Common use of Issuance Clause in Contracts

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. any Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. each Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by such Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. such Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed SIXTY MILLION DOLLARS ($60,000,000) (the U.S. “LOC Sublimit and Committed Amount”); (ii) with regard to each Lender individually, such Lender’s share of outstanding Revolving Loans and Swingline Loans and LOC Obligations shall not exceed such Lender’s Commitment Percentage of the sum of Revolving Committed Amount; and (iii) with regard to the Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Loans, Swingline Loans plus the aggregate U.S. and LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the date five (5) Business Days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and provided that no Default or Event of Default shall have occurred and be continuing, and further subject to any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon during the agreements of Airgas and U.S. Revolving Lenders set forth herein, Commitment Period the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies a Credit Party from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, extended shall have an expiry date extending beyond the Maturity Revolving Termination Date, except that prior to the Revolving Termination Date a Letter of Credit may be issued or extended with an expiry date extending beyond the Revolving Termination Date if, and to the extent that the Borrower shall provide cash collateral to the Issuing Lender on the date of issuance or extension in an amount equal to the maximum amount available to be drawn under such Letter of Credit. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender In the case of a conflict in the terms of the LOC Documents and this Credit Agreement, the terms of this Credit Agreement shall not be under any obligation to issue any U.S. Letter of Credit if:control.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date five (5) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed FIFTEEN MILLION DOLLARS ($15,000,000) (the U.S. "LOC Sublimit COMMITTED AMOUNT") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. PLUS LOC Obligations PLUS Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary "evergreen" provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date five (5) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation required to issue any U.S. Letter of Credit if:which would violate any Requirement of Law applicable to the Issuing

Issuance. Subject to Each LC Issuer hereby agrees, within the limits of its LC Issuer’s LC Limit and on the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinin this Agreement, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit denominated in Dollars for the account of Airgas the Borrower (or its Subsidiaries in U.S. Dollars or in the joint account of the Borrower and one or more Foreign Currencies of its Subsidiaries or other Persons in which the Borrower (directly or indirectly) owns any Capital Stock) (each, a “Facility LC”) and to renew, extend, increase, decrease or otherwise modify each Facility LC (“Modify,” and each such action a “Modification”), from time to time from and including the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable date of this Agreement and prior to the U.S. Issuing LenderFacility Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate maximum amount then available for drawing under Facility LCs issued by such LC Issuer shall not exceed its LC Issuer’s LC Limit, (ii) the aggregate Dollar Amount of the outstanding LC Obligations shall not exceed the Facility LC Sublimit, (iii) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment and subject (iv) the aggregate amount of all Borrowing Base Debt shall not exceed the Borrowing Base determined as of the most recent Inventory Valuation Date. No Facility LC shall have an expiry date later than the fifth Business Day prior to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderFacility Termination Date; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more of a Facility LC may be up to one (1) year later than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond fifth Business Day prior to the Maturity Date. Each U.S. Letter of Credit shall comply Facility Termination Date if the Borrower has Cash Collateralized such Facility LC in accordance with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:Section 2.19(l).

