TRANCHE A LETTERS OF CREDIT Sample Clauses

TRANCHE A LETTERS OF CREDIT. Section 2.1(a) of the Credit Agreement is hereby amended by adding new second and third sentences that read as follows: "If any requested Tranche A Letter of Credit issued on or after the date of amendment No. 4 has a duration in excess of 90 days, the Borrower shall deposit with the agent and pledge to the Lenders a cash amount equal to the face amount of such Tranche A Letter of Credit to secure the Borrower's obligations to make Indemnity Payments in respect of such Tranche A Letter of Credit. Each Tranche A Letter of Credit that is outstanding on the date of Amendment No. 4 may be extended for a single additional term of ninety (90) days if the Borrower deposits with the agent and pledges to the Lenders on or before the date of such extension a cash amount equal to the face amount of such Tranche A Letter of Credit to secure the Borrower's obligations to make Indemnity Payments in respect of such Tranche A Letter of Credit."
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TRANCHE A LETTERS OF CREDIT. (a) The Original Agreement is hereby amended to rename Article II thereof to read as follows: "ARTICLE II - Tranche A Letters of Credit".
Sample 1
TRANCHE A LETTERS OF CREDIT. The Borrower shall give the Agent (which shall promptly notify the Lenders of such request) advance revocable or irrevocable notice to be received by the Agent not later than 11:00 a.m. Houston, Texas time not less than three (3) Business Days prior thereto of each request for the issuance and at least thirty (30) Business Days prior to the date of the renewal or extension of a Tranche A Letter of Credit hereunder which request shall specify the amount of such Tranche A Letter of Credit, the date (which shall be a Business Day) such Tranche A Letter of Credit is to be issued, renewed or extended, the duration thereof, the name and address of the beneficiary thereof, the form of the Tranche A Letter of Credit and such other information as the Agent may reasonably request all of which shall be reasonably satisfactory to the Agent. Subject to the terms and conditions of this Agreement, on the date specified for the issuance, renewal or extension of a Tranche A Letter of Credit, the Agent shall issue such Tranche A Letter of Credit to the beneficiary thereof. No Tranche A Letter of Credit shall be issued, renewed, or extended with an expiration date after December 31, 2003. In conjunction with the issuance of each Tranche A Letter of Credit, the Borrower shall execute a Tranche A Letter of Credit Agreement. In the event of any conflict between any provision of a Tranche A Letter of Credit Agreement and this Agreement, the Borrower, the Agent and the Lenders hereby agree that the provisions of this Agreement shall govern. The Agent will send to the Borrower and each Lender, upon issuance of any Tranche A Letter of Credit, or an amendment thereto, a true and complete copy of such Tranche A Letter of Credit, or such amendment thereto.
Sample 1
TRANCHE A LETTERS OF CREDIT. Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a hard copy or electronically filed letter of credit application on the Administrative Agent's customary form (a "Letter of Credit Application"), with the Administrative Agent's form as of the Closing Date attached hereto as Exhibit C, the Administrative Agent on behalf of the Tranche A Lenders and in reliance upon the agreement of the Tranche A Lenders set forth in Section 2.1.4 and upon the representations and warranties of the Borrower contained herein, agrees from time to time during the period from the Closing Date to the Commitment Maturity Date, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby letters of credit, each in a minimum face amount of (a) with respect to Tranche A Letters of Credit denominated in Pounds Sterling, the Pounds Sterling Equivalent of $100,000 and (b) with respect to Tranche A Letters of Credit denominated in Dollars, $1,000, to be used in the ordinary course of the Borrower's business, denominated in Pounds Sterling or in Dollars in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent (individually, a "Tranche A Letter of Credit"); provided, however, that, after giving effect to such request, (i) the sum of the Dollar Equivalent of the Aggregate Maximum Drawing Amount and the Dollar Equivalent of the Unpaid Reimbursement Obligations shall not exceed the Total Commitment at any one time, (ii) the sum of