Common use of The Letter of Credit Subfacility Clause in Contracts

The Letter of Credit Subfacility. The Borrower may -------------------------------- request any Lender, on the terms and conditions hereinafter set forth, to Issue, and any such Lender may, if in its sole discretion it elects to do so, and the L/C Bank shall, if no other Lender elects to do so, Issue Letters of Credit for the account of the Borrower from time to time on any Business Day during the period after the Closing Date until the Commitment Termination Date (a) in an aggregate Available Amount for all Letters of Credit (including the Existing Letters of Credit) not to exceed at any time Ten Million Dollars ($10,000,000) (the "LETTER OF CREDIT SUBFACILITY"), and (b) in an ---------------------------- Available Amount for each such Letter of Credit not to exceed the Unused Revolving Commitments of the Lenders on such Business Day. The L/C Bank and the Issuing Banks shall not be obligated to issue a Letter of Credit if such Issuance would cause the sum of the Revolving Advances, the Swing Line Reserve Amount and the Letter of Credit Obligations then outstanding to exceed the Borrowing Base Amount. No Letter of Credit shall (i) have a face amount of less than $20,000, or (ii) have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 60 days before the Commitment Termination Date, one year after the date of issuance thereof and, in the case of a Trade Letter of Credit, 60 days after the date of issuance thereof. As of the Closing Date, each Existing Letter of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding hereunder and shall, for purposes of Section 3.05, be deemed to be Issued hereunder on the Closing Date. Within the limits of the Letter of Credit Subfacility, and subject to the limits referred to above, the Borrower may request the Issuance of one or more Letters of Credit under this Section 3.01, repay amounts due resulting from L/C Advances thereunder pursuant to Section 3.03, and request the Issuance of one or more additional Letters of Credit under this Section 3.01.

The Letter of Credit Subfacility. The Borrower may -------------------------------- request any LenderEach Issuing Bank agrees, on the terms and conditions hereinafter set forth, to Issue, and any such Lender may, if in its sole discretion it elects to do so, and issue letters of credit (the L/C Bank shall, if no other Lender elects to do so, Issue “Letters of Credit Credit”) for the account of the any Borrower or its Subsidiary from time to time on any Business Day during the period after from the Closing Agreement Date until sixty (60) days before the Commitment Termination Maturity Date (ai) in an aggregate Available Amount for all such Letters of Credit (including the Existing Letters of Credit) not to exceed at any time Ten Million Dollars ($10,000,000) (the "LETTER OF CREDIT SUBFACILITY")amount of the Letter of Credit Subfacility, minus the aggregate principal amount of all Letter of Credit Advances to any Borrower then outstanding and (bii) in an ---------------------------- Available Amount for each such Letter of Credit issued for the account of a Borrower or a Subsidiary of a Borrower not to exceed the aggregate Unused Revolving Loan Commitments of the Lenders on such Business Day. The L/C Bank and the Issuing Banks shall not be obligated to issue a Letter of Credit if such Issuance would cause the sum of the Revolving Advances, the Swing Line Reserve Amount and the Letter of Credit Obligations then outstanding to exceed the Borrowing Base Amount. No Letter of Credit shall (i) have a face amount of less than $20,000, or (ii) have an expiration date (including all rights of the a Borrower or the beneficiary to require renewal) later than the earlier of 60 five (5) days before the Commitment Termination Date, Maturity Date and one (1) year after the date of issuance thereof andthereof; provided, in however, that any Letter of Credit that expires one (1) year after the case date of a Trade its issuance may provide for the automatic renewal of such Letter of Credit for additional one (1)-year periods so long as such Letter of Credit, 60 as renewed, shall have an expiration date not later than five (5) days after before the date of issuance thereofMaturity Date. As of Notwithstanding the Closing Date, each Existing Letter of Credit shall constitute, for all purposes of this Agreement and the other Loan Documentsforegoing, a Letter of Credit issued and outstanding hereunder and shallmay have an expiration date later than five (5) days prior to the Maturity Date if the requesting Borrower provides, at the time of the issuance of such Letter of Credit, Cash Collateral to the Administrative Agent for purposes the benefit of Section 3.05, be deemed those Lenders with a Revolving Loan Commitment in an amount equal to be Issued hereunder one hundred five percent (105%) of the face amount of such Letter of Credit (it being acknowledged that the obligations of the Revolving Loan Lenders to purchase participations in any such Letter of Credit shall terminate on the Closing DateMaturity Date to the extent of the Cash Collateral for such Letters of Credit maintained by the Administrative Agent on such date). Each Letter of Credit issued by an Issuing Bank shall require that all draws thereon must be presented to such Issuing Bank by the expiration date therefor, regardless of whether presented prior to such date to any correspondent bank or other institution. Within the limits of the Letter of Credit Subfacility, and subject to the limits referred to above, the Borrower Borrowers may request the Issuance issuance of one or more Letters of Credit under this Section 3.012.10(a), repay amounts due any Letter of Credit Advances resulting from L/C Advances drawings thereunder pursuant to Section 3.03, 2.10(c) and request the Issuance issuance of one or more additional Letters of Credit under this Section 3.012.10(b).

