Common use of LC Commitment Clause in Contracts

LC Commitment. Subject to the terms and conditions hereof, the Borrowers may until the Loan Maturity Date request the Agent to arrange for the issuance by Fortis or an Affiliate of Fortis acceptable to the Borrowers (the “LC Issuer”) of one or more Letters of Credit under the Revolving Commitment, provided that, after taking such Letter of Credit into account: (i) the Facility Usage does not exceed the Borrowing Base at such time; and (ii) the aggregate amount of LC Obligations at such time does not exceed $5,000,000.00; (iii) the expiration date of such Letter of Credit is prior to the Loan Maturity Date; (iv) the form and terms of such Letter of Credit are acceptable to such LC issuer in its sole and absolute discretion; and (v) each of the conditions set forth in Section 13 hereof have been satisfied or waived. LC Issuer will honor any such request if the foregoing conditions (i) through (v) (in the following Subsection (b) called the “LC Conditions”) have been met as of the date of issuance of such Letter of Credit. LC Issuer may choose to honor any such request for Letter of Credit that does not meet the LC Conditions, but has no obligation to do so.

LC Commitment. Subject to the terms and conditions hereof, the Borrowers Borrower may until the Revolving Loan Maturity Date request the Agent to arrange for the issuance by Fortis or an Affiliate of Fortis acceptable to the Borrowers Borrower (the “"LC Issuer”") of one or more Letters of Credit under the Revolving CommitmentCredit, provided that, after taking such Letter of Credit into account: (i) the Facility Usage does not exceed the Borrowing Base at such time; and (ii) the aggregate amount of LC Obligations at such time does not exceed $5,000,000.00; (iii) the expiration date of such Letter of Credit is prior to the Revolving Loan Maturity Date; (iv) the form and terms of such Letter of Credit are acceptable to such LC issuer in its sole and absolute discretion; and (v) each of the conditions set forth in Section 13 14 hereof have been satisfied or waivedsatisfied. LC Issuer will honor any such request if the foregoing conditions (i) through (v) (in the following Subsection (b) called the “"LC Conditions”") have been met as of the date of issuance of such Letter of Credit. LC Issuer may choose to honor any such request for Letter of Credit that does not meet the LC Conditions, but has no obligation to do so.