The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions as Borrower may from time to time request; provided, however, that (i) the Outstanding Obligations of each Lender shall not at any time exceed such Lender’s Commitment; (ii) the Outstanding Obligations of all Lenders shall not at any time exceed the lesser of (x) the combined Commitments; and (y) the Availability Limit; and (iii) Letter of Credit Usage shall not at any time exceed the Letter of Credit Sublimit. Subject to subsection (g) below and unless consented to by Issuing Lender and Requisite Lenders, no Letter of Credit may expire more than 12 months after the date of its issuance or last renewal. No Letter of Credit shall expire after the Letter of Credit Expiration Date except that, at the option of Administrative Agent, Letters of Credit securing Borrower's obligations pursuant to workers' compensation claims may have an expiration date not to exceed six (6) months after the Letter of Credit Expiration Date provided that (A) the aggregate face amount of such Letters of Credit shall not exceed $2,000,000; and (B) from and after the Letter of Credit Expiration Date, the Letter of Credit Usage under such Letters of Credit shall be fully secured by cash collateral in an amount equal to such Letter of Credit Usage deposited in a Letter of Credit Cash Collateral Account.
The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions as Borrower may from time to time request; provided, however, that (i) the Outstanding Obligations of each Lender shall not at any time exceed such Lender’s Commitment; (ii) the Outstanding Obligations of all Lenders shall not at any time exceed the combined Commitments; and (iii) Letter of Credit Usage shall not at any time exceed the Letter of Credit Sublimit. Subject to subsection (g) below and unless consented to by Issuing Lender and Requisite Lenders, no Letter of Credit may expire more than 12 months after the date of its issuance or last renewal.
The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Maturity Date, Lender shall take such Letter of Credit Actions under the Commitment as Borrower may from time to time request; provided, however, that (i) the aggregate outstanding Letter of Credit -------- ------- Usage shall not exceed the Letter of Credit Sublimit at any time and (ii) the Outstanding Obligations of Lender shall not exceed Lender's Commitment at any time. Each Letter of Credit Action shall be in a form acceptable to Lender. Unless consented to by Lender, no Letter of Credit may expire more than 12 months after the date of its issuance or last renewal; provided, however, that -------- ------- no Letter of Credit shall expire after the Maturity Date. If any Letter of Credit Usage remains outstanding after the Maturity Date, Borrower shall deposit cash in an amount equal to such Letter of Credit Usage in a Letter of Credit Cash Collateral Account not later than the Maturity Date. All Existing Letters of Credit shall be deemed continuing and outstanding hereunder as Letters of Credit.
The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Letter of Credit Expiration Date, Issuing Lender shall take such Dollar denominated Letter of Credit Actions as Borrower may from time to time request; provided, however, that (i) the Revolving Outstandings of each Revolving Lender shall not at any time exceed such Revolving Lender’s Revolving Commitment; (ii) the Revolving Outstandings of all Revolving Lenders shall not at any time exceed the combined Revolving Commitments; and (iii) Letter of Credit Usage shall not at any time exceed the Letter of Credit Sublimit. No Letter of Credit shall be denominated in any Alternative Currency.
The Letter of Credit Sublimit. Subject to the terms and conditions hereof, at any time and from time to time from the Closing Date through the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions as Borrower may request; provided, however, that the Issuing Lender shall not be obligated to take any Letter of Credit Action with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such Letter of Credit Action, the aggregate outstanding Letter of Credit Usage would exceed the Letter of Credit Sublimit or the aggregate outstanding principal amount of all Loans plus the Letter of Credit Usage would exceed the combined Commitments. Each Letter of Credit Action shall be in a form acceptable to Issuing Lender and shall not violate any policies of Issuing Lender. Standby Letters of Credit shall be issued only for the purpose of (i) securing workers’ compensation and other insurance coverages for Borrower and its Subsidiaries in an amount not at any time to exceed the minimum amount required by Holdings’, Borrower’s, or any of Borrower’s Subsidiaries’ insurance carriers or applicable regulatory agencies and (ii) supporting obligations of Borrower and its Subsidiaries incurred in the construction of stores and related shopping centers and (iii) securing payment of monetary losses suffered by Texas Eastern in the event Texas Eastern is required to make payments under the Texas Eastern Guaranty with respect to the Jaclane Leases and the Carlane Leases to the extent (and only to the extent) that such issuance is required by Texas Eastern; provided that such standby Letters of Credit shall not be issued prior to (a) the date on which all of the amounts held in escrow under that certain escrow agreement dated September 19, 1985 with First Interstate Bank of California as escrow agent (now Wxxxx Fargo Bank) (which amount was approximately $12,911,000 as of June 25, 2000) shall have been released from escrow and returned to Borrower, (b) the date on which all of the guaranties of Texas Eastern guarantying the obligations of Borrower and its Subsidiaries under leases pursuant to which Borrower or one of its Subsidiaries is the lessee (other than the Jaclane Leases and the Carlane Leases) shall have been released, (c) or concurrently with the occurrence of the Closing (as defined in the Redemption Agreement dated as of November 27, 2000 between Borrower and Texas Eastern), and (d) the date on which ...
