Common use of LC Guaranties Clause in Contracts

LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by Borrower, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by Borrower, Letters of Credit for the account of Borrower or (ii) execute LC Guaranties by which Bank, or another Affiliate of Lender, on the date requested by Borrower, shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to letters of credit, provided that the -------- LC Amount shall not exceed $20,000,000 at any time. No Letter of Credit or LC Guaranty may have an expiration date that is more than one year from the date of issuance thereof, which expiration date may be extended for additional periods of up to one year, subject to the immediately following sentence. No Letter of Credit or LC Guaranty may have an expiration date that is after 30 days prior to the last day of the Term. Notwithstanding anything to the contrary contained herein, Borrower, Agent and Lenders hereby agree that all LC Obligations arising from any Letter of Credit or LC Guaranty issued at a time when there was sufficient Availability for the issuance thereof, and all obligations of Borrower relating thereto, shall be satisfied by the prompt issuance of one or more Revolving Credit Loans that are Base Rate Portions, which Borrower hereby acknowledges are requested and Lenders hereby agree to fund. In the event that Revolving Credit Loans are not, for any reason, promptly made to satisfy all then existing LC Obligations, each Lender hereby agrees to pay to Agent, on demand, an amount equal to such LC Obligations multiplied by such Lender's ---------- -- Revolving Loan Percentage, and until so paid, such amount shall be secured by the Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate Portions. Immediately upon the issuance of a Letter of Credit or an LC Guaranty under this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from Agent, without recourse or warranty, an undivided interest and participation therein equal to such LC Obligations multiplied by such Lender's Revolving Loan Percentage. ---------- --

LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by Borrower Representative on behalf of U.S. Borrower, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by BorrowerBorrower Representative, U.S. Letters of Credit for the account of Borrower any U.S. Loan Party or (ii) execute U.S. LC Guaranties by which Agent, Bank, or another Affiliate of LenderAgent, on the date requested by BorrowerBorrower Representative, shall guaranty the payment or performance by Borrower U.S. Loan Parties of its their reimbursement obligations with respect to letters of credit, credit and letters of credit issued for any U.S. Loan Party's account by other Persons in support of such U.S. Loan Party's obligations (other than obligations for the repayment of Money Borrowed); provided that the -------- U.S. LC Amount Obligations shall not exceed $20,000,000 16,000,000 at any time. No Such U.S. Letters of Credit and U.S. LC Guaranties shall be denominated in Dollars or such other currency as consented to by Agent in its sole discretion. Unless otherwise consented to by Agent, no U.S. Letter of Credit or U.S. LC Guaranty may that is a (i) standby letter of credit shall have an expiration date that is more greater than one year from the date of issuance thereof(provided that any standby letter of credit with a one-year term may provide for the customary evergreen renewals thereof for additional one-year periods (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, which unless cash-collateralized to Agent's satisfaction)) or (ii) documentary letter of credit shall have an expiration date may be extended for additional periods greater than 180 days from the date of up to one year, subject issuance. Notwithstanding anything else herein to the immediately following sentence. No contrary, no U.S. Letter of Credit or U.S. LC Guaranty may have an expiration date that is after 30 days prior to the last day of the Term, unless cash-collateralized to Agent's satisfaction. Notwithstanding anything to the contrary contained herein, U.S. Borrower, Agent and Lenders hereby agree that all U.S. LC Obligations arising from any Letter of Credit or LC Guaranty issued at a time when there was sufficient Availability for the issuance thereof, and all obligations of U.S. Borrower relating thereto, thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans in Dollars to U.S. Borrower that are Base Rate Portions, which U.S. Borrower hereby acknowledges are requested and Lenders hereby agree to fund. In the event that Revolving Credit Loans to U.S. Borrower are not, for any reason, promptly made to satisfy all then existing U.S. LC Obligations, each Lender hereby agrees to pay to Agent, on demand, an amount equal to such U.S. LC Obligations multiplied by such Lender's ---------- -- Revolving Loan Percentage, and until so paid, such amount shall be secured by the U.S. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate PortionsPortions for Revolving Credit Loans to U.S. Borrower. Immediately upon the issuance of a U.S. Letter of Credit or an a U.S. LC Guaranty under this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from Agent, without recourse or warranty, an undivided interest and participation therein equal to the amount of such U.S. Letter of Credit or U.S. LC Obligations Guaranty multiplied by such Lender's Revolving Loan Percentage. ---------- --The form of any U.S. Letter of Credit, U.K. Letter of Credit or Canadian Letter of Credit shall be acceptable to Bank, Agent and Borrower Representative. U.S. Letters of Credit, U.K. Letters of Credit and Canadian Letters of Credit shall be issued in accordance with the Uniform Customs and Practice for Documentary Credits then in effect and adopted by Bank (with respect to U.S. Letters of Credit), Fleet U.K. (with respect to U.K. Letters of Credit) or Fleet Canada (with respect to Canadian Letters of Credit).

