Common use of The Letter of Credit Commitment Clause in Contracts

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 7 contracts

Samples: Credit Agreement (United States Cellular Corp), Credit Agreement (Telephone & Data Systems Inc /De/), Credit Agreement (Telephone & Data Systems Inc /De/)

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The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 7 contracts

Samples: Credit Agreement (Bojangles', Inc.), Credit Agreement (Bojangles', Inc.), Credit Agreement (Bojangles', Inc.)

The Letter of Credit Commitment. (i) Subject to On the terms and subject to the conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.032.02, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars (or in Non-US Currency) for the account of the Borrower, and (2) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (bSection 2.02(b) below, and (23) to honor drawings drafts under the Letters of Credit; Credit issued by it and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderBorrower; provided that after giving effect the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Lender shall be obligated to participate in any Letter of Credit, if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not Effective Amount of all Revolving Loans, Swing Line Loans and L/C Obligations would exceed the Aggregate CommitmentsRevolving Loan Facility at such time, (y) the aggregate Outstanding Effective Amount of the Committed Revolving Loans of any Revolving Lender, plus such Lender's Applicable Percentage ’s Revolving Proportionate Share of the Outstanding Effective Amount of all L/C Obligations, plus such Lender's Applicable Percentage ’s Revolving Proportionate Share of the Outstanding Effective Amount of all Swing Line Loans shall not would exceed such Lender's Commitment, and ’s Revolving Loan Commitment or (z) either (i) the Outstanding Effective Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance Sublimit or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (xii) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Effective Amount of the L/C Obligations shall not in respect of Non-US Currency Letters of Credit would exceed the Non-US Currency Letter of Credit Sublimit. Within the foregoing limits, and on the terms and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 6 contracts

Samples: Security Agreement (Chiquita Brands International Inc), Security Agreement (Chiquita Brands International Inc), Security Agreement (Chiquita Brands International Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.032.03 (including under Section 2.03 of the Original Credit Agreement), (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower and its Subsidiaries, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderunder this Agreement; provided that (a) after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (yb) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all no L/C ObligationsIssuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if after giving effect to such L/C Credit Extension, plus such Lender's Applicable Percentage (x) the Revolving Credit Exposure of the Outstanding Amount of all Swing Line Loans shall not any Revolving Credit Lender would exceed such Revolving Credit Lender's Commitment, and ’s Revolving Credit Commitment or (zy) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing For the avoidance of doubt, on the Closing Date, there is no commitment to issue Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofhereunder.

Appears in 4 contracts

Samples: Credit Agreement (Mission Broadcasting Inc), Credit Agreement (Nexstar Media Group, Inc.), Credit Agreement (Nexstar Media Group, Inc.)

The Letter of Credit Commitment. (i1) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 4 contracts

Samples: Securities Purchase Agreement (NOODLES & Co), Credit Agreement (NOODLES & Co), Credit Agreement (NOODLES & Co)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agreesIssuers agree, in reliance upon the agreements of the Revolving A Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any of its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving A Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that immediately after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving A Outstandings shall not exceed the Aggregate Revolving A Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Revolving A Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Revolving A Lender shall not exceed such Lender's Commitment, ’s Revolving A Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 4 contracts

Samples: Credit Agreement (Lamb Weston Holdings, Inc.), Credit Agreement (Lamb Weston Holdings, Inc.), Credit Agreement (Lamb Weston Holdings, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Tranche 2 Lenders set forth in this Section 2.032.20, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of (x) Borrower or any Subsidiary or (y) in the Borrowercase of commercial Letters of Credit only, any customer of Borrower or any Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Tranche 2 Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xI) the Total Tranche 2 Outstandings shall not exceed the Aggregate Commitmentsaggregate amount of Tranche 2 Commitments that would be in effect at any time prior to the expiration of all Letters of Credit outstanding at such time (solely after giving effect to the scheduled maturity of any Commitment occurring prior to the expiration of all such Letters of Credit), and (yII) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount Dollar Equivalent of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit L/C Sublimit. Each request by the Borrower or an L/C Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C the Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters Borrower represents that it or its applicable Subsidiary has complied with all applicable requirements of Law (including “know your customer” requirements) with respect to all customers of Borrower or any Subsidiary for whose account a Letter of Credit shall be deemed to have been is issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofhereunder.

Appears in 4 contracts

Samples: Credit and Guaranty Agreement (Cit Group Inc), Credit and Guaranty Agreement (Cit Group Inc), Revolving Credit and Guaranty Agreement (Cit Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, Date to issue Letters of Credit at sight denominated in Dollars for the account of the Borrower, Parent Borrower or any Restricted Subsidiary and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderpursuant to this Section 2.03; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not Revolving Credit Exposure of any Revolving Credit Lender would exceed the Aggregate Commitmentssuch Lender’s Revolving Credit Commitment, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus Obligations in respect of Letters of Credit issued by such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not L/C Issuer would exceed such Lender's Commitment, and L/C Issuer’s L/C Commitment or (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Parent Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Parent Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been be issued pursuant hereto, and from and after hereunder in the name of the Parent Borrower for the benefit of the Parent Borrower or Subsidiary of the Parent Borrower in whose name such Existing Letter of Credit is outstanding immediately prior to the Closing Date and shall be constitute Letters of Credit subject to and governed by the terms and conditions hereof.

Appears in 4 contracts

Samples: Credit Agreement (Change Healthcare Inc.), Credit Agreement (Change Healthcare Inc.), Credit Agreement (PF2 SpinCo, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Telephone & Data Systems Inc /De/), Credit Agreement (Telephone & Data Systems Inc /De/), Credit Agreement (United States Cellular Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue U.S. Tranche Letters of Credit (denominated in Dollars) or Alternative Currency Tranche Letters of Credit (in one or more Alternative Currencies) for the account of the BorrowerBorrower (which may be in support of obligations of the Borrower or in support of obligations of a Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the U.S. Tranche Revolving Lenders severally agree to participate in U.S. Tranche Letters of Credit and the Alternative Currency Tranche Revolving Lenders severally agree to participate in Alternative Currency Tranche Letters of Credit, in each case issued for the account of the Borrower (which may be in support of obligations of the Borrower or in support of obligations of a Subsidiary) and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xA) the Total Revolving Outstandings shall not exceed the Aggregate CommitmentsRevolving Facility, (yB) the aggregate Outstanding Amount of the Committed Loans Revolving Exposure of any Lender, plus Revolving Lender shall not exceed such Lender's Applicable Percentage ’s Revolving Commitment, (C) the Revolving A Exposure of any Revolving Lender shall not exceed such Lender’s Revolving A Commitment, (D) the Revolving B Exposure of any Revolving Lender shall not exceed such Lender’s Revolving B Commitment, (E) the U.S. Tranche Revolving Exposure of any U.S. Tranche Revolving Lender shall not exceed such Lender’s U.S. Tranche Revolving Commitment, (F) the Alternative Currency Tranche Revolving Exposure of any Alternative Currency Tranche Revolving Lender shall not exceed such Lender’s Alternative Currency Tranche Revolving Commitment and (G) the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Welltower Inc.), Credit Agreement (Welltower Inc.), Credit Agreement (Welltower Inc.)

