Concerning Letters of Credit Sample Clauses

Concerning Letters of Credit. On the terms and subject to the conditions hereinafter set forth, Lenders agree to make advances under the Revolving Credit Facility to Borrower for the issuance of one or more letters of credit, the total aggregate face amount of which shall not exceed at any one time the lesser of (i) 5,000,000.00 or (ii) the remainder of (A) Revolving Borrowing Base less (B) all amounts outstanding on the Revolving Credit Facility. No letter of credit issued under the Revolving Credit Facility may have an expiration date later than the Revolving Maturity Date. The issuances of all letters of credit are subject to the execution by Borrower of Agent's standard documentation therefor including, without limitation, provisions regarding capital adequacy. The face amount of each letter of credit issued under the Revolving Credit Facility shall be deemed an amount outstanding thereunder. All letters of credit shall bear a fee, payable in advance to Agent, for the benefit of the Lenders (except for $300 of the fee, which shall be credited exclusively to Agent for Agent's administration of each such letter of credit) equal to one percent (1%) per annum of the face amount of such letter of credit. Any letter of credit issued by Agent at the request of Borrower and outstanding on the date hereof shall be deemed issued under the Revolving Credit Facility.
Sample 1
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Concerning Letters of Credit. During the Forbearance Period, the Borrowers may not request or obtain any new or increased Letters of Credit or extensions of existing Letters of Credit, provided, that on and after the Effective Date and so long as the Termination Date has not occurred, (a) the Borrowers may request extensions of existing Letters of Credit so as to extend the expiry date of such existing Letters of Credit to July 31, 2018, but not later than such date, (b) each Issuing Bank that is an issuer of any existing Letter of Credit agrees, upon such request by the Borrowers and only during the Forbearance Period, to extend the expiry thereof to July 31, 2018, but not later than such date (it being understood and agreed that any making or deemed making of any representations and warranties by the Borrowers on account of such extension shall, if such representations and warranties are not true and correct, for all purposes hereof be treated as a Specified Default), and (c) with respect to any Letters of Credit containing automatic renewal or “evergreen” provisions, the Issuing Bank that is the issuer thereof may issue non-renewal notices in accordance with the terms thereof and in a manner consistent with such Issuing Bank’s customary procedure (taking into account any extension of the expiry date of the applicable Letter of Credit as set forth above).
Sample 1
Concerning Letters of Credit. On the terms and subject to the conditions hereinafter set forth, Lenders agree to make advances under the Revolving Credit Facility to Borrower for the issuance of one or more letters of credit, the total aggregate face amount of which shall not exceed at any one time the lesser of (i) $7,500,000.00 or (ii) the remainder of (A) Revolving Borrowing Base less (B) all amounts outstanding on the Revolving Credit Facility. No letter of credit issued under the Revolving Credit Facility may have an expiration date later than the Revolving Maturity Date. The issuances of all letters of credit are subject to the execution by Borrower of Agent's standard documentation therefor including, without limitation, provisions regarding capital adequacy. The face amount of each letter of credit issued under the Revolving Credit Facility shall be deemed an amount outstanding thereunder. All letters of credit shall bear a fee, payable in advance to Agent, for the benefit of the Lenders (except for $300 of the fee, which shall be credited exclusively to Agent for Agent's administration of each such letter of credit) equal to one percent (1%) per annum (calculated on the basis of a 365 or 366 day year, as the case may be, and the actual number of days elapsed) of the face amount of such letter of credit. Any letter of credit issued by Agent at the request of Borrower and outstanding on the date hereof shall be deemed issued under the Revolving Credit Facility.
Sample 1
Concerning Letters of Credit. Each Issuing Bank agrees that the letters of credit issued by it that are set forth on Schedule 2.06 hereto (such letters of credit being collectively referred to as the “Letters of Credit”) shall, as of the Restatement Effective Date, constitute “Letters of Credit” under, and be subject to the terms and conditions set forth in, the Restated Credit Agreement. Each Issuing Bank further agrees that, notwithstanding anything to the contrary in the Original Credit Agreement, on and after the Restatement Effective Date, no Revolving Lender shall have any participation in any Letter of Credit issued by such Issuing Bank, or any obligation to fund all or any portion of any LC Disbursement made under, or any other obligation with respect to, any such Letter of Credit.
Sample 1
Concerning Letters of Credit. On and after the Restatement Effective Date, each Existing Letter of Credit shall constitute a Letter of Credit under, and be subject to the terms and conditions of, the Restated Credit Agreement for all purposes thereof (including participations by the Revolving Lenders therein) and shall be deemed to have been issued under the Restated Credit Agreement on the Restatement Effective Date. Without limiting the foregoing, on the Restatement Effective Date, each Issuing Bank that is an issuer of an Existing Letter of Credit shall be deemed to have granted to each Revolving Lender, and each Revolving Lender shall be deemed to have acquired from such Issuing Bank, a participation in each such Existing Letter of Credit equal to such Revolving Lender’s Applicable Aggregate Percentage of the aggregate amount available to be drawn under each such Existing Letter of Credit.
Sample 1
Concerning Letters of Credit. Each Issuing Lender and each of the other parties hereto hereby agrees that any Letters of Credit issued pursuant to the Existing Credit Agreement shall, as of the Amendment Effective Date, constitute “Letters of Credit” under, and be subject to the terms and conditions set forth in, the Restated Credit Agreement.
Sample 1

