Common use of Commitment for Letters of Credit Clause in Contracts

Commitment for Letters of Credit. Prior to the Closing Date, Bank of America, N.A., as “Issuing Lender” under the Existing Credit Agreement has issued the Existing L/Cs, which from and after the Closing Date, shall constitute Letters of Credit hereunder. Subject to the terms and conditions hereof, each Issuing Lender hereunder, in reliance on the agreements of the other Lenders, set forth in Section 3.4, agrees to issue letters of credit (the letters of credit issued on and after the Closing Date pursuant to this Section 3.1 together with the Existing L/Cs, the “Letters of Credit”) in Dollars or in Alternative Currencies for the account of the Borrower, and each Lender severally agrees to participate in the Letters of Credit (including Existing L/Cs) issued by each Issuing Lender hereunder, in a Dollar Equivalent amount equal to such Lender’s Revolving Credit Percentage, from time to time, on any Business Day during the period commencing on the date hereof, and continuing until the Revolving Commitment Termination Date in such form as may be approved from time to time by the applicable Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the Letter of Credit Obligations would exceed the Letter of Credit Availability, (ii) the Letter of Credit Obligations in respect of Financial Letters of Credit exceed the Financial Letter of Credit Availability or (iii) the aggregate amount of Available Revolving Commitments would be less than zero. Each Letter of Credit shall expire no later than the earlier of (x) the fourth anniversary of its date of issuance and (y) the date which is prior to the Revolving Commitment Termination Date as in effect at the time of the issuance of the Letter of Credit; provided that any Letter of Credit with a one-year term may provide for renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above).

Commitment for Letters of Credit. Prior to the Closing Date, Bank of America, N.A., as “Issuing Lender” under the Existing Credit Agreement has issued the Existing L/Cs, which from and after the Closing Date, shall constitute Letters of Credit hereunder. Subject to the terms and conditions hereof, each Issuing Lender hereunder, in reliance on the agreements of the other Revolving Lenders, set forth in Section 3.4, agrees to issue letters of credit (the letters of credit issued on and after the Closing Date pursuant to this Section 3.1 3 together with the Existing L/Cs, the “Letters of Credit”) in Dollars or in Alternative Currencies for the account of the Borrower, and each Lender severally agrees to participate in the Letters of Credit (including Existing L/Cs) issued by each Issuing Lender hereunder, in a Dollar Equivalent equivalent amount equal to such Lender’s Revolving Credit Percentage, from time to time, on any Business Day during the period commencing on the date hereof, and continuing until the Revolving Commitment Termination Date in such form as may be approved from time to time by the applicable Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the Letter of Credit Obligations would exceed the Letter of Credit Availability, (ii) the Letter of Credit Obligations in respect of Financial Letters of Credit exceed the Financial Letter of Credit Availability or (iiiii) the aggregate amount of Available Revolving Commitments would be less than zero. Each Letter of Credit shall expire no later than the earlier of (x) the fourth anniversary of its date of issuance and (y) the date which is prior to the Revolving Commitment Termination Date as in effect at the time of the issuance of the Letter of Credit; provided that any Letter of Credit with a one-year term may provide for renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above).

Commitment for Letters of Credit. Prior to the Closing DateThe Issuing Bank shall, Bank of America, N.A., as “Issuing Lender” under the Existing Credit Agreement has issued the Existing L/Cs, which from and after the Closing Date, shall constitute Letters of Credit hereunder. Subject to on the terms and conditions hereof, each Issuing Lender hereunder, set forth in reliance on this Agreement and for the agreements of the other Lenders, purposes set forth in Section 3.45.4, agrees to issue letters of credit (the letters of credit issued on and after the Closing Date pursuant to this Section 3.1 together with the Existing L/Csissue, the “Letters of Credit”) in Dollars or in Alternative Currencies for the account of the Borrowerincrease, and each Lender severally agrees to participate in the extend Letters of Credit (including Existing L/Cs) issued by each Issuing Lender hereunder, in a Dollar Equivalent amount equal to such Lender’s Revolving Credit Percentage, at the request of the Borrower from time to time, time on any Business Day during the period commencing on from the date hereof, and continuing of this Agreement until the Revolving Commitment Termination Date Loan Maturity Date, provided that (1) the aggregate outstanding principal amount of Revolving Loan Borrowings plus the aggregate outstanding principal amount of the Swing Line Loans plus the Letter of Credit Exposure shall not exceed the aggregate amount of the Revolving Loan Commitments then in such form as may be approved from time to time by effect and (2) the applicable Issuing Lender; provided, that no Issuing Lender Bank shall have any obligation to not issue any Letter of Credit ifif it has received unrevoked notice from the Majority Banks that a Default has occurred and the Issuing Bank should not issue Letters of Credit in the future (and if the Issuing Bank issues any letter of credit in contravention of such notice, after giving effect to such issuance, (i) the letter of credit shall not be a "Letter of Credit" for purposes of this Agreement). No Letter of Credit Obligations would exceed the may have an expiration date later than 12 months after its issuance date, and each Letter of Credit Availability, (ii) which is self-extending beyond its expiration date must be cancelable upon no more than 30 days notice prior to each extension period given by the Issuing Bank to the beneficiary of such Letter of Credit. No Letter of Credit Obligations in respect of Financial Letters of Credit exceed may have an expiration date later than the Financial Letter of Credit Availability or (iii) date five Business Days before the aggregate amount of Available then-scheduled Revolving Commitments would be less than zeroLoan Maturity Date. Each Letter of Credit shall expire no later than the earlier of (x) the fourth anniversary of its date of issuance must be in form and (y) the date which is prior substance acceptable to the Revolving Commitment Termination Date as in effect at the time Issuing Bank. The indebtedness of the issuance Borrower to the Issuing Bank resulting from Letters of Credit requested by the Borrower shall be evidenced by the Letter of Credit; provided that any Letter of Credit with a one-year term may provide for renewal thereof for additional one-year periods (which shall in no event extend beyond Applications made by the date referred to in clause (y) above)Borrower.