LC Guaranties. Agent agrees, for so long as no Default or Event of Default exists and if requested by Borrower Representative on behalf of U.S. Borrower, to (i) issue its, or cause to be issued by Bank or another Affiliate of Agent, on the date requested by BorrowerBorrower Representative, U.S. Letters of Credit for the account of Borrower any U.S. Loan Party or (ii) execute U.S. LC Guaranties by which Agent, Bank, or another Affiliate of LenderAgent, on the date requested by BorrowerBorrower Representative, shall guaranty the payment or performance by Borrower U.S. Loan Parties of its their reimbursement obligations with respect to letters of credit, credit and letters of credit issued for any U.S. Loan Party's account by other Persons in support of such U.S. Loan Party's obligations (other than obligations for the repayment of Money Borrowed); provided that the -------- U.S. LC Amount Obligations shall not exceed $20,000,000 15,000,000 at any time. No Such U.S. Letters of Credit and U.S. LC Guaranties shall be denominated in Dollars or such other currency as consented to by Agent in its sole discretion. Unless otherwise consented to by Agent, no U.S. Letter of Credit or U.S. LC Guaranty may that is a (i) standby letter of credit shall have an expiration date that is more greater than one year from the date of issuance thereof(provided that any standby letter of credit with a one-year term may provide for the customary evergreen renewals thereof for additional one-year periods (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, which unless cash-collateralized to Agent's satisfaction)) or (ii) documentary letter of credit shall have an expiration date may be extended for additional periods greater than 180 days from the date of up to one year, subject issuance. Notwithstanding anything else herein to the immediately following sentence. No contrary, no U.S. Letter of Credit or U.S. LC Guaranty may have an expiration date that is after 30 days prior to the last day of the Term, unless cash- collateralized to Agent's satisfaction. Notwithstanding anything to the contrary contained herein, U.S. Borrower, Agent and Lenders hereby agree that all U.S. LC Obligations arising from any Letter of Credit or LC Guaranty issued at a time when there was sufficient Availability for the issuance thereof, and all obligations of U.S. Borrower relating thereto, thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans in Dollars to U.S. Borrower that are Base Rate Portions, which U.S. Borrower hereby acknowledges are requested and Lenders hereby agree to fund. In the event that Revolving Credit Loans to U.S. Borrower are not, for any reason, promptly made to satisfy all then existing U.S. LC Obligations, each Lender hereby agrees to pay to Agent, on demand, an amount equal to such U.S. LC Obligations multiplied by such Lender's ---------- -- Revolving Loan Percentage, and until so paid, such amount shall be secured by the U.S. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate PortionsPortions for Revolving Credit Loans to U.S. Borrower. Immediately upon the issuance of a U.S. Letter of Credit or an a U.S. LC Guaranty under this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from Agent, without recourse or warranty, an undivided interest and participation therein equal to the amount of such U.S. Letter of Credit or U.S. LC Obligations Guaranty multiplied by such Lender's Revolving Loan Percentage. ---------- --The form of any U.S. Letter of Credit, U.K. Letter of Credit or Canadian Letter of Credit shall be reasonably acceptable to Agent and Borrower Representative. U.S. Letters of Credit, U.K. Letters of Credit and Canadian Letters of Credit shall be issued in accordance with the Uniform Customs and Practice for Documentary Credits then in effect and adopted by Bank (with respect to U.S. Letters of Credit), Fleet U.K. (with respect to U.K. Letters of Credit) or Fleet Canada (with respect to Canadian Letters of Credit).

