L/C Commitments Sample Clauses
The "L/C Commitments" clause defines the obligations of parties, typically lenders, to issue or maintain letters of credit (L/Cs) under a credit agreement. It specifies the maximum aggregate amount available for L/Cs, the process for requesting issuance, and the conditions that must be met for an L/C to be issued or renewed. For example, it may outline how much of the total loan facility can be used for L/Cs and set requirements for documentation or borrower representations. This clause ensures that both parties understand the limits and procedures for utilizing letters of credit, thereby managing risk and providing clarity on the availability and administration of these financial instruments.
L/C Commitments. (a) Prior to the Closing Date, the Existing Issuing Lender has issued the Existing Letters of Credit which, from and after the Closing Date, shall constitute Letters of Credit hereunder. Subject to the terms and conditions hereof, each U.S. Issuing Lender, in reliance on the agreements of the other U.S. Revolving Credit Lenders set forth in Section 4.4(a), agrees to issue letters of credit (the letters of credit issued on and after the Closing Date pursuant to this Section 4.1(a), together with the Existing Letters of Credit, collectively, the "U.S. Letters of Credit") for the account of the U.S. Borrower on any Business Day during the Revolving Credit Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided, that no Issuing Lender shall have any obligation to issue any U.S. Letter of Credit if, after giving effect to such issuance, (i) the U.S. L/C Obligations would exceed the U.S. L/C Commitment or (ii) the aggregate amount of the Available U.S. Revolving Credit Commitments would be less than zero. Each U.S. Letter of Credit shall (i) be denominated in U.S. Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date which is five Business Days prior to the Revolving Credit Termination Date, provided that any U.S. Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above). Notwithstanding the foregoing, (i) if any amount of the Canadian Borrower's 9-3/8% Senior Notes due 2005 remains outstanding on December 15, 2003 and (ii) if on or after such date the U.S. Borrower requests the U.S. Issuing Lender to issue a U.S. Letter of Credit having an expiry date after the date which is five Business Days before December 31, 2004, the U.S. Issuing Lender may, in its sole discretion, issue such requested U.S. Letter of Credit; provided, that (A) unless no amount of the Canadian Borrower's 9-3/8% Senior Notes due 2005 remains outstanding on December 31, 2004 (and, accordingly, the Revolving Credit Termination Date will not occur on December 31, 2004), the obligations of the L/C Participants to make payments to the U.S. Issuing Lender in respect of such U.S. Letter of Credit shall permanently terminate on December 31, 2004 and (B) the U.S. Issuing Lender, upon its request to the U.S. Borrower, shall have entered into an agreement with the U...
L/C Commitments. (a) Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue standby and trade Letters of Credit for the account of the Borrowers on any Business Day from the Closing Date through but not including the tenth (10th) Business Day prior to the Revolving Credit Termination Date in such form as may be approved from time to time by the Issuing Lender; provided, that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (a) the L/C Obligations would exceed the L/C Commitment or (b) the Available Revolving Credit Commitment of any Lender would be zero or less than zero. Each Letter of Credit (other than the Existing Letter of Credit) shall (i) be denominated in Dollars in a minimum amount of $15,000, (ii) be a standby letter of credit or trade letter of credit issued to support obligations of the Borrowers or any of their Subsidiaries, contingent or otherwise, incurred in the ordinary course of business, (iii) expire on a date satisfactory to the Issuing Lender, which date shall be no later than the earlier of (a) one (1) year after its date of issuance and (b) the tenth (10th) Business Day prior to the Revolving Credit Termination Date and (iv) be subject to the Uniform Customs and/or ISP 98, as set forth in the Application or as determined by the Issuing Lender and, to the extent not inconsistent therewith, the laws of the State of North Carolina.
(b) Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the other Lenders, if any, set forth in Section 3.4(b), agrees to maintain the Existing Letter of Credit for the account of the Company from the Closing Date through and including July 31, 2005; provided, that, so long as (i) no default or event of default shall have occurred under the Existing Letter of Credit and (ii) no Default or Event of Default has occurred under this Agreement, the Issuing Lender, may in its sole discretion, annually renew the Existing Letter of Credit for a period ending July 31, 2008 (the "Existing L/C Termination Date"). The Existing Letter of Credit shall (i) be denominated in Dollars in the initial amount of $126,849,316 and (ii) be a standby letter of credit issued to support obligations of the Company to the trustee under the Trust Indenture, dated as of July 1, 1998 between the Company, as Borrower and First Union National Ban...
L/C Commitments. Subject to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a “Letter of Credit”), at the request of and for the account of the Parent or a German Opco, as the case may be, from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Permanent Lender with a Parent Revolving Commitment agrees to purchase a participation in each Parent Letter of Credit (and such obligation to such purchase shall not be impaired by any termination of the Parent Revolving Commitments) and each Permanent Lender with a German Revolving Commitment agrees to purchase a participation in each German Letter of Credit (and such obligation to such purchase shall not be impaired by any termination of the Parent Revolving Commitments); provided, that, (i) the aggregate Dollar Equivalent (as of the most recent Revaluation Date) of the Parent Stated Amounts and the German Stated Amounts shall not exceed $6,000,000, (ii) the Dollar Equivalent (as of the most recent Revaluation Date) of all Parent Revolving Outstandings shall not exceed the Parent Revolving Loan Commitments (in Dollars), (iii) the Dollar Equivalent (as of the most recent Revaluation Date) of all German Revolving Outstandings shall not exceed the German Revolving Loan Commitments (in Dollars), and (iv) the Dollar Equivalent (as of the most recent Revaluation Date) of Revolving Outstandings shall not exceed the Revolving Commitments (in Dollars). The Letters of Credit shall include the Initial Letters of Credit. The Initial Letters of Credit (to the extent issued) shall be part of the Parent Letters of Credit (and the Master Letter of Credit Agreement executed by the Parent shall cover, among other things, the Initial Letters of Credit (to the extent issued) as well as any other Parent Letters of Credit). Until the Permanent Loan Commencement Date, the only Letters of Credit issued shall be, to the extent issued, the Initial Letters of Credit. The Letters of Credit may be issued in Dollars or Euros.
L/C Commitments. Subject to the terms and conditions set forth herein, the L/C Issuers hereby agree to provide L/C Commitments on and as of the Amendment No. 2 Effective Date to the Borrowers in an aggregate principal amount set forth on Annex 1 annexed hereto, on the terms set forth in the Amended Credit Agreement.
L/C Commitments. The Administrative Agent, the Existing Issuing Lenders and the New Issuing Lender consent to the reallocation of the L/C Commitments pursuant to Section 2.11 hereof.
L/C Commitments