The Letter of Credit Facility. (a) On the terms and conditions set forth herein (i) the Issuing Bank agrees, in reliance upon the agreements of the other Lenders set forth in this SECTION 3.01, (A) from time to time on any Business Day during the period from the Execution Date to the Termination Date to issue Letters of Credit for the account of the Company, and to amend or renew Letters of Credit previously issued by it, in accordance with SUBSECTIONS 3.02(c) and 3.02(e), and (B) to honor drafts under the Letters of Credit; and (ii) the Lenders severally agree to participate in Letters of Credit Issued for the account of the Company; provided, that the Issuing Bank shall not be obligated to Issue, and no Lender shall be obligated to participate in, any Letter of Credit if, as of the date of Issuance of such Letter of Credit (the "ISSUANCE DATE"), after giving effect to such Issuance, (1) the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans would exceed the lesser of (x) the combined Commitments and (y) the Borrowing Base, or (2) the Effective Amount of the L/C Obligations would exceed the L/C Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.
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, letters of credit (the "Letters ------- of Credit") for the account of the Borrower or any other Obligor 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 least of (i) $20,000,000 (the "Letter of Credit Facility"), (ii) the remainder of ------------------------- the Borrowing Base minus the aggregate principal amount of Advances then outstanding, and (iii) the Commitment. No Letter of Credit shall have an expiration date (including all rights of renewal) later than the earlier of (i) the Maturity Date or (ii) one year after the date of issuance thereof. Immediately upon the issuance of each Letter 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 2.15(a), repay --------------- any Advances resulting from drawings thereunder pursuant to Section 2.15(c) and --------------- request the issuance of additional Letters of Credit under this Section 2.15(a). ---------------
The Letter of Credit Facility. (a) On the terms and conditions set forth herein (i) the Issuing Bank agrees, (A) from time to time on any Business Day during the period from the Closing Date to the Facility B Termination Date to issue Letters of Credit for the account of the Company, and to amend or renew Letters of Credit previously issued by it, in accordance with Subsections 3.02(c) and 3.02(e), and (B) to honor drafts under the Letters of Credit; and (ii) the Banks severally agree to participate in Letters of Credit Issued for the account of the Company; provided, that the Issuing Bank shall not be obligated to Issue, and no Bank shall be obligated to participate in, any Letter of Credit if as of the date of Issuance of such Letter of Credit (the "Issuance Date") the Effective Amount of all L/C Obligations plus the Effective Amount of all Facility B Revolving Loans exceeds the combined Facility B Commitments. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.
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 $30,000,000 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. 28 3.1. Obligation to Issue 28 3.2. [Intentionally Omitted] 29 3.3. Types and Amounts 29 3.4. Conditions 29 3.5. Procedure for Issuance of Letters of Credit 29 3.6. Letter of Credit Fees 30 3.7. Reimbursement Obligation 30 3.8. Letter of Credit Fees 31 3.9. Issuing Bank Reporting Requirements 31 3.10. Indemnification; Exoneration 31 3.11. Cash Collateral 32
The Letter of Credit Facility. SECTION 8.01. Issuance of the Letter of Credit and Amendments.
The Letter of Credit Facility. 3.1 Obligation to Issue Letters of Credit
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. 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, letters of credit (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 Revolving Commitment Maturity Date in an aggregate maximum drawable amount (assuming compliance with all conditions to drawing) not to exceed, at any time outstanding, the lesser of (i) $2,000,000 (or the U.S. dollar equivalent thereof in foreign currencies acceptable to the Issuing Bank) (the "Letter of Credit Facility") and