The Letter of Credit Commitment. (i) On and after the Closing Date the Existing Letters of Credit will constitute Letters of Credit under this Agreement and for purposes hereof (i) Existing Letters of Credit denominated in Dollars will be deemed to have been issued under the Dollar Tranche and (ii) Existing Letters of Credit denominated in any Alternative Currency will be deemed to have been issued under the Multicurrency Tranche, in each case on the Closing Date. Subject to the terms and conditions set forth herein, (A) the each L/C Issuer of a Tranche of the Revolving Credit Facility agrees, in reliance upon the agreements of the other Revolving Credit Lenders of such Tranche set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit under the Dollar Tranche or the Multicurrency Tranche for the account of any Borrower Party (provided that the Borrower, Borrowers hereby irrevocably agree to reimburse the applicable L/C Issuer for amounts drawn on any Letters of Credit issued for the account of any other Borrower or any Borrower Party on a joint and several basis with such Borrower Party) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(c), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Revolving Credit Lenders under any Tranche severally agree to participate in Letters of Credit issued for the account of the any Borrower and any drawings thereunderParty; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit, if as of the date of such L/C Credit Extension (w) the Outstanding Amount of such L/C Issuer’s L/C Obligation would exceed its L/C Commitment (unless otherwise agreed by the applicable L/C Issuer in its sole discretion), (x) the Total Revolving Credit Outstandings shall not would exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any LenderLender under the applicable Tranche, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C ObligationsObligations under such Tranche, plus such Lender's Applicable Percentage Xxxxxx’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not under such Tranche would exceed such Lender's Commitment, and Xxxxxx’s Revolving Credit Commitment under such Tranche or (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Axalta Coating Systems Ltd.), Credit Agreement (Axalta Coating Systems Ltd.), Credit Agreement (Axalta Coating Systems Ltd.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit L/C Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that the Lenders shall have no obligation to issue a Letter of Credit unless after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Loan Outstandings shall not exceed the Aggregate Revolving Loan Commitments, (y) the aggregate Outstanding Revolving Loan Amount of the Committed all Revolving Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Revolving Loan Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans Term Loan shall not exceed such Lender's ’s Commitment, and (z) the Outstanding Revolving Loan Amount of the L/C Obligations shall not exceed the Letter of Credit L/C Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Mistras Group, Inc.), Credit Agreement (Mistras Group, Inc.), Credit Agreement (Mistras Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 3 contracts

Samples: Credit Agreement (Kapstone Paper & Packaging Corp), Credit Agreement (Kapstone Paper & Packaging Corp), Credit Agreement (Kapstone Paper & Packaging Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the applicable L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03Section, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any of its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Revolving Lender shall not exceed such Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant heretohereto and deemed L/C Obligations, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Vertex Pharmaceuticals Inc / Ma), Credit Agreement (Vertex Pharmaceuticals Inc / Ma)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (zy) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, and (z) the Total Outstandings shall not exceed the Borrowing Base then in effect. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Parker Drilling Co /De/), Assignment and Assumption (Parker Drilling Co /De/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit L/C Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; , provided that the Lenders shall have no obligation to issue a Letter of Credit unless after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Loan Outstandings shall not exceed the Aggregate Revolving Loan Commitments, (y) the aggregate Outstanding Revolving Loan Amount of the Committed all Revolving Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Revolving Loan Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans Term Loan shall not exceed such Lender's ’s Commitment, and (z) the Outstanding Revolving Loan Amount of the L/C Obligations shall not exceed the Letter of Credit L/C Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All The Existing Letters Letter of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Mistras Group, Inc.), Credit Agreement (Mistras Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars for the account of the BorrowerBorrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, ’s Revolving Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Perini Corp), Credit Agreement (Perini Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or Canadian Dollars for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility or the Borrowing Base, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit Credit, which are set forth on Schedule 2.03, shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Clean Harbors Inc), Credit Agreement (Clean Harbors Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Commitment Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Commitment Effective Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Kapstone Paper & Packaging Corp), Credit Agreement (Kapstone Paper & Packaging Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the earlier of the Letter of Credit Expiration DateDate and the date of termination of the Revolving Credit Commitments, to issue Letters of Credit on a sight basis for the account of the Borrower (provided, that any Letter of Credit may be for the benefit of (a) LandCo, so long as LandCo constitutes a wholly owned Subsidiary of the Borrower or (b) any other Subsidiary of the Borrower; provided, further, to the extent that such other Subsidiary is not a Loan Party, such Letter of Credit shall be deemed an Investment in such other Subsidiary and shall only be issued so long as it is permitted under Section 7.02) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT FILED BY STATION CASINOS, LLC WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”), CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SEC. THIS INFORMATION HAS BEEN DENOTED BY ASTERISKS [***]. Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderpursuant to this Section 2.03; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Lender would exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of ’s Revolving Credit Sublimit. Each request by the Borrower for the issuance Commitment or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Schedule 2.03 sets forth a list of existing letters of credit outstanding as of the Closing Date (the “Existing Letters of Credit”) issued by DBNY for the account of the Company or a Subsidiary thereof. On and after the Closing Date, the Existing Letters of Credit shall be constitute Letters of Credit deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofunder this Agreement.

Appears in 2 contracts

Samples: Credit Agreement (Station Casinos LLC), Credit Agreement (Station Casinos LLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Initial Funding Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Initial Funding Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Assignment and Assumption (Diamond Foods Inc), Collateral Agreement (Diamond Foods Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Loan Party or any Subsidiary of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower, any other Loan Party, or any Subsidiary of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Pebblebrook Hotel Trust), Credit Agreement (Pebblebrook Hotel Trust)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the any Revolving Credit Borrower (or any other Borrower or Restricted Subsidiary so long as a Revolving Credit Borrower is a joint and several co-applicant, and references to a “Borrower, ” in this Section 2.03 shall be deemed to include reference to such other Borrower or Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderRevolving Credit Borrower; provided that after giving effect the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if, as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not Loans, would exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of ’s Revolving Credit Sublimit. Each request by the Borrower for the issuance Commitment or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the each Revolving Credit Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the each Revolving Credit Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Warner Chilcott PLC), Credit Agreement (Warner Chilcott PLC)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Borrowerany Revolving Borrower or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the any Revolving Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Credit Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Revolving Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the a Revolving Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the such Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, limits and subject to the terms and conditions hereof, the Borrower's Revolving Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Revolving Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (C&J Energy Services Ltd.), Credit Agreement (C&J Energy Services Ltd.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower and its Subsidiaries, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderunder this Agreement; provided that (a) after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (yb) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all no L/C ObligationsIssuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if after giving effect to such L/C Credit Extension, plus such Lender's Applicable Percentage (x) the Revolving Credit Exposure of the Outstanding Amount of all Swing Line Loans shall not any Revolving Credit Lender would exceed such Revolving Credit Lender's Commitment, and ’s Revolving Credit Commitment or (zy) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing For the avoidance of doubt, on the Closing Date, there is no commitment to issue Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofhereunder.

Appears in 2 contracts

Samples: Credit Agreement (Mission Broadcasting Inc), Credit Agreement (Nexstar Media Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon (among other things) the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Amendment No. 6 Effective Date until 30 days prior to the Letter of Initial Revolving Credit Expiration DateMaturity Date (or, if such day is not a Business Day, the next preceding Business Day), to issue Letters of Credit denominated in Dollars or any Alternative Currency for the account of the each Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of each Borrower or any of its Wholly-Owned Restricted Subsidiaries on a pro rata basis in accordance with their respective Pro Rata Share of the Borrower and any drawings thereunder; provided that Total Revolving Credit Commitments after giving effect to Amendment No. 6; provided that, on the Amendment No. 6 Effective Date, the aggregate amount of any Existing Letters of Credit shall be reallocated among the Revolving Credit Lenders so that, after giving effect thereto, the Revolving Credit Lenders shall share ratably participations in such Letters of Credit in accordance with their Pro Rata Share of the Revolving Credit Commitment (after giving effect to Amendment No. 6 and any L/C Credit Extension and expiration of any Letter of Credit on the Amendment No. 6 Effective Date); provided, further, that any Letter of Credit issued on behalf of any Restricted Subsidiary of ESI shall be issued naming ESI as the account party on any such Letter of Credit, but such Letter of Credit may contain a statement that it is being issued for the benefit of such Restricted Subsidiary; provided, further, that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if, as of the date of such L/C Credit Extension, (xw) the Total Outstandings shall amount available to be drawn under Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer’s Pro Rata Share of the Letter of Credit Sublimit, provided, that each L/C Issuer, may at its sole discretion make an L/C Credit Extension in excess of its Pro Rata Share so long as the Outstanding Amount of all L/C Obligations would not exceed the Aggregate CommitmentsLetter of Credit Sublimit, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, Revolving Credit Lender plus such Revolving Credit Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Obligations would exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (y) the Total Outstandings would exceed the Total Revolving Credit Commitments or (z) the Outstanding Amount of the all L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the a Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) first proviso in the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the each Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the each such Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Amendment No.6 Effective Date shall be subject to and governed by the terms and conditions hereof.

