LC Agreements Sample Clauses

LC Agreements. From time to time as required by LC Issuer, the Revolving Loan Borrower shall execute and deliver to LC Issuer a letter of credit reimbursement agreement or an amendment to existing agreements executed by the Revolving Loan Borrower (each, an “LC Agreement”) in a form acceptable to LC Issuer. Whenever the Revolving Loan Borrower wishes to request the issuance of a Letter of Credit, the Revolving Loan Borrower shall execute and deliver to LC Issuer an application therefor in LC Issuer’s standard form appropriately completed with all required information (an “LC Application”) and such other documents and information as LC Issuer reasonably requires. Each Letter of Credit shall be subject to all terms and conditions of this Agreement and of the applicable LC Application and LC Agreement. In the event of any express conflict between the terms of this Agreement and of the applicable LC Agreement, the terms of this Agreement shall control.

LC Agreements. Although referenced in any LC, terms of any particular agreement or other obligation to the beneficiary are not incorporated into this Agreement in any manner. The fees and other amounts payable with respect to each LC are as provided in this Agreement, the reimbursement obligations for drafts under each LC are part of the Obligations, only the events specified in this Agreement as a Default shall constitute a default under any LC Agreement, and the terms of this Agreement control any conflict between the terms of this Agreement and any LC Agreement. In furtherance of the foregoing, but not in limitation thereof, this Agreement shall control and supercede the following paragraphs of Bank of America's current form of LC Agreement: Paragraphs 1(a), (b), (f), and (g), 2, 3, 4 and 8(d).

LC Agreements. LMI and LSI each agree that (a) the Letter of Credit shall be deemed to be a "Credit" which is covered by the LC Agreement which it signed. Each of them agrees to be liable as an "Applicant" on the LC Agreement, the Letter of Credit and the Application for the Letter of Credit, even though LMI may not have signed such application.

LC Agreements. Notwithstanding anything to the contrary in any LC Agreement: a. The commission and other amounts payable with respect to each LC are as provided in this Agreement, drafts under any LC are deemed to be Advances subject to the interest rates and payment terms of the Notes (and are payable upon demand if Lenders have accelerated payment of the Obligation), and only the events specified in this Agreement as Defaults constitute a default thereunder; b. Issuing Lender shall (i) make payment upon demand under an LC unless it appears that demand on its face does not comply with the terms of the LC, regardless of whether any Default has occurred or whether either contracting party has performed the terms of any other agreement, and (ii) not be liable for the Company's obligations under any other agreement, document, or instrument; c. Neither Agent, Issuing Lender, nor any other Lender is responsible for (i) the use which may be made of any LC or for any acts or omissions of any beneficiary, or (ii) any breach of contract by any beneficiary of any LC; and d. Although referenced in any LC, terms of any particular agreement or other obligation to the beneficiary are not in any manner incorporated herein. e. Immediately upon Issuing Lender's issuance of an LC, it is deemed to have sold and transferred to each other Lender -- and each other Lender is deemed irrevocably and unconditionally to have purchased and received from Issuing Lender -- without recourse or warranty, an undivided interest and participation -- to the extent of each other Lender's Commitment Percentage -- in the LC and all applicable Rights of Issuing Lender in the LC. Issuing Lender shall provide a copy of each LC to each other Lender promptly after issuance. f. Issuing Lender shall exercise and give the same care and attention to each LC it issues as it gives to its other letters of credit it issues. Each Lender and Borrower agree that, in paying any draft or draw under any LC, Issuing Lender has no responsibility to obtain any document (other than any documents expressly required by the respective LC) or to verify the validity of any document or the authority of any Person delivering it.