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, any Subsidiary as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed FIVE MILLION DOLLARS ($5,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations outstanding at any time shall not exceed such Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. The Issuing Lender has heretofore issued the Existing Letters of Credit. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue issue, and each U.S. Lender and each Multicurrency Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time during the Closing Date until Commitment Period as the Maturity Date, as Airgas Company may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate Dollar Amount with respect to principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Multicurrency Revolving Loans plus outstanding Swingline Loans plus the aggregate U.S. all LOC Obligations outstanding shall not at any time exceed the sum of the U.S. Revolving Committed Amount plus the Multicurrency Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (other than an Existing Letter of Credit) or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Revolving Credit Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. applicable Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by each Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. applicable Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TEN MILLION DOLLARS ($10,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary "evergreen" provisions pursuant to which the expiry date is automatically extended by a specific time period unless the applicable Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions relating to the Borrower which the U.S. Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien (not otherwise contemplated by this Credit Agreement) to be given by any Credit Party or conflict with any obligation of, and or detract from any action which may be taken by, the Borrower or its Subsidiaries under this Credit Agreement), the Issuing Lender agrees, in reliance upon the agreements of Airgas and U.S. Revolving the other Lenders set forth hereinin this Section 2.3, the U.S. Issuing Lender agrees from time to time upon request, in its reasonable discretion, to issue U.S. (from the Closing Date to thirty days prior to the Maturity Date and in a form reasonably acceptable to the Issuing Lender), in Dollars, and the Participants shall participate in, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBorrower; provided, however, that that, after giving effect to the issuance (or drawdown or extension) of any Letter of Credit, (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit Committed Amount and (ii) (A) the sum of the aggregate principal amount of outstanding U.S. LOC Obligations, plus (B) the aggregate amount of the Dollar Equivalent of Revolving Loans outstanding, plus (C) the aggregate principal amount of outstanding U.S. Swingline Competitive Bid Loans outstanding, plus (D) the aggregate U.S. LOC Obligations amount of Swing Line Loans outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Amount and (iii) if any Participant shall be a Defaulting Lender at the time of issuance of any Letter of Credit, the amount of such Letter of Credit shall be reduced by the amount of such Participant’s Participation Interest in such Letter of Credit, unless otherwise agreed by the Issuing Lender in its sole discretion. The Issuing Lender may require the issuance and expiry date of each Letter of Credit to be a Business Day. Each Letter of Credit shall be a standby letter of credit issued to support the obligations (x) subject to Section 2.2(b)(ivincluding pension or insurance obligations), contingent or otherwise, of the Borrower or any of its Subsidiaries. Except as otherwise expressly agreed upon by all the Participants, no Letter of Credit shall have an original expiry date more than one year from the date of issuanceissuance nor, as extended or (y) as originally issued or as extendedotherwise, shall have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date Borrower shall promptly examine a copy of each U.S. Letter of Credit shall be a Business Day. The U.S. and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:Lender.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Lenders will participate in reliance upon the agreements issuance by the Issuing Bank to the Underlying Issuer from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees one or more L/C Undertakings with respect to issue U.S. Letters of Credit for issued from time to time by the account of Airgas or its Subsidiaries Underlying Issuer in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in each case in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, -------- however, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall not at any ------- time exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the U.S. LOC Sublimit "Letter of Credit Committed Amount") and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountCredit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation Notwithstanding anything to issue any U.S. the contrary herein or otherwise, no Letter of Credit if:shall be issued to or for the benefit of CBII (or any Person in its capacity as a creditor of CBII) or to support, replace or supplement any obligation of CBII, except for those Letters of Credit set forth in Schedule 3.1 ------------ hereto.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Company from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate Dollar Amount of LOC Obligations outstanding shall not at any time exceed TWO HUNDRED MILLION U.S. DOLLARS (U.S.$200,000,000) (the U.S. “LOC Sublimit and Committed Amount”), (ii) the sum aggregate principal Dollar Amount (determined as of the most recent Determination Date) of outstanding Revolving Loans, Swingline Loans and LOC Obligations shall not exceed the Aggregate Revolving Committed Amount, (iii) with regard to the U.S. Revolving Lenders collectively, the aggregate principal amount Dollar Amount (determined as of the most recent Determination Date) of the outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount, (iv) all Letters of Credit shall be denominated in U.S. Dollars and (v) Letters of Credit shall be issued for lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers’ compensation and other insurance programs, commercial letters of credit and trade letters of credit. No U.S. Except as otherwise expressly agreed upon by all the Lenders, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year twelve (12) months from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the Company or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (y12) months from the date of extension; provided, further, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date which is five (5) Business Days prior to the Revolving/TLA Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Any Letters of Credit issued hereunder shall be in a minimum original face amount of U.S.$100,000 or such lesser amount as the Issuing Lender shall not be under any obligation to issue any U.S. Letter may agree. All Existing Letters of Credit if:shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the term and conditions hereof.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Existing Lenders will participate in reliance upon the agreements issuance by the Issuing Bank to the Underlying Issuer from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees one or more L/C Undertakings with respect to issue U.S. Letters of Credit for issued from time to time by the account of Airgas or its Subsidiaries Underlying Issuer in U.S. Dollars or in one or more Foreign Currencies from the Original Closing Date until the Maturity Date, Date as Airgas CBI may request, in each case in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, however, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall not at any time exceed thirty million Dollars ($30,000,000) (the U.S. LOC Sublimit "Letter of Credit Committed Amount") and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountCredit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation Notwithstanding anything to issue any U.S. the contrary herein or otherwise, no Letter of Credit if:shall be issued to or for the benefit of CBII (or any Person in its capacity as a creditor of CBII) or to support, replace or supplement any obligation of CBII, except for those Letters of Credit set forth in Schedule 3.1 hereto.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as a Borrower may request for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may requestown account, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of Revolving Obligations outstanding U.S. at any time shall not exceed the Aggregate Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of the sum of Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. such Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC DocumentsDocuments and shall be a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of a Borrower. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien (not otherwise contemplated by this Agreement) to be given by any member of the Consolidated Shorewood Group or conflict with any obligation of, or detract from any action which may be taken by, either Borrower or their Subsidiaries under this Agreement), the Issuing Lender shall from time to time upon request issue, in U.S. dollars, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue Lenders shall participate in, letters of credit (the "U.S. Letters of Credit Credit") for the account of Airgas the U.S. Borrower or any of its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies Subsidiaries, from the Closing Effective Date until the Revolving Loans Maturity Date, as Airgas may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the aggregate amount of U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and $15,000,000 (U.S.), (ii) the sum of the aggregate principal amount of U.S. LOC Obligations outstanding plus U.S. Revolving Loans outstanding plus Swing Line Loans outstanding shall not exceed the U.S. Revolving Loan Commitment, (iii) with respect to each individual U.S. Lender (other than NationsBank with respect to Swing Line Loans), the U.S. Lender's pro rata share of outstanding U.S. Revolving Loans plus the aggregate principal amount its pro rata share of outstanding U.S. Swingline LOC Obligations plus its pro rata share of Swing Line Loans, if any, shall not exceed such U.S. Lender's Revolving Loan Commitment Percentage of the U.S. Revolving Loan Commitment and (iv) the sum of U.S. Revolving Loans outstanding plus the aggregate U.S. Canadian Revolving Loans outstanding plus Swing Line Loans outstanding plus LOC Obligations outstanding plus BA Revolving Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount$225,000,000 (U.S.). No The issuance and expiry date of each U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv)be a Business Day. Except as otherwise expressly agreed upon by all the U.S. Lenders, no U.S. Letter of Credit shall have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, shall have an expiry date extending beyond the Revolving Loans Maturity Date. Each U.S. Letter of Credit shall be either (x) a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of the U.S. Borrower or any of its Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or services by the U.S. Borrower or any of its Subsidiaries in the ordinary course of business. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien (not otherwise contemplated by this Credit Agreement) to be given by any Credit Party or conflict with any obligation of, or detract from any action which may be taken by the Credit Parties or their Subsidiaries under this Credit Agreement), the Issuing Lender shall from time to time upon request issue, in Dollars, and in reliance upon the agreements LOC Participants shall participate in, letters of Airgas and U.S. Revolving Lenders set forth herein, credit (the U.S. Issuing Lender agrees to issue U.S. "Letters of Credit Credit") for the account of Airgas a Credit Party or any of its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies Subsidiaries, from the Closing Initial Funding Date until the Maturity Date, as Airgas may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed TWENTY FIVE MILLION DOLLARS ($25,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) the sum of the aggregate principal amount of LOC Obligations outstanding U.S. plus Revolving Loans outstanding plus Swing Line Loans outstanding shall not exceed the Revolving Committed Amount and (iii) with respect to each individual LOC Participant, the LOC Participant's pro rata share of outstanding Revolving Loans plus the aggregate principal amount its pro rata share of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations plus its (other than the Swing Line Lender) pro rata share of outstanding Swing Line Loans shall not at any time exceed such LOC Participant's Revolving Loan Commitment Percentage of the U.S. Revolving Committed Amount. No U.S. The issuance and expiry date of each Letter of Credit shall (x) subject to Section 2.2(b)(iv)be a Business Day. Except as otherwise expressly agreed upon by all the LOC Participants, no Letter of Credit shall have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, shall have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall be either (x) a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of a Credit Party or any of its Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or services by a Credit Party or any of its Subsidiaries in the ordinary course of business; it being understood that any Letter of Credit issued on behalf of a Foreign Subsidiary must be permitted by the terms of Section 8.6. Each Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date five (5) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TEN MILLION DOLLARS ($10,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and Committed Amount, (ii) with regard to the Lenders collectively, the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Obligations shall not exceed the Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of the sum of the Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding plus Swingline Loans outstanding shall not at any time exceed such Lender's Revolving Commitment Percentage of the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit (1) shall comply with the related U.S. LOC DocumentsDocuments and (2) may be issued only for the purposes set forth in Section 6.14 hereof. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and the Lenders will participate in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, issuance by the U.S. Issuing Lender agrees from time to issue U.S. time of such Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Termination Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWELVE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($12,800,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving lesser of (A) the Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Termination Date (as then in effect), unless (1) such Letter of Credit will expire within one (1) year of the Termination Date, (2) such Letter of Credit shall be fully cash collateralized on and after the Termination Date in accordance with Section 3.3(b)(i)(B), and (3) the Issuing Lender shall have consented to such expiry date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. (i) Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender with a Revolving Commitment severally agrees to participate in the issuance by the Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. “LOC Sublimit Committed Amount”) and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary “evergreen” provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien not otherwise contemplated by this Agreement to be given by any Credit Party or conflict with any obligation of, or detract from any action which may be taken by, any Credit Party under this Agreement), the Issuing Lender shall from time to time upon request issue, in U.S. dollars, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue Lenders shall participate in, letters of credit (the "U.S. Letters of Credit Credit") for the account of Airgas the U.S. Borrowers or its Subsidiaries in any of their U.S. Dollars or in one or more Foreign Currencies Subsidiaries, from the Closing Effective Date until the Maturity Date, as Airgas may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the aggregate amount of U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and $3,000,000 (U.S.), (ii) the sum of the aggregate principal amount of U.S. LOC Obligations outstanding plus U.S. Revolving Loans shall not exceed the lesser of the U.S. Borrowing Base and the U.S. Revolving Loan Commitment, (iii) with respect to each individual U.S. Lender, the U.S. Lender's pro rata share of outstanding U.S. Revolving Loans plus the aggregate principal amount its pro rata share of outstanding U.S. Swingline LOC Obligations shall not exceed such U.S. Lender's Revolving Loan Commitment Percentage of the U.S. Revolving Loan Commitment and (iv) the sum of U.S. Revolving Loans outstanding plus Canadian Revolving Loans outstanding plus LOC Obligations outstanding plus the aggregate U.S. LOC Obligations outstanding Face Amount of Bankers' Acceptances at any one time shall not at any time exceed the U.S. Revolving Committed Amountlesser of the Total Borrowing Base and $40,000,000 (U.S.). No The issuance and expiry date of each U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv)be a Business Day. Except as otherwise expressly agreed upon by all the U.S. Lenders, no U.S. Letter of Credit shall have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, shall have an expiry date extending beyond the Maturity Date, except that prior to the Maturity Date a U.S. Letter of Credit may be issued or extended with an expiry date extending beyond the Maturity Date, if and to the extent that the U.S. Borrowers shall provide cash collateral to the Issuing Lender on the Maturity Date in an amount equal to the maximum amount available to be drawn under such U.S. Letter of Credit and the Required Lenders or the Issuing Lender shall not otherwise object. Each U.S. Letter of Credit shall be either (x) a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of a U.S. Borrower or any of its U.S. Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or services by a U.S. Borrower or any of its U.S. Subsidiaries in the ordinary course of business. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWO MILLION DOLLARS ($2,000,000) (the U.S. “LOC Sublimit Committed Amount”) and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary “evergreen” provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Borrower from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. outstanding LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountAmount then in effect, (iii) all Letters of Credit shall be denominated in Dollars and (iv) Letters of Credit shall be issued for any lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers' compensation and other insurance programs. No U.S. Except as otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year twelve (12) months from the date of issuance; provided, however, up to $1,000,000 of Letters of Credit may have an original expiry date up to five (5) years after issuance so long as any such Letter of Credit extending beyond the Maturity Date shall be cash collateralized by the date that is seven (7) Business Days prior to the Maturity Date or shall be terminated by the Company prior to the Maturity Date. So long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (y12) months from the date of extension; provided, further, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter Any Letters of Credit if:issued hereunder shall be in a minimum original face amount of $100,000 or such lesser amount approved by the Issuing Lender.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. an Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien (not otherwise contemplated by this Agreement) to be given by any Credit Party or conflict with any obligation of, or detract from any action which may be taken by, any Credit Party or their Subsidiaries under this Agreement), an Issuing Lender shall from time to time upon request issue (from the Effective Date to the Revolving-A Loan Maturity Date and in a form reasonably acceptable to such Issuing Lender), in Dollars or any Foreign Currency, and in reliance upon the agreements LOC Participants shall participate in, letters of Airgas and U.S. Revolving Lenders set forth herein, credit (the U.S. Issuing Lender agrees to issue U.S. "Letters of Credit Credit") for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBorrower; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and Dollar Equivalent of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000), (ii) the sum of the aggregate principal amount of LOC Obligations outstanding U.S. Revolving Loans in Foreign Currency plus the aggregate principal amount of Revolving-A Loans outstanding in Foreign Currency shall not exceed the U.S. Swingline Loans Dollar Equivalent of One Hundred Million Dollars ($100,000,000), (iii) the sum of the aggregate amount of LOC Obligations outstanding plus the aggregate U.S. LOC Obligations amount of Revolving-A Loans outstanding plus Swing Line Loans outstanding shall not at any time exceed the U.S. Revolving-A Committed Amount and (iv) with respect to each individual LOC Participant, the LOC Participant's pro rata share of outstanding Revolving-A Loans plus its pro rata share of outstanding LOC Obligations plus (other than NationsBank) its pro rata share of Swing Line Loans outstanding shall not exceed such LOC Participant's Revolving Loan Commitment Percentage of the Revolving-A Committed Amount. No U.S. The Issuing Lender may require the issuance and expiry date of each Letter of Credit to be a day other than (i) a Saturday or a Sunday or (ii) any other day on which the letter of credit issuing office of the Issuing Lender is authorized or required by law or executive order to close. Except as otherwise expressly agreed upon by all the LOC Participants, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or or, as extended, shall have an expiry date extending beyond the Revolving-A Loan Maturity Date. Each U.S. Letter of Credit shall be either (x) a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of the Borrower or any of its Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries in the ordinary course of business. Each Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. -------- LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for from time to time and the account Lenders will participate in the issuance by the Issuing Lender from time to time of Airgas or its Subsidiaries such Letters of Credit in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Termination Date, all as Airgas the Borrower may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall -------- ------- not at any time exceed THIRTY MILLION DOLLARS ($30,000,000) (the U.S. "LOC Sublimit --- Committed Amount") and (ii) the sum of the aggregate principal amount of ---------------- outstanding U.S. Revolving Loans plus the aggregate principal amount of ---- outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time ---- exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate Lender in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderreasonable discretion; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TEN MILLION DOLLARS ($10,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the Lenders collectively, the Dollar Amount (determined as of the most recent Determination Date) of the Revolving Obligations shall not exceed the lesser of (A) the Revolving Committed Amount, (B) the Available Revolving Committed Amount and (C) the Borrowing Base and (iii) with regard to each Lender individually, the Dollar Amount (determined as of the most recent Determination Date) of the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Foreign Currency Loans plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed such Lender's Revolving Commitment Percentage of the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit (1) shall comply with the related U.S. LOC Documents, (2) may be issued only for the purposes set forth in Section 6.15 hereof and (3) may be issued only in Dollars or any Available Foreign Currency. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, Documents and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date or such earlier date as Airgas the LOC Commitment shall have been terminated as provided herein as the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate Lender in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderreasonable determination; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit Committed Amount and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving aggregate Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry expiration date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry expiration date extending beyond thirty (30) days prior to the Maturity DateDate or (z) be issued in a face amount of less than $250,000.00. Each U.S. Letter of Credit shall comply with the its related U.S. LOC Documents. The issuance date and expiration dates of each U.S. Letter of Credit shall be a Business Day. The U.S. parties hereto agree that in the event of any conflict, variation or inconsistency between any of the provisions hereof and of the LOC Documents and any other terms and conditions which the Issuing Lender may reasonably require, then the provisions of this Agreement shall not be under any obligation to issue any U.S. Letter of Credit if:control, govern, supersede, and prevail in all respects.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date five (5) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000.00) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and Committed Amount, (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans outstanding plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding plus Swingline Loans outstanding shall not at any time exceed the U.S. Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's pro rata share of outstanding Revolving Loan plus such Lender's pro rata share of LOC Obligations outstanding plus (other than the Swingline Lender) such Lender's pro rata share of Swingline Loans outstanding shall not exceed such Lender's Revolving Commitment Percentage of the Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit (1) shall comply with the related U.S. LOC DocumentsDocuments and (2) may be issued only for the purposes set forth in Section 6.14 hereof. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. -------- LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas a Borrower may request, in a written form acceptable to the U.S. Issuing Lender; Lender (such form must be signed by a Responsible Officer and subject to must include a representation and warranty of the terms correctness of the matters specified in subsections (b), (c), (d), (f) and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters (g) of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderSections 5.2); provided, however, that (i) the U.S. LOC Obligations outstanding -------- ------- shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. "LOC Sublimit --- Committed Amount") and (ii) the sum of the aggregate principal amount of ---------------- outstanding U.S. Revolving Loans plus the aggregate principal amount of ---- outstanding U.S. Swingline Competitive Loans plus the aggregate U.S. principal amount of ---- outstanding Swingline Loans plus LOC Obligations outstanding shall not at ---- any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. -------- LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC -------- ------- Obligations outstanding shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. "LOC Sublimit and Committed Amount"); (ii) with regard to each Lender -------------------- individually, such Lender's share of outstanding Revolving Loans and Swingline Loans and LOC Obligations shall not exceed such Lender's Commitment Percentage of the sum of Revolving Committed Amount; and (iii) with regard to the Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Loans, Swingline Loans plus the aggregate U.S. and LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the date five (5) Business Days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC DocumentsLetter of Credit Applications, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas and U.S. the other Lenders with Revolving Lenders Commitments set forth hereinin this Section 2.02, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender with a Revolving Commitment severally agrees to participate on the terms set forth in this Section 2.02 in the issuance by the Issuing Lender of, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Revolving Loan Termination Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit Revolving Committed Amount at such time and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Facility Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance unless cash collateralized by cash deposits in a manner reasonably satisfactory to the Administrative Agent or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Revolving Loan Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall each be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Existing Letter of Credit if:shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Issuance. Subject to Each LC Issuer hereby agrees, on the terms and conditions hereof and set forth in this Agreement, to issue standby letters of credit denominated in Dollars (each, a “Facility LC”) requested by the Borrower or any of its Subsidiaries as the applicant or co-applicant thereof for the support of the U.S. LOC DocumentsBorrower’s or its Subsidiaries’ obligations and to renew, if anyextend, increase, decrease or otherwise modify each Facility LC (“Modify,” and any other terms each such action a “Modification”), from time to time from and conditions which including the U.S. Issuing Lender may reasonably require, date of this Agreement and in reliance prior to the Facility Termination Date upon the agreements request of Airgas and U.S. Revolving Lenders set forth hereinthe Borrower; provided that immediately after each such Facility LC is issued or Modified, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC aggregate amount of the outstanding LC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit $50,000,000, and (ii) the sum Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment; provided, that no LC Issuer identified in clause (a) of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding definition thereof shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any Facility LC if, after giving effect thereto, the LC Obligations in respect of Facility LCs issued by such LC Issuer would exceed, (i) in the case of RBC, $25,000,000 and (ii) in the case of U.S. Letter Bank, $25,000,000 (it being understood and agreed that any such LC Issuer may consent to issue Facility LCs in excess of Credit if:such amounts in its sole discretion upon request of any Borrower so long as the aggregate

