Common use of Issuance of Standby Letters of Credit Clause in Contracts

Issuance of Standby Letters of Credit. (a) The Issuing Bank (i) agrees, within five (5) Business Days of the receipt of an appropriately completed and properly authorized Letter of Credit Application, in a form and containing terms and conditions that are reasonably acceptable to the Issuing Bank and consistent with the terms hereof, and on the terms and subject to the conditions hereinafter set forth, to issue irrevocable letters of credit ("STANDBY LETTERS OF CREDIT") under which the Issuing Bank agrees to make payments for the account of the Borrower in respect of ongoing contingent obligations of the Borrower and/or one or more of its Subsidiaries related to insurance, performance bonds and fuel bonds, to replace existing standby letters of credit and for other general corporate purposes acceptable to the Issuing Bank and the Agent, at any time and from time to time on and after the Effective Date until the termination of the Total Standby Letter of Credit Commitment in accordance with Section 2.10 hereof and (ii) issued on the Original Effective Date the Standby Letters of Credit set forth on Schedule 3.1 of the Original Agreement, PROVIDED, HOWEVER, that any Standby Letter of Credit shall be issued only if, and each request by the Borrower for the issuance of any Standby Letter of Credit shall be deemed a representation and warranty of the Borrower that, immediately following the issuance of any such Standby Letter of Credit, (x) the LC Exposure at such time shall not exceed the Total Standby Letter of Credit Commitment in effect at such time and (y) (A) the sum of (I) the aggregate principal amount of outstanding Loans and (II) the LC Exposure, before or after such Standby Letter of Credit is issued, does not exceed (B) the Borrowing Base as then in effect.

Issuance of Standby Letters of Credit. (a) The Issuing Bank (i) agreesSubject to the provisions ------------------------------------- of this Agreement, within five (5) Business Days including the satisfaction of the conditions precedent described in Article VIII hereof, and upon ------------ receipt of an appropriately a completed and properly authorized executed Application and Agreement for Standby Letter of Credit Application, and a completed and executed Borrowing Base Certificate in substantially the form attached hereto as Exhibit B and made a form and containing terms and conditions that are reasonably acceptable to the Issuing Bank and consistent with the terms part hereof, and on the terms and subject to the conditions hereinafter set forth, to issue irrevocable letters of credit ("STANDBY LETTERS OF CREDIT") under which the Issuing --------- Bank agrees to make payments for the account of the Borrower in respect of ongoing contingent obligations of the Borrower and/or one or more of its Subsidiaries related to insurance, performance bonds and fuel bonds, to replace existing standby letters of credit and for other general corporate purposes acceptable to the Issuing Bank and the Agent, at any time and issue from time to time on and after during the Effective Date until the termination of the Total Standby Letter of Credit Commitment in accordance with Section 2.10 hereof and (ii) issued on the Original Effective Date the Period, Standby Letters of Credit set forth on Schedule 3.1 under the Working Capital Line of Credit to beneficiaries designated by a Borrower, in stated amounts denominated in Dollars, not to exceed the Original Agreement, PROVIDED, HOWEVER, that any then Available Working Capital Line of Credit Commitment. No Standby Letter of Credit shall be issued only if, and each request by have an Expiry Date which is later than one calendar year from the Borrower for date of its issuance. In the issuance event that the Expiry Date of any Standby Letter of Credit shall occurs after the Termination Date, the Borrowers will be deemed a representation and warranty obligated to prepay all of the Borrower that, immediately following the issuance of any such Standby Letter of Credit, (x) the LC Exposure at such time shall not exceed the Total Standby Letter their Working Capital Line of Credit Commitment in effect at such time and (y) (A) the sum of (I) the aggregate principal amount of outstanding Loans and (II) the LC Exposure, before or after Obligations relating to such Standby Letter of Credit is issuedon the day immediately preceding the Termination Date. Standby Letters of Credit will be issued by the Bank as soon as practicable following receipt of the related Application and Agreement, does not exceed (B) the Borrowing Base as then Certificate and any other information which the Bank may require in effectorder to issue the requested Standby Letter of Credit all in form and content satisfactory to the Bank in all respects.

