Revolving Letters of Credit Sample Clauses
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Revolving Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, at any time and from time to time after the Closing Date and prior to the Revolving L/C Facility Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue from time to time from the Closing Date through the Revolving L/C Facility Maturity Date for the account of the Borrower (or, so long as the Borrower is the primary obligor and signatory to the Letter of Credit Request, for the account of Holdings or any Restricted Subsidiary) letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”), which Revolving Letters of Credit shall not at any time exceed (i) such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment, (ii) the L/C Sublimit and (iii) individual Letters of Credit, in such form as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion.
(b) Notwithstanding the foregoing, (i) no Revolving Letter of Credit shall be issued the Stated Amount of which, when added to the Revolving Letters of Credit Outstanding at such time, would exceed the L/C Sublimit (or with respect to any Revolving Letter of Credit Issuer, exceed such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment); (ii) no Revolving Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders’ Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Revolving Letter of Credit shall have an expiration date occurring no later than one year after the date of issuance thereof (except as set forth in Section 3.2(d)), provided that in no event shall such expiration date occur later than the Revolving L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, the Revolving Letter of Credit Issuer and, unless the Revolving Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Revolving Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Revolving Letter of Credit shall be denominated in Dollars; (v) no Revolving Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Revolving Letter of Credit to have a Revolving Let...
Revolving Letters of Credit. Subject to and upon the terms and conditions herein set forth, at any time and from time to time on and after the Closing Date and prior to the Revolving L/C Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue upon the request of the Borrower and for the direct or indirect benefit of the Borrower and the Restricted Subsidiaries and for the direct or indirect benefit of the Parent and its other Subsidiaries (excluding the Oncor Subsidiaries) so long as the aggregate Stated Amount of all Letters of Credit issued for the Parent and its other Subsidiaries’ benefit does not exceed $250,000,000, a letter of credit or letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”) in such form and with such Issuer Documents as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion; provided that the Borrower shall be a co-applicant, and jointly and severally liable with respect to each Revolving Letter of Credit issued for the account of the Parent and its other Subsidiaries, US Holdings or a Restricted Subsidiary.
Revolving Letters of Credit. Upon the occurrence and during the continuation of any Default under Section 8.1.9 or upon notification by the Administrative Agent (acting at the direction of the Required First Lien Facility Lenders) to the Borrower of its obligations under this Section, following the occurrence and during the continuation of any other Event of Default, (i) the aggregate Stated Amount of all Revolving Letters of Credit shall, without demand upon or notice to the Borrower or any other Person, be deemed to have been paid or disbursed by the Revolving Issuer (notwithstanding that such amount may not in fact have been paid or disbursed) and (ii) the Borrower shall be immediately obligated to reimburse the Revolving Issuer for the amount deemed to have been so paid or disbursed by the Revolving Issuer. Amounts payable by the Borrower pursuant to this Section in respect of Revolving Letters of Credit shall be deposited in immediately available funds with the Administrative Agent and held as cash collateral security for the applicable Reimbursement Obligations. When all Defaults giving rise to the deemed disbursements under this Section have been cured or waived the Administrative Agent shall return to the Borrower all amounts then on deposit with the Administrative Agent pursuant to this Section which have not been applied to the satisfaction of any Reimbursement Obligations.
Revolving Letters of Credit. Subject to the terms and conditions of this Agreement, the Revolving Credit Commitments may be utilized, upon the request of the Borrower, in addition to the Revolving Credit Loans provided for by Section 2.01(a) hereof, by the issuance by the Issuing Lender of letters of credit (collectively, "REVOLVING LETTERS OF CREDIT") for account of the Borrower or any of its Subsidiaries (as specified by the Borrower), PROVIDED that in no event shall (i) the aggregate amount of all Revolving Letter of Credit Liabilities and the aggregate principal amount of all Revolving Credit Loans, exceed the aggregate amount of the Revolving Credit Commitments, (ii) the outstanding aggregate amount of all Revolving Letter of Credit Liabilities exceed U.S. $10,000,000 or (iii) the expiration date of any Revolving Letter of Credit extend beyond the earlier of the Revolving Credit Termination Date and the date one year following the issuance of such Revolving Letter of Credit. The following additional provisions shall apply to Revolving Letters of Credit:
Revolving Letters of Credit. The Opener agree that in the case of revolving Letter(s) of Credit the amount utilised under the credit shall be again available for utilisation only after the draft drawn by seller (beneficiary) is fully paid along with interests and all other charges.