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000) (the U.S. “LOC Sublimit Committed Amount”) and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Effective Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit Committed Amount and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding plus Swingline Loans shall not at any time exceed the U.S. lesser of (A) the Revolving Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Lenders will participate in reliance upon the agreements issuance by the Issuing Bank to the Underlying Issuer from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees one or more L/C Undertakings with respect to issue U.S. Letters of Credit for issued from time to time by the account of Airgas or its Subsidiaries Underlying Issuer in U.S. Dollars or in one or more Foreign Currencies from the Original Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in each case in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, however, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall -------- ------- not at any time exceed THIRTY MILLION DOLLARS ($30,000,000) (the U.S. LOC Sublimit "Letter of Credit Committed Amount") and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountCredit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:Business

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed THREE MILLION DOLLARS ($3,000,000) (the U.S. "LOC Sublimit COMMITTED AMOUNT") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. PLUS LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv)unless otherwise agreed by the Agent, have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed TWENTY MILLION DOLLARS ($20,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. lesser of (A) the Aggregate Revolving Committed AmountAmount or (B) the Borrowing Base, and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations outstanding at any time shall not exceed the lesser of (A) such Lender's Revolving Committed Amount or (B) such Lender's Revolving Commitment Percentage of the Borrowing Base. No U.S. Letter Letters of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:hereunder

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. any Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. each Issuing Lender agrees to issue U.S. issue, and each Revolving Lender severally agrees to participate in the issuance by such Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Initial Closing Date until the Maturity Date, Letter of Credit Expiration Date as Airgas the Borrower may request, in a form acceptable to the U.S. such Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed SIXTY MILLION DOLLARS ($60,000,000) (the U.S. “LOC Sublimit and Committed Amount”); (ii) with regard to each Revolving Lender individually, such Lender’s share of outstanding Revolving Committed Loans and Swingline Loans and LOC Obligations shall not exceed such Lender’s Revolving Commitment Percentage of the sum of Revolving Committed Amount; and (iii) with regard to the Revolving Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Committed Loans, Swingline Loans plus the aggregate U.S. and LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Letter of Credit Expiration Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Lenders will participate in reliance upon the agreements issuance by the Issuing Bank to the Underlying Issuer from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees one or more L/C Undertakings with respect to issue U.S. Letters of Credit for issued from time to time by the account of Airgas or its Subsidiaries Underlying Issuer in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in each case in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, however, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall not at any time exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the U.S. LOC Sublimit "Letter of Credit Committed Amount") and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountCredit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation Notwithstanding anything to issue any U.S. the contrary herein or otherwise, no Letter of Credit if:shall be issued to or for the benefit of CBII (or any Person in its capacity as a creditor of CBII) or to support, replace or supplement any obligation of CBII, except for those Letters of Credit set forth in SCHEDULE 3.1 hereto.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably requirerequire (so long as such terms and conditions do not impose any financial obligation on or require any Lien (not otherwise contemplated by this Agreement) to be given by any Credit Party or conflict with any obligation of, and in reliance upon or detract from any action which may be taken by, any Credit Party or their Subsidiaries under this Agreement), Lender shall issue letters of credit (the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit "LETTERS OF CREDIT") for the account of Airgas the Borrower or any of its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies Subsidiaries, from the Closing Effective Date until the Revolving Loan Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit One Million and No/100 Dollars ($1,000,000), and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding plus the Revolving Loan outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. The issuance and expiry date of each Letter of Credit shall (x) subject to Section 2.2(b)(iv)be a Business Day. Except as otherwise expressly permitted by the Lender, no Letter of Credit shall have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, shall have an expiry date extending beyond the Revolving Loan Maturity Date. Each U.S. Letter of Credit shall be either (x) a standby letter of credit issued to support the obligations (including pension or insurance obligations), contingent or otherwise, of the Borrower or any of its Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries in the ordinary course of business. Each Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Borrower from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) (A) the U.S. aggregate amount of all LOC Obligations outstanding with respect to Financial Letters of Credit shall not at any time exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) and (B) the U.S. aggregate amount of all LOC Sublimit Obligations (including Performance Letters of Credit and all other Letters of Credit) shall not at any time exceed THREE HUNDRED MILLION DOLLARS ($300,000,000) (as increased from time to time as provided in Section 2.1(f) and as such aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. outstanding LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountAmount then in effect, (iii) all Letters of Credit shall be denominated in Dollars or, subject to Section 2.3(j), in a Foreign Currency and (iv) Letters of Credit shall be issued for any lawful corporate purposes and shall be issued as standby letters of credit, including in connection with workers’ compensation and other insurance programs. No U.S. If requested by the Issuing Lender, the Borrower shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. Except as otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year eighteen (18) months from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date not more than eighteen (y18) as originally issued or as extendedmonths from the date of extension; provided, have further, that for any Letter of Credit with an expiry date extending beyond the Maturity Date, the Borrower shall provide cash collateral for the benefit of the applicable Issuing Lender on or prior to the date of issuance or renewal (or, if applicable, the date the Maturity Date moves inside the date of expiry) in an amount as shall be agreed to by the Borrower and the Issuing Lender and pursuant to documentation satisfactory to such Issuing Lender. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $50,000 or such lesser amount as approved by the Issuing Lender. The U.S. Issuing Lender shall not be under any no obligation to issue any U.S. Letter of Credit if:if (i) any Lender is at such time a Defaulting Lender and the reallocation described in Section 2.21(a)(iv) cannot be completely effected, unless the Issuing Lender has entered into arrangements satisfactory to the Issuing Lender with the Borrower or such Lender to eliminate the Issuing Lender’s risk with respect to such Lender’s LOC Obligations, or (ii) in the case of each of Xxxxx Fargo, Bank of America, N.A. and JPMorgan Chase Bank, N.A., after giving effect to such Letter of Credit, the aggregate LOC Obligations in respect of all Letters of Credit issued by such Issuing Lender shall exceed $100,000,000. The Borrower’s Reimbursement Obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection therewith, shall be governed by the terms of this Credit Agreement. The Existing Letters of Credit shall, as of the Closing Date, be deemed to have been issued as Letters of Credit hereunder and subject to and governed by the terms of this Agreement.

Issuance. Each LC Issuer hereby agrees, on the terms and conditions set forth in this Agreement, to issue standby letters of credit (each, a "Facility LC") and to renew, extend, increase, decrease or otherwise modify each Facility LC ("Modify", and each such action a "Modification"), from time to time from and including the date of this Agreement and prior to the Revolver Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $375,000,000 and (ii) the Aggregate Outstanding Credit Exposures shall not exceed the aggregate of all the Commitments. No Facility LC shall have an expiry date later than the earlier of (x) the fifth Business Day prior to the Revolver Termination Date and (y) one year after its issuance; provided that any Facility LC with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referenced in clause (x) above). Subject to the terms and conditions hereof (other than the notice required pursuant to Section 2.16(c) below, which shall be deemed satisfied by the attached Schedule II), from and after the Effective Date, each of the U.S. LOC Documents, if any, letters of credit identified in Schedule II hereto and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries the Borrower shall be deemed to be Facility LCs issued pursuant to this Agreement, and any drawings thereunder; provided, however, that reference in this Agreement to the "issuance" of a Facility LC (ior "issue" or other references to forms of such verb in this context) shall include the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The deemed issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:provided hereby.

