Letter of Credit Sub. Facility -----------------------------
Letter of Credit Sub. FACILITY
Letter of Credit Sub. Facility: The Bank agrees to issue commercial and/or standby letters of credit (each a "Letter of Credit") on behalf of the Borrower of up to $6,000,000.00. At no time, however, shall the total principal amount of all Advances outstanding under the Line of Credit, combined with the aggregate FX Risk Liability together with the total face amount of all Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the Line of Credit. For the purposes hereof, any Letters of Credit issued and outstanding for the account of the Borrower as of the date hereof shall be deemed to be issued hereunder.
Letter of Credit Sub. Facility (a) Subject to the terms and conditions of this Agreement, BNY agrees, in reliance on the agreement of the other Lenders set forth in Section 2.20, to issue standby letters of credit (the "Letters of Credit"; each, individually, a "Letter of Credit") during the Revolving Credit Commitment Period for the account of the Borrower. The Letter of Credit Exposure of all Lenders at any one time shall not exceed $50,000,000. Each Letter of Credit issued pursuant to this Section shall have a termination date that shall be not later than the earlier of one year from the date of issuance or 5 days prior to the Maturity Date. At the request of the Borrower, and upon 3 Business Days' prior written notice to the Administrative Agent, and provided that no Default or Event of Default shall then exist, each Letter of Credit termination date may be extended, from time to time, for a period not to exceed the earlier of (i) one year or (ii) the 5th day prior to the Maturity Date. No Letter of Credit shall be issued if the Administrative Agent, or any Lender by notice to the Administrative Agent no later than 1:00 P.M. one Business Day prior to the requested date of issuance of such Letter of Credit, shall have determined that the conditions set forth in Section 6 have not been satisfied. (b) Each Letter of Credit shall be issued for the account of the Borrower in support of an obligation of the Borrower or a Subsidiary of the Borrower in favor of a beneficiary who has requested the issuance of such Letter of Credit as a condition to a transaction entered into in connection with the Borrower's ordinary course of business. The Borrower shall give the Administrative Agent a Letter of Credit Request for the issuance of each Letter of Credit by 2:00 P.M., three Business Days prior to the requested date of issuance. Such Letter of Credit Request shall be accompanied by BNY's standard Application and Agreement for Standby Letter of Credit (each, a "Reimbursement Agreement") executed by an Authorized Signatory of the Borrower, and shall specify (i) the beneficiary of such Letter of Credit and the obligations of the Borrower or a Subsidiary of the Borrower in respect of which such Letter of Credit is to be issued, (ii) the Borrower's proposal as to the conditions under which a drawing may be made under such Letter of Credit and the documentation to be required in respect thereof, (iii) the maximum amount to be available under such Letter of Credit, and (iv) the requested date...
Letter of Credit Sub. Facility: The bank agrees to issue standby letters of credit (each a “Letter of Credit”) on behalf of the Borrower of up to 200,000,000.00 Japanese Yen. At no time, however, shall the total principal amount of all Advances outstanding under the AR line of Credit, together with the total face amount of all Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the Borrowing Base.
Letter of Credit Sub. Facility: The Bank agrees to issue commercial letters of credit (each a "Letter of Credit") on behalf of the Borrower of up to $25,000,000.00. At no time, however, shall the total principal amount of all Advances outstanding under the Line of Credit, together with the total face amount of all Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the Line of Credit.
Letter of Credit Sub. FACILITY 2.2.1
Letter of Credit Sub. Facility: The Bank agrees to issue standby letters of credit (each a "Letter of Credit") on behalf of the Borrower of up to $3,000,000.00. At no time, however, shall the total principal amount of all Advances outstanding under the Line of Credit, together with the total face amount of all Letters of Credit outstanding, less any partial draws paid by the Bank, exceed the Line of Credit. (i) Upon the Bank's request, the Borrower shall promptly pay to the Bank issuance fees and such other fees, commissions, costs and any out-of-pocket expenses charged or incurred by the Bank with respect to any Letter of Credit. (ii) The committment by the Bank to issue Letters of Credit shall, unless earlier terminated in accordance with the terms of the Agreement, automatically terminate on the Expiration Date of the Line of Credit and no Letter of Credit shall expire on a date which is after the Expiration Date.
Letter of Credit Sub. Line shall mean the aggregate commitment of the Lenders to assist the Borrowers in obtaining Letters of Credit in an aggregate amount of up to $30,000,000, $18,000,000 of which may be used for bank acceptances. LIBOR shall mean, subject to availability, a rate of interest equal to the quotient obtained by dividing: (a) at the Agent’s election, (i) LIBOR as quoted to the Agent by JPMorgan Chase Bank (or any successor thereof) two (2) Business Days prior to the first day of any month, or (ii) the rate of interest determined by the Agent at which deposits in U.S. Dollars are offered for any month as presented on Telerate Systems at page 3750 as of 11:00 a.m. (London time) two (2) Business Days prior to the first day of such month (provided that if two or more offered rates are presented on Telerate Systems at page 3750 for such month, the arithmetic mean of all such rates, as determined by the Agent, will be the rate elected); by (b) a number equal to 1.00 minus the Eurocurrency Reserve Requirements, if any, in effect on the day which is two (2) Business Days prior to the beginning of such month. LIBOR Loan shall mean any loans made pursuant to this Agreement that bear interest based upon LIBOR.
Letter of Credit Sub. Line shall mean the aggregate commitment of the Lenders to assist the Companies in obtaining Letters of Credit (and with respect to trade Letters of Credit, Bankers Acceptances) in an aggregate amount of up to (x) $85,000,000 for trade Letters of Credit, Bankers Acceptances, Steamship Guarantees and Airway Releases and (y) $10,000,000 for standby Letters of Credit. LIBOR shall mean, for any Interest Period and subject to availability, a rate of interest equal to the quotient obtained by dividing: (a) at the Agent’s election, (i) LIBOR for such Interest Period as quoted to the Agent by JPMorgan Chase Bank (or any successor thereof) two (2) Business Days prior to the first day of such Interest Period, or (ii) the rate of interest determined by the Agent at which deposits in U.S. Dollars are offered for such Interest Period as presented on Telerate Systems at page 3750 as of 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period (provided that if two or more offered rates are presented on Telerate Systems at page 3750 for such Interest Period, the arithmetic mean of all such rates, as determined by the Agent, will be the rate elected); by (b) a number equal to 1.00 minus the Eurocurrency Reserve Requirements, if any, in effect on the day which is two (2) Business Days prior to the beginning of such Interest Period.
