IRB Letters of Credit Sample Clauses

IRB Letters of Credit. The IRB Letters of Credit will remain in effect each as a “Letter of Credit” hereunder. The stand-by letter of credit fees applicable to the IRB Letters of Credit on the first day of each fiscal quarter of Borrower thereafter, based on and equal to, the then Applicable Margin for the Libor Rate Option for and calculated on the basis of a 360-day year and actual days elapsed, and shall be payable quarterly in arrears on the first day of each fiscal quarter of the Borrower while such letters of credit are outstanding. The related reimbursement agreements and bond documents (as may have been previously modified), shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. See §3.1(a).
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall continue to be determined, and shall be payable, as provided in the applicable reimbursement agreements or bond documents which currently govern such IRB Letters of Credit, and such reimbursement agreements and bond documents shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. The IRB Letters of Credit will remain in effect, and as of the date of this Agreement shall be a “Letter of Credit” hereunder. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall be initially determined on the date of this Agreement, and adjusted on the first day of each fiscal quarter of Borrower thereafter, based on and equal to, the then applicable Applicable Margin for the Libor Rate Option for and calculated on the basis of a 360-day year and actual days elapsed, and shall be payable quarterly in arrears on the first day of each fiscal quarter of the Borrower while such letters of credit are outstanding. The related reimbursement agreements and bond documents, except as modified herein, and modified on or after the date hereof to provide that the expiry dates thereof do not exceed the Business Day prior to the Revolving Credit Maturity Date, and the related bond documents shall remain in full force and effect and shall continue to govern the IRB Letters of Credit. The Issuing Bank shall refund any fees paid by the Borrower with respect to any of the IRB Letters of Credit before the date of this Agreement for any period after the date of this Agreement or provide the Borrower a credit for such fees against other amounts payable by the Borrower to the Issuing Bank as a Lender hereunder.
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit shall continue to be .75% per annum on the face amount of such IRB Letters of Credit with such fees calculated on the basis of a 360-day year and actual days elapsed. The fee applicable to the ECIDA Letter of Credit shall be payable every six months in arrears on each June 1 and December 1 while such Letter of Credit is outstanding. The fee applicable to the New Hampshire Letter of Credit shall be payable every six months in arrears, on each June 30 and December 31 while such Letter of Credit is outstanding. The applicable reimbursement agreements for the IRB Letters of Credit shall remain in full force and effect and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. From and after the Xxxxx Telecom Closing Date, the IRB Letters of Credit shall be deemed to be Letters of Credit issued under this Agreement and subject to the terms and conditions hereof. Borrowers acknowledge and agree that in the event there is an express conflict between the terms of this Agreement and the terms of any Reimbursement Agreement between any Obligor and LaSalle Bank National Association relating to any IRB Letters of Credit, including, but not limited to, the reimbursement obligations of any Obligor with respect thereto or the fees payable by any Obligor in connection therewith, the terms of this Agreement shall govern and control.”
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IRB Letters of Credit. The stand-by letter of credit fees applicable to the IRB Letters of Credit prior to the date of this Agreement shall be adjusted from and after the date of this Agreement to .75% per annum on the face amount of such IRB Letters of Credit with such fees payable annually in advance and calculated on the basis of a 360-day year and actual days elapsed. The applicable reimbursement agreements for the IRB Letters of Credit shall remain in full force and effect except as modified hereby, and shall continue to govern the IRB Letters of Credit.
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IRB Letters of Credit. Each IRB L/C and the Borrower's and NationsBank's respective rights and obligations in respect thereof shall be subject to a separate letter of credit and reimbursement agreement (each, an "IRB L/C Agreement") between NationsBank and the Borrower, entered into in connection with the issuance of such IRB L/C. In the case of any conflict between the provisions of any IRB L/C Agreement and the provisions of this ARTICLE 3 (other than such provisions as are inapplicable to IRB L/Cs), the provisions of this ARTICLE 3 shall control.
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Related to IRB Letters of Credit

  • 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.

  • 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.

  • 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.

  • Loans and Letters of Credit On the Closing Date:

  • 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.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender 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.

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

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer 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.

  • Commitment to Issue Letters of Credit Subject to the terms and conditions hereof, and so long as no Stop Issuance Notice is in effect, each Issuing Bank in reliance upon the agreements of the other Banks set forth in this Section 2.18 agrees to issue Letters of Credit from time to time before the Letter of Credit Termination Date applicable to such Issuing Bank upon the request of the Borrower; provided that immediately after each Letter of Credit is issued (x) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments, (y) the aggregate amount of the Letter of Credit Liabilities of all Banks shall not exceed $100,000,000 and (z) the aggregate amount of the Letter of Credit Liabilities in respect of Letters of Credit issued by any Issuing Bank shall not exceed such Issuing Bank’s Letter of Credit Commitment without the consent of such Issuing Bank; and provided further that if (i) the Termination Date has been extended as to some but not all Banks pursuant to Section 2.01(b) and (ii) the Borrower requests the issuance of a Letter of Credit which expires later than the Letter of Credit Termination Date in effect prior to such extension, then compliance with clause (x) above shall be determined solely with reference to the Banks whose Commitments have been so extended. If the Borrower so requests (in order to accommodate a Letter of Credit having an available amount greater than an Issuing Bank’s Letter of Credit Commitment or otherwise), an Issuing Bank may assign all or a portion of its Letter of Credit Commitment to another Issuing Bank that agrees to accept such assignment. Upon the date of issuance by an Issuing Bank of a Letter of Credit, such Issuing Bank shall be deemed, without further action by any party hereto, to have sold to each Bank, and each Bank shall be deemed, without further action by any party hereto, to have purchased from such Issuing Bank, a participation in such Letter of Credit and the related Letter of Credit Liabilities in the proportion its respective Commitment bears to the aggregate Commitments. Each Bank acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Bank further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Bank’s proportion of the Commitments at each time such Bank’s Commitment is amended pursuant to an increase of the Commitments in accordance with Section 2.17, an assignment in accordance with Section 9.06 or otherwise pursuant to this Agreement.

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