Issuance. Subject During the Commitment Period, subject to the terms and -------- conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, any Subsidiary as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding -------- shall not exceed FIFTEEN MILLION DOLLARS ($15,000,000) at any time exceed (the U.S. "LOC Sublimit and --- Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate ---------------- principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations outstanding at any time shall not exceed such Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon during the agreements of Airgas and U.S. Revolving Lenders set forth herein, Commitment Period the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, Letters of Credit for the account of Airgas or its Subsidiaries in the U.S. Dollars or in one or more Foreign Currencies Borrowers from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed TEN MILLION DOLLARS ($10,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount Dollar Equivalent of outstanding U.S. U.K. Revolving Loans plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount, (iii) all Letters of Credit shall be denominated in Dollars and (iv) Letters of Credit shall be issued for the purpose of supporting tax-advantaged variable rate demand note financing and for other lawful corporate purposes and may be issued as standby letters of credit, including in connection with workers' compensation and other insurance programs, and trade letters of credit. No U.S. Except as otherwise expressly agreed upon by all the Lenders, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year twelve (12) months from the date of issuanceissuance or later than March 21, 2004; provided, however, so long as no Default or (y) as originally issued or as extended, have an expiry date extending beyond Event of Default has occurred and is continuing and subject to the Maturity Date. Each U.S. Letter other terms and conditions to the issuance of Letters of Credit shall comply with hereunder, the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:expiry dates of

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Lenders will participate in reliance upon the agreements issuance by the Issuing Bank from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Date as Airgas the Borrowers may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, however, that (ia) the U.S. LOC Letter of Credit -------- ------- Obligations outstanding shall not at any time exceed SEVEN MILLION DOLLARS ($7,000,000) (the "Letter of Credit Committed Amount") and (b) the sum of the --------------------------------- aggregate principal amount of outstanding Revolving Loans plus Letter of Credit ---- Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit lesser of (i) the Revolving Credit Committed Amount and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountCredit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and -------- conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate -------- amount of LOC Obligations outstanding shall not exceed FIVE MILLION DOLLARS ($5,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Revolving Lenders -------------------- collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount, and (iii) with regard to each Revolving Lender individually, such Revolving Lender's Revolving Commitment Percentage of Revolving Obligations outstanding at any time shall not exceed such Revolving Lender's Revolving Commitment. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request (or have requested in the case of Closing Date Letters of Credit) for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed FIVE MILLION DOLLARS ($5,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of outstanding U.S. Obligations under Revolving Loans plus and the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations under Revolving Loans and the LOC Obligations outstanding at any time shall not exceed such Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. The Issuing Lender has heretofore issued the Existing Letters of Credit. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for in Dollars from time to time during the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from Commitment Period as the Closing Date until the Maturity Date, as Airgas Company may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Credit Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (other than an Existing Letter of Credit) or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Effective Date until the date five (5) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed EIGHT MILLION DOLLARS ($8,000,000) (the U.S. "LOC Sublimit COMMITTED AMOUNT") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. PLUS LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to Each Issuer hereby agrees, on the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinin this Agreement, the U.S. Issuing Lender agrees to issue U.S. standby and documentary letters of credit denominated in Agreed Currencies (each a “Letter of Credit”) and to renew, extend, increase, decrease or otherwise modify Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies (“Modify,” and each such action a “Modification”) from time to time from the Closing Second Restatement Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing LenderFacility Termination Date upon the request of a Borrower; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters provided that immediately after any Letter of Credit is issued for the account of Airgas or its Subsidiaries and any drawings thereunder; providedModified, however, that (i) the U.S. LOC Obligations outstanding Aggregate Outstanding Credit Exposure shall not at any time exceed the U.S. LOC Sublimit and Aggregate Commitment, (ii) the sum of LC Exposure shall not exceed $100,000,000 and (iii) the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Multicurrency Loans, Swingline Loans plus the aggregate U.S. LOC Obligations outstanding Exposure not denominated in Dollars and LC Exposure not denominated in Dollars shall not at any time exceed the U.S. Revolving Committed Amount$100,000,000. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond after the Maturity Date. Each U.S. earlier of (x) five Business Days prior to the scheduled Facility Termination Date (unless such Letter of Credit shall comply with is cash collateralized, on terms satisfactory to the related U.S. LOC Documents. The issuance applicable Issuer) and (y) the date that is one year after the date of each U.S. issuance thereof (provided that any Letter of Credit shall be with a one-year tenor may provide for the renewal thereof for additional one-year periods not to extend beyond the date five (5) Business Day. The U.S. Issuing Lender shall not be under any obligation Days prior to issue any U.S. the scheduled Facility Termination Date) (or if such Letter of Credit if:is cash collateralized, on terms satisfactory to the applicable Issuer, the date one year after such date).