Appears in 2 contracts

Samples: Credit Agreement (Element Solutions Inc), Credit Agreement (Element Solutions Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Diamond Foods Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer severally agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of CreditCredit issued by it; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Helix Energy Solutions Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Funding Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries (other than a Special Purpose Finance Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Obligations shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Funding Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Ashland Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.030, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrowers and the other Loan Parties, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) Section 0 below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower Borrowers and the other Loan Parties and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate CommitmentsRevolving Loan Cap, (y) the aggregate Outstanding Amount of the Committed Loans of any Revolving Lender, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Lead Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Destination Xl Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the any Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower Borrowers and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate CommitmentsRevolving Loan Cap, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Lender, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's Commitment’s Revolving Credit Commitment or such Revolving Lender’s Applicable Percentage of the Revolving Borrowing Base, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Lead Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the each Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the such Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Wxxxx Fargo or any of its Affiliates) shall notify the Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (A) until the Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Agent and the L/C Issuer, such L/C Issuer shall be required to so notify the Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Agent and such L/C Issuer may agree. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Alco Stores Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Revolving Lender, plus such Revolving Lender's Applicable Percentage Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's Applicable Percentage Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (International Game Technology)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's Commitment, ’s Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All The Existing Letters of Credit shall be deemed to have been issued pursuant heretohereunder, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Health Care Property Investors Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, Lender agrees (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1i) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration DateAvailability Period, to issue Letters of Credit in Dollars for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2ii) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xi) the Total Revolving Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, Revolving Commitment and (zii) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters Lender shall not be under any obligation to issue any Letter of Credit if: (i) the expiry date of the requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless Lender has approved such expiry date; (ii) the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless Lender has approved such expiry date; (iii) any order, judgment or decree of any Governmental Authority or arbitrator shall be deemed by its terms purport to have been issued pursuant heretoenjoin or restrain Lender from issuing such Letter of Credit, and or any law applicable to Lender or any request or directive (whether or not having the force of law) from and after any Governmental Authority with jurisdiction over Lender shall prohibit, or request that Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which Lender in good xxxxx xxxxx material to it; (iv) the issuance of such Letter of Credit would violate one or more policies of Lender applicable to letters of credit generally; (v) such Letter of Credit is in an amount that is not acceptable to Lender; or (vi) such Letter of Credit is to be denominated in a currency other than Dollars. Lender shall be subject under no obligation to and governed by amend any Letter of Credit if (i) Lender would have no obligation at such time to issue such Letter of Credit in its amended form under the terms and conditions hereof, or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to the Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Steel Connect, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit L/C Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings of Letters of Credit, Revolving Loans and Swing Line Loans shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Lender, plus such Lender's ’s Applicable Percentage for Revolving Loans of the Outstanding Amount of all L/C Obligations, Obligations plus such Lender's ’s Applicable Percentage for Revolving Loans of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit L/C Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (American Vanguard Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower and its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Sweep Plus Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Benihana Inc)

The Letter of Credit Commitment. (i) Subject i)Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.032.03 (including under Section 2.03 of the Original Credit Agreement and Section 2.03 of this Agreement as in effect immediately prior to the Amendment No. 2 Effective Date), (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower and its Subsidiaries, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderunder this Agreement; provided that (a) after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (yb) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all no L/C ObligationsIssuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if after giving effect to such L/C Credit Extension, plus such Lender's Applicable Percentage (x) the Revolving Credit Exposure of the Outstanding Amount of all Swing Line Loans shall not any Revolving Credit Lender would exceed such Revolving Credit Lender's Commitment, and ’s Revolving Credit Commitment or (zy) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Nexstar Media Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the any Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the any Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the any Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Any Existing Letters Letter of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Stonemor Partners Lp)

The Letter of Credit Commitment. (ia) Subject to On the terms and conditions set forth hereinherein (i) the Issuing Lender agrees, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until to the Letter of Credit Expiration Date, date ten Business Days prior to issue the Tranche A Commitment Termination Date to Issue Tranche A Letters of Credit for the account of the Borrower, and to amend or extend renew Tranche A Letters of Credit previously issued by it, in accordance with subsection (b) belowSECTION 5.1.1, and (2B) to honor drawings drafts under the Tranche A Letters of Credit; and (Bii) the Lenders holding Tranche A Commitments severally agree to participate in Tranche A Letters of Credit issued Issued for the account of the Borrower Borrower; PROVIDED, that the Issuing Lender shall not be obligated to Issue, and no Lender shall be obligated to participate in, any drawings thereunder; provided that Tranche A Letter of Credit if as of the date of Issuance of such Tranche A Letter of Credit (the "TRANCHE A ISSUANCE DATE"), after giving effect to any L/C Credit Extension with respect to any the issuance of such Tranche A Letter of Credit, Credit (x1) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount Dollar Equivalent of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the Tranche A L/C Obligations shall not exceed plus all Tranche A Loans exceeds the Letter of Credit Sublimit. Each request by the Borrower for the issuance Tranche A Commitment Amount, or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x2) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount Dollar Equivalent of the all Tranche A L/C Obligations shall not exceed exceeds $[150,000,000], or (3) the Letter participation of Credit Sublimitany Lender in the Dollar Equivalent of all Tranche A L/C Obligations plus the Tranche A Loans of such Lender exceeds such Lender's Tranche A Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower's ability to obtain Tranche A Letters of Credit shall be fully revolving, and accordingly and, accordingly, the Borrower may, during the foregoing period, obtain Tranche A Letters of Credit to replace Tranche A Letters of Credit that which have expired or that which have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Edison Mission Energy)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars for the account of the BorrowerBorrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, ’s Revolving Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Effective Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Caci International Inc /De/)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon (among other things) the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the BorrowerBorrower or any Restricted Subsidiary (provided that the Borrower hereby irrevocably agrees to reimburse the applicable L/C Issuer for amounts drawn on any Letters of Credit issued for the account of any Restricted Subsidiary on a joint and several basis with such Restricted Subsidiary, but in no event shall any Controlled Non-U.S. Subsidiary, any FSHCO or any direct or indirect Subsidiary of a Controlled Non-U.S. Subsidiary be responsible for any amounts drawn on any Letters of Credit issued for the account of the Borrower or a U.S. Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(c), and (2) to honor drawings drafts and other demands for payment under a Letter of Credit that complies with the Letters terms of Credit; such Letter of Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and or any drawings thereunderRestricted Subsidiary; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit, if as of the date of such L/C Credit Extension (x) (A) the Total Revolving Credit Outstandings shall not would exceed the Aggregate CommitmentsRevolving Credit Facility, (B) the Total Revolving Credit Outstandings in respect of the 2023 Extended Revolving Credit Loans would exceed the 2023 Extended Revolving Credit Facility or (C) the Total Revolving Credit Outstandings in respect of the 2023 Non-Extended Revolving Credit Loans would exceed the 2023 Non-Extended Revolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not would exceed such Lender's Commitment, and Xxxxxx’s Revolving Credit Commitment or (z) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by ; provided further that no L/C Issuer identified in clause (a) of the Borrower for the issuance or amendment of a Letter of Credit definition thereof shall be deemed have any obligation to be a representation by the Borrower that after giving effect to such proposed make an L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitmentsif, and (y) the Outstanding Amount of after giving effect thereto, the L/C Obligations shall not exceed in respect of Letters of Credit issued by such L/C Issuer would exceed, in the case of (i) Xxxxxx Xxxxxxx, $7,000,000 and (ii) Barclays Bank PLC, $3,000,000 (it being understood and agreed that, subject to the Letter of Credit Sublimit, any such L/C Issuer may issue Letters of Credit in excess of such amounts in its sole discretion upon request of any Borrower). Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or been terminated or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofdenominated in Dollars.