Issuance of Standby Letters of Credit. (a) The Issuing Bank (i) agrees, within five (5) Business Days of the receipt of an appropriately completed and properly authorized Letter of Credit Application, in a form and containing terms and conditions that are reasonably acceptable to the Issuing Bank and consistent with the terms hereof, and on the terms and subject to the conditions hereinafter set forth, to issue irrevocable letters of credit ("STANDBY LETTERS OF CREDIT") under which the Issuing Bank agrees to make payments for the account of the Borrower in respect of ongoing contingent obligations of the Borrower and/or one or more of its Subsidiaries related to insurance, performance bonds and fuel bonds, to replace existing standby letters of credit and for other general corporate purposes acceptable to the Issuing Bank and the Agent, at any time and from time to time on and after the Effective Date until the termination of the Total Standby Letter of Credit Commitment in accordance with Section SECTION 2.10 hereof and (ii) issued on the Original Effective Date the Standby Letters of Credit set forth on Schedule 3.1 of the Original Agreement, PROVIDED, HOWEVER, that any Standby Letter of Credit shall be issued only if, and each request by the Borrower for the issuance of any Standby Letter of Credit shall be deemed a representation and warranty of the Borrower that, immediately following the issuance of any such Standby Letter of Credit, (x) the LC Exposure at such time shall not exceed the Total Standby Letter of Credit Commitment in effect at such time and (y) (A) the sum of (I) the aggregate principal amount of outstanding Loans and (II) the LC Exposure, before or after such Standby Letter of Credit is issued, does not exceed (B) the Borrowing Base as then in effect.

Issuance of Standby Letters of Credit. (a) The Issuing Bank (i) agreesSubject to the provisions ------------------------------------- of this Agreement, within five (5) Business Days including the satisfaction of the conditions precedent described in Article VIII hereof, and upon receipt of an appropriately a completed and properly authorized executed ------------ Application and Agreement for Standby Letter of Credit Application, and a completed and executed Borrowing Base Certificate in substantially the form attached hereto as Exhibit B and made a form and containing terms and conditions that are reasonably acceptable to the Issuing Bank and consistent with the terms part hereof, and on the terms and subject to the conditions hereinafter set forth, to issue irrevocable letters of credit ("STANDBY LETTERS OF CREDIT") under which the Issuing Bank agrees to make payments for the account of the Borrower in respect of ongoing contingent obligations of the Borrower and/or one or more of its Subsidiaries related to insurance, performance bonds and fuel bonds, to replace existing standby letters of credit and for other general corporate purposes acceptable to the Issuing Bank and the Agent, at any time and issue from time to time on and after --------- during the Effective Date until the termination of the Total Standby Letter of Credit Commitment in accordance with Section 2.10 hereof and (ii) issued on the Original Effective Date the Period, Standby Letters of Credit set forth on Schedule 3.1 under the Working Capital Line of Credit to beneficiaries designated by a Borrower, in stated amounts denominated in Dollars, not to exceed the Original Agreement, PROVIDED, HOWEVER, that any then Available Working Capital Line of Credit Commitment. No Standby Letter of Credit shall be issued only if, and each request by have an Expiry Date which is later than one calendar year from the Borrower for date of its issuance. In the issuance event that the expiry date of any Standby Letter of Credit shall occurs after the Termination Date, the Borrowers will be deemed a representation and warranty obligated to prepay all of the Borrower that, immediately following the issuance of any such Standby Letter of Credit, (x) the LC Exposure at such time shall not exceed the Total Standby Letter their Working Capital Line of Credit Commitment in effect at such time and (y) (A) the sum of (I) the aggregate principal amount of outstanding Loans and (II) the LC Exposure, before or after Obligations relating to such Standby Letter of Credit is issuedon the day immediately preceding the Termination Date. Standby Letters of Credit will be issued by the Bank as soon as practicable following receipt of the related Application and Agreement, does not exceed (B) the Borrowing Base as then Certificate and any other information which the Bank may require in effectorder to issue the requested Standby Letter of Credit in form and content satisfactory to the Bank in all respects.