Letter of Credit Guaranty. (a) In order to assist the Borrowers in establishing or opening not more than 3 standby letters of credit, which shall not have expiration dates that exceed 364 days from the date of issuance (the "Letters of Credit"), with the L/C Issuer, the Borrowers have requested the Administrative Agent to join in the applications for such Letters of Credit, and/or guarantee payment or performance of such Letters of Credit and any drafts thereunder through the issuance of a Letter of Credit Guaranty, thereby lending the Administrative Agent's credit to that of the Borrowers, and the Administrative Agent has agreed to do so. Letters of Credit shall only be issued on the Effective Date. These arrangements shall be coordinated by the Administrative Agent subject to the terms and conditions set forth below. The Administrative Agent shall not be required to be the issuer of any Letter of Credit. The Borrowers will be the account parties for application for a Letter of Credit, which shall be substantially in the form of Exhibit K hereto or on a computer transmission system approved by the Administrative Agent and the L/C Issuer or such other written form or computer transmission system as may from time to time be approved by the L/C Issuer and the Administrative Agent, and shall be duly completed in a manner reasonably acceptable to the Administrative Agent, together with such other certificates, -38- 47 agreements, documents and other papers and information as the L/C Issuer or the Administrative Agent may reasonably request (the "Letter of Credit Application"). In the event of any conflict between the terms of the Letter of Credit Application and this Agreement, for purposes of this Agreement, the terms of this Agreement shall control.
Letter of Credit Guaranty. 40 Section 3.02 Participations....................................................................42 Section 3.03 Letters of Credit.................................................................43
Letter of Credit Guaranty. (a) In order to assist the Borrower in establishing or opening standby letters of credit, which shall not have expiration dates later than the Final Maturity Date (each a "Letter of Credit"), with the L/C Issuer, the Borrower has requested the Funding Agent to join in the applications for such Letters of Credit, and/or guarantee payment or performance of such Letters of Credit and any drafts thereunder through the issuance of a Letter of Credit Guaranty, thereby lending the Funding Agent's credit to that of the Borrower, and the Funding Agent has agreed to do so. These arrangements shall be coordinated by the Funding Agent, subject to the terms and conditions set forth below. The Funding Agent shall not be required to be the issuer of any Letter of Credit. The Borrower will be the account party for the application for each Letter of Credit, which shall be in form and substance satisfactory to the Funding Agent and the L/C Issuer or on a computer transmission system approved by the Funding Agent and the L/C Issuer, or such other written form or computer transmission system as may from time to time be approved by the Funding Agent and the L/C Issuer, and shall be duly completed in a manner and at a time reasonably acceptable to the Funding Agent, together with such other certificates, agreements, documents and other papers and information as the Funding Agent and the L/C Issuer may reasonably request, which shall include, without limitation, the requested date of issuance and the name and address of the beneficiary (the "Letter of Credit Application"). In the event of any conflict between the terms of any Letter of Credit Application and this Agreement, for purposes of this Agreement, the terms of this Agreement shall control.
Letter of Credit Guaranty. 38 SECTION 3.02. Participations....................................................................... 40 (a) Purchase of Participations.............................................. 40 (b) Sharing of Payments..................................................... 40 (c) Obligations Irrevocable................................................. 40 SECTION 3.03. Support Letter of Credit............................................................. 41 (a) Request for Issuance.................................................... 41 (b) Letter of Credit Fees................................................... 41 ARTICLE IV FEES, PAYMENTS AND OTHER COMPENSATION.......................................................... 42