LC Guaranties. As of the U.K. Effective Date, U.K. Agent will cause Fleet U.K., and Fleet U.K. agrees, for so long as no Default or Event of Default exists and if requested by BorrowerBorrower Representative on behalf of any U.K. Loan Party, to (i) issue its, or cause to be issued by Bank or another an Affiliate of AgentFleet U.K. to issue, on the date requested by BorrowerBorrower Representative, U.K. Letters of Credit for the account of a U.K. Borrower or in support of such U.K. Loan Party’s obligations (ii) execute LC Guaranties by which Bank, or another Affiliate other than obligations for the repayment of Lender, on the date requested by Borrower, shall guaranty the payment or performance by Borrower of its reimbursement obligations with respect to letters of credit, Money Borrowed); provided that the -------- U.K. LC Amount Obligations shall not exceed the Dollar Equivalent of $20,000,000 500,000 at any timetime and all U.K. Letters of Credit and U.K. LC Guaranties shall be denominated in Sterling, Euros or Dollars. No Unless otherwise consented to by Agent, no U.K. Letter of Credit or U.K. LC Guaranty may that is a (i) standby letter of credit, guaranty or bond shall have an expiration date that is more greater than one year from the date of issuance thereof(provided that any standby letter of credit, guaranty or bond with a one-year term may provide for customary evergreen renewals (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, unless cash-collateralized to Agent’s satisfaction)) or (ii) documentary letter of credit shall have an expiration date may be extended for additional periods greater than 180 days from the date of up to one year, subject issuance. Notwithstanding anything else herein to the immediately following sentence. No contrary, no U.K. Letter of Credit or U.K. LC Guaranty may have an expiration date that is after 30 days prior to the last day of the Term, unless cash-collateralized to Agent’s satisfaction. Notwithstanding anything to the contrary contained herein, Borrower, Agent U.K. Borrower and Lenders U.K. Lender hereby agree that all U.K. LC Obligations arising from any Letter of Credit or LC Guaranty issued at a time when there was sufficient Availability for the issuance thereof, and all obligations of U.K. Borrower relating thereto, thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans to U.K. Borrower that are Base Rate Portions, which U.K. Borrower hereby acknowledges are requested and Lenders U.K. Lender hereby agree agrees to fund. If the draw on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Sterling, the applicable Revolving Credit Loan shall be in Sterling. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Euros, the applicable Revolving Credit Loan shall be in Euros. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Dollars, then the applicable Revolving Credit Loan shall be in Dollars. In the event that Revolving Credit Loans to U.K. Borrower are not, for any reason, promptly made to satisfy all then existing U.K. LC Obligations, each U.K. Lender hereby agrees to pay to U.K. Agent, on demand, an amount equal to the Dollar Equivalent of such U.K. LC Obligations multiplied by (paid in the currency of such Lender's ---------- -- Revolving Loan PercentageU.K. LC Obligations), and until so paid, such amount shall be secured by the U.S. Collateral and the U.K. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate PortionsPortions for Revolving Credit Loans to U.K. Borrower. Immediately upon the issuance of a U.K. Letter of Credit or an a U.K. LC Guaranty under this Agreement, each Lender U.K. Participant shall be deemed to have irrevocably and unconditionally purchased and received from U.K. Agent, without recourse or warranty, an undivided interest and participation therein equal to such U.K. LC Obligations multiplied by such Lender's Revolving Loan Percentage. ---------- --Amount and the Dollar Equivalent of the U.K. LC Guaranty.