Bond Letters of Credit Sample Clauses

Bond Letters of Credit. Subject to and upon the provisions of the Bond Letter of Credit Agreements, the Agent has agreed to issue the Bond Letters of Credit for the period commencing on the Closing Date and ending on the Revolving Credit Termination Date (the "Bond Letter of Credit Commitment"). The Agent shall have no obligation or commitment to issue a Bond Letter of Credit if the aggregate stated amount of all Bond Letters of Credit then outstanding or proposed to be issued exceeds Twelve Million Dollars ($12,000,000) (the "Bond Letter of Credit Committed Amount").
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Bond Letters of Credit. In addition to the remedies otherwise described in this Section 8 or in any other Credit Document or Bond Document, upon the occurrence of an Event of Default hereunder, the Agent, at the request of the Required Banks, shall direct the Bond Letter of Credit Issuer to exercise one or more of the following rights and remedies: (a) give notice of the occurrence of an Event of Default hereunder (or of an "event of default" under the applicable Reimbursement Agreement) to the applicable Trustee directing an acceleration, redemption or tender of the applicable Bonds, thereby causing the applicable Bond Letter of Credit to terminate the number of days thereafter specified in such Bond Letter of Credit; (b) if permitted under the terms of the applicable Bond Letter of Credit, give notice that an amount drawn under a Bond Letter of Credit to pay interest on Bonds will not be reinstated; and/or (c) pursue any rights and remedies provided to the Issuing Bank and/or the Agent under the Bond Documents. Each Bank acknowledges that if the notice described in clause (b) of the preceding sentence is not delivered on a timely basis, the interest component of the applicable Bond Letter of Credit will reinstate in accordance with its terms.
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Bond Letters of Credit. (a) Each Bond Letter of Credit shall be substantially in the form of Exhibit C-3 hereto (with such changes therein as shall be approved by the Issuing Bank and the Majority Banks), shall be stated to expire on the seventh anniversary of the Closing Date and shall be in the stated amount requested by the Borrower in the Extension of Credit Request given with respect thereto (which stated amount shall be equal to the aggregate outstanding principal amount of the Bonds to which such Bond Letter of Credit relates plus an amount for accrued interest required by the rating agencies rating the Bonds); provided that the aggregate stated amount of the Bond Letters of Credit issued hereunder shall not exceed the Total Bond Letter of Credit Commitments. At the time of any Bond Letter of Credit Disbursement with respect to a Bond Letter of Credit, the amount available to be drawn under such Bond Letter of Credit shall be reduced by the amount of such Bond Letter of Credit Disbursement.
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Bond Letters of Credit. The Borrowers and the Banks acknowledge and agree that (x) the Bond Letters of Credit may provide for automatic reductions and reinstatements as set forth in the provisions of such Bond Letters of Credit, and (y) the Bond Letters of Credit may provide for the beneficiary thereof to reduce from time to time the amounts available to be drawn thereon. Each Bank acknowledges that, because the interest component of any Bond Letter of Credit may be reinstated at a time when the applicable Borrower has not reimbursed the Banks in full for an interest drawing under such Bond Letter of Credit, the total L/C Obligations may exceed the aggregate L/C Commitments of the Banks, and each Bank agrees to pay the Administrative Agent its Revolver Percentage of any drawing under such Bond Letter of Credit notwithstanding that any such payment may result in the aggregate amount owing from such Bank hereunder exceeding the L/C Commitment of such Bank.
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Bond Letters of Credit. Wachovia has issued and delivered each Bond Letter of Credit in favor of the applicable Trustee in substantially the form of Exhibit A-1 and A-2 attached hereto. To the extent permitted with the consent of the California Bondholders, Borrower and Banks agree that LaSalle shall replace Wachovia as provider of the California Letter of Credit within ninety (90) days from the date hereof. Any annual fee or commission paid in advance to Wachovia relating to the California Letter of Credit shall be refunded to Borrower by Wachovia upon such substitution. In the event that such consent is not obtained or such replacement shall not occur within ninety (90) days, Wachovia shall continue to provide the California Letter of Credit. In no event shall the transfer of the California Letter of Credit alter that Maximum Revolving Loan Amounts applicable to Wachovia or LaSalle hereunder. Borrower agrees to pay Wachovia in its capacity as remarketing agent for the California Bonds a fee of $12,000 for structuring the California Letter of Credit substitution. The applicable Bank agrees that any and all payments under each Bond Letter of Credit will be made with such Bank’s own funds.
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Bond Letters of Credit. Subject to and upon the provisions of the Bond Letter of Credit Agreements, the Agent has agreed to issue the Bond Letters of Credit for the period commencing on the First Closing Date and ending on the Revolving Credit Termination Date (the "Bond Letter of Credit Commitment"). The Agent shall have no obligation or commitment to issue a Bond Letter of Credit if the aggregate stated amount of all Bond Letters of Credit then outstanding or proposed to be issued exceeds Eighteen Million Eight Hundred Fifty-Two Thousand Dollars ($18,852,000) (the "Bond Letter of Credit Committed Amount"). (B)
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Bond Letters of Credit 
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Related to Bond Letters of Credit

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Loans and Letters of Credit On the Closing Date:

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Requesting Letters of Credit Each Letter of Credit shall be issued, increased, or extended pursuant to a Letter of Credit Application or Letter of Credit Application Amendment, as applicable, given by the Borrower to the Issuing Bank in writing or by telecopy promptly confirmed in writing, such Letter of Credit Application or Letter of Credit Application Amendment being given not later than 1:00 p.m. (local time at the Applicable Lending Office of the Agent) on the third Business Day before the date of the proposed issuance, increase, or extension of the Letter of Credit. Each Letter of Credit Application or Letter of Credit Application Amendment shall be fully completed and shall specify the information required therein (including the proposed form of the Letter of Credit or change thereto), and shall be irrevocable and binding on the Borrower. Upon receipt by the Issuing Bank of the Letter of Credit Application or Letter of Credit Application Amendment, the Issuing Bank shall give prompt notice thereof to the Agent, and the Agent shall promptly inform the Banks of the proposed Letter of Credit or change thereto. Subject to the satisfaction of all applicable conditions precedent, the Issuing Bank shall, by 4:00 p.m. (local time at the Applicable Lending Office of the Agent), on the date requested by the Borrower for the issuance, increase, or extension of such Letter of Credit issue, increase, or extend such Letter of Credit to the specified beneficiary. Upon the date of the issuance, increase, or extension of a Letter of Credit, the Issuing Bank shall be deemed to have sold to each other Bank and each other Bank shall be deemed to have purchased from the Issuing Bank a ratable participation in the related Letter of Credit or change thereto. The Issuing Bank shall notify the Agent of each Letter of Credit issued, increased, or extended and the date and amount of each Bank's participation in such Letter of Credit, and the Agent shall in turn notify the Banks.

  • Use of Loans and Letters of Credit The proceeds of the Loans and the Letters of Credit shall be used to provide working capital for exploration and production operations, to provide funding for general corporate purposes, including the issuance of letters of credit. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Conditions to Letters of Credit The issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Lender is obligated to issue such Letter of Credit) is subject to the following conditions precedent:

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