Bond L/Cs Clause Samples
Bond L/Cs. Notwithstanding any provision to the contrary set forth in this Section 2.3:
(A) The Bond L/Cs shall be subject to the terms and conditions of this Agreement and applicable Law; provided however, that (1) such Bond L/Cs may have expiration dates later than thirteen months from the date of issuance, so long as such date is not later than the L/C Expiration Date; and (2) the terms of such Bond L/Cs must be acceptable to the applicable L/C Issuer and Administrative Agent, and, (I) subject to the provisions of Section 2.3(i)(ii) and 2.3(i)(iii), may provide for the reinstatement of drawn portions of the Bond L/C, whether or not reimbursement has been received (which may have the effect of increasing the amount of such Bond L/C), (II) may provide for automatic extensions thereof, so long as such terms comply with the auto extension provisions set forth in Section 2.3(b)(iii) hereof, and (III) may contain provisions whereby the applicable L/C Issuer is granted certain Rights in collateral and voting Rights under the related Bond Documents, which Rights are expressly assigned by the applicable L/C Issuer to Administrative Agent for the benefit of Revolver Lenders pursuant to Section 2.3(i)(iv) herein.
(B) Borrower may request that an L/C Issuer issue Bond L/Cs by providing at least 30 days prior written notice of such request to the applicable L/C Issuer, and by delivering a certificate at least 30 days prior to the issuance of any Bond L/C to Administrative Agent demonstrating the Companies’ pro forma compliance with the financial covenant set forth in Section 11.1 herein, after giving effect to the issuance of any such Bonds and, without duplication, any Debt incurred by Borrower or any Company in support thereof, and certifying that no Default or Potential Default exists or would result after giving effect thereto.
(ii) In the event that the proceeds of any drawing under any Bond L/C are used to pay the purchase price of Bonds tendered or deemed tendered by the owner thereof pursuant to the related Bond Documents (such drawing, including the drawing of any accrued interest on the tendered Bonds, a “Bond Purchase Drawing”), then the stated amount of such Bond L/C will be temporarily reduced by the amount of such drawing, subject to automatic reinstatement (whether or not reimbursement for any drawings thereunder has been received or the conditions set forth in Section 7.2 have been satisfied, and without further approval from Revolver Lenders) pursuant to the p...
Bond L/Cs. (i) If the Issuing Lender shall make any payment under a Bond L/C in response to a Term Drawing and, on the date of such payment, the conditions precedent set forth in Section 4.03 shall have been fulfilled, then, unless the Borrower shall immediately notify the Issuing Lender that the Borrower intends to reimburse the Issuing Lender for any such drawing under such Bond L/C from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Loan to the Borrower equal to the principal amount of the Bonds purchased with the proceeds of such Term Drawing (each such Revolving Loan being a “Tender Advance Revolving Loan”). Each Tender Advance Revolving Loan shall bear interest, initially at the Base Rate and shall be deemed to be a Base Rate Loan, and thereafter at the Base Rate or the LIBOR Rate, as selected by the Borrower in accordance with Section 2.13. Notwithstanding anything to the contrary set forth in this Agreement, principal of each Tender Advance Revolving Loan, together with all accrued interest thereon, shall be due and payable on the earliest to occur of (i) the Termination Date, (ii) the date on which the applicable Pledged Bonds are redeemed or cancelled, (iii) the date on which the applicable Pledged Bonds are remarketed and (iv) the date on which the applicable Letter of Credit is replaced by a substitute letter of credit. To the extent that the Administrative Agent receives interest payable on account of any Pledged Bonds such interest received shall be applied and credited first against accrued and unpaid interest on the Tender Advance Revolving Loan that financed the Term Drawing in respect of which such Pledged Bonds were purchased.
Bond L/Cs. Notwithstanding any provision to the contrary set forth in this Section 2.3:
Bond L/Cs. Notwithstanding any provision to the contrary set forth in this Section 3, the Bond L/Cs shall be subject to the terms and conditions of this Agreement, applicable law and the terms and conditions listed on Schedule 3.6.
