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 Borrowers may utilize the 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 a Borrower's 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 Five Hundred Thousand Dollars ($2,500,000); (ii) the Outstanding Revolving Credit shall not at any time exceed the lesser of (A) the aggregate Commitments or (B) the Borrowing Base; (iii) the Outstanding Revolving Credit applicable to a Bank shall not at any time exceed such Bank's Commitment (except with respect to the Agent as a Bank, as may otherwise result from the operation of SECTION 4.6); and (iv) the Outstanding Revolving Credit applicable to a Borrower shall at no time exceed such Borrower's Borrowing Base. 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 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 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. 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:
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 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:
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 the Borrower's or one of the Subsidiaries' account (such letters of credit, together with any letters of credit that were issued under the terms of Section 2.7 of the Prior Agreement and are outstanding on the Closing Date, 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 $2,500,000; (ii) the Outstanding Revolving Credit shall not at any time exceed the lesser of the then- existing Borrowing Base (based on the most recently delivered Monthly Compliance Report) or the aggregate Revolving Commitments; (iii) the Outstanding Revolving Credit applicable to a Bank shall not at any time exceed such Bank's Revolving Commitment; (iv) the outstanding amount of the Total Debt shall at no time exceed the Maximum Total Debt; and (v) during each Clean Down Period, the Outstanding Revolving Credit shall not exceed an aggregate amount equal to $3,500,000. 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 of the Revolving Commitments in such Letter of Credit and the related Letter of Credit Liabilities.
Commitment to Issue. 12 (b) Letter of Credit Request Procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 (c) Letter of Credit Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 (d) Funding of Drawings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 (e) Reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 (f) Reimbursement Obligations Absolute . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 (g) Issuer Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
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. 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, together with the letters of credit described on Schedule 2.7(a) issued by the Agent under the Original Agreement, being hereinafter referred to collectively as the "Letters of Credit"); provided, however, (i) the aggregate amount of outstanding Letter of Credit Liabilities shall not at any time exceed Twenty-five Million Dollars ($25,000,000), (ii) the Outstanding Revolving Credit shall not at any time exceed the aggregate Revolving Commitments, 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 in such Letter of Credit and the related Letter of Credit Liabilities. The participations purchased by the Banks under the Original Agreement in the Letters of Credit described on Schedule 2.7(a) shall continue under the terms hereof.
