Standby Letters of Credit Sample Clauses

Standby Letters of Credit. The Borrower agrees to pay to the Administrative Agent, for the ratable benefit of each Lender with a Revolving Commitment based upon each such Lender’s Revolving Facility Percentage, a fee in respect of each Letter of Credit issued hereunder that is a Standby Letter of Credit for the period from the date of issuance of such Letter of Credit until the expiration date thereof (including any extensions of such expiration date that may be made at the election of the account party or the beneficiary), computed for each day at a rate per annum equal to (A) the Applicable Margin for Revolving Loans that are Eurodollar Loans in effect on such day times (B) the Stated Amount of such Letter of Credit on such day. The foregoing fees shall be payable quarterly in arrears on the last Business Day of each March, June, September and December and on the Revolving Facility Termination Date.
Standby Letters of Credit. With respect to each Letter of Credit that shall be a standby letter of credit and the drafts thereunder, if any, whether issued for the account of US Borrower or any other Credit Party, US Borrower agrees to (A) pay to Agent, for the pro rata benefit of the US Lenders, a non-refundable commission based upon the face amount of such Letter of Credit, which shall be paid quarterly in arrears, on each Regularly Scheduled Payment Date, at a rate per annum equal to the Applicable Margin for Eurodollar Loans (in effect on the date such payment is to be made) times the undrawn face amount of such Letter of Credit; (B) pay to Agent, for the sole benefit of the Fronting Lender, an additional Letter of Credit fee, which shall be paid on each date that such Letter of Credit shall be issued, amended or renewed at the rate of one-eighth percent (1/8%) of the face amount of such Letter of Credit; and (C) pay to Agent, for the sole benefit of the Fronting Lender, such other issuance, amendment, negotiation, draw, acceptance, telex, courier, postage and similar transactional fees as are generally charged by the Fronting Lender under its fee schedule as in effect from time to time.
Standby Letters of Credit. (a) Section 2.6(a) of the Loan Agreement is amended and restated to read as follows: 3 "(a) Subject to the terms and conditions hereof, at any time and from time to time from the Closing Date to the earlier of 60 days from the Effective Date or June 29, 1998, the Issuing Bank shall issue such Standby Letters of Credit as a Responsible Official of a Borrower on behalf of the Borrowers may request by a Request for Standby Letter of Credit' provided that, upon giving effect to such Standby Letter of Credit, (i) the Total Outstanding shall not exceed $15,000,000, (ii) the issuance of the Standby Letter of Credit shall not result in an amount which exceeds the Line B Availability and (iii) the Outstanding Standby Letters of Credit shall not exceed the Maximum Standby Letter of Credit Amount. If any Standby Letter of Credit is canceled or otherwise expires or terminates without I it being drawn upon, such cancellation, expiration or termination shall not effect a permanent reduction of the Line B Availability pursuant to Section 2.2(a) by the amount of such Standby Letter of Credit, but instead such amount may be reborrowed. Unless the Requisite Banks otherwise consent in writing, the term of any Standby Letter of Credit shall not exceed the earlier of 60 days from the Effective Date or June 30, 1998. If, as of the immediately preceding date, or upon any earlier termination or acceleration of the Commitment and any Loans thereunder, there exist any Outstanding Standby Letters of Credit, Borrowers shall provide to Agent a standby letter of credit issued by a bank satisfactory to the Requisite Banks, in form and substance satisfactory to the Requisite Banks, in favor of the Banks in a face amount equal to Outstanding Standby Letters of Credit on that date, or shall make other provisions satisfactory to the Requisite Banks for the collateralization or settlement of such Outstanding Standby Letters of Credit. No Standby Letter of Credit shall be issued except in the ordinary course of business of Borrowers or their Subsidiaries. Unless otherwise agreed to by the Requisite Banks, the face amount of any Standby Letter of Credit shall not be less than $250,000."