Related to Concerning 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.

  • 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.

  • Loans and Letters of Credit On the Closing Date:

  • 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.

  • 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.

  • Terms of Letters of Credit At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the Revolving Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the Revolving Termination Date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”) so long as the Borrower delivers to the Administrative Agent for the benefit of the applicable Issuing Bank and the Revolving Lenders no later than 30 days prior to the Revolving Termination Date, Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date 30 days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $500,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower).

  • Actions in Respect of Letters of Credit (a) If, at any time and from time to time, any Letter of Credit shall have been issued hereunder and an Event of Default shall have occurred and be continuing, then, upon the occurrence and during the continuation thereof, the Administrative Agent, after consultation with the Lenders, may, and upon the demand of the Required Lenders shall, whether in addition to the taking by the Administrative Agent of any of the actions described in this Article or otherwise, make a demand upon the Borrower to, and forthwith upon such demand (but in any event within ten (10) days after such demand) the Borrower shall, pay to the Administrative Agent, on behalf of the Lenders, in same day funds at the Administrative Agent’s office designated in such demand, for deposit in a special cash collateral account (the “Letter of Credit Collateral Account”) to be maintained in the name of the Administrative Agent (on behalf of the Lenders) and under its sole dominion and control at such place as shall be designated by the Administrative Agent, an amount equal to the amount of the Letter of Credit Outstandings (taking into account any amounts then on deposit in the Letter of Credit Collateral Account) under the Letters of Credit. Interest shall accrue on the Letter of Credit Collateral Account at a rate equal to the rate on overnight funds.

  • Issuance of Letters of Credit (a) The Borrower may at any time prior to the Letter of Credit Maturity Date request the issuance of a letter of credit (each, a “Letter of Credit”), for its own account or the account of any of the Borrower’s Subsidiaries, or the amendment or extension of an existing Letter of Credit, by delivering or transmitting by facsimile or email (in “pdf,” “tif” or similar format), to an Issuing Lender selected by the Borrower (with a copy to the Revolving/TLA Administrative Agent) a completed application for letter of credit, or request for such amendment or extension, as applicable, signed by the Borrower (and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, also signed by such Subsidiary) and otherwise in such form as such Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by such Issuing Lender, in advance of the proposed date of issuance. The Borrower shall authorize and direct each Issuing Lender to name the Borrower as the “Applicant” or “Account Party” of each Letter of Credit and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, to name such Subsidiary as the “Co-Applicant” of such Letter of Credit. Promptly after receipt of any letter of credit application, such Issuing Lender shall confirm with the Revolving/TLA Administrative Agent (by telephone or in writing) that the Revolving/TLA Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide the Revolving/TLA Administrative Agent with a copy thereof. Letters of Credit may be issued in the form of a Standby Letter of Credit or a Commercial Letter of Credit; provided that the Specified Issuing Lenders shall not be required to issue any Commercial Letter of Credit. Letters of Credit shall be issued only in U.S. Dollars. For the avoidance of doubt, the Loan Parties acknowledge that each Letter of Credit issued for the account of Persons other than the Loan Parties shall constitute an Investment and Guaranty in an amount equal to the face amount of such Letter of Credit, without duplication, and shall be subject to the limitations set forth herein.

  • Conditions to All Loans and Letters of Credit The obligations of the Lenders to make any Loan or issue any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing or issue date, as applicable:

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