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWENTY-FIVE MILLION DOLLARS ($25,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the Lenders collectively, the amount of the Revolving Obligations shall not exceed the lesser of (A) the Revolving Committed Amount and (B) the Borrowing Base less the outstanding Term Loan less LOC Obligations outstanding and (iii) with regard to each Lender individually, the amount of the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed such Lender's Revolving Commitment Percentage of the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. -------- LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC -------- ------- Obligations outstanding shall not at any time exceed ONE MILLION DOLLARS ($1,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate -------------------- principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations ---- outstanding shall not at any time exceed the U.S. lesser of (A) the Revolving Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Initial Funding Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form reasonably acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed FIVE MILLION DOLLARS ($5,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary "evergreen" provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and -------- conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, any Subsidiary as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding -------- shall not exceed TWO MILLION DOLLARS ($2,000,000) at any time exceed (the U.S. "LOC Sublimit and --- Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate ---------------- principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations outstanding at any time shall not exceed such Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject From time to time from the date of this Agreement until three months before the Maturity Date, at the request of the Borrower, the Issuing Bank shall, on any Business Day and on the terms and conditions hereof and hereinafter set forth, issue, increase, decrease, amend, or extend the Expiration Date of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas the Borrower (for its own benefit or for the benefit of any of its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters Subsidiaries). No Letter of Credit issued for the account of Airgas will be issued, increased, or its Subsidiaries and any drawings thereunder; provided, however, that extended (i) if such issuance, increase, or extension would cause the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall Exposure to exceed the lesser of (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from 10% of the date of issuance, Total Commitments or (y) as originally issued an amount equal to (A) the Total Commitments less (B) the aggregate outstanding Advances and Letter of Credit Exposure at such time; (ii) unless such Letter of Credit has an Expiration Date not later than the earlier of (A) one year after the date of issuance thereof (unless the Administrative Agent shall otherwise consent in writing to a later date) and (B) on or as extended, have an expiry date extending beyond prior to the Maturity Date. Each U.S. ; (iii) unless the face amount of such Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. is equal to or greater than $100,000 and such Letter of Credit shall be a Business Day. The U.S. is otherwise in form and substance acceptable to the respective Issuing Lender shall not be under any obligation to issue any U.S. Bank; (iv) unless such Letter of Credit if:is a standby letter of credit; (v) unless the Borrower has delivered to the respective Issuing Bank the completed and executed Letter of Credit Documents (other than the Letter of Credit) on such Issuing Bank’s standard form, which shall contain terms no more restrictive than the terms of this Agreement; (vi) unless such Letter of Credit is governed by the International Standby Practices (1998) (“ISP”) or any successor to the ISP; and (vii) unless no Default has occurred and is continuing or would result from the issuance of such Letter of Credit. If the terms of any of the Letter of Credit Documents referred to in the foregoing clause (v) conflicts with the terms of this Agreement, the terms of this Agreement shall control.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas a Borrower may request, in a written form acceptable to the U.S. Issuing Lender; Lender (such form must be signed by a Responsible Officer and subject to must include a representation and warranty of the terms correctness of the matters specified in subsections (b), (c), (d), (f) and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters (g) of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderSections 5.2); provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. “LOC Sublimit Committed Amount”) and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the Lenders will participate in reliance upon the agreements issuance by the Issuing Bank from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Date as Airgas the Borrowers may request, in a form acceptable to the U.S. Issuing LenderBank; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall not at any time exceed SEVEN MILLION DOLLARS ($7,000,000) (the U.S. LOC Sublimit "LETTER OF CREDIT COMMITTED AMOUNT") and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount PLUS Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. lesser of (i) the Revolving Credit Committed AmountAmount and (ii) the Revolving Credit Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to Upon the terms and conditions hereof and execution of the U.S. LOC Documents, if anythis Agreement, and any other terms as long as no Default or Event of Default has occurred and conditions which the U.S. Issuing Lender may reasonably requireis continuing, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinBank, the U.S. Issuing Lender either directly or through a Bank Affiliate, hereby agrees to issue U.S. issue, extend, amend or renew Letters of Credit for the account or Letter of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies Credit Guaranties from time to time after the Closing Date until the Maturity Revolving Credit Termination Date, as Airgas may requesteither directly or through a Bank Affiliate, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBorrower; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. each requested Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with Guaranty, when added to the related U.S. LOC Documentsaggregate amount of all Revolving Loans, all Credits Outstanding and all unpaid Reimbursement Obligations and other payments, deposits, guaranties or indemnifications deemed to be Revolving Loans under Section 2.1.1. The issuance date hereof, does not exceed the lesser of each U.S. the Borrowing Base or the Revolving Credit Commitment Amount in effect from time to time and provided, further, that the aggregate amount of Credits Outstanding and unpaid Reimbursement Obligations (after taking into account the amount of the requested Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. or Letter of Credit if:Guaranty) shall not exceed TWO MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS ($2,700,000.00). Notwithstanding the foregoing, the issuance of each Letter of Credit or Letter of Credit Guaranty other than documentary letters of credit shall be made on a case by case basis in the sole and absolute discretion of Bank other than the issuance of the letter of credit at Closing to the seller of the Property.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed ONE MILLION DOLLARS ($1,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. lesser of the Aggregate Revolving Committed AmountAmount or the Borrowing Base, and (iii) with regard to each Lender individually, such Lender's Revolving Commitment Percentage of Obligations outstanding at any time shall not exceed the lesser of such Lender's Revolving Committed Amount or such Lender's Revolving Commitment Percentage of the Borrowing Base. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Letter of Credit Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and the LC 56 Lenders will participate to the extent of their respective Participation Interests in reliance upon the agreements issuance by the Issuing Bank from time to time of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing LenderBank; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (ia) the U.S. LOC Letter of Credit Obligations outstanding shall not at any time exceed an amount (the U.S. LOC Sublimit "LETTER OF CREDIT COMMITTED AMOUNT") equal to THIRTY-FIVE MILLION DOLLARS ($35,000,000) and (iib) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus PLUS the aggregate principal amount Letter of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Credit Obligations outstanding shall not at any time exceed the U.S. lesser of (i) the Revolving Credit Committed AmountAmount and (ii) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Letter of Credit Documents. The issuance and expiry date of each U.S. Letter of Credit shall comply with the related Letter of Credit Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter Existing Letters of Credit if:shall be deemed to have been issued hereunder on the Closing Date, and no request for issuance thereof need be made.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. "LOC Sublimit and Committed Amount"); (ii) with regard to each Lender individually, such Lender's share of outstanding Revolving Loans and LOC Obligations shall not exceed such Lender's Commitment Percentage of the sum of Revolving Committed Amount; and (iii) with regard to the Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. and LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the date five (5) Business Days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:Letter

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, during the Revolving Commitment Period the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Borrower from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of Revolving LOC Obligations outstanding shall not at any time exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) (the U.S. “Revolving LOC Sublimit and Committed Amount”), (ii) with regard to each Revolving Lender individually, the sum of such Revolving Lender’s Revolving Commitment Percentage of the aggregate principal amount of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding Revolving LOC Obligations shall not exceed such Revolving Lender’s Revolving Commitment, (iii) with regard to the Revolving Lenders collectively, the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus outstanding Swingline Loans plus outstanding Revolving LOC Obligations shall not exceed the Revolving Committed Amount then in effect, (iv) all Revolving Letters of Credit shall be denominated in Dollars or a Letter of Credit Foreign Currency, (v) the aggregate principal amount of outstanding U.S. Swingline Revolving Loans plus denominated in a Foreign Currency, together with the aggregate U.S. outstanding LOC Obligations outstanding with respect to Letters of Credit denominated in a Foreign Currency, shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:Foreign Currency Sublimit and

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereofPROVIDED, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, howeverHOWEVER, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed FIFTEEN MILLION DOLLARS ($15,000,000) (the U.S. "LOC Sublimit COMMITTED AMOUNT") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. PLUS LOC Obligations outstanding PLUS outstanding Swingline Loans shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv)except as otherwise agreed by the Agent, have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit Committed Amount and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding plus Swingline Loans shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject In reliance upon the agreement of the Banks set forth in this Section 2.5 and subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender Bank may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, the U.S. Issuing Lender Bank agrees from time to time to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. US Dollars or in one or more Available Foreign Currencies from Currency during the Closing Date until Revolving Credit Loan Commitment Period as the Maturity Date, as Airgas Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderBank; provided, however, that (i) the U.S. aggregate principal amount of LOC Obligations outstanding shall not at any time exceed FIFTEEN MILLION DOLLARS ($15,000,000) (as such amount may be reduced from time to time in accordance with the U.S. provisions hereof, the "LOC Sublimit and Committed Amount"), (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Aggregate Revolving Committed AmountCredit Commitment, (iii) the aggregate principal amount of Foreign Currency Obligations outstanding shall not at any time exceed the Aggregate Foreign Currency Commitment and (iv) each Bank's Ratable Share of the aggregate principal amount of Foreign Currency Obligations outstanding at any time shall not exceed such Bank's Ratable Share of the Aggregate Foreign Currency Commitment. No U.S. Except as otherwise expressly agreed upon by all the Banks, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance; provided, or (y) further, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the Maturity date thirty (30) days prior to the Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas a Borrower may request, in a written form acceptable to the U.S. Issuing Lender; Lender (such form must be signed by a Responsible Officer and subject to must include a representation and warranty of the terms correctness of the matters specified in subsections (b), (c), (d), (e) and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters (f) of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderSections 5.2); provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed THIRTY MILLION DOLLARS ($30,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Competitive Loans plus the aggregate U.S. principal amount of outstanding Swingline Loans plus LOC Obligations outstanding shall not at any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and provided that no Default or Event of Default shall have occurred and be continuing, and further subject to any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon during the agreements of Airgas and U.S. Revolving Lenders set forth herein, Commitment Period the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Borrower from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed TWELVE MILLION FIVE HUNDRED THOUSAND DOLLARS ($12,500,000) the U.S. ("LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans LOC Obligations plus the aggregate U.S. LOC amount of Commercial Paper Obligations outstanding plus the aggregate amount of Swing Line Loans shall not at any time exceed the U.S. Aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, extended shall have an expiry date extending beyond the Maturity Revolving Termination Date, except that prior to the Revolving Termination Date a Letter of Credit may be issued or extended with an expiry date extending beyond the Revolving Termination Date if, and to the extent that the Borrower shall provide cash collateral to the Issuing Lender on the date of issuance or extension in an amount equal to the maximum amount available to be drawn under such Letter of Credit. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender In the case of a conflict in the terms of the LOC Documents and this Credit Agreement, the terms of this Credit Agreement shall not be under any obligation to issue any U.S. Letter of Credit if:control.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinthis Agreement, the U.S. Issuing Lender LC Issuer agrees to issue U.S. Letters keep outstanding on and after the date hereof the standby letters of Credit credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until Borrower which were issued by the Maturity DateLC Issuer and which are further described on Schedule 4 (collectively, as Airgas may requestthe "Existing Facility LCs"). Each Existing Facility LC shall constitute a Facility LC for all purposes of this Agreement. For purposes hereof, in a form acceptable the Existing Facility LCs are deemed to be issued on the U.S. Issuing Lender; and subject to date hereof. Furthermore, the LC Issuer hereby agrees, on the terms and conditions hereofset forth in this Agreement, to issue standby and commercial letters of credit (each, a "Facility LC") and to renew, extend, increase, decrease or otherwise modify each Facility LC ("Modify," and each such action a "Modification"), from time to time from and including the U.S. Revolving Lenders severally agree date of this Agreement and prior to participate in U.S. Letters the Facility Termination Date upon the request of Credit the Borrower; provided that immediately after each such Facility LC is issued for the account of Airgas or its Subsidiaries and any drawings thereunder; providedModified, however, that (i) the U.S. LOC aggregate amount of the outstanding LC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit $50,000,000 and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding Aggregate Outstanding Credit Exposure shall not at any time exceed the U.S. Revolving Committed AmountAggregate Commitment. No U.S. Letter of Credit Facility LC shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, have an expiry date extending beyond later than the Maturity Date. Each U.S. Letter earlier of Credit (a) the fifth Business Day prior to the Facility Termination Date and (b) one year after its issuance (or, if such Facility LC shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:have been renewed, one year after its renewal).