the Dollar Equivalent of the Tranche A Maximum Drawing Amount and the Dollar Equivalent of the Unpaid Reimbursement Obligations consisting of amounts paid under Letters of Credit, as set forth in Section 2.2(a)(i), in respect of Tranche A Letters of Credit shall not exceed the Total Tranche A Commitment at any one time, (iii) no Tranche A Letter of Credit denominated in Dollars shall be issued unless the face amount of such Tranche A Letter of Credit is higher than the unused portion of the Tranche B Commitment and (iv) the sum of the Dollar Equivalent of the Aggregate Maximum Drawing Amount plus the Dollar Equivalent of the Unpaid Reimbursement Obligations consisting of amounts paid under Letters of Credit, as set forth in Section 2.2(a)(i), shall not, at any time, exceed the Collateral Coverage Amount. The Borrower and the Lender agree that the Letters of Credit listed on Schedule 2.1.1 hereof shall become Tranche A Letters of...
Sample 1
TRANCHE A LETTERS OF CREDIT. Upon the terms and subject to the conditions herein set forth, the Borrower may request a Fronting Bank, at any time and from time to time after the date hereof and prior to the Termination Date, to issue, and, subject to the terms and conditions contained herein, such Fronting Bank shall issue, for the account of the Borrower or a Guarantor one or more Letters of Credit under the Tranche A Commitment (the "Tranche A Letters of Credit"), provided that no standby Tranche A Letter of Credit shall be issued if after giving effect to such issuance (i) the aggregate Tranche A Letter of Credit Outstandings with respect to all such standby Tranche A Letters of Credit shall exceed $1,500,000 or (ii) the aggregate Tranche A Letter of Credit Outstandings, when added to the aggregate outstanding principal amount of the Tranche A Loans, would exceed the Total Tranche A Commitment and, provided further that no Tranche A Letter of Credit shall be issued if the Fronting Bank shall have received notice from the Agent or the Required Banks that the conditions to such issuance have not been met.
Sample 1
TRANCHE A LETTERS OF CREDIT. (a) Subject to the terms and conditions of this Agreement, Issuing Lender agrees to issue letters of credit for the account of Borrowers (each, a "Tranche A L/C") or to purchase participations or execute indemnities or reimbursement obligations (each such undertaking, a "Tranche A L/C Undertaking") with respect to Tranche A Underlying Letters of Credit issued by an Underlying Issuer (as of the Closing Date, such Underlying Issuer is to be Norwest Bank Minnesota, N.A.; in the event that an Underlying Issuer declines to issue further Tranche A Underlying Letters of Credit, Issuing Lender agrees to use commercially reasonable efforts to obtain a replacement Underlying Issuer; it being expressly acknowledged and agreed that no Underlying Issuer has any obligations hereunder to Borrowers) for the account of Borrowers. To request the issuance of a Tranche A L/C or a Tranche A L/C Undertaking (or the amendment, renewal, or extension of an outstanding Tranche A L/C or Tranche A L/C Undertaking), a Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and Agent (reasonably in advance of the requested date of issuance, amendment, renewal, or extension) a notice requesting the issuance of a Tranche A L/C or Tranche A L/C Undertaking, or identifying the Tranche A L/C or Tranche A L/C Undertaking to be amended, renewed, or extended, the date of issuance, amendment, renewal, or extension, the date on which such Tranche A L/C or Tranche A L/C Undertaking is to expire, the amount of such Tranche A L/C or Tranche A L/C Undertaking, the name and address of the beneficiary thereof (or of the Tranche A Underlying Letter of Credit, as applicable), and such other information as shall be necessary to prepare, amend, renew, or extend such Tranche A L/C or Tranche A L/C Undertaking. If requested by the Issuing Lender, the applicable Borrower also shall be an applicant under the application with respect to any Tranche A Underlying Letter of Credit that is to be the subject of a Tranche A L/C Undertaking. The Issuing Lender shall have no obligation to issue a Tranche A Letter of Credit if any of the following would result after giving effect to the requested Tranche A Letter of Credit:
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TRANCHE A LETTERS OF CREDIT 
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Related to TRANCHE A LETTERS OF CREDIT

