Commitment to Issue Sample Clauses
The Commitment to Issue clause obligates one party, typically a lender or underwriter, to provide a financial instrument or security under agreed terms. In practice, this means the party is bound to issue loans, bonds, shares, or similar instruments once certain conditions are met, such as regulatory approvals or completion of due diligence. This clause ensures that the recipient can rely on the availability of funding or securities, reducing uncertainty and facilitating planning for both parties.
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Commitment to Issue. The Borrower may utilize the Revolving Commitments by requesting that the Agent issue, and the Agent, subject to the terms and conditions of this Agreement, shall issue standby or documentary letters of credit for the Borrower's or one of the Subsidiaries' account (such letters of credit, including, without limitation, the Existing Letters of Credit, being hereinafter referred to collectively as the "Letters of Credit"); provided, however, (i) the Outstanding Revolving Credit shall not at any time exceed the aggregate Revolving Commitments, and (ii) the Outstanding Revolving Credit applicable to a Revolving Bank shall not at any time exceed such Revolving Bank's Revolving Commitment. Upon the date of issue of a Letter of Credit, the Agent shall be deemed, without further action by any party hereto, to have sold to each other Revolving Bank, and each other Revolving Bank shall be deemed, without further action by any party hereto, to have purchased from the Agent a participation to the extent of such Revolving Bank's Revolving Commitment Percentage in such Letter of Credit and the related Letter of Credit Liabilities. On and after the Closing Date, the Existing Letters of Credit shall be and be deemed to be "Letters of Credit" issued hereunder and each Revolving Bank shall be deemed to have purchased a participation in an amount equal to such Revolving Bank's Revolving Commitment Percentage of the Existing Letters of Credit.
Commitment to Issue. The Borrower may request Revolving Advances by the Lender, and the Lender, subject to the terms and conditions of this Fifth Supplement, may, in its sole discretion, issue letters of credit for any Borrower’s account (such letters of credit, being hereinafter referred to collectively as the “Letters of Credit”); provided, however, that:
(i) the aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed the amount of $500,000.00;
(ii) the sum of the outstanding Letters of Credit plus the Outstanding Revolving Advances shall not at any time exceed the Borrowing Base.
Commitment to Issue. The Borrower may request Revolving Advances by the Lender, and the Lender, subject to the terms and conditions of this Third Supplement, may, in its sole discretion, issue letters of credit for any Borrower’s account (such letters of credit, being hereinafter referred to collectively as the “Revolving Letters of Credit”); provided, however, that:
Commitment to Issue. 25 Section 3.2 Letter of Credit Request Procedure................................ 25 Section 3.3 Letter of Credit Fees............................................. 25 Section 3.4 Funding of Drawings............................................... 26 Section 3.5 Reimbursements.................................................... 26 Section 3.6 Reimbursement Obligations Absolute................................ 27 Section 3.7
Commitment to Issue. The Borrower may utilize the Revolving Commitments by requesting that the Agent issue, and the Agent, subject to the terms and conditions of this Agreement, shall issue, letters of credit for Borrower's or one of its Subsidiaries' account (such letters of credit being hereinafter referred to as the "Letters of Credit"); provided, however, (i) the aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed Two Million Dollars ($2,000,000); (ii) the Outstanding Revolving Credit shall not at any time exceed the lesser of (A) the aggregate Revolving Commitments or (B) the Borrowing Base; and (iii) the Outstanding Revolving Credit applicable to a Bank shall not at any time exceed such Bank's Revolving Commitment. Upon the date of issue of a Letter of Credit, the Agent shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Agent a participation to the extent of such Bank's Commitment Percentage (calculated with respect to the Revolving Commitments only) in such Letter of Credit and the related Letter of Credit Liabilities.
Commitment to Issue. The Borrower may request Revolving Advances by the Lender, and the Lender, subject to the terms and conditions of this Agreement, may, in its sole discretion, issue letters of credit for any Borrower’s account; provided, however, that:
(A) the aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed $3,000,000.00;
(B) the maturity or expiry date of each Letter of Credit shall be no later than the Maturity Date; and
(C) the sum of the outstanding Letters of Credit plus the Outstanding Revolving Advances shall not at any time exceed the available Term Revolving Loan Commitment.
Commitment to Issue. The Borrower may utilize the Revolving Commitments by requesting that the Agent issue, and the Agent, subject to the terms and conditions of this Agreement, shall issue, letters of credit for Borrower's or one of its Subsidiaries' account (such letters of credit being hereinafter referred to as the "Letters of Credit"); provided, however, (i) the aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed Two Million Dollars ($2,000,000); (ii) the Outstanding Revolving Credit shall not at any time exceed the lesser of (A) the aggregate Revolving Commitments or (B) the Borrowing Base, (iii) the amount of the Outstanding Revolving Credit supported by Eligible Inventory shall not exceed $3,500,000 at any time; and (iv) the Outstanding Revolving Credit applicable to a Bank shall not at any time exceed such Bank's Revolving Commitment. Upon the date of issue of a Letter of Credit, the Agent shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Agent a participation to the extent of such Bank's Commitment Percentage (calculated with respect to the Revolving Commitments only) in such Letter of Credit and the related Letter of Credit Liabilities.
Commitment to Issue. Borrower may utilize Revolving Commitments ------------------- by requesting that the Fronting Bank issue, and the Fronting Bank, subject to the terms and conditions of this Agreement, shall issue, standby and commercial letters of credit for Borrower's account (such letters of credit being hereinafter referred to as the "Letters of Credit", which may be for ----------------- the benefit of a Subsidiary of Borrower); provided, however, (i) the -------- ------- aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed Fifteen Million Dollars ($15,000,000), (ii) the Outstanding Revolving Credit shall not at any time exceed the maximum amount prescribed by Section 2.1, and (iii) the Outstanding Revolving Credit applicable to ----------- any Lender shall not at any time exceed the maximum amount for a Lender prescribed by Section 2.
1. Upon the date of issue of a Letter of Credit, ----------- Administrative Agent shall be deemed, without further action by any party hereto, to have sold to each Lender who holds a Revolving Commitment, and each such Lender shall be deemed, without further action by any party hereto, to have purchased from Administrative Agent, a participation to the extent of such Lender's Commitment Percentage (calculated with respect to the Revolving Commitments) in such Letter of Credit and the related Letter of Credit Liabilities.
Commitment to Issue. Upon the terms and subject to the conditions of this Agreement, the Issuing Bank agrees to issue, from time to time during the period from the Agreement Date through the Termination Date, one or more Letters of Credit for the account of the Borrower, provided that (i) for each Bank, the sum of (A) the aggregate unpaid principal amount of such Bank's RC Loans and (B) the aggregate amount of such Bank's Letter of Credit Participations shall not at any time exceed such Bank's Commitment at such time, (ii) the sum of (A) the aggregate unpaid principal amount of all Loans and (B) the aggregate amount of all Letter of Credit Participations shall not exceed at any time the aggregate amount of the Commitments at such time and (iii) the sum of the aggregate amount of all Letter of Credit Participations and Five-Year Letter of Credit Participations shall not exceed at any time the LC Sublimit at such time.
Commitment to Issue. 20 (b) Letter of Credit Request Procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 (c) Letter of Credit Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 (d) Funding of Drawings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 (e) Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 (f) Reimbursement Obligations Absolute . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 (g) Issuer Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22