The Letter of Credit Sublimit. As a sublimit to the Revolving Loan, Bank shall issue, for the account of Borrower, one or more irrevocable, commercial or standby letters of credit (individually, an "L/C" and collectively, the "L/Cs"). All such L/Cs shall be drawn on such terms and conditions as are acceptable to Bank. The aggregate amount available to be drawn under all outstanding L/Cs and the aggregate amount of unpaid reimbursement obligations under drawn L/Cs shall not exceed Two Million Dollars ($2,000,000) and shall reduce, dollar for dollar, the maximum amount available under the Revolving Loan. No L/C shall have an expiry date more than one (1) year from its date of issuance and each L/C shall be governed by the terms of (and Borrower agrees to execute) Bank's standard form of L/C application and reimbursement agreement. No L/C shall expire after September 30, 1999.
The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions as Borrower may from time to time request; provided, however, that (i) the Outstanding Obligations of Lender shall not at any time exceed Lender’s Commitment; and (ii) the Letter of Credit Usage shall not at any time exceed the Letter of Credit Sublimit. Subject to subsection (g) below, no Letter of Credit may expire more than twelve (12) months after the date of its issuance or last renewal.
The Letter of Credit Sublimit. Subject to the terms and conditions hereof, at any time and from time to time from the Closing Date through the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions under the Commitments as Borrower may request; PROVIDED, HOWEVER, that (i) the Outstanding Obligations of each Lender shall not exceed such Lender's Commitment and the Outstanding Obligations of all Lenders shall not exceed the combined Commitments at any time, and (ii) the aggregate outstanding Letter of Credit Usage with respect to Financial Letters of Credit shall not exceed the Financial Letter of Credit Sublimit at any time. Subject to subsection (f) below, no Letter of Credit may expire more than 12 months after the date of its issuance or last renewal; PROVIDED, HOWEVER, that no Letter of Credit shall expire after the Letter of Credit Expiration Date. If any Letter of Credit Usage remains outstanding after the Letter of Credit Expiration Date, Borrower shall, not later than the Letter of Credit Expiration Date, deposit cash in an amount equal to such Letter of Credit Usage in a Letter of Credit Cash Collateral Account.
The Letter of Credit Sublimit. As a sublimit to the Revolving Loan, Bank shall issue, for the account of Borrower, one or more irrevocable commercial letters of credit (individually, a "Commercial L/C" and collectively, the "Commercial L/Cs") and/or one or more irrevocable standby letters of credit (individually a "Standby L/C" and collectively the "Standby L/Cs"). The aggregate amount available to be drawn under all outstanding Commercial L/Cs and Standby L/Cs and the aggregate amount of unpaid reimbursement obligations under all drawn Commercial L/Cs and Standby L/Cs shall not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) and shall reduce, dollar for dollar, the maximum amount available under the Revolving Loan. Each Commercial L/C and Standby L/C shall call only for drafts drawn at sight. No Commercial L/C shall have an expiry date more than 180 days from its date of issuance and no Standby L/C shall have an expiry date more than 12 months from its date of issuance provided, however, that in no event shall any Commercial L/C or Standby L/C have an expiry date later than the maturity date of the Revolving Loan. Each Commercial L/C and Standby L/C shall be drawn on such terms and conditions as are acceptable to Bank and shall be governed by the terms of (and Borrower agrees to execute) Bank's standard form of credit application and reimbursement agreement or standby letter of credit application and reimbursement agreement, as the case may be.
The Letter of Credit Sublimit. Subject to the terms and conditions set forth in this Agreement, until the Letter of Credit Expiration Date, Issuing Lender shall take such Letter of Credit Actions as Borrower may from time to time request; provided, however, that (i) the Outstanding Obligations of each Lender shall not at any time exceed such Lender’s Commitment; (ii) the Outstanding Obligations of all Lenders shall not at any time exceed the combined Commitments; and (iii) Letter of Credit Usage shall not at any time exceed the Letter of Credit Sublimit.