Bond L/Cs. The obligation of the Agent to issue either the Wisconsin Bond L/C or the South Carolina Bond L/C shall be subject to the satisfaction of the following additional conditions precedent on or before the date such letter of credit is issued, each in form and substance satisfactory to the Agent:
(a) With respect to the Wisconsin Bond L/C, receipt by the Agent of: (i) any modifications to the Bond Documents relating to the Wisconsin Bonds as the Agent may request necessary to effectuate the Wisconsin Bond L/C; (ii) reasonable evidence that references to "Bank" and "Reimbursement Agreement" in such Bond Documents relating to the Wisconsin Bonds shall mean JPMorgan and this Agreement, respectively; and (iii) evidence that the Initial Wisconsin L/C and the Existing Wisconsin L/C have been returned to the Agent or Wachovia Bank, National Association, as applicable, and terminated simultaneously with the issuance of the Wisconsin Bond L/C;
(b) With respect to the South Carolina Bond L/C, receipt by the Agent of: (i) any modifications to the Bond Documents relating to the South Carolina Bonds as the Agent may request necessary to effectuate the South Carolina Bond L/C; (ii) reasonable evidence that references to "Bank" ▇▇▇ "▇▇▇▇▇▇rsement Agreement" in such Bond Documents relating to the South Carolina Bonds shall mean JPMorgan and that agreement referred to in this clause (iii), respectively; (iii) an assignment from Wachovia Bank, National Association of their rights and interests to and under that certain Reimbursement Agreement dated as of December 17, 1996 between Asset Holdings Corporation IX and Bank One, Wisconsin (iv) an Amended and Restated Reimbursement Agreement between Asset Holdings Corporation IX and the Agent duly executed; (v) an assignment from Wachovia Bank, National Association of that certain Mortgage and Security Agreement dated as of December 17, 1996 executed by Asset Holdings Corporation IX; (vi) a First Modification to Mortgage and Security Agreement executed by Asset Holdings Corporation IX and the Agent modifying the mortgage referred to in clause (v); (vii) if that certain Lease and Development Agreement dated June 10, 1996 is still in existence, an assignment from Wachovia Bank, National Association of that certain Amended and Restated Assignment of Lease and Rents dated as of March 18, 1999 between Asset Holdings Corporation IX and First Union National Bank (now Wachovia Bank, National Association); (viii) if that certain Lease and Devel...
Bond L/Cs. The obligation of the Agent to issue the Wisconsin Bond L/C shall be subject to the satisfaction of the following additional conditions precedent on or before the date such letter of credit is issued, each in form and substance satisfactory to the Agent:
(a) Receipt by the Agent of: (i) any modifications to the Bond Documents relating to the Wisconsin Bonds as the Agent may request necessary to effectuate the Wisconsin Bond L/C; (ii) reasonable evidence that references to "Bank" and "Reimbursement Agreement" in such Bond Documents relating to the Wisconsin Bonds shall mean JPMorgan and this Agreement, respectively; and (iii) evidence that the Initial Wisconsin L/C and the Existing Wisconsin L/C have been returned to the Agent or Wachovia Bank, National Association, as applicable, and terminated simultaneously with the issuance of the Wisconsin Bond L/C;
(b) Receipt by the Agent of evidence that the Wisconsin Bonds to be supported by the issuance of the Wisconsin Bond L/C are still outstanding in an amount equal to the principal component of the face amount of the Wisconsin Bond L/C to be issued; and
(c) Receipt by the Agent of evidence that all consents and approvals required to be obtained in connection with the substitution of the letter of credit under the Bond Documents have been obtained and that all other conditions to the substitution of the letter of credit under the Bond Documents have been satisfied.
Bond L/Cs. Notwithstanding any provision to the contrary set forth in this Section 2.3:
(i) (A) The Bond L/Cs shall be subject to the terms and conditions of this Agreement and applicable Law; provided however, that (1) such Bond L/Cs may have expiration dates later than thirteen months from the date of issuance, so long as such date is not later than the L/C Expiration Date; and (2) the terms of such Bond L/Cs must be acceptable to the applicable L/C Issuer and Administrative Agent, and, (I) subject to the provisions of Section 2.3(i)(ii) and 2.3(i)(iii), may provide for the reinstatement of drawn portions of the Bond L/C, whether or not reimbursement has been received (which may have the effect of increasing the amount of such Bond L/C), (II) may provide for automatic extensions thereof, so long as such terms comply with the auto extension provisions set forth in Section 2.3(b)(iii) hereof, and (III) may contain provisions whereby the applicable L/C Issuer is granted certain Rights in collateral and voting Rights under the related Bond Documents, which Rights are expressly assigned by the applicable L/C Issuer to Administrative Agent for the benefit of Revolver Lenders pursuant to Section 2.3(i)(iv) herein.