Sublimits. The following restrictions shall apply in relation to any request by Company to one or more Revolving Lenders to issue Letters of Credit in accordance with the provisions of this subsection 3.1: (i) Letter of Credit Usage (other than under clause (ii) below) shall at no time exceed $20,000,000; and (ii) Company may request that one or more Revolving Lenders issue Standby Letters of Credit or similar instruments for the purpose of supporting the obligations of HSBC Bank plc as a guarantor under the UK Loan Notes (the “Applicable Standby Letters of Credit”) provided that the maximum aggregate amount which may become available for drawing under the Applicable Standby Letters of Credit shall not exceed $60,000,000; and (iii) Letter of Credit Usage on the Closing Date shall not exceed $50,000,000.
Appears in 2 contracts
Sources: Credit Agreement (FTD Group, Inc.), Credit Agreement (FTD Group, Inc.)