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lxxxxx agrees to issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender agrees to issue U.S. of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed the U.S. LOC Sublimit and Committed Amount, (ii) the sum of the aggregate outstanding principal amount of Revolving Loans plus the aggregate principal amount of outstanding Swingline Loans plus the LOC Obligations shall not at any time exceed the Revolving Committed Amount or the Borrowing Base Amount for such date, (iii) the sum of the aggregate principal amount of the outstanding U.S. Revolving Loans Loans, plus the aggregate principal amount of the outstanding U.S. Swingline Loans Bridge Loans, plus the aggregate U.S. principal amount of the outstanding Swingline Loans, plus the LOC Obligations outstanding shall not exceed the Total Committed Amount and (iv) there may be no more than five (5) Letters of Credit outstanding at any time exceed the U.S. Revolving Committed Amountone time. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may shall from time to time upon request issue (from the Effective Date to the Revolving Loan Maturity Date and in a form reasonably requireacceptable to the Issuing Lender), in Dollars, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinLOC Participants shall participate in, the U.S. Issuing Lender agrees to issue U.S. Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderParty; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed TEN MILLION DOLLARS ($10,000,000) (the U.S. "LOC Sublimit and Committed Amount"), (ii) the sum of the aggregate principal amount of LOC Obligations outstanding U.S. plus Revolving Loans outstanding shall not exceed the Revolving Committed Amount and (iii) with respect to each individual LOC Participant, the LOC Participant's pro rata share of outstanding Revolving Loans plus the aggregate principal amount its pro rata share of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed such LOC Participant's Revolving Loan Commitment Percentage of the U.S. Revolving Committed Amount. No U.S. The Issuing Lender may require the issuance and expiry date of each Letter of Credit to be a Business Day. Each Letter of Credit shall be either (xi) subject a standby letter of credit issued to Section 2.2(b)(ivsupport the obligations (including pension or insurance obligations), contingent or otherwise, of a Credit Party or any of its Subsidiaries or (ii) a commercial letter of credit in respect of the purchase of goods or services by a Credit Party in the ordinary course of business. Except as otherwise expressly agreed upon by all the LOC Participants, no Letter of Credit shall have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, shall have an expiry date extending beyond the Revolving Loan Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed SEVENTY-FIVE MILLION DOLLARS ($75,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and the Lenders will participate in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth herein, issuance by the U.S. Issuing Lender agrees from time to issue U.S. time of such Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, Termination Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWELVE MILLION EIGHT HUNDRED THOUSAND DOLLARS ($12,800,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving lesser of (A) the Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Termination Date (as then in effect), unless (1) such Letter of Credit will expire within one (1) year of the Termination Date. Each U.S. , (2) such Letter of Credit shall comply be fully cash collateralized on and after the Termination Date in accordance with Section 3.3(b)(i)(B), and (3) the related U.S. LOC DocumentsIssuing Lender shall have consented to such expiry date. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWO MILLION DOLLARS ($2,000,000) (the U.S. “LOC Sublimit Committed Amount”) and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. LOC Obligations plus Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. lesser of (A) the Revolving Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary “evergreen” provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies the Borrower from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) (A) the U.S. aggregate amount of all LOC Obligations outstanding with respect to Financial Letters of Credit shall not at any time exceed ONE HUNDRED MILLION DOLLARS ($100,000,000) and (B) the U.S. aggregate amount of all LOC Sublimit Obligations (including Performance Letters of Credit and all other Letters of Credit) shall not at any time exceed THREE HUNDRED MILLION DOLLARS ($300,000,000) (as increased from time to time as provided in Section 2.1(f) and as such aggregate maximum amount may be reduced from time to time as provided in Section 2.6, the “LOC Committed Amount”), (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. outstanding LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed AmountAmount then in effect, (iii) all Letters of Credit shall be denominated in Dollars or, subject to Section 2.3(j), in a Foreign Currency and (iv) Letters of Credit shall be issued for any lawful corporate purposes and shall be issued as standby letters of credit, including in connection with workers’ compensation and other insurance programs. No U.S. If requested by the Issuing Lender, the Borrower shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. Except as otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year eighteen (18) months from the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters of Credit may be extended annually or periodically from time to time on the request of the Borrower or by operation of the terms of the applicable Letter of Credit to a date not more than eighteen (y18) as originally issued or as extendedmonths from the date of extension; provided, have further, that for any Letter of Credit with an expiry date extending beyond the Maturity Date, the Borrower shall provide cash collateral for the benefit of the applicable Issuing Lender on or prior to the date of issuance or renewal in an amount as shall be agreed to by the Borrower and the Issuing Lender and pursuant to documentation satisfactory to such Issuing Lender. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. Each Letter of Credit issued hereunder shall be in a minimum original face amount of $50,000 or such lesser amount as approved by the Issuing Lender. The U.S. Issuing Lender shall not be under any no obligation to issue any U.S. Letter of Credit if:if (i) any Lender is at such time a Defaulting Lender and the reallocation described in Section 2.21(a)(iv) cannot be completely effected, unless the Issuing Lender has entered into arrangements satisfactory to the Issuing Lender with the Borrower or such Lender to eliminate the Issuing Lender’s risk with respect to such Lender’s LOC Obligations, or (ii) in the case of each of Xxxxx Fargo, Bank of America, N.A. and JPMorgan Chase Bank, N.A., after giving effect to such Letter of Credit, the aggregate LOC Obligations in respect of all Letters of Credit issued by such Issuing Lender shall exceed $100,000,000. The Borrower’s Reimbursement Obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection therewith, shall be governed by the terms of this Credit Agreement. The Existing Letters of Credit shall, as of the Closing Date, be deemed to have been issued as Letters of Credit hereunder and subject to and governed by the terms of this Agreement.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the date thirty (30) days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate outstanding principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations plus Swing Line Loans outstanding shall not at any time exceed the U.S. lesser of (A) the Revolving Committed AmountAmount and (B) the Borrowing Base. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance (provided that any such Letter of Credit may contain customary "evergreen" provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Lender gives notice to the beneficiary of such Letter of Credit at least a specified time period prior to the expiry date then in effect) or (y) as originally issued or as extended, have an expiry date extending beyond the date thirty (30) days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Bank severally agrees to participate in the issuance by the Issuing Lender of, standby and trade Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or and in one or more Available Foreign Currencies from time to time from the Closing Date until the date five (5) Business Days prior to the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate Dollar Amount of LOC Obligations outstanding shall not at any time exceed FIFTY MILLION DOLLARS ($50,000,000) (the U.S. "LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Competitive Loans plus the aggregate principal amount of outstanding Swingline Loans plus the Dollar Amount of the aggregate U.S. outstanding principal amount of Foreign Currency Loans plus the Dollar Amount of LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and provided that no Default or Event of Default shall have occured and be continuing, and further subject to any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon during the agreements of Airgas and U.S. Revolving Lenders set forth herein, Commitment Period the U.S. Issuing Lender agrees to issue U.S. shall issue, and the Lenders shall participate in, Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies a Credit Party from the Closing Date until the Maturity Date, as Airgas may request, time to time upon request in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not at any time exceed FIFTY MILLION DOLLARS ($50,000,000) the U.S. ("LOC Sublimit Committed Amount") and (ii) the sum of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans LOC Obligations plus the aggregate U.S. LOC Obligations outstanding amount of Swing Line Loans shall not at any time exceed the U.S. aggregate Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, or (y) as originally issued or as extended, extended shall have an expiry date extending beyond the Maturity Revolving Termination Date, except that prior to the Revolving Termination Date a Letter of Credit may be issued or extended with an expiry date extending beyond the Revolving Termination Date if, and to the extent that the Borrower shall provide cash collateral to the Issuing Lender on the date of issuance or extension in an amount equal to the maximum amount available to be drawn under such Letter of Credit. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance and expiry date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender In the case of a conflict in the terms of the LOC Documents and this Credit Agreement, the terms of this Credit Agreement shall not be under any obligation to issue any U.S. Letter of Credit if:control.