Appears in 1 contract

Samples: First Lien Credit Agreement (ZoomInfo Technologies Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Restatement Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in U.S. Dollars or in one or more Alternative Currencies for the joint and several account of the BorrowerRevolving Credit Borrowers, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower applicable Group of Revolving Credit Borrowers and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xv) the Total Revolving Credit Outstandings shall not exceed the Aggregate Commitmentsaggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time, (yw) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (zx) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, (y) the Total Revolving Credit Outstandings denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Each request by the a Revolving Credit Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the requesting Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Revolving Credit Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly and, accordingly, the Borrower Revolving Credit Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Restatement Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (ACCO BRANDS Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.04(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings total amount of all Credit Extensions shall not exceed the Aggregate Commitmentslesser of the Revolving Credit Commitments or the Borrowing Base, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Any L/C Issuer (other than Wxxxx Fargo or any of its Affiliates) shall notify the Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (A) until the Administrative Agent advises any such Issuing Bank that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be deemed to have been issued pursuant heretoagreed by the Administrative Agent and the L/C Issuer, and from and after the Closing Date such L/C Issuer shall be subject required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and governed by the terms and conditions hereofsuch L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Duckwall Alco Stores Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until 30 days prior to the Letter of Amendment No. 9 Extended Revolving Credit Expiration DateMaturity Date (or, if such day is not a Business Day, the next preceding Business Day), to issue Letters of Credit denominated in Dollars for the account of the each Revolving Credit Borrower, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; and (B) the Initial Dollar Revolving Lenders, the Amendment No. 4 Extended Dollar Revolving Lenders and the Amendment No. 9 Extended Dollar Revolving Lenders severally agree to participate in Letters of Credit issued for the account of each Revolving Credit Borrower or any of its Wholly-Owned Consolidated Subsidiaries on a pro rata basis in accordance with their respective Pro Rata Dollar Share of the Aggregate Dollar Revolving Credit Commitments (including the Initial Dollar Revolving Credit Commitments, the Amendment No. 4 Extended Dollar Revolving Credit Commitments and the Amendment No. 9 Extended Dollar Revolving Credit Commitments) (provided that any Letter of Credit issued for the benefit of any such Restricted Subsidiary that is not a Borrower and shall be issued naming a Borrower as the account party on any drawings thereundersuch Letter of Credit but such Letter of Credit may contain a statement that it is being issued for the benefit of such Restricted Subsidiary); provided that, (A) on the Initial Revolving Credit Maturity Date, the aggregate amount of participations in any then issued and outstanding Letters of Credit held by the Initial Dollar Revolving Lenders will automatically be reallocated among the Amendment No. 4 Extended Dollar Revolving Lenders pro rata in accordance with such Amendment No. 4 Extended Dollar Revolving Lenders’ respective Pro Rata Amendment No. 4 Extended Dollar Shares, but only to the extent that such reallocation does not cause the aggregate Outstanding Amount of the Amendment No. 4 Extended Dollar Revolving Credit Loans of any Amendment No. 4 Extended Dollar Revolving Lender plus such Amendment No. 4 Extended Dollar Revolving Lender’s Pro Rata Amendment No. 4 Extended Dollar Share of the Outstanding Amount of all L/C Obligations to exceed such Amendment No. 4 Extended Dollar Revolving Lender’s Amendment No. 4 Extended Dollar Revolving Credit Commitment after giving effect to any borrowing or repayment of any Dollar Revolving Credit Loan, any L/C Credit Extension and the expiration of any Letter of Credit on the Initial Revolving Credit Maturity Date and (B) on the Amendment No. 4 Extended Revolving Credit Maturity Date, the aggregate amount of participations in any then issued and outstanding Letters of Credit held by the Amendment No. 4 Extended Dollar Revolving Lenders will automatically be reallocated among the Amendment No. 9 Extended Dollar Revolving Lenders pro rata in accordance with such Amendment No. 9 Extended Dollar Revolving Lenders’ respective Pro Rata Amendment No. 9 Extended Dollar Shares, but only to the extent that such reallocation does not cause the aggregate Outstanding Amount of the Amendment No. 9 Extended Dollar Revolving Credit Loans of any Amendment No. 9 Extended Dollar Revolving Lender plus such Amendment No. 9 Extended Dollar Revolving Lender’s Pro Rata Amendment No. 9 Extended Dollar Share of the Outstanding Amount of all L/C Obligations to exceed such Amendment No. 9 Extended Dollar Revolving Lender’s Amendment No. 9 Extended Dollar Revolving Credit Commitment after giving effect to any borrowing or repayment of any Dollar Revolving Credit Loan, any L/C Credit Extension and the expiration of any Letter of Credit on the Amendment No. 4 Extended Revolving Credit Maturity Date; provided, further, that the L/C Issuer shall not be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Dollar Revolving Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (xw) the Total Outstandings shall not aggregate Outstanding Amount of all Dollar Revolving Credit Loans and L/C Obligations would exceed the Aggregate Dollar Revolving Credit Commitments, (yx) the aggregate Outstanding Amount of the Committed Dollar Revolving Credit Loans of any Lender, Dollar Revolving Lender plus such Dollar Revolving Lender's Applicable Percentage ’s Pro Rata Dollar Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Obligations would exceed such Dollar Revolving Lender's ’s Dollar Revolving Credit Commitment, and (y) the Total Outstandings would exceed the Total Revolving Credit Commitments, or (z) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the any Revolving Credit Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the such Revolving Credit Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) first proviso in the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the each Revolving Credit Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the such Revolving Credit Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof. On the Amendment No. 9 Effective Date, participations in any issued and outstanding Letters of Credit shall be reallocated so that, after giving effect thereto, the Initial Dollar Revolving Lenders, the Amendment No. 4 Extended Revolving Lenders and the Amendment No. 9 Extended Revolving Lenders shall share ratably in such participations in accordance with their Pro Rata Dollar Share of the Aggregate Dollar Revolving Credit Commitments (including the Initial Dollar Revolving Credit Commitments, the Amendment No. 4 Extended Dollar Revolving Credit Commitments and the Amendment No. 9 Extended Dollar Revolving Credit Commitments).

Appears in 1 contract

Samples: Credit Agreement (Platform Specialty Products Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries (other than a Special Purpose Finance Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans Loans, shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s and its Subsidiaries’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower and its Subsidiaries may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Ashland Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Dynamics Research Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue or cause to be issued Letters of Credit for the account of the Borrowerany Domestic Borrower or Domestic Credit Party, and to amend or extend Letters of Credit previously issued or caused to be issued by it, in accordance with subsection (b) below, and (2) to honor or cause to be honored drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrowersany Domestic Borrower or Domestic Credit Party and any drawings thereunder; provided thereunder so long as that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (w) Overall Excess Availability would be greater than $0, (x) the Total Revolving Credit Outstandings shall would not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such no Revolving Credit Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Revolving Credit Exposure shall not exceed such Lender's its Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower Representative for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Domestic Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Domestic Borrowers and Domestic Credit Parties' ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Domestic Borrowers and Domestic Credit Parties may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (American Apparel, Inc)

The Letter of Credit Commitment. (i) Each Letter of Credit existing under the Amended and Restated Credit Agreement immediately prior to the Second Restatement Effective Date shall be deemed issued under this Agreement as of the Second Restatement Effective Date. Subject to the terms and conditions set forth herein, (Ax) the L/C Issuer each Issuing Bank agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.032.05, (1) from time to time on any Business Day during the period from the Closing Second Restatement Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the BorrowerBorrower or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (By) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xi) the Total Outstandings aggregate LC Exposure shall not exceed the Aggregate CommitmentsLC Exposure Sublimit, (yii) the aggregate Outstanding Amount amount of the Committed Loans LC Exposure with respect to Letters of Credit issued and outstanding by any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Issuing Bank shall not exceed such Lender's Commitmentits Issuing Bank LC Exposure Sublimit at any one time, and (ziii) the Outstanding Amount of the L/C Obligations total Revolving Credit Exposures shall not exceed the Letter total Revolving Commitments and (iv) the aggregate amount of Swingline Loans, Revolving Loans and Letters of Credit Sublimitissued by the Issuing Bank would not exceed such Issuing Bank’s Revolving Commitments hereunder. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Second Restatement Agreement (Cable One, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer severally agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the each Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of CreditCredit issued by it; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the each Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the such Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the each Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the each Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Cal Dive International, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until and including the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the any Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Tranche A Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower Borrowers and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the lesser of the Aggregate CommitmentsCommitments and the Borrowing Base, (y) the aggregate Outstanding Amount of the Committed Loans of any Tranche A Lender, plus such Tranche A Lender's ’s Tranche A Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Tranche A Lender's ’s Tranche A Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Tranche A Lender's ’s Tranche A Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Lead Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Bank of America or any of its Affiliates) shall notify the Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer (if any), provided that (A) until the Administrative Agent advises any such L/C Issuer that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the Administrative Agent and such L/C Issuer, such L/C Issuer shall be required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and such L/C Issuer may agree. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (O Reilly Automotive Inc)

