Tranche B Letters of Credit Sample Clauses

Tranche B Letters of Credit. Upon the terms and subject to the conditions herein set forth, each Borrower may request a Fronting Bank, at any time and from time to time after the date hereof and prior to the Termination Date, to issue, and subject to the terms and conditions contained herein, and so long as no Stop Issuance Notice is in effect, such Fronting Bank shall issue, for the account of such Borrower, one or more Tranche B Letters of Credit for the uses specified in Section 5.08(a); provided that after giving effect to such issuance (i) the aggregate outstanding principal amount of Tranche B Loans of such Tranche B DIP Lender plus such Tranche B DIP Lender's participation in Tranche B Letters of Credit (and unreimbursed draws thereunder) does not exceed such Tranche B DIP Lender's Tranche B Credit-Linked Deposit Amount, (ii) the Outstanding Exposure with respect to such Borrower does not exceed such Borrower's Borrowing Limit, (iii) the Tranche B Outstanding Exposure with respect to all Borrowers does not exceed the Total Tranche B Credit-Linked Deposit Amount, (iv) the Letter of Credit Outstandings with respect to such Borrower and (v) the Surety Credit Usage will not exceed the Surety Basket Amount.
Sample 1
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Tranche B Letters of Credit. On the relevant Applicable Conversion Date with respect to any Existing L/C, (a) any existing participation of a Tranche B Lender (in its capacity as a Prepetition Lender) in such Existing L/C shall terminate and be of no further force and effect, (b) any rights or obligations of Tranche B Lenders (in their capacity as Prepetition Lenders) to reimburse or participate in honored drawings under, or to participate in payments made by Company or any of its Subsidiaries with respect to, such Existing L/C under any of the Prepetition Credit Documents shall be superseded by this Agreement, and (c) any and all rights, titles, claims (including "claims" within the meaning of Section 101(5) of the Federal Bankruptcy Reform Act of 1978 (11 U.S.C.ss.101, et seq.)), interests, powers and privileges -- ---- of the issuer of any Existing L/C under the Prepetition Credit Documents shall be deemed to have reverted back to the Issuing Lender of such Existing L/C and such Existing L/C shall be deemed to be converted on such date to a Tranche B Letter of Credit under this Agreement. Subject to the provisions of subsection 3.1B(ii), prior to the expiration date of any Tranche B Letter of Credit, the Issuing Lender with respect to such Tranche B Letter of Credit may, and at the request of Agents shall, issue a Tranche B Letter of Credit to replace such expiring Tranche B Letter of Credit or amend or extend the expiration date of such expiring Tranche B Letter of Credit, and upon such issuance or extension Borrowers shall be deemed to have requested that the Issuing Lender with respect to such outstanding Tranche B Letter of Credit issue a Tranche B Letter of Credit to replace such Tranche B Letter of Credit or so extend the maturity of such Tranche B Letter of Credit, respectively; provided that no Issuing Lender shall issue or extend the expiration date of any outstanding Tranche B Letter of Credit:
Sample 1
Tranche B Letters of Credit. Subject to the terms and conditions of this Agreement, Lender hereby establishes for the benefit of Borrower a letter of credit facility (the “Tranche B Facility”). Subject to the terms and conditions of this Agreement, and provided no Event of Default exists, Lender hereby agrees for the benefit of Borrower to issue Letters of Credit for the account of Borrower from time to time hereunder. The Tranche B Letter of Credit Amounts shall not at any time exceed the Tranche X X/C Commitment.
Sample 1
Tranche B Letters of Credit. On the Tranche B Effective Date (i) the Pre-Petition Letters of Credit shall be deemed for all purposes to be Letters of Credit issued pursuant to this Section 2.03(b) (each, a "Tranche B Letter of Credit" and collectively, the "Tranche B Letters of Credit"), and (ii) each Tranche B Bank shall be deemed to have purchased from the Fronting Bank, a participation in the Tranche B Letters of Credit in an amount equal to such Tranche B Bank's Tranche B Commitment Percentage, as set forth on Annex A hereto. From and after the Tranche B Effective Date, no new Tranche B Letters of Credit shall be issued hereunder, provided each Tranche B Letter of Credit shall be extended or renewed if contemplated by its terms, whether or not the conditions precedent to such extension or renewal set forth in Section 4.02 shall have been satisfied.
Sample 1
Tranche B Letters of Credit. The Original Agreement is hereby amended to add a new Article IIA thereto immediately following Article II thereof to read as follows: "ARTICLE IIA - Tranche B Letters of Credit
Sample 1
Tranche B Letters of Credit. Subject to the terms and conditions hereof, US Borrower may during the Tranche B Revolving Period request US LC Issuer to issue one or more TRB Letters of Credit, provided that, after taking such TRB Letter of Credit into account:
Sample 1
Tranche B Letters of Credit. During the period from and including the Closing Date to but excluding the Termination Date, the Agent, as issuing bank for the Lenders, agrees, on the terms of this Agreement, to extend credit for the account of the Borrower at any time and from time to time by issuing, renewing, extending or reissuing Tranche B Letters of Credit; provided however, the Tranche B LC Exposure at any one time outstanding shall not exceed the lesser of (i) the Tranche B LC Commitment or (ii) the lesser of the Aggregate Maximum Tranche B Credit Amounts or the Aggregate Tranche B Commitments, as then in effect, in either case, minus the aggregate principal amount of all Tranche B Loans then outstanding. The Lenders shall participate in such Tranche B Letters of Credit according to their respective Percentage Shares.
Sample 1
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Tranche B Letters of Credit. On the Closing Date the L/C Issuer shall issue Tranche B Letters of Credit in the face amounts of $1,000,000 for the benefit of Shell Trading (USA) Company and up to $1,200,000 for the benefit of BP Corporation North America Inc. and otherwise in form and substance satisfactory to Borrowers and L/C Issuer. The availability under the Tranche B Letters of Credit may be used by Borrowers solely for the purpose of securing Borrowers’ obligations to Approved Counterparties.
Sample 1

Related to Tranche B Letters of Credit

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

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

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Loans and Letters of Credit On the Closing Date:

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

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