Standby Letters of Credit. During the period from the Effective Date to five (5) Banking Days prior to the Revolving Credit Termination Date, Letter of Credit Issuing Bank may open, at the request of and for the account of a Letter of Credit Account Party, Standby Letters of Credit; provided, that, at no time will the outstanding Standby Letter of Credit Obligations exceed the lesser of (a) Five Million Dollars ($5,000,000), or (b) the Revolving Credit Commitment less outstanding Revolving Credit Loans and Letter of Credit Obligations (other than Standby Letter of Credit Obligations) or (c) the Net Borrowing Base less outstanding Revolving Credit Loans and Letter of Credit Obligations (other than Standby Letter of Credit Obligations) (the "Standby Letter of Credit Commitment"). No Standby Letter of Credit shall have a stated expiration date later than the earlier of (a) the Revolving Credit Termination Date (unless collateralized as provided in Section 3.01 hereof) or (b) 364 days from the date of issuance. For the purpose of calculating the Net Availability, Standby Letters of Credit shall be deemed Revolving Loans. In addition to the Letter of Credit Issuing Bank's standard fees and charges for Letters of Credit and all other fees, commissions and other amounts otherwise payable with respect to issuance of Letters of Credit (all of which shall be for the Letter of Credit Issuing Bank's own account), each Letter of Credit Account Party shall pay to Agent (for the pro rata benefit of the Lenders) an amount equal 1.8% of the face amount of each Standby Letter of Credit issued for the account of such Letter of Credit Account Party, payable upon issuance (the "Standby Letter of Credit Fee").
Standby Letters of Credit. First Union, as Agent, under the terms and subject to the conditions of this Agreement, on behalf of itself and each other Bank in the same proportions as each Bank's Revolving Loan Commitment bears to the Aggregate Revolving Loan Commitment, shall provide Standby Letters of Credit to Willis, from time to time prior to the Revolver Termination Date, as requested by Willis, provided that (A) the aggregate amount of Standby Letters of Credit outstanding at any one time shall not exceed $2,000,000 or such lesser amount, if any, as will, when added to the amount of the Revolving Credit Loans then outstanding, aggregate more than the Aggregate Revolving Loan Commitment (or such lesser amount as Willis is entitled to borrow hereunder at such time by reason of the limitation of the Borrowing Base or otherwise), and (B) no Standby Letter of Credit shall be for a term longer than one year. Willis shall request a Standby Letter of Credit by delivering a completed letter of credit application to First Union on such form as may be specified by First Union not less than three Business Days prior to the date specified by Willis as the date the Standby Letter of Credit is to be issued. The standard form of First Union letter of credit application as currently in effect shall be used. Standby Letters of Credit shall not bear interest until drawn upon but shall each be subject to an annual charge, payable in advance, as such may exist from time to time, PROVIDED, HOWEVER, that at no time shall the annual charge for any Standby Letter of Credit exceed 2.75%. If any obligation of Willis to pay money in connection with any Standby Letter of Credit is not met when requested by First Union, as Agent, as permitted by the applicable letter of credit application and the reimbursement agreement contained therein, the amount due shall be funded automatically by a Revolving Credit Loan which Loan shall be made without regard to any minimum borrowing requirement, condition precedent herein, or Event of Default hereunder which would otherwise entitle any Bank or the Banks not to provide such Revolving Credit Loan, and each Bank shall make its proportionate share of such Revolving Credit Loan. Any obligation of Willis to pay money in connection with any Standby Letter of Credit or the application therefor shall be deemed secured as if made as a Loan hereunder. In the event Willis shall terminate the Aggregate Revolving Loan Commitment as provided in Section 2.6 and shall pay the outstan...