The Letter of Credit Commitment. (i) On and after the Closing Date the Existing Letters of Credit will constitute Letters of Credit under this Agreement and for purposes hereof (i) Existing Letters of Credit denominated in Dollars will be deemed to have been issued under the Dollar Tranche and (ii) Existing Letters of Credit denominated in any Alternative Currency will be deemed to have been issued under the Multicurrency Tranche, in each case on the Closing Date. Subject to the terms and conditions set forth herein, (A) the each L/C Issuer of a Tranche of the Revolving Credit Facility agrees, in reliance upon the agreements of the other Revolving Credit Lenders of such Tranche set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit under the Dollar Tranche or the Multicurrency Tranche for the account of the Borrower, Dutch Borrower or any Restricted Subsidiary (provided that the Borrowers hereby irrevocably agree to reimburse the applicable L/C Issuer for amounts drawn on any Letters of Credit issued for the account of any other Borrower or any Restricted Subsidiary on a joint and several basis with such Restricted Subsidiary) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(c), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Revolving Credit Lenders under any Tranche severally agree to participate in Letters of Credit issued for the account of the Dutch Borrower and or any drawings thereunderRestricted Subsidiary; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit, if as of the date of such L/C Credit Extension (x) the Total Revolving Credit Outstandings shall not would exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any LenderLender under the applicable Tranche, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C ObligationsObligations under such Tranche, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not under such Tranche would exceed such Lender's Commitment, and ’s Revolving Credit Commitment under such Tranche or (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Axalta Coating Systems Ltd.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the US Borrower and for the account of the European Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, and (z) the Total Revolving Credit Outstandings denominated in Euros shall not exceed the European Revolving Loan Value. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing periodAvailability Period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Colfax CORP)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth hereinin this Agreement, (Aa) from the L/C Issuer agreesClosing Date through and including the Maturity Date, in reliance upon the agreements Bank shall issue Letters of Credit as the Lenders set forth in this Section 2.03, (1) applicable Borrower may from time to time on any Business Day during the period request and (b) from the Closing Date until through and including the Letter of Credit Expiration Date, to issue Letters the Bank shall take such Letter of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection Actions (b) below, and (2) to honor drawings under the other than issuing Letters of Credit) as such Borrower may from time to time request; and (B) provided, however, that the Lenders severally agree to participate in Letters Letter of Credit issued for Usage shall not exceed $25,000,000 at any time. Unless consented to by the account Bank, no Letter of Credit may have an expiration date more than one hundred fifty (150) days after the date of its issuance or last renewal; provided, however, that no Letter of Credit shall have an expiration date after the Letter of Credit Expiration Date. Notwithstanding the foregoing, if any Letter of Credit remains outstanding after the Letter of Credit Expiration Date, the applicable Borrower and shall, not later than the Letter of Credit Expiration Date, deposit cash in an amount equal to such Letter of Credit Usage in a Letter of Credit Cash Collateral Account. The Bank shall have no obligation to take any drawings thereunder; provided that after giving effect Letter of Credit Action if (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to any L/C Credit Extension with respect to any enjoin or restrain the Bank from issuing such Letter of Credit, or any law, rule or regulation applicable to the Bank or any request or directive (xwhether or not having the force of law) from any Governmental Authority with jurisdiction over the Total Outstandings Bank shall not exceed prohibit, or request that the Aggregate CommitmentsBank refrain from, (y) the aggregate Outstanding Amount issuance of the Committed Loans letters of any Lender, plus credit generally or such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by in particular or shall impose upon the Borrower for the issuance or amendment of a Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall be deemed impose upon the Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Bank in good xxxxx xxxxx material to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension it; or (xii) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount issuance of the L/C Obligations shall not exceed the such Letter of Credit Sublimit. Within would violate one or more policies of the foregoing limits, and subject Bank applicable to the terms and conditions hereof, the Borrower's ability to obtain Letters letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofcredit generally.

Appears in 1 contract

Samples: Guaranty Agreement (Williams Sonoma Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, the Existing Letters of Credit shall be continued as Letters of Credit governed by this Agreement and (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Foreign Currencies for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Advanced Medical Optics Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate CommitmentsOverall Commitments minus the Reserve Amount, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such that Revolving Lender's Applicable ’s Revolving Percentage of the Outstanding Amount of all L/C Obligations, plus such that Revolving Lender's Applicable ’s Revolving Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such that Revolving Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Lease Agreement (Herbst Gaming Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Incremental Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing SecondSeventh Amendment Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any Restricted Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Incremental Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Restricted Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate Commitments, aggregate Incremental Revolving Commitments and (y) the aggregate Outstanding Amount of the Committed Incremental Revolving Loans of any Lender, plus such Incremental Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Obligations shall not exceed such Incremental Revolving Lender's ’s Incremental Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower or any Restricted Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Notwithstanding anything herein to the contrary, (A) the Administrative Agent and Xxxxxxx Xxxxx Bank USA shall not be required to issue commercial Letters of Credit and (B) Credit Suisse AG and Deutsche Bank AG New York Branch shall not be required to issue commercial Letters of Credit or Bank Guarantees. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, hereto and from deemed L/C Obligations and after the Closing Date shall be governed and subject to and governed by the terms and conditions hereof. At the election of the Borrower and the applicable L/C Issuer, and subject to the approval (not to be unreasonably withheld or delayed) of the Administrative Agent, any letters of credit issued by an L/C Issuer under the Existing Securitization Facility may be deemed to be a Letter of Credit for all purposes under this Agreement (and, for the avoidance of doubt, shall not be treated as outstanding under the Existing Securitization Facility upon such election and approval).

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of date that is thirty (30) days prior to the Maturity Date then in effect with respect to the Revolving Credit Expiration DateFacility, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Rexford Industrial Realty, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C LC Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.10, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of Borrower that Participating Lenders have agreed to participate in pursuant to and subject to the Borrowerterms of Section 2.1(c)), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the such Participating Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C LC Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall Outstanding Amount does not exceed the Aggregate CommitmentsMaximum Facility Amount, and (y) the aggregate Outstanding Amount face amount of the Committed Loans such Letter of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall Credit does not exceed the aggregate Percentage Share of Participating Lenders with respect to such Letter of Credit Sublimittimes ninety percent (90%) of the Hedged Value of the Hedged Eligible Inventory subject to the Cash and Carry Purchase thereof pursuant to the LC-Backed Purchase Contract secured by such Letter of Credit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C the LC Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) provisos to the Outstanding Amount of the L/C Obligations shall not exceed the preceding sentence. Each Letter of Credit Sublimitshall be used to secure the Cash and Carry Purchase by Borrower of Hedged Eligible Inventory pursuant to an LC-Backed Purchase Contract and be substantially in the form of Exhibit E hereto or such other form and terms as shall be acceptable to LC Issuer in its sole and absolute discretion. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit outstanding under the Existing Agreement as of the Closing Date shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Plains All American Pipeline Lp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of any Borrower (or, so long as a Borrower is a joint and several co-applicant with respect thereto, the account of such Borrower’s Subsidiaries), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the any Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate Revolving Credit Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, ’s Revolving Credit Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the such Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the each Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the any Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters In no event shall the US Borrower be obligated or otherwise liable for any Letter of Credit issued for the account of the Cayman Borrower or any of the Cayman Borrower’s Subsidiaries except in its capacity as a Guarantor. In no event shall the Cayman Borrower be deemed to have been obligated or otherwise liable for any Letter Credit issued pursuant hereto, and from and after for the Closing Date shall be subject to and governed by account of the terms and conditions hereofUS Borrower or any of the US Borrower’s Subsidiaries.