Letter of Credit Guaranty. The Company hereby acknowledges that it -------------------------- has requested Holder (or its affiliates) to apply to American National Bank and Trust Company of Chicago or Bank One Corporation (either such entity, the "Bank"), on the Company's behalf, for the issuance of a letter of credit (the "Letter of Credit") in the stated amount of $5,859,378.60 for the benefit of Xxxxxxx Xxxxxxxxxxx & Supply Co., Inc. (the "Beneficiary"). The Company also acknowledges that the Letter of Credit would not be issued but for the approval thereof by Xxxxxx and/or Xxxxxx's obligation to reimburse its affiliates for any obligation such affiliates may have with respect to the Letter of Credit, and that the Bank has agreed to issue the Letter of Credit on the basis of Holder's or one of Holder's affiliates' agreement to reimburse the Bank for amounts paid to the Beneficiary upon any draw or draws on the Letter of Credit. Further, the Company acknowledges that Holder may elect to directly fund under this Note obligations which otherwise might be paid to the Beneficiary pursuant to a draw or draws on the Letter of Credit. Any and all amounts advanced hereunder to fund amounts that would otherwise be paid to the Beneficiary pursuant to a draw or draws on the Letter of Credit or to reimburse Holder for amounts owed by Holder to its affiliates or by Xxxxxx's affiliates to the Bank in respect of a draw or draws on the Letter of Credit shall, without duplication, be referred to herein as an "LC Advance". The Company hereby irrevocably authorizes Xxxxxx and Xxxxxx's affiliates to (a) cause the Letter of Credit to be issued, (b) make payments in satisfaction of reimbursement obligations in connection with draws on the Letter of Credit, and (c) fund advances hereunder, from time to time, and in one or more payments, in lieu of draws on the Letter of Credit, as aforesaid. The stated amount of the Letter of Credit shall constitute an advance hereunder solely for purposes of Section 3(c) hereof, provided that LC Advances shall not constitute an advance hereunder for purposes of said Section 3(c). The stated amount of the Letter of Credit shall not constitute outstanding principal amounts hereunder. LC Advances shall constitute outstanding principal amounts hereunder, including without limitation for the purposes of Section 5(a) hereunder. Without limitation to the foregoing, (i) from and after the issuance of the Letter of Credit until, and to the extent, of LC Advances, the issued bu...
Letter of Credit Guaranty. (a) In order to assist the Borrowers in establishing or opening documentary and standby letters of credit, which shall not have expiration dates that exceed 270 days in the case of documentary letters of credit and 365 days in the case of standby letters of credit (or such longer periods as may be approved by the Agents from the date of issuance (the "Letters of Credit"), with the L/C Issuer, the Borrowers have requested NationsBanc to join in the applications for such Letters of Credit, and/or guarantee payment or performance of such Letters of Credit and any drafts thereunder through the issuance of a Letter of Credit Guaranty, thereby lending NationsBanc's credit to that of the Borrowers, and NationsBanc hereby agrees to do so. These arrangements shall be coordinated by NationsBanc subject to the terms and conditions set forth below. NationsBanc shall not be required to be the issuer of any Letter of Credit. A Borrower will be the account party for each application for a Letter of Credit, which shall be substantially in the form of Exhibit F hereto or on a computer transmission system approved by NationsBanc and the L/C Issuer or such other written form or written transmission system as may from time to time be approved by the L/C Issuer and NationsBanc, and shall be duly completed in a manner reasonably acceptable to NationsBanc, together with such other certificates, agreements, documents and other papers and information as the L/C Issuer or NationsBanc may reasonably request (the "Letter of Credit Application"). In the event of any conflict between the terms of the Letter of Credit Application and this Agreement, for purposes of this Agreement, the terms of this Agreement shall control.
Letter of Credit Guaranty. The second sentence of the Letter of Credit Guaranty provisions of the IFA and BFA is hereby deleted and replaced with the following: “CDF has agreed to provide the CDF Guaranty in an amount up to Five Million Dollars ($5,000,000.00) (the “CDF Guaranty Amount”); provided, however, that (i) in no event shall the expiry date of the Letter of Credit occur more than 364 days following the date of the issuance thereof and (ii) at no time will the principal amount outstanding under the Accounts Receivable Facility and the CDF Guaranty Amount exceed, in the aggregate, Twenty-Five Million Dollars ($25,000,000.00).”
Letter of Credit Guaranty. (a) The first sentence of subsection 3.1(b) of the Credit Agreement is hereby amended by inserting immediately after the term "Letter of Credit Obligations" the following parenthetical "(other than the Letter of Credit Obligations related to the Special L/C Facility)".
Letter of Credit Guaranty. Any guaranty pursuant to which the Agent or any Affiliate or Subsidiary of the Agent shall guaranty the payment or performance by the Borrowers of their reimbursement obligations under any letter of credit.
Letter of Credit Guaranty. The obligation of the Lender Group to make the initial Advance or to issue any L/C Guaranty is subject to the fulfillment, to the satisfaction of Agent and its counsel, of each of the following conditions on or before the Closing Date:
