Letter of Credit Reductions Sample Clauses

Letter of Credit Reductions. The L-C Amount shall be reduced on an annual basis pursuant to the following: On the First (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires and the L-C Reduction Conditions are satisfied (the “Burn Down Date”), and on each anniversary of the Burn Down Date (each, a “Reduction Date”), provided Tenant satisfies the L-C Reduction Conditions, the L-C Amount shall be reduced by the “L-C Burn Down Amount,” as that term is defined below.
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Letter of Credit Reductions. The L-C Amount shall be reduced on an annual basis pursuant to the following: On the first (1st) day of the first (1st) calendar month following the month in which the Fixed Period expires and the L-C Reduction Conditions (subject to Section 21.9.2 below) are satisfied (the “Burn Down Date”), and on each anniversary of the Burn Down Date (each, a “Reduction Date”), provided Tenant then satisfies the L-C Reduction Conditions (subject to Section 21.9.2 below), the L-C Amount shall be reduced by the L-C Burn Down Amount, as that term is defined in Section 21.9.2 below, provided that in no event shall the L-C Amount be reduced below the amount of $4,488,333.00. Notwithstanding any contrary provision of this Section 21.9, no Reduction Date shall occur sooner than twelve (12) months from the immediately preceding Reduction Date, and any Reduction Date which would otherwise occur sooner than twelve (12) months from the immediately preceding Reduction Date shall instead occur twelve (12) months from the immediately preceding Reduction Date provided Tenant then satisfies the L-C Reduction Conditions (subject to Section 21.9.2 below).
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Letter of Credit Reductions. Subject to Section 9.08, upon the request of the Reinsurer, the Cedant shall cooperate with any reasonable request by the Reinsurer to reduce the face amount of any Letter of Credit, on a quarterly basis following the delivery of the Required Balance Statement, and shall promptly take such actions as may be reasonably required by any LOC Provider, including delivering any certificate, providing any consent or acknowledgement and returning any then-current Letter of Credit to the applicable LOC Provider in exchange for a new Letter of Credit reflecting such reduced amount, to enable such reduction; provided, that if the Cedant does not take such actions reasonably required by an LOC Provider to enable such reduction, then the Cedant shall reimburse the Reinsurer for any fees and commissions payable by the Reinsurer to any LOC Provider with respect to a Letter of Credit that exceed the amount of fees and commissions that would have been payable by the Reinsurer to such LOC Provider with respect to such Letter of Credit if it had been so reduced; provided, further, that the Cedant shall not be required to take any such actions if, after giving effect to such reduction, the Statutory Book Value of the assets maintained in the OC Account would be less than the Required Trust Balance.
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Letter of Credit Reductions. The L-C Amount shall be reduced pursuant to the following: On the First (1st) day of the fourth (4th) Lease Year, the L-C Amount shall be reduced to $7,227,956.00 and on the first day of the sixth (6th) Lease Year, the L-C Amount shall be reduced to $5,420,967.00 (each, a “Reduction Date”).
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Letter of Credit Reductions. Upon (a) the expiration or termination of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the undrawn face amount of such Letter of Credit, and (b) the reduction of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the reduction of such Letter of Credit. Revolving Credit Commitment reductions shall be applied ratably among the Lenders in proportion to their Ratable Shares;
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Letter of Credit Reductions. If and solely to the extent the Borrower or any Subsidiary has received any Net Auction Proceeds, the Borrower shall not (nor shall it permit any Subsidiary to) reduce the stated amount of and/or terminate any letters of credit (including, without limitation, any letters of credit issued and outstanding pursuant to that certain Standby Letter of Credit Agreement, dated as of July 22, 2011, by and among the Company and Xxxxx Fargo Bank, National Association, but expressly excluding any letters of credit issued and outstanding to support the USF AIG/Chartis runoff claims) unless and until the stated amount of Letters of Credit issued and outstanding pursuant to this Agreement shall have been permanently reduced and/or terminated (with a concurrent corresponding permanent reduction in the US Tranche Revolving Commitment) in an amount not less than the aggregate Net Auction Proceeds received on or prior to such proposed reduction and/or termination of such letters of credit.
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Letter of Credit Reductions. Upon Borrower’s written request and provided no default then exists under the Loan, Lender shall consent to reductions in the letter of credit or cash deposit as follows:
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Letter of Credit Reductions. Upon (a) the expiration or termination of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the undrawn face amount of such Letter of Credit; provided that with respect to any Letter of Credit that has expired or is terminated and the obligations of the Loan Parties supported by such Letter of Credit are being supported by another Letter of Credit (even if such new Letter of Credit is issued in favor of a different bonding company or other Person), the Revolving Credit Commitments shall only be reduced on a dollar for dollar basis in an amount equal to the difference (if positive) between the undrawn face amount of such expiring or terminating Letter of Credit and the face amount of the new Letter of Credit supporting such obligations, and (b) the reduction of a Letter of Credit, the Revolving Credit Commitments shall be reduced on a dollar for dollar basis by an amount equal to the reduction of such Letter of Credit; provided that with respect to any Letter of Credit that has been reduced as a result of such obligations of the Loan Parties being supported by a new Letter of Credit (even if such new Letter of Credit is issued in favor of a different bonding company or other Person), the Revolving Credit Commitments shall be reduced on a dollar for dollar basis only in an amount equal to the difference (if positive) between the reduction in undrawn face amount of such Letter of Credit and the face amount of the new or increased Letter of Credit supporting such obligations. Revolving Credit Commitment reductions shall be applied ratably among the Lenders in proportion to their Ratable Shares;”
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Related to Letter of Credit Reductions

  • Letter of Credit Requests 15 2.03 Letter of Credit Participations......................... 15 2.04 Agreement to Repay Letter of Credit Payments............ 17 2.05

  • Letter of Credit Request See §2.10(a).

  • Letter of Credit Subfacility (a) During the Revolving Credit Commitment Period, the Borrower may request the issuance of standby Letters of Credit to support obligations of a Subsidiary of the Parent which finance the working capital and business needs of a Subsidiary of the Parent by delivering to the Issuing Bank a completed Application for letters of credit in such form and with such other certificates, documents and information as the Issuing Bank may specify from time to time by no later than 12:00 noon, Philadelphia time, at least five (5) Business Days (or such shorter period as may be agreed to by the Issuing Bank) in advance of the proposed date of issuance. Each Application for issuance of a Letter of Credit shall be accompanied by an issuance fee based upon the Issuing Bank’s standard schedule of fees charged for issuing letters of credit as such may be amended from time to time. Subject to the terms and conditions hereof and in reliance on the agreements of the other Revolving Credit Lenders set forth in this Section, the Issuing Bank will issue a Letter of Credit, provided, that each Letter of Credit shall (i) have a maximum maturity of twelve (12) months from the date of issuance, and (ii) in no event expire later than five (5) Business Days prior to the Revolving Credit Termination Date, and provided further, that in no event shall the amount of the Letter of Credit Obligations at any one time exceed the lesser of (i) the L/C Sublimit and (ii) the aggregate Revolving Credit Commitments minus the aggregate principal amount of the Revolving Credit Loans then outstanding. The Issuing Bank shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause the Issuing Bank or any Letter of Credit Participant to exceed, any limits imposed by any applicable Requirement of Law. Notwithstanding the provisions of this Section, the Revolving Credit Lenders and the Borrower hereby agree that the Issuing Bank may issue upon the Borrower’s request, one or more Letter(s) of Credit which by its or their terms may be extended for additional periods of up to one year each provided that (I) the initial expiration date (or any subsequent expiration date) of each such Letter of Credit is not later than five (5) Business Days prior to the Revolving Credit Termination Date, and (II) renewal of such Letter(s) of Credit, at the Issuing Bank’s discretion, shall be available upon written request from the Borrower to the Issuing Bank at least thirty (30) days (or such other time period as agreed by the Borrower and the Issuing Bank) before the date upon which notice of renewal is otherwise required. Each standby Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce at the time a Letter of Credit is issued (“UCP”) or the International Standby Practices (ISP98 International Chamber of Commerce Publication Number 590 (“ISP98”)), as determined by the Issuing Bank.

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

  • Letter of Credit Procedures 13 2.3.1 L/C Applications ...........................................13 2.3.2 Participations in Letters of Credit ........................13 2.3.3 Reimbursement Obligations ..................................13 2.3.4 Limitation on Obligations of Issuing Lender ................14 2.3.5 Funding by Lenders to Issuing Lender .......................14 2.4 Commitments Several .................................................15 2.5 Certain Conditions ..................................................15

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • The Letter of Credit Subfacility (a) On the terms and conditions set forth herein: (i) the Issuing Lender agrees, (A) from time to time on any Business Day during the period from the Restatement Date to the Revolving Termination Date to issue Letters of Credit for the account of the Company, and to amend Letters of Credit previously issued by it, in accordance with subsections 3.2(c) and 3.2(d), and (B) to honor drawings which comply with the terms of the Letters of Credit Issued by it; and (ii) the Revolving Lenders severally agree to participate in Letters of Credit Issued for the account of the Company; provided that the Issuing Lender shall not be obligated to Issue, and no Revolving Lender shall be obligated to participate in, any Letter of Credit if as of the date of Issuance of such Letter of Credit (the "Issuance Date") (1) the sum of the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans plus the Effective Amount of all Swingline Loans exceeds the lesser of (x) the aggregate amount of all Revolving Commitments and (y) the Borrowing Base, (2) the Effective Amount of all L/C Obligations exceeds the amount of the L/C Commitment or (3) with respect to any particular Revolving Lender, the sum of the participation of such Revolving Lender in the Effective Amount of all L/C Obligations plus the outstanding principal amount of the Revolving Loans of such Revolving Lender shall exceed such Revolving Lender's Revolving Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.

  • Letter of Credit Draw If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.

  • Letter of Credit Subfeature As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue standby letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Letters of Credit shall not at any time exceed Five Hundred Thousand Dollars ($500,000.00). The form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term not to exceed Three Hundred Sixty-five (365) days, as designated by Borrower; provided however, that no Letter of Credit shall have an expiration date subsequent to the maturity date of the Line of Credit. The actual undrawn amount of all Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit agreements, applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit. In such event Borrower agrees that Bank, in its sole discretion, may debit any account maintained by Borrower with Bank for the amount of any such drawing.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

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