The Letter of Credit Subfacility. The Borrower may -------------------------------- request any LenderIssuing Bank agrees, on the terms and conditions hereinafter set forth, to Issue, and any such Lender may, if in its sole discretion it elects to do so, and issue letters of credit (the L/C Bank shall, if no other Lender elects to do so, Issue “Letters of Credit Credit”) for the account of the any Borrower from time to time on any Business Day during the period after from the Closing Agreement Date until sixty (60) days before the Commitment Termination Maturity Date (ai) in an aggregate Available Amount for all Letters of Credit (including issued for the Existing Letters account of Credit) all Borrowers not to exceed at any time Ten Million Dollars ($10,000,000) (the "LETTER OF CREDIT SUBFACILITY")amount of the Letter of Credit Subfacility, minus the aggregate principal amount of all Letter of Credit Advances to any Borrower then outstanding and (bii) in an ---------------------------- Available Amount for each such Letter of Credit issued for the account of a Borrower not to exceed the aggregate Unused Revolving Commitments of the Lenders on such Business Day. The L/C Bank and the Issuing Banks shall not be obligated to issue a Letter of Credit if such Issuance would cause the sum of the Revolving Advances, the Swing Line Reserve Amount and the Letter of Credit Obligations then outstanding to exceed the Borrowing Base Amount. No Letter of Credit shall (i) have a face amount of less than $20,000, or (ii) have an expiration date (including all rights of the a Borrower or the beneficiary to require renewal) later than the earlier of 60 five (5) days before the Commitment Termination Date, Maturity Date and one (1) year after the date of issuance thereof andthereof; provided, in however, that any Letter of Credit that expires one (1) year after the case date of a Trade its issuance may provide for the automatic renewal of such Letter of Credit for additional one (1)-year periods so long as such Letter of Credit, 60 as renewed, shall have an expiration date not later than five (5) days after before the date of issuance thereofMaturity Date. As of Notwithstanding the Closing Date, each Existing Letter of Credit shall constitute, for all purposes of this Agreement and the other Loan Documentsforegoing, a Letter of Credit issued and outstanding hereunder and shallmay have an expiration date later than five (5) days prior to the Maturity Date if the requesting Borrower provides, at the time of the issuance of such Letter of Credit, cash collateral to the Administrative Agent for purposes the benefit of Section 3.05those Lenders with a Commitment in an amount equal to one hundred percent (100%) of the face amount of such Letter of Credit. Each Letter of Credit shall require that all draws thereon must be presented to the Issuing Bank by the expiration date therefor, be deemed regardless of whether presented prior to be Issued hereunder on the Closing Datesuch date to any correspondent bank or other institution. Within the limits of the Letter of Credit Subfacility, and subject to the limits referred to above, the Borrower Borrowers may request the Issuance issuance of one or more Letters of Credit under this Section 3.012.10(a), repay amounts due any Letter of Credit Advances resulting from L/C Advances drawings thereunder pursuant to Section 3.03, 2.10(c) and request the Issuance issuance of one or more additional Letters of Credit under this Section 3.012.10(a). On the Agreement Date, each outstanding letter of credit issued under the Existing Credit Agreement and each letter of credit described on Schedule 2.10 (collectively, the “Existing L/Cs”) shall be deemed for all purposes, as of the Agreement Date, without further action by any Person, to have been issued hereunder, and each such issuer of the Existing L/Cs shall be deemed to be an “Issuing Bank” hereunder for all purposes but solely with respect to, and until the termination, expiration or replacement of, such Existing L/Cs.

The Letter of Credit Subfacility. The Borrower may -------------------------------- request any Lender, on the terms and conditions hereinafter set forth, to Issue, and any such Lender may, if in its sole discretion it elects to do so, and that the L/C Bank shall, if no other Lender elects to do so, Issue Letters of Credit for the account of the Borrower from time to time on any Business Day during the period after the Closing Date until the Commitment Termination Date (a) in an aggregate Available Amount for all Letters of Credit (including the Existing Letters of Credit) not to exceed at any time Ten Fifteen Million Dollars ($10,000,00015,000,000) (the "LETTER OF CREDIT SUBFACILITY"“Letter of Credit Subfacility”), and (b) in an ---------------------------- Available Amount for each such Letter of Credit not to exceed the Unused Revolving Commitments of the Lenders on such Business Day. All Letters of Credit outstanding under and as defined in the Existing Credit Agreement shall be deemed to be Letters of Credit Issued hereunder. The L/C Bank and the Issuing Banks shall not be obligated to issue a Letter of Credit if such Issuance would cause the sum of the Revolving Advances, the Swing Line Reserve Amount Advances and the Letter of Credit Obligations then outstanding to exceed the Borrowing Base AmountRevolving Commitments of the Lenders. No Letter of Credit shall (i) have a face amount of less than $20,000500,000, or (ii) have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 60 days five (5) Business Days before the Commitment Termination Date, Date and one year after the date of issuance thereof andthereof; provided, however, any Letter of Credit may by its terms be renewable on terms satisfactory to the L/C Bank, but shall not have an expiration date later than five Business Days before the Commitment Termination Date unless the Borrower and the applicable L/C Bank enter into an agreement satisfactory to such L/C Bank in its sole discretion with respect to the case acceleration and replacement of a Trade such Letter of Credit, 60 days after which agreement may require the date of issuance thereof. As of the Closing Date, each Existing Borrower to cash collateralize such Letter of Credit shall constitute, for all purposes of this Agreement and or enter into such other collateral arrangements as determined by the other Loan Documents, a Letter of Credit issued and outstanding hereunder and shall, for purposes of Section 3.05, be deemed to be Issued hereunder on the Closing DateL/C Bank in its sole discretion. Within the limits of the Letter of Credit Subfacility, and subject to the limits referred to above, the Borrower may request the Issuance of one or more Letters of Credit under this Section 3.01, repay amounts due resulting from L/C Advances thereunder pursuant to Section 3.03, and request the Issuance of one or more additional Letters of Credit under this Section 3.01.