Appears in 1 contract

Samples: Credit Agreement (Western Digital Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that (a) after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (yb) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all no L/C ObligationsIssuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if after giving effect to such L/C Credit Extension, plus (x) the Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and Revolving Credit Commitment or (zy) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Nexstar Broadcasting Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Loan Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, applicable Borrower and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Loan Lenders severally agree to participate in Letters of Credit issued for the account of the applicable Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Loan Lender, plus such Revolving Loan Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Revolving Loan Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not would exceed such Revolving Loan Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance ’s Revolving Loan Commitment or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Emergency Medical Services CORP)

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The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, (y) if such Letter of Credit may be drawn in an Alternative Currency, the aggregate Outstanding Amounts of all Revolving Credit Loans and Letters of Credit denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit and (z) the Outstanding Amount outstanding amount of the L/C Obligations Revolving Credit Loans shall not exceed the Letter of Revolving Credit SublimitFacility. Each request by the Borrower or any Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Incremental Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing SecondSeventh Amendment Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any Restricted Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Incremental Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Restricted Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate Commitments, aggregate Incremental Revolving Commitments and (y) the aggregate Outstanding Amount of the Committed Incremental Revolving Loans of any Lender, plus such Incremental Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Obligations shall not exceed such Incremental Revolving Lender's ’s Incremental Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower or any Restricted Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Notwithstanding anything herein to the contrary, (A) the Administrative Agent and Xxxxxxx Xxxxx Bank USA shall not be required to issue commercial Letters of Credit and (B) Credit Suisse AG and Deutsche Bank AG New York Branch shall not be required to issue commercial Letters of Credit or Bank Guarantees. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, hereto and from deemed L/C Obligations and after the Closing Date shall be governed and subject to and governed by the terms and conditions hereof. At the election of the Borrower and the applicable L/C Issuer, and subject to the approval (not to be unreasonably withheld or delayed) of the Administrative Agent, any letters of credit issued NAI-1504047260v2 US-DOCS\110323336.25 by an L/C Issuer under the Existing Securitization Facility may be deemed to be a Letter of Credit for all purposes under this Agreement (and, for the avoidance of doubt, shall not be treated as outstanding under the Existing Securitization Facility upon such election and approval).

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Issuing Bank agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.032.06, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.06(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that that, after giving effect to any L/C LC Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings total Revolving Exposure of all Revolving Lenders shall not exceed the Aggregate CommitmentsMaximum Revolving Availability, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Revolving Lender shall not exceed such Revolving Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations total LC Exposure shall not exceed the Letter of Credit Sublimit$25,000,000. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C the LC Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Each Issuing Bank (other than Xxxxx Fargo or any of its Affiliates) shall notify the ABL Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such Issuing Bank; provided that (A) until the ABL Administrative Agent advises any such Issuing Bank that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the ABL Administrative Agent and such Issuing Bank, such Issuing Bank shall be required to so notify the ABL Administrative Agent in writing only once each week of the Letters of Credit issued by such Issuing Bank during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the ABL Administrative Agent and such Issuing Bank may agree. On the Effective Date, the parties hereto agree that the Existing Letters of Credit shall be deemed to have been issued be Letters of Credit pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofconditions, and entitled to the benefits, of this Agreement and the other Loan Documents, without any further action by the Borrower or any other Person.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Orchard Supply Hardware Stores Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's ’s Revolving Commitment, and or (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) the Outstanding Amount proviso of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Discovery Communications, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the any Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the any Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's LeJnder’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the any Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Stonemor Partners Lp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.3, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.3(b), and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitmentslesser of (A) the Borrowing Base and (B) the Revolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Susser Holdings CORP)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agreesAdministrative Agent, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) shall cause the L/C Issuer from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrowers, and to amend or extend Letters of Credit previously issued by itthe L/C Issuer, in accordance with subsection (bSection 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower Borrowers and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolver Outstandings shall not exceed the lesser of the Aggregate CommitmentsCommitments or the Revolving Borrowing Base, (y) the aggregate Outstanding Amount of the Committed Loans of any Revolving Lender, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's ’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Lead Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Borrowers that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. Any L/C Issuer (other than Xxxxx Fargo Bank or any of its Affiliates) shall notify the Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofhereof (notwithstanding the fact that the Existing Letters of Credit were issued for the account of the Parent and not the Borrowers).

Appears in 1 contract

Samples: Credit Agreement (Coldwater Creek Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Original Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrower (provided that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower, ) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderpursuant to this Section 2.03; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Revolving Credit Lender would exceed such Lender's Commitment’s Revolving Credit Commitment (or (I) before the Maturity Date for the Series C Revolving Credit Facility, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the if such Letter of Credit Sublimit. Each request by has an expiry date on or after the Borrower for Maturity Date of the issuance Series C Revolving Credit Facility, the Series A Revolving Credit Exposure, the Series B Revolving Credit Exposure or amendment of a Letter of the Series D Revolving Credit shall be deemed to be a representation by the Borrower that Exposure (after giving effect to the reallocations referred to in Sections 2.03(p) and 2.04(h) as if they occurred on such proposed L/date) of any Series A Revolving Credit Lender, any Series B Revolving Credit Lender or any Series D Revolving Credit Lender that is not a Defaulting Lender would exceed such Series A Revolving Credit Lender’s Series A Revolving Credit Commitment, Series B Revolving Credit Lender’s Series B Revolving Credit Commitment or Series D Revolving Credit Lender’s Series D Revolving Credit Commitment , respectively or (II) on and after the Maturity Date for the Series C Revolving Credit Extension Facility and before the Maturity Date for the Series D Revolving Credit Facility, if such Letter of Credit has an expiry date on or after the Maturity Date of the Series D Revolving Credit Facility, the Series A Revolving Credit Exposure or the Series B Revolving Credit Exposure (xafter giving effect to the reallocations referred to in Sections 2.03(q) the Total Outstandings shall and 2.04(i) as if they occurred on such date) of any Series A Revolving Credit Lender or any Series B Revolving Credit Lender that is not a Defaulting Lender would exceed the Aggregate Commitmentssuch Series A Revolving Credit Lender’s Series A Revolving Credit Commitment or Series B Revolving Credit Lender’s Series B Revolving Credit Commitment, and respectively), (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit or (z) (I) before the Maturity Date for the Series C Revolving Credit Facility, if such Letter of Credit has an expiry date that is on or after the Maturity Date for the Series C Revolving Credit Facility, there shall be Revolving Credit Lenders that are not exceed Defaulting Lenders holding Series A Revolving Credit Commitments, Series B Revolving Credit Commitments and Series D Revolving Credit Commitments in an aggregate amount that is less than the Letter of Credit Sublimit and (II) on and after the Maturity Date for the Series C Revolving Credit Facility and before the Maturity Date for the Series D Revolving Credit Facility, if such Letter of Credit has an expiry date that is on or after the Maturity Date for the Series D Revolving Credit Facility, there shall be Revolving Credit Lenders that are not Defaulting Lenders holding Series A Revolving Credit Commitments and Series B Revolving Credit Commitments in an aggregate amount that is less than the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been be issued pursuant hereto, hereunder and from and after the Closing Date shall be constitute Letters of Credit subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (APX Group Holdings, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer each Issuing Bank agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.032.06, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.06(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that that, after giving effect to any L/C LC Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings total Revolving Exposure of all Lenders shall not exceed the Aggregate CommitmentsMaximum Availability, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Lender shall not exceed such Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations total LC Exposure shall not exceed $25,000,000; provided further that at no time prior to the Letter Scheduled Termination Date may the sum of (x) the aggregate undrawn Stated Amount of Letters of Credit Sublimitthat expire after the fifth Business Day prior to the Scheduled Termination Date plus (y) the aggregate amount of the Extending Lenders’ Applicable Percentage of all Loans exceed the aggregate amount of the Revolving Commitments of the Extending Lenders. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C the LC Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Each Issuing Bank (other than Xxxxx Fargo or any of its Affiliates) shall notify the ABL Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such Issuing Bank; provided that (A) until the ABL Administrative Agent advises any such Issuing Bank that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be agreed by the ABL Administrative Agent and such Issuing Bank, such Issuing Bank shall be required to so notify the ABL Administrative Agent in writing only once each week of the Letters of Credit issued by such Issuing Bank during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the ABL Administrative Agent and such Issuing Bank may agree. On the Effective Date, the parties hereto agree that the Existing Letters of Credit shall be deemed to have been issued be Letters of Credit pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofconditions, and entitled to the benefits, of this Agreement and the other Loan Documents, without any further action by the Borrower or any other Person.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Orchard Supply Hardware Stores Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings drafts under the Letters of Credit; , and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderBorrower; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Lender, plus such Revolving Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, Obligations plus such Revolving Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Lender's Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower or the Loan Party Representative for the issuance or amendment of a Letter of Credit for the account of the Borrower shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Valor Communications Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue standby Letters of Credit denominated in Dollars or in an Alternative Currency for the account of the BorrowerBorrower or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Xxxxxx’s Revolving Credit Commitment, and (zy) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit SublimitSublimit and (z) the Outstanding Amount of the L/C Obligations of any L/C Issuer shall not exceed such L/C Issuer’s Letter of Credit Commitment. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Acadia Healthcare Company, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderthereunder (including Sight Drafts, Acceptances and Deferred Payment Obligations); provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (United Industries Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.032.03 (including under Section 2.03 of the Original Credit Agreement and Section 2.03 of this Agreement as in effect immediately prior to the Amendment No. 23 Effective Date), (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower and its Subsidiaries, and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; , and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderunder this Agreement; provided that (a) after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (yb) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all no L/C ObligationsIssuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit if after giving effect to such L/C Credit Extension, plus such Lender's Applicable Percentage (x) the Revolving Credit Exposure of the Outstanding Amount of all Swing Line Loans shall not any Revolving Credit Lender would exceed such Revolving Credit Lender's Commitment, and ’s Revolving Credit Commitment or (zy) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All From and after the Third Amendment Effective Date, the Tribune Existing Letters of Credit shall be deemed to have been be issued pursuant hereto, under this Agreement and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofof this Section 2.03 shall apply to the Existing Letters of Credit in all respects.