Issuance. Subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, require and in reliance upon the agreements of Airgas representations and U.S. Revolving Lenders warranties set forth herein, the U.S. Issuing Lender agrees to issue U.S. issue, and each Lender severally agrees to participate in the issuance by the Issuing Lender of, standby Letters of Credit for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from time to time from the Closing Date until the Maturity Date, Date as Airgas the Borrower may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunder; provided, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed TWENTY MILLION DOLLARS ($20,000,000) (the U.S. “LOC Sublimit and Committed Amount”); (ii) with regard to each Lender individually, such Lender’s share of outstanding Revolving Loans and Swingline Loans and LOC Obligations shall not exceed such Lender’s Commitment Percentage of the sum of Revolving Committed Amount; and (iii) with regard to the Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Loans, Swingline Loans plus the aggregate U.S. and LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) subject to Section 2.2(b)(iv), have an original expiry date more than one year from the date of issuance, issuance or (y) as originally issued or as extended, have an expiry date extending beyond the date five (5) Business Days prior to the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date and expiry dates of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and -------- conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed -------- FIVE MILLION DOLLARS ($5,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), -------------------- (ii) with regard to the sum of Revolving Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. lesser of (A) the Aggregate Revolving Committed AmountAmount or (B) the Borrowing Base, and (iii) with regard to each Revolving Lender individually, such Revolving Lender's Revolving Commitment Percentage of Revolving Obligations outstanding at any time shall not exceed the lesser of (A) such Revolving Lender's Revolving Committed Amount or (B) such Revolving Lender's Revolving Commitment Percentage of the Borrowing Base. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, any Subsidiary as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed TEN MILLION DOLLARS ($10,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Revolving Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount and (iii) with regard to each Revolving Lender individually, such Revolving Lender's Revolving Commitment Percentage of Revolving Obligations outstanding at any time shall not exceed such Revolving Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.

Issuance. Subject to The LC Issuer hereby agrees, on the terms and conditions hereof and of the U.S. LOC Documents, if any, and any other terms and conditions which the U.S. Issuing Lender may reasonably require, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinin this Agreement, the U.S. Issuing Lender agrees to issue U.S. standby Letters of Credit (each, a "Facility LC") and to renew, extend, increase, decrease or otherwise modify each Facility LC ("Modify," and each such action, a "Modification"), from time to time from and including the date of this Agreement and prior to the Revolving Loan Termination Date upon the request of the Borrower; provided that immediately after each such Facility LC is issued or Modified, (i) the aggregate amount of the outstanding LC Obligations shall not exceed $65,000,000 and (ii) the Aggregate Outstanding Revolving Credit Exposure shall not exceed the Adjusted Available Aggregate Revolving Loan Commitment. No Facility LC shall have an expiry date later than the earlier of (x) the fifth Business Day prior to the Revolving Loan Termination Date and (y) one year after its issuance; provided that any Facility LC with a one-year term may provide for the account renewal thereof for additional one-year periods (which in no event shall extend beyond the date referred to in the preceding clause (x)). Schedule 2.20 contains a schedule of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, as Airgas may request, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters certain letters of Credit credit issued for the account of Airgas the Borrower or certain of its Subsidiaries and any drawings thereunder; providedprior to the Closing Date (such letters of credit, however, that (i) the U.S. LOC Obligations outstanding shall not at any time exceed "Transitional Letters of Credit"). Subject to the U.S. LOC Sublimit and (ii) the sum satisfaction of the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time exceed the U.S. Revolving Committed Amount. No U.S. Letter of Credit shall (x) conditions contained in Sections 4.1 and 4.2 and subject to the covenant contained in Section 2.2(b)(iv)6.29, have an original expiry date more than one year from and after the date of issuanceClosing Date, or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter Transitional Letters of Credit shall be a Business Daydeemed to be Facility LCs issued pursuant to this Section 2.20. The U.S. Issuing Lender shall not be under Borrower hereby agrees that any obligation and all references to issue any U.S. Letter the Existing Credit Agreement in the Transitional Letters of Credit if:Documents shall be deemed to be references to this Agreement.

Issuance. Subject During the Commitment Period, subject to the terms and conditions hereof and of the U.S. LOC Documents, if any, and any such other terms and conditions which the U.S. Issuing Lender may reasonably require, the Issuing Lender shall issue, and in reliance upon the agreements of Airgas and U.S. Revolving Lenders set forth hereinshall participate in, the U.S. Issuing Lender agrees to issue U.S. such Letters of Credit as the Borrower may request for its own account or for the account of Airgas or its Subsidiaries in U.S. Dollars or in one or more Foreign Currencies from the Closing Date until the Maturity Date, another Credit Party as Airgas may requestprovided herein, in a form acceptable to the U.S. Issuing Lender; and subject to the terms and conditions hereof, the U.S. Revolving Lenders severally agree to participate in U.S. Letters of Credit issued for the account of Airgas or its Subsidiaries and any drawings thereunderpurposes hereinafter set forth; provided, however, provided that (i) the U.S. aggregate amount of LOC Obligations outstanding shall not exceed THIRTY MILLION DOLLARS ($30,000,000) at any time exceed (the U.S. "LOC Sublimit and Committed Amount"), (ii) with regard to the sum of Revolving Lenders collectively, the aggregate principal amount of outstanding U.S. Revolving Loans plus the aggregate principal amount of outstanding U.S. Swingline Loans plus the aggregate U.S. LOC Obligations outstanding shall not at any time shall not exceed the U.S. Aggregate Revolving Committed Amount, and (iii) with regard to each Revolving Lender individually, such Revolving Lender's Revolving Commitment Percentage of Revolving Obligations outstanding at any time shall not exceed such Revolving Lender's Revolving Committed Amount. No U.S. Letter Letters of Credit issued hereunder shall (x) subject to Section 2.2(b)(iv), not have an original expiry date more than one year from the date of issuanceissuance or extension, or (y) nor an expiry date, whether as originally issued or as extendedby extension, have an expiry date extending beyond the Maturity date five (5) Business Days prior to the Termination Date. Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents. The issuance date of each U.S. Letter of Credit shall be a Business Day. The U.S. Issuing Lender shall not be under any obligation to issue any U.S. Letter of Credit if:.