The Letter of Credit Facility. (i) Subject to the terms and conditions hereinafter set forth (A) Issuing Bank agrees, in reliance on the Agreements of the Lenders set forth in this Section (1) to issue Letters of Credit for the account of any Borrower from time to time on any Business Day during the period from the Effective Date hereof until 10 days before the Termination Date in an aggregate Available Amount for all Letters of Credit not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) the Unused Revolving Credit Commitments of the Lenders at such time (provided that in no event shall the Issuing Bank be required to issue a Letter of Credit if, after giving effect to such issuance, the aggregate amount of the Revolving Credit Exposures of all Lenders shall exceed the Revolving Credit Availability at such time) and to amend or extend Letters of Credit previously issued by it in accordance with the terms of this Section 2.16, and (2) to honor drawings under the Letters of Credit, and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of any Borrower and any drawings thereunder. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance, extension or amendment of the Letter of Credit so requested complies with the conditions set forth in 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.
(ii) No Letter of Credit shall have an expiration date (including all rights of the applicable Borrower or the beneficiary to require renewal) later than the earlier of (A) 10 days before the Termination Date and (B) one year after the date of issuance thereof (but such Letter of Credit may by its terms be automatically renewable (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Issuing Bank to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month...
The Letter of Credit Facility. The Borrower may request the Issuing Bank, on the terms and conditions hereinafter set forth, to issue, and the Issuing Bank shall, if so requested, issue, Financial Letters of Credit and Non-Financial Letters of Credit (collectively, the "Letters of Credit") for the account of the Borrower from time to time on any Business Day from the date of the initial Advance until the Maturity Date in an aggregate maximum amount (assuming compliance with all conditions to drawing) not to exceed at any time outstanding the lesser of (i) $25,000,000 (the "Letter of Credit Facility") and (ii) the remainder of (a) the Commitment MINUS (b) the aggregate principal amount of Advances then outstanding. No Letter of Credit shall have an expiration date (including all rights of renewal) later than the Maturity Date. Immediately upon the issuance of each Letter of Credit (or upon the Agreement Date, with respect to Existing Letters of Credit), the Issuing Bank shall be deemed to have sold and transferred to each Lender, and each Lender shall be deemed to have purchased and received from the Issuing Bank, in each case irrevocably and without any further action by any party, an undivided interest and participation in such Letter of Credit, each drawing thereunder and the obligations of the Borrower under this Agreement in respect thereof in an amount equal to the product of (x) such Lender's Specified Percentage times (y) the maximum amount available to be drawn under such Letter of Credit (assuming compliance with all conditions to drawing). Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.16(a), repay any Advances resulting from drawings thereunder pursuant to Section 2.16(c) and request the issuance of additional Letters of Credit under this Section 2.16(a).
The Letter of Credit Facility. (a) Terms and Amount of Letter of Credit. U.S. Bank has issued its irrevocable direct-pay Letter of Credit for the account of Borrower in favor of the Trustee in an initial amount equal to the initial Stated Amount, which amount shall be amortized as follows: $10,340,000.00 of the initial Stated Amount shall be amortized based on a twenty-five (25) year amortization schedule and $1,275,000.00 of the initial Stated Amount shall be amortized based on a five (5) year amortization schedule. The amount of principal and interest which Borrower must pay monthly in order to amortize fully the initial Stated Amount according to the above amortization schedule is set forth on Schedule 2.3(a) attached hereto. Notwithstanding any contrary provision of this Agreement, this Agreement shall not expire or be otherwise terminated until such time as all payment obligations due or to become due to Agent or any Lender with respect to the Letter of Credit have been paid.
The Letter of Credit Facility. The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the "LETTERS OF CREDIT") for the account of the Borrower from time to time on any Business Day during the period from the Closing Date until the Termination Date in an aggregate Available Amount for all Letters of Credit issued by the Issuing Bank not to exceed at any time 10% of the Commitments at such time. In no event shall the Borrower be entitled to request the Issuing Bank to issue any Letter of Credit if such issuance would cause the Aggregate Outstanding Amount to exceed the Commitments. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 4.1, repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 4.3 and request the issuance of additional Letters of Credit under this Section
The Letter of Credit Facility. (a) From time to time on the terms and conditions set forth herein (i) the Issuing Bank agrees prior to the Revolving Termination Date (A) to issue Letters of Credit for the account of the Company or its Subsidiaries (it being understood that the Company shall be liable hereunder for all obligations with respect to any Letters of Credit issued hereunder for the account of a Subsidiary, which for purposes hereof shall be deemed to be issued "for the account of the Company), (B) to amend Letters of Credit previously issued hereunder by it, in accordance with subsection 3.02(c), and (C) to honor drafts drawn under any Letter of Credit; and (ii) the Banks severally agree to participate in Letters of Credit (including the Letters of Credit described in subsection 3.03(a)) Issued for the account of the Company; provided, however, that the Issuing Bank shall not be obligated to Issue, and no Bank shall be obligated to
The Letter of Credit Facility. (a) On the terms and conditions set forth herein, (i) each Issuing Bank agrees, (A) from time to time on any Business Day during the period from the Closing Date until 30 days before the Revolving Termination Date to issue Letters of Credit
The Letter of Credit Facility. (i) Effective as of the date of the initial Borrowing, the letters of credit existing on the date thereof and listed on Schedule 2.13(a) hereto (the "EXISTING LETTERS OF CREDIT"), which Schedule 2.13
(a) shall include the issuer, beneficiary, account party, number, date of issuance and expiry date of each Existing Letter of Credit and the available amount outstanding thereunder, shall be deemed to be outstanding under this Agreement.
(ii) The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue additional letters of credit (together with the Existing Letters of Credit, the "LETTERS OF CREDIT") for the account of the Borrower from time to time on any Business Day during the period from the date of the initial Borrowing until 30 days before the Termination Date (A) in an aggregate Available Amount for all Letters of Credit issued by the Issuing Bank at any time outstanding, together with all Existing Letters of Credit then outstanding, not to exceed at any time the Letter of Credit Commitment and (B) in an Available Amount for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Revolving Credit Lenders on such Business Day. No
The Letter of Credit Facility. 2.01 Issuance of the Letter of Credit.
(a) Upon at least one Business Day's prior notice from the Issuer to the Issuing Bank, the Issuing Bank agrees, on the terms and subject to the conditions hereinafter set forth, to issue and deliver the Letter of Credit to the Depositary (with a copy to the Administrative Agent and the Issuer) on the Effective Date, in the Stated Amount and expiring on or, subject to the terms and conditions thereof, before the Stated Termination Date.
(b) Each Lender hereby irrevocably authorizes the Issuing Bank to issue the Letter of Credit under and in accordance with this Agreement, to pay the amount of any draft presented under the Letter of Credit in accordance with the terms and conditions thereof, to receive from the Issuer reimbursement for Drawings and to take such action on its behalf under the provisions of this Agreement and the Depositary Agreement and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to or required of the Issuing Bank by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.
The Letter of Credit Facility. From time to time during the Availability Period, Bank will create and issue commercial and standby letters of credit for Borrower's account. The total of the undrawn and the drawn and unreimbursed amount of all commercial and standby letters of credit outstanding at any time under the Letter of Credit Facility, including the Construction Letter of Credit Sublimit, may not exceed the Letter of Credit Commitment at such time.
The Letter of Credit Facility. Obligation to Issue Letters of Credit