Appears in 1 contract

Samples: Credit Agreement (Nexstar Media Group, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Second Restatement Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in U.S. Dollars or in one or more Alternative Currencies for the joint and several account of the BorrowerRevolving Credit Borrowers, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower applicable Group of Revolving Credit Borrowers and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xv) the Total Revolving Credit Outstandings shall not exceed the Aggregate Commitmentsaggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time, (yw) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (zx) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, (y) the Total Revolving Credit Outstandings denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Each request by the a Revolving Credit Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the requesting Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Revolving Credit Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly and, accordingly, the Borrower Revolving Credit Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Second Restatement Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (ACCO BRANDS Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer severally agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of CreditCredit issued by it; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Helix Energy Solutions Group Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until and including the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (bSection 2.03(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Outstandings shall not exceed the Aggregate CommitmentsLoan Cap, (yx) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Commitment, (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit, and (z) the Outstanding Amount of the L/C Obligations with respect to Standby Letters of Credit shall not exceed the Standby Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Any L/C Issuer (other than Bank of America or any of its Affiliates) shall notify the Administrative Agent in writing on each Business Day of all Letters of Credit issued on the prior Business Day by such L/C Issuer, provided that (A) until the Administrative Agent advises any such Issuing Bank that the provisions of Section 4.02 are not satisfied, or (B) the aggregate amount of the Letters of Credit issued in any such week exceeds such amount as shall be deemed to have been issued pursuant heretoagreed by the Administrative Agent and such L/C Issuer, and from and after the Closing Date such L/C Issuer shall be subject required to so notify the Administrative Agent in writing only once each week of the Letters of Credit issued by such L/C Issuer during the immediately preceding week as well as the daily amounts outstanding for the prior week, such notice to be furnished on such day of the week as the Administrative Agent and governed by the terms and conditions hereofsuch L/C Issuer may agree.

Appears in 1 contract

Samples: Credit Agreement (Foot Locker Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Third A&R Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings Revolving Credit Outstandings, shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Obligations shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Harvard Bioscience Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Fourth Amendment and Restatement Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrower (provided that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower, ) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Series C Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderpursuant to this Section 2.03; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Series C Revolving Credit Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Series C Revolving Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/Series C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall Revolving Credit Lender that is not a Defaulting Lender would exceed such Series C Revolving Credit Lender's ’s Series C Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not would exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been be issued pursuant hereto, hereunder and from and after the Closing Date shall be constitute Letters of Credit subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Vivint Smart Home, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Initial Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderthereunder (including Sight Drafts, Acceptances and Deferred Payment Obligations); provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage ’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Initial Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (United Industries Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries (other than a Special Purpose Finance Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans Loans, shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s and its Subsidiaries’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower and its Subsidiaries may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All After the Closing Date, all Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Ashland Global Holdings Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, Borrower and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Saga Communications Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries (other than a Special Purpose Finance Subsidiary), and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans Loans, shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s and its Subsidiaries’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower and its Subsidiaries may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.. Table of Contents

Appears in 1 contract

Samples: Credit Agreement (Ashland Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Original Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrower (provided that any Letter of Credit may be for the benefit of any Subsidiary of the Borrower, ) and to amend or extend renew Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings drafts under the Letters of Credit; Credit and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunderpursuant to this Section 2.03; provided that after giving effect no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Revolving Credit Lender would exceed such Lender's Commitment’s Revolving Credit Commitment (or, and (z) before the Outstanding Amount of Maturity Date for the L/Series C Obligations shall not exceed the Revolving Credit Facility, if such Letter of Credit Sublimit. Each request by has an expiry date on or after the Borrower for Maturity Date of the issuance or amendment of a Letter of Series C Revolving Credit shall be deemed to be a representation by Facility, the Borrower that Series A Revolving Credit Exposure and the Series B Revolving Credit Exposure (after giving effect to the reallocations referred to in Sections 2.03(p) and 2.04(h) as if they occurred on such proposed L/C date) of any Series A Revolving Credit Extension (x) the Total Outstandings shall Lender or any Series B Revolving Credit Lender that is not a Defaulting Lender would exceed the Aggregate Commitmentssuch Series A Revolving Credit Lender’s Series A Revolving Credit Commitment or Series B Revolving Credit Lender’s Series B Revolving Credit Commitment, and respectively), (y) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit or (z) before the Maturity Date for the Series C Revolving Credit Facility, if such Letter of Credit has an expiry date that is on or after the Maturity Date for the Series C Revolving Credit Facility, there shall be Revolving Credit Lenders that are not exceed Defaulting Lenders holding Series A Revolving Credit Commitments and Series B Revolving Credit Commitments in an aggregate amount that is less than the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been be issued pursuant hereto, hereunder and from and after the Closing Date shall be constitute Letters of Credit subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (APX Group Holdings, Inc.)

The Letter of Credit Commitment. (i) i.Subject to the terms and conditions set forth herein, (A) the L/C Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the earlier to occur of the Letter of Credit Expiration DateDate or the termination of the Availability Period, to issue Letters of Credit at the request of the Borrower Agent for the account of the Borrower, a Borrower and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings drafts under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the a Borrower and any drawings thereunder; provided that after giving effect the Letter of Credit Issuer shall not be obligated to make any L/C Letter of Credit Extension with respect to any Letter of Credit, and no Revolving Credit Lender shall be obligated to participate in any Letter of Credit, if as of the date of such Letter of Credit Extension, (xA) the Total Revolving Credit Outstandings shall not would exceed the Aggregate CommitmentsMaximum Borrowing Amount, (yB) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Exposure of any Revolving Credit Lender would exceed such Revolving Credit Lender’s Revolving Credit Commitment, plus such Lender's Applicable Percentage of or (C) the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage Letter of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Credit Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower Agent for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Agent that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit SublimitExtension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Synalloy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or one or more Alternative Currencies for the account of the BorrowerU.S. Borrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the U.S. Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Exposure of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans Lender shall not exceed such Lender's ’s Revolving Credit Commitment, and (zy) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the aggregate Outstanding Amount of all Loans and Letters of Credit denominated in Alternative Currencies shall not exceed the Alternative Currency Sublimit. Each request by the U.S. Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the U.S. Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the U.S. Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the U.S. Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Life Technologies Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (McClatchy Co)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the each L/C Issuer severally agrees, in reliance upon the agreements of the Revolving Loan Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Loan Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any of its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Loan Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving Loan Lender, plus such Revolving Loan Lender's ’s Applicable Revolving Loan Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Loan Lender's ’s Applicable Revolving Loan Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Loan Lender's ’s Revolving Loan Commitment, and (z) the Outstanding Amount of the all L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Georgia Pacific Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the earlier to occur of the Letter of Credit Expiration DateDate or the termination of the Availability Period, to issue Letters of Credit at the request of the Borrower Agent for the account of the Company or the Company and any other Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings drafts under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Company or the Company and any other Borrower and any drawings thereunder; provided that after giving effect the Letter of Credit Issuer shall not be obligated to make any L/C Letter of Credit Extension with respect to any Letter of Credit, and no Revolving Lender shall be obligated to participate in any Letter of Credit, if as of the date of such Letter of Credit Extension, (xA) the Total Revolving Credit Outstandings shall not would exceed the Aggregate CommitmentsBorrowing Base, (yB) the aggregate Outstanding Amount of the Committed Loans Revolving Credit Outstandings of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not Revolving Lender would exceed such Revolving Lender's ’s Revolving Credit Commitment, and or (zC) the Outstanding Amount of the L/C Letter of Credit Obligations shall not would exceed the Letter of Credit Sublimit. Each request by the Borrower Agent for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower Agent that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit SublimitExtension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofhereof and all fees in respect thereof pursuant to Sections 2.03(h) and 2.09(b) shall be payable (in substitution for any fees set forth in the applicable letter of credit reimbursement agreements or applications relating to the Existing Letters of Credit, except to the extent that such fees are also payable pursuant to Section 2.03(h) and 2.09(b)) as if the Existing Letters of Credit had been issued on the Closing Date. Notwithstanding the foregoing, (x) the Borrowers shall not be required to pay any additional issuance fees with respect to the issuance of the Existing Letters of Credit solely as a result of such letters of credit being converted to a Letter of Credit hereunder, it being understood that the fronting, participation and other fees set forth in Section 2.03(h) and 2.09(b) shall otherwise apply to the Existing Letters of Credit and (y) no Existing Letter of Credit may be extended or renewed.