Revolving Letters of Credit. In the event that a Revolving Letter of Credit shall be issued on behalf of the Revolving Lenders by an Issuing Bank:
(a) the Principal Outstanding in respect of such Letter of Credit shall be considered to be allocated among the Revolving Lenders pro rata on the basis of their respective Rateable Portions, and on the basis that each such Revolving Lender is liable to, and by entering into this Agreement agrees to, indemnify and hold harmless such Issuing Bank in relation to such Issuing Bank’s liability as issuer of such Letter of Credit to the extent of the amount of such pro rata share of such liability; and
(b) for greater certainty and without limiting the generality of Section 14.1, the Principal Outstanding among the Revolving Lenders shall be adjusted in the circumstances and in the manner contemplated by Section 14.1 in order to reflect the Issuance by the Issuing Bank on behalf of the Revolving Lenders.
Revolving Letters of Credit. Upon the request of Borrower, made at any time and from time to time during the term hereof, so long as no Event of Default has occurred, and subject to the limitations set forth below, Bank will, on a revolving basis, issue commercial letters of credit for Borrower's account to facilitate the importation of merchandise by Borrower for resale by Borrower and issue standby letters of credit or Borrower's account for purposes acceptable to Bank; provided, however, that in no event shall Bank be obligated to issue any letters of credit under this Section 16.1 whenever the total of Borrower's Obligations in respect to all letters of credit outstanding under this Section 16.1, when added to the Daily Balance, exceeds, at any time, the sum of Five Million Dollars ($5,000,000); provided, further, however that the aggregate total of Borrower's Obligations in respect to all commercial letters of credit and standby letters of credit outstanding may not exceed at any one time One Million Dollars ($1,000,000.00). If, any time and for any reason, the total of Borrower's Obligations in respect to all letters of credit outstanding under this Section 16.1, when added to the Daily Balance, exceeds the sum of Five Million Dollars ($5,000,000) (an "Overline") or if, at any time and for any reason the aggregate total of Borrower's Obligations in respect to all commercial letters of credit and standby letters of credit outstanding hereunder exceeds One Million Dollars ($1,000,000.00) (a "L/C Overline"), then Borrower shall immediately pay to Bank, in cash, the amount of such Overline or L/C Overline (as the case may be). Bank may, in its sole discretion, elect to treat a L/C Overline as an advance under the Credit.
Revolving Letters of Credit. Subject to and upon the terms and conditions set forth herein, at any time and from time to time after the Closing Date and prior to the Revolving L/C Facility Maturity Date, each Revolving Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 3, to issue from time to time from the Closing Date through the Revolving L/C Facility Maturity Date for the account of the Borrower (or, so long as the Borrower is the primary obligor and signatory to the Letter of Credit Request, for the account of Holdings or any Restricted Subsidiary) letters of credit (the “Revolving Letters of Credit” and each, a “Revolving Letter of Credit”), which Revolving Letters of Credit shall not at any time exceed (i) such Revolving Letter of Credit Issuer’s Revolving Letter of Credit Commitment, (ii) the L/C Sublimit and (iii) individual Letters of Credit, in such form as may be approved by the Revolving Letter of Credit Issuer in its reasonable discretion.
Revolving Letters of Credit. During the Revolving Commitment Period, subject to the terms and conditions hereof, Issuing Bank agrees to issue Letters of Credit for the account of Borrower in the aggregate amount up to but not exceeding the Revolving Letter of Credit Sublimit; provided, (i) each Revolving Letter of Credit shall be denominated in Dollars; (ii) the stated amount of each Revolving Letter of Credit shall not be less than $250,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Revolving Letter of Credit Usage exceed the Revolving Letter of Credit Sublimit then in effect; (v) in no event shall any standby Revolving Letter of Credit have an expiration date later than the earlier of (1) the Revolving Commitment Termination Date and (2) the date which is one year from the date of issuance of such standby Revolving Letter of Credit; and
Revolving Letters of Credit. Upon the issuance of each Revolving Letter of Credit, and without further action, each Revolving Lender (other than the Revolving Issuer) shall be deemed to have irrevocably purchased, to the extent of its Percentage, a participation interest in such Revolving Letter of Credit (including the Contingent Liability of the Revolving Issuer and any Revolving Reimbursement Obligation with respect thereto), and such Revolving Lender shall, to the extent of its Percentage, be responsible for reimbursing within one Business Day the Revolving Issuer for Revolving Reimbursement Obligations which have not been reimbursed by the Borrower in accordance with clause (a) of Section 2.6.