drawings thereunderdenominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit; provided provided, further, that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage Obligations with respect to Letters of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower Credit issued by any L/C Issuer shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit SublimitIssuer’s L/C Commitment. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company that the L/C Credit Extension so requested complies with the conditions set forth in the proviso provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrowerthe Company’s or any Subsidiary’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Flex Ltd.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars or Alternative Currency for the account of the Loan Parties or any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Loan Parties or their Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender, plus (without duplication) such Domestic Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus Obligations shall not exceed such Domestic Revolving Lender’s Applicable Percentage of Revolving Commitment, (y) the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers L/C Obligations shall not exceed such Domestic Lender’s Domestic Commitment, the Letter of Credit Sublimit and (z) the Outstanding Amount of the Domestic L/C Obligations denominated in Alternative Currency shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Alternative Currency Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Fortress Investment Group LLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Company, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Company and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; Sublimit and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in an Alternative Currency plus the aggregate Outstanding Amount of Committed Loans denominated in an Alternative Currency shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, Company 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, each Borrowerthe Company’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Company 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Amphenol Corp /De/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of any the Borrower (provided that or any Canadian Letter of Credit may Restricted Subsidiary so long as the Borrower is a joint and several co-applicant, and references to the “Borrower” in this Section 2.03 shall be for the benefit of any Canadian Loan Party), deemed to include reference to such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit and any drawings thereunderissued for the account of the Borrower; provided that, after giving effect that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings and no Lender shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of be obligated to participate in any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters if, as of Credit and any drawings thereunder; provided that, after giving effect to any Canadian the date of such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Revolving Credit Loans of such Canadian any Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage Amount of Pro Rata Share of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not Loans, would exceed such Canadian Lender’s Canadian Revolving Credit Commitment, and (zy) the Outstanding Amount of the Canadian L/C Obligations shall not would exceed the Canadian Letter of Credit Sublimit. Each request by Sublimit or (z) the Lead Borrower or aggregate Outstanding Amount of the Canadian BorrowerRevolving Credit Loans, as applicableplus the Outstanding Amount of all L/C Obligations, for plus the issuance or amendment Outstanding Amount of a Letter of Credit shall be deemed to be a representation by all Swing Line Loans, would exceed the Domestic Borrowers or the Canadian Borrower, as applicable, Borrowing Base; provided further that the Initial L/C Issuer shall not be obligated to make any L/C Credit Extension so requested complies with respect to any Letter of Credit, if, as of the conditions set forth in date of such L/C Credit Extension, the proviso to Outstanding Amount of the preceding sentenceL/C Obligations issued by the Initial L/C issuer would exceed $5,000,000. Within the foregoing limits, and subject to the terms and conditions hereof, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Universal Hospital Services Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Issuing Lender agrees, in reliance upon the agreements of the Dollar Tranche Revolving Credit Lenders set forth in this Section 2.03Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Company or any of its Restricted Subsidiaries organized under the laws of the United States or any state thereof or any country in which a Borrower (provided is organized or, in each Issuing Lender’s sole and absolute discretion, any of the Company’s CHAR1\1753066v5 other Foreign Subsidiaries that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)are Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below2.3(b), and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Dollar Tranche Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued under such Tranche for the account of the Company or its Restricted Subsidiaries and any drawings thereunder; provided thatno Issuing Lender shall be obligated to issue a Letter of Credit if, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) the L/C Obligations would exceed the L/C Commitment, (x) the Total Domestic Outstandings shall not aggregate principal amount of outstanding Revolving Credit Loans, plus the aggregate principal amount of outstanding Swingline Loans, plus the aggregate amount of L/C Obligations would exceed the Domestic Loan Cap, Revolving Credit Commitment and (y) the aggregate Outstanding Amount principal amount of the Committed Domestic Loans of any Domestic Lenderoutstanding Dollar Tranche Revolving Credit Loans, plus (without duplication) such Domestic Lender’s Applicable Percentage the aggregate principal amount of outstanding Swingline Loans plus the Outstanding Amount aggregate amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Dollar Tranche Revolving Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead a Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, such Borrower that the L/C Letter of 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, each Borrower’s the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and deemed L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify Obligations, and from and after the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as Closing Date shall be agreed subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Blackbaud Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Borrower and the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or an Alternative Currency for the account of any the Borrower or its subsidiaries (provided that any Canadian so long as the Borrower is a co-applicant and jointly and severally liable thereunder), which Letters of Credit shall not exceed such L/C Issuer’s Letter of Credit may be for the benefit of any Canadian Loan Party)Commitment, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its subsidiaries and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xv) the Total Domestic Outstandings Outstanding Amount of all L/C Obligations of any L/C Issuer shall not exceed the Domestic Loan CapLetter of Credit Commitment of such L/C Issuer, (yw) the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect, (x) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, shall not exceed such Xxxxxx’s Revolving Commitment then in effect, (y) the Outstanding Amount of L/C Obligations shall not exceed the Letter of Credit Sublimit, and (z) the aggregate Outstanding Amount of the Revolving Loans made by each L/C Issuer, plus the aggregate Outstanding Amount of all Letters of Credit issued by such L/C Issuer, plus such Domestic LenderL/C Issuer’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers L/C Obligations issued by other L/C Issuers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of Issuer’s Revolving Commitment at such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimittime. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Koppers Holdings Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.032.05, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or Letter of Credit and Swing Line Offshore Currencies for the account of the Company or any Designated Borrower (provided that any Canadian Letter of Credit may be and for the benefit of the Company or any Canadian Loan Party), of its Subsidiaries and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Revolving Lenders severally agrees agree to risk participate in Domestic Letters of Credit and issued for the account of the Company or any drawings thereunderDesignated Borrower; provided that, after giving effect that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, and no Revolving Lender shall be obligated to risk participate in, any Letter of Credit if as of the date of such L/C Credit Extension, (w) the Dollar Equivalent Amount of the aggregate Outstanding Amount of all Revolving Loans and Swing Line Loans and L/C Obligations issued or outstanding in Offshore Currencies would exceed the Offshore Currency Revolving Loan, Swing Line Loan and Letter of Credit Sublimit at any time, (x) the Total Domestic Outstandings shall not Dollar Equivalent Amount of the aggregate Outstanding Amount of all L/C Obligations and all Revolving Loans and all Swing Line Loans would exceed the Domestic Loan CapAggregate Revolving Credit Commitments, (y) the Dollar Equivalent Amount of the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of any Domestic Revolving Lender (less, with respect only to the Offshore Currency Funding Fronting Lender, the aggregate Offshore Currency Risk Participations in all Offshore Currency Revolving Loans), plus, with respect only to the Offshore Currency Participating Lenders, the Dollar Equivalent Amount of such Revolving Lender's Offshore Currency Risk Participations in Offshore Currency Revolving Loans advanced by the Offshore Currency Funding Fronting Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage 's Pro Rata Revolving Share of the Dollar Equivalent Amount of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage 's Pro Rata Revolving Share of the Dollar Equivalent Amount of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not Loans, would exceed such Domestic Revolving Lender’s Domestic 's Revolving Credit Commitment, and or (z) the Dollar Equivalent Amount of the Outstanding Amount of the Domestic L/C Obligations shall not would exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Borrowers' ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify From and after the Administrative Agent or the Canadian AgentClosing Date, as applicable, in writing on each Business Day of all Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto and shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Stryker Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Cash Collateral Date, to issue Letters of Credit for the account of the Borrower, any Borrower (provided that Consolidated Entity or any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Unconsolidated Entity, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Revolving Credit Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower, any Consolidated Entity or any Unconsolidated Entity and any drawings thereunder; provided that, after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (xw) the Total Domestic Revolving Credit Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Credit Commitments, (yx) the aggregate Outstanding Amount of the Committed Domestic Revolving Credit Loans of any Domestic Revolving Credit Lender, plus (without duplication) such Domestic Revolving Credit Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Revolving Credit Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Revolving Credit Commitment, and (zy) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, Sublimit and (z) the Outstanding Amount aggregate Unsecured Debt of the Canadian L/C Obligations Borrower and the Combined Parties (including any requested or pending Credit Extension) shall not exceed the Canadian Letter of Credit Sublimitamount permitted pursuant to Section 7.03(a) hereof. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that are expiring or have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Assignment and Assumption (Cousins Properties Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of any the Borrower (provided that or any Canadian Letter of Credit may Restricted Subsidiary so long as the Borrower is a joint and several co-applicant, and references to the “Borrower” in this Section 2.03 shall be for the benefit of any Canadian Loan Party), deemed to include reference to such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with Section 2.03(b) below), and (2) to honor drawings drafts under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit and any drawings thereunderissued for the account of the Borrower; provided that, after giving effect that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings and no Lender shall not exceed the Domestic Loan Cap, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of be obligated to participate in any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters if, as of Credit and any drawings thereunder; provided that, after giving effect to any Canadian the date of such L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Revolving Credit Loans of such Canadian any Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage Amount of Pro Rata Share of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not Loans, would exceed such Canadian Lender’s Canadian Revolving Credit Commitment, and (zy) the Outstanding Amount of the Canadian L/C Obligations shall not would exceed the Canadian Letter of Credit Sublimit. Each request by Sublimit or (z) the Lead Borrower or aggregate Outstanding Amount of the Canadian BorrowerRevolving Credit Loans, as applicableplus the Outstanding Amount of all L/C Obligations, for plus the issuance or amendment Outstanding Amount of a Letter of Credit shall be deemed to be a representation by all Swing Line Loans, would exceed the Domestic Borrowers or the Canadian Borrower, as applicable, Borrowing Base; provided further that the Initial L/C Issuer shall not be obligated to make any L/C Credit Extension so requested complies with respect to any Letter of Credit, if, as of the conditions set forth in date of such L/C Credit Extension, the proviso to Outstanding Amount of the preceding sentenceL/C Obligations issued by the Initial L/C issuer would exceed $5,000,000. Within the foregoing limits, and subject to the terms and conditions hereof, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian AgentThe Borrower, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and each Lender hereby acknowledge and agree that the L/C Issuer, Existing Letter of Credit shall constitute a Letter of Credit under this Agreement on and after the Amendment Closing Date with the same effect as if such L/C Issuer shall be required to so notify Existing Letter of Credit were issued by Xxxxx Fargo at the Administrative Agent in writing only once each week request of the Letters of Credit issued by such L/C Issuer during Borrower on the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreedate hereof.