Appears in 1 contract

Samples: Credit Agreement (StarTek, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings aggregate Outstanding Amount of the Revolving Credit Loans, Swing Line Loans and L/C Obligations shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (NOODLES & Co)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue standby Letters of Credit denominated in Dollars or in an Alternative Currency for the account of the BorrowerBorrower or its Restricted Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Restricted Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (zy) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit SublimitSublimit and (z) the Outstanding Amount of the L/C Obligations of any L/C Issuer shall not exceed such L/C Issuer’s Letter of Credit Commitment. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Acadia Healthcare Company, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth hereinin this Agreement, (Aa) from the L/C Issuer agreesClosing Date through and including the Maturity Date, in reliance upon the agreements Bank shall issue Letters of Credit as the Lenders set forth in this Section 2.03, (1) applicable Borrower may from time to time on any Business Day during the period request and (b) from the Closing Date until through and including the Letter of Credit Expiration Date, to issue Letters the Bank shall take such Letter of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection Actions (b) below, and (2) to honor drawings under the other than issuing Letters of Credit) as such Borrower may from time to time request; and (B) provided, however, that the Lenders severally agree to participate in Letters Letter of Credit issued for Usage shall not exceed $15,000,000 at any time. Unless consented to by the account Bank, no Letter of Credit may have an expiration date more than one hundred fifty (150) days after the date of its issuance or last renewal; provided, however, that no Letter of Credit shall have an expiration date after the Letter of Credit Expiration Date. Notwithstanding the foregoing, if any Letter of Credit remains outstanding after the Letter of Credit Expiration Date, the applicable Borrower and shall, not later than the Letter of Credit Expiration Date, deposit cash in an amount equal to such Letter of Credit Usage in a Letter of Credit Cash Collateral Account. The Bank shall have no obligation to take any drawings thereunder; provided that after giving effect Letter of Credit Action if (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to any L/C Credit Extension with respect to any enjoin or restrain the Bank from issuing such Letter of Credit, or any law, rule or regulation applicable to the Bank or any request or directive (xwhether or not having the force of law) from any Governmental Authority with jurisdiction over the Total Outstandings Bank shall not exceed prohibit, or request that the Aggregate CommitmentsBank refrain from, (y) the aggregate Outstanding Amount issuance of the Committed Loans letters of any Lender, plus credit generally or such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by in particular or shall impose upon the Borrower for the issuance or amendment of a Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall be deemed impose upon the Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Bank in good xxxxx xxxxx material to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension it; or (xii) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount issuance of the L/C Obligations shall not exceed the such Letter of Credit Sublimit. Within would violate one or more policies of the foregoing limits, and subject Bank applicable to the terms and conditions hereof, the Borrower's ability to obtain Letters letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofcredit generally.

Appears in 1 contract

Samples: Guaranty Agreement (Williams Sonoma Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings at such time shall not exceed the Aggregate CommitmentsRevolving Credit Facility at such time, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations at such time shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Smart Balance, Inc.)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.032.04, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Aggregate aggregate amount of the Revolving Commitments, (y) the aggregate Outstanding Amount of the Committed Revolving Loans of any Lender, plus such Lender's ’s Applicable Revolving Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Agree Realty Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, and (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower or any Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Effective Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth hereinin this Agreement, (Aa) from the L/C Issuer agreesClosing Date through and including the Maturity Date, in reliance upon the agreements Bank shall issue Letters of Credit as the Lenders set forth in this Section 2.03, (1) applicable Borrower may from time to time on any Business Day during the period request and (b) from the Closing Date until through and including the Letter of Credit Expiration Date, to issue Letters the Bank shall take such Letter of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection Actions (b) below, and (2) to honor drawings under the other than issuing Letters of Credit) as such Borrower may from time to time request; and (B) provided, however, that the Lenders severally agree to participate in Letters Letter of Credit issued for Usage shall not exceed $30,000,000 at any time. Unless consented to by the account Bank, no Letter of Credit may have an expiration date more than one hundred fifty (150) days after the date of its issuance or last renewal; provided, however, that no Letter of Credit shall have an expiration date after the Letter of Credit Expiration Date. Notwithstanding the foregoing, if any Letter of Credit remains outstanding after the Letter of Credit Expiration Date, the applicable Borrower and shall, not later than the Letter of Credit Expiration Date, deposit cash in an amount equal to such Letter of Credit Usage in a Letter of Credit Cash Collateral Account. The Bank shall have no obligation to take any drawings thereunder; provided that after giving effect Letter of Credit Action if (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to any L/C Credit Extension with respect to any enjoin or restrain the Bank from issuing such Letter of Credit, or any law, rule or regulation applicable to the Bank or any request or directive (xwhether or not having the force of law) from any Governmental Authority with jurisdiction over the Total Outstandings Bank shall not exceed prohibit, or request that the Aggregate CommitmentsBank refrain from, (y) the aggregate Outstanding Amount issuance of the Committed Loans letters of any Lender, plus credit generally or such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by in particular or shall impose upon the Borrower for the issuance or amendment of a Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall be deemed impose upon the Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Bank in good xxxxx xxxxx material to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension it; or (xii) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount issuance of the L/C Obligations shall not exceed the such Letter of Credit Sublimit. Within would violate one or more policies of the foregoing limits, and subject Bank applicable to the terms and conditions hereof, the Borrower's ability to obtain Letters letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereofcredit generally.

Appears in 1 contract

Samples: Guaranty Agreement (Williams Sonoma Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the BorrowerBorrower or any Subsidiary, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any Subsidiary and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (yx) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, (y) if such Letter of Credit may be drawn in an Alternative Currency, the aggregate Outstanding Amounts of all Revolving Credit Loans and (z) the Outstanding Amount Letters of the L/C Obligations Credit denominated in Alternative Currencies shall not exceed the Letter Alternative Currency Sublimit, and (iv) the outstanding amount of the Revolving Credit SublimitLoans shall not exceed the Revolving Credit Facility. Each request by the Borrower or any Subsidiary for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrowerany Loan Party, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any other Loan Party and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (xw) the Total Outstandings shall not exceed the Aggregate CommitmentsImplied Loan Amount, (x) the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Pebblebrook Hotel Trust)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the applicable Letter of Credit Expiration Date, to issue Letters of Credit for the account of the BorrowerBorrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Lender, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (Total System Services Inc)

The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue 67072595_7 Letters of Credit for the account of the BorrowerBorrower in respect of obligations of the Borrower or any other Loan Party, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) belowSection 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the Aggregate CommitmentsRevolving Credit Facility, (y) the aggregate Outstanding Amount of the Committed Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender's ’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender's ’s Revolving Credit Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed the L/C Credit Extension (x) so requested complies with the Total Outstandings shall not exceed conditions set forth in the Aggregate Commitments, and (y) proviso to the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimitpreceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

Appears in 1 contract

Samples: Credit Agreement (On Assignment Inc)

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