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Requesting Letters of Credit Each Letter of Credit shall be issued, increased, or extended pursuant to a Letter of Credit Application or Letter of Credit Application Amendment, as applicable, given by the Borrower to the Issuing Bank in writing or by telecopy promptly confirmed in writing, such Letter of Credit Application or Letter of Credit Application Amendment being given not later than 1:00 p.m. (local time at the Applicable Lending Office of the Agent) on the third Business Day before the date of the proposed issuance, increase, or extension of the Letter of Credit. Each Letter of Credit Application or Letter of Credit Application Amendment shall be fully completed and shall specify the information required therein (including the proposed form of the Letter of Credit or change thereto), and shall be irrevocable and binding on the Borrower. Upon receipt by the Issuing Bank of the Letter of Credit Application or Letter of Credit Application Amendment, the Issuing Bank shall give prompt notice thereof to the Agent, and the Agent shall promptly inform the Banks of the proposed Letter of Credit or change thereto. Subject to the satisfaction of all applicable conditions precedent, the Issuing Bank shall, by 4:00 p.m. (local time at the Applicable Lending Office of the Agent), on the date requested by the Borrower for the issuance, increase, or extension of such Letter of Credit issue, increase, or extend such Letter of Credit to the specified beneficiary. Upon the date of the issuance, increase, or extension of a Letter of Credit, the Issuing Bank shall be deemed to have sold to each other Bank and each other Bank shall be deemed to have purchased from the Issuing Bank a ratable participation in the related Letter of Credit or change thereto. The Issuing Bank shall notify the Agent of each Letter of Credit issued, increased, or extended and the date and amount of each Bank's participation in such Letter of Credit, and the Agent shall in turn notify the Banks.

  • Loans and Letters of Credit On the Closing Date:

  • Commitment to Issue Letters of Credit Subject to the terms and conditions hereof, and so long as no Stop Issuance Notice is in effect, each Issuing Bank in reliance upon the agreements of the other Banks set forth in this Section 2.18 agrees to issue Letters of Credit from time to time before the Letter of Credit Termination Date applicable to such Issuing Bank upon the request of the Borrower; provided that immediately after each Letter of Credit is issued (x) the Total Outstanding Amount shall not exceed the aggregate amount of the Commitments, (y) the aggregate amount of the Letter of Credit Liabilities of all Banks shall not exceed $100,000,000 and (z) the aggregate amount of the Letter of Credit Liabilities in respect of Letters of Credit issued by any Issuing Bank shall not exceed such Issuing Bank’s Letter of Credit Commitment without the consent of such Issuing Bank; and provided further that if (i) the Termination Date has been extended as to some but not all Banks pursuant to Section 2.01(b) and (ii) the Borrower requests the issuance of a Letter of Credit which expires later than the Letter of Credit Termination Date in effect prior to such extension, then compliance with clause (x) above shall be determined solely with reference to the Banks whose Commitments have been so extended. If the Borrower so requests (in order to accommodate a Letter of Credit having an available amount greater than an Issuing Bank’s Letter of Credit Commitment or otherwise), an Issuing Bank may assign all or a portion of its Letter of Credit Commitment to another Issuing Bank that agrees to accept such assignment. Upon the date of issuance by an Issuing Bank of a Letter of Credit, such Issuing Bank shall be deemed, without further action by any party hereto, to have sold to each Bank, and each Bank shall be deemed, without further action by any party hereto, to have purchased from such Issuing Bank, a participation in such Letter of Credit and the related Letter of Credit Liabilities in the proportion its respective Commitment bears to the aggregate Commitments. Each Bank acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Bank further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted to reflect such Bank’s proportion of the Commitments at each time such Bank’s Commitment is amended pursuant to an increase of the Commitments in accordance with Section 2.17, an assignment in accordance with Section 9.06 or otherwise pursuant to this Agreement.

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