Appears in 1 contract

Samples: Credit Agreement (Universal Hospital Services Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of any Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)Co-Borrowers or their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Co-Borrowers or their Subsidiaries and any drawings thereunder; provided thatprovided, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x) the Total Domestic Outstandings shall not exceed the Domestic Loan CapAggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, Co-Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Co-Borrowers or the Canadian Borrower, as applicable, 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, each Borrower’s the Co-Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower the Co-Borrowers 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. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all All Existing Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the Administrative Agent terms and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agreeconditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Verisk Analytics, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration DateDate (the “Letter of Credit Availability Period”), to issue Letters of Credit for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(bsubsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that, that immediately after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (x1) the Total Domestic Outstandings shall not exceed the Domestic Loan Caplesser of (x) the Aggregate Commitments and (y) the Borrowing Base then in effect plus, during the Overadvance Period, the Overadvance Amount, (y2) the aggregate Outstanding Amount of the Committed Domestic Loans of any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Domestic L/C Obligations, plus such Domestic Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Domestic Borrowers Obligations shall not exceed such Domestic Lender’s Domestic Commitment, and (z3) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter of Credit Sublimit; and (C) each Canadian Lender severally agrees to participate Sublimit then in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (y) the aggregate Outstanding Amount of the Committed Canadian Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, and (z) the Outstanding Amount of the Canadian L/C Obligations shall not exceed the Canadian Letter of Credit Sublimiteffect. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such the Borrower may, during the foregoing periodLetter of Credit Availability Period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Lender Affiliates) shall notify the Administrative Agent or the Canadian Agent, as applicable, in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Encore Acquisition Co)

The Letter of Credit Commitment. (a) Subject to the terms and conditions set forth herein, (Ai) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03Article 3, (1A) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Maturity Date, to issue Letters of Credit denominated in US Dollars or (subject to the limitation set forth below) in one or more Alternative Currencies for the account of any the Borrower (provided that any Canadian Letter of Credit may be for the benefit of any Canadian Loan Party)or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b) below3.2, and (2B) to honor drawings under the Letters of Credit; Credit and (Bii) each Domestic Lender the Lenders severally agrees agree to participate in Domestic Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that, that after giving effect to any L/C Credit Extension with respect to any Domestic Letter of Credit, (w) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, (x) the Total Domestic Revolving Outstandings shall not exceed the Domestic Loan CapAggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Domestic Revolving Loans of made by any Domestic Lender, plus (without duplication) such Domestic Lender’s Applicable Commitment Percentage of the Outstanding Amount of all Domestic L/C Obligations, Obligations plus such Domestic Lender’s Applicable Commitment Percentage of the Outstanding Amount of all Swing Line Swingline Loans made to the Domestic Borrowers shall not exceed such Domestic Lender’s Domestic Commitment, and (z) the Outstanding Amount of the Domestic L/C Obligations shall not exceed the Domestic Letter amount of Credit Sublimit; such Xxxxxx’s Revolving Commitment and (C) each Canadian Lender severally agrees to participate in Canadian Letters of Credit and any drawings thereunder; provided that, after giving effect to any Canadian L/C Credit Extension, (x) the Total Canadian Outstandings shall not exceed the Canadian Loan Cap, (yz) the aggregate Outstanding Amount of the Committed Canadian Revolving Loans of such Canadian Lender, plus (without duplication) such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Canadian L/C Obligations, plus such Canadian Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans made to the Canadian Borrower shall not exceed such Canadian Lender’s Canadian Commitment, denominated in Alternative Currencies and (z) the Outstanding Amount of the Canadian L/C Obligations denominated in Alternative Currencies shall not exceed the Canadian Letter of Credit Alternative Currency Sublimit. Each request by the Lead Borrower or the Canadian Borrower, as applicable, for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Domestic Borrowers or the Canadian Borrower, as applicable, 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, each the Borrower’s ability to obtain Letters of Credit shall be fully revolvingrevolving and, and accordingly such 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. Any All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and, from and after the Closing Date, shall be subject to and governed by the terms and conditions hereof; without limiting the foregoing, each Lender shall be deemed to have purchased from the L/C Issuer (other than Bank a risk participation in each Existing Letter of America or any of its Lender Affiliates) shall notify Credit on the Administrative Agent or Closing Date pursuant to Section 3.2(b). Notwithstanding anything to the Canadian Agentcontrary contained herein, as applicable, in writing on each Business Day of all Letters of Credit denominated in Alternative Currencies may only be issued on the prior Business Day by such Bank of America, in its capacity as L/C Issuer, provided that (i) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (ii) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Williams Sonoma Inc)

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