Standby Letters of Credit. The Revolving Commitment may be used for financing standby letters of credit with a maximum maturity of 365 days but not to extend more than 365 days beyond the Maturity Date. The standby letters of credit may include a provision providing that the maturity date will be automatically extended each year for an additional year unless the Bank gives written notice to the contrary. The amount of standby letters of credit outstanding at any one time (including amounts drawn on letters of credit and not yet reimbursed) may not exceed Three Million Dollars ($3,000,000). Each standby letter of credit must be requested by the Borrower at least three (3) Business Days prior to the proposed date of issuance of such standby letter of credit, and any such request may be submitted by telecopy, rapidfax or other telecommunication method (other than telephonic or oral advice). The Borrower agrees:
Standby Letters of Credit. The Borrowers shall, concurrently with the execution and delivery of this Agreement, execute and deliver to the Issuing Bank, a Continuing Letter of Credit Agreement in substantially the form attached hereto as Exhibit B, and the Borrowers may from time to time request the Issuing Bank to issue a Standby Letter of Credit in accordance with the terms thereof by delivering to the Issuing Bank an application, in such form as may from time to time be approved by the Issuing Bank (the “Standby Letter of Credit Application”), completed to the satisfaction of the Issuing Bank, together with such other certificates, documents and other papers and information as the Issuing Bank may reasonably request.
Standby Letters of Credit. At any time prior to February 10, 1998, that the Parent is entitled to an Advance under the Revolving Loan, the Bank shall, upon the application of the Parent, issue for the account of the Parent, a standby letter of credit (each a "Standby Letter of Credit") in an amount not in excess of the maximum Advance that the Parent would then be entitled to obtain under the Revolving Loan, provided that (A) the total amount of Standby Letters of Credit which are outstanding at any time shall not exceed $3,000,000, (B) the issuance of any Standby Letter of Credit with a maturity date beyond the Revolving Loan Maturity Date shall be entirely at the discretion of the Bank, (C) the form of the requested Standby Letter of Credit shall be satisfactory to the Bank in the reasonable exercise of the Bank's discretion, and (D) the Parent shall have executed an application and reimbursement agreement for the Standby Letter of Credit (a "Reimbursement Agreement") in the Bank's standard form. Any standby letters of credit which have been issued by the Bank for the account of the Parent under the Prior Agreement shall automatically be deemed to be Standby Letters of Credit for all purposes of this Agreement. Provided that the Parent is the account party and executes the Reimbursement Agreement in favor of the Bank, Standby Letters of Credit may be issued at the request of the Parent on behalf of the Parent or any of its Subsidiaries. While any Standby Letter of Credit is outstanding, the Maximum Loan Availability shall be reduced by the maximum amount available to be drawn under such Standby Letter of Credit. The Parent shall pay the Bank a commission for each Standby Letter of Credit issued calculated at the rate of one percent (1%) per annum of the maximum amount available to be drawn under the Standby Letter of Credit. Such commissions shall be calculated on the basis of a 360 day year and the actual number of days in the period during which the Standby Letter of Credit will be outstanding. The Parent shall pay the Bank's standard transaction fees with respect to any transactions occurring on account of any Standby Letter of Credit. Commissions shall be payable when the related Standby Letters of Credit are issued and transaction fees shall be payable upon completion of the transaction as to which they are charged. All such commissions and fees may be debited by the Bank to any deposit account of the Parent carried with the Bank without further authority, and in any event, s...
Standby Letters of Credit. Not less than five (5) Business Days prior to the date a standby Letter of Credit is to be issued for its account, the Borrower will complete, execute and deliver to the Bank an Application and Agreement for Standby Letter of Credit (each, a "Standby Letter of Credit Application"), each on the Bank's then current form with the blanks therein appropriately completed, and such other documents as the Bank may reasonably require in connection therewith. Each standby Letter of Credit issued by the Bank will be subject to the terms and conditions of the Standby Letter of Credit Application pursuant to which it is issued as well as the terms and conditions of this Agreement. In the event of a conflict between the provisions of the Standby Letter of Credit Application and the provisions of this Agreement, the provisions of this Agreement will govern.
Standby Letters of Credit. For each standby Letter of Credit, a letter of credit fee at a rate per annum equal to 1.75% on the average daily undrawn amount of such standby Letter of Credit during the period from the date of issuance through and including the date of drawing of the entire amount or expiration or termination thereof, such letter of credit fee accrued through and including each Monthly Date to be due and payable no later than the date which is ten (10) Business Days after delivery by the Agent to the Company of a monthly invoice therefor; provided that such letter of credit commissions with respect to each Letter of Credit set forth in clauses (A) and (B) above shall be non-refundable and shall not be less than $500, and