US Letters of Credit. Each US Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (each, a “US Letter of Credit”) for the account of any Borrower under the US Revolving Credit Facility from time to time on any Business Day during the period from the Closing Date until 30 days before the Termination Date applicable to the US Revolving Credit Facility under clause (a)(i) of the definition of “Termination Date” (i) in an aggregate Available Amount for all US Letters of Credit not to exceed at any time the US Letter of Credit Sublimit, (ii) in an amount for each US Issuing Bank not to exceed the amount of such US Issuing Bank’s US Letter of Credit Commitment at such time (iii) in an amount for each such US Letter of Credit not to exceed an amount equal to the aggregate Unused Revolving Credit Commitments of the US Revolving Lenders at such time and (iv) issued to provide support with respect to the undertakings of the Company and/or any Subsidiary of the Company. Each US Letter of Credit shall be in an amount of $500,000 or more and shall be denominated in Dollars. No US Letter of Credit shall have an expiration date (including all rights of such Borrower or the beneficiary to require renewal) of greater than one year or later than the Termination Date applicable to the US Revolving Credit Facility under clause (a)(i) of the definition of “Termination Date”; provided that any US Letter of Credit which provides for automatic one-year extension(s) of such expiration date shall be deemed to comply with the foregoing requirement if the US Issuing Bank has the unconditional right to prevent any such automatic extension from taking place. Within the limits referred to above, any Borrower under the US Revolving Credit Facility may request the issuance of Letters of Credit under this Section 2.01(e), repay any Advances resulting from drawings thereunder pursuant to Section 2.03(c) and request the issuance of additional US Letters of Credit under this Section 2.01(e). If a US Letter of Credit shall be requested on behalf of a Subsidiary that is not a Borrower hereunder, the Company shall have furnished to the US Issuing Bank, in form and substance reasonably satisfactory to the US Issuing Bank, customary “know your customer” information regarding such Subsidiary at least three Business Days prior to the date of the requested issuance. Each “Existing Letter of Credit” listed on Part A of Schedule 2.01(e) shall be deemed to constitute a US Letter...
US Letters of Credit. Subject to the terms and conditions set forth herein, (a) each U.S. L/C Issuer agrees, in reliance upon the agreements of U.S. Lenders set forth in this Section 2.4 and Article V, (i) from time to time on any Business Day during the Availability Period, to issue U.S. Letters of Credit denominated in Dollars or Canadian Dollars for the account of any U.S. Borrower or any Eligible Affiliate, and to amend or extend U.S. Letters of Credit previously issued by it, in accordance with Section 5.2, and (ii) to honor drawings under the applicable U.S. Letters of Credit; and (b) U.S. Lenders severally agree to participate in U.S. Letters of Credit issued for the account of any U.S. Borrower or any Eligible Affiliates and any drawings thereunder; provided that after giving effect to any U.S. L/C Credit Extension with respect to any U.S. Letter of Credit, (x) the U.S. Total Outstandings shall not exceed the U.S. Aggregate Commitments, (y) the U.S. Credit Exposure of any U.S. Lender shall not exceed such U.S. Lender’s U.S. Commitment and (z) the U.S. Outstanding Amount of the U.S. L/C Obligations shall not exceed the U.S. Letter of Credit Sublimit. Within the foregoing limits, any U.S. Borrower’s ability to obtain U.S. Letters of Credit shall be fully revolving, and accordingly each U.S. Borrower may, during the foregoing period, obtain U.S. Letters of Credit to replace U.S. Letters of Credit that have expired or that have been drawn upon and reimbursed. All U.S. Existing Letters of Credit that were originally issued for the account of a Person that is not a U.S. Borrower shall, immediately upon the effectiveness hereof, be deemed to have been issued pursuant hereto for the account of the applicable U.S. Borrower identified as the “Account Obligor” on Schedule 2.4(a) (which U.S. Borrower hereby assumes all U.S. L/C Obligations with respect to such U.S. Existing Letter of Credit), and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.
US Letters of Credit. (a) Subject to the terms and conditions of this Agreement, upon the request of the U.S. Borrowers made in accordance herewith, and prior to the Revolving Termination Date, the U.S. Issuing Bank agrees to issue a requested U.S. Letter of Credit for the account of the U.S. Borrowers. By submitting a request to the U.S. Issuing Bank for the issuance of a U.S. Letter of Credit, the U.S. Borrowers shall be deemed to have requested that the U.S. Issuing Bank issue the requested U.S. Letter of Credit. Each request for the issuance of a U.S. Letter of Credit, or the amendment, renewal, or extension of any outstanding U.S. Letter of Credit, shall be irrevocable and shall be made in writing by a Responsible Officer and delivered to the U.S. Issuing Bank via telefacsimile or other electronic method of transmission reasonably acceptable to the U.S. Issuing Bank and reasonably in advance of the requested date of issuance, amendment, renewal, or extension. Each such request shall be in form and substance reasonably satisfactory to the U.S. Issuing Bank and (i) shall specify (A) the amount of such U.S. Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of such U.S. Letter of Credit, (C) the proposed expiration date of such U.S. Letter of Credit, (D) the name and address of the beneficiary of the U.S. Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the case of an amendment, renewal, or extension, identification of the U.S. Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such U.S. Letter of Credit, and (ii) shall be accompanied by such Issuer Documents as the Administrative Agent or the U.S. Issuing Bank may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that the U.S. Issuing Bank generally requests for U.S. Letters of Credit in similar circumstances. The U.S. Issuing Banks’ records of the content of any such request will be conclusive. Anything contained herein to the contrary notwithstanding, the U.S. Issuing Bank may, but shall not be obligated to, issue a U.S. Letter of Credit that supports the obligations of the U.S. Borrowers or one of their Subsidiaries in respect of (x) a lease of real property, or (y) an employment contract. No U.S. Issuing Bank shall issue any U.S. Letter of Credit if the expiry date of the requested U.S. Letter of Credit would occur after the Re...
US Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, any US Borrower may request that a US Issuing Lender issue, at any time and from time to time on and after the Effective Date and prior to the 30th day prior to the Final Maturity Date, for the joint and several account of the US Borrowers and for the benefit of (x) any holder (or any trustee, agent or other similar representative for any such holders) of US L/C Supportable Obligations, an irrevocable standby letter of credit, in a form customarily used by such US Issuing Lender or in such other form as is reasonably acceptable to such US Issuing Lender, and (y) sellers of goods to the US Company or any of its Subsidiaries, an irrevocable trade letter of credit, in a form customarily used by such US Issuing Lender or in such other form as has been approved by such US Issuing Lender (each such letter of credit, a “US Letter of Credit”) (although without limiting the joint and several nature of the US Borrowers’ obligations in respect of the US Letters of Credit, any particular US Letter of Credit may name only one or more US Borrowers as the account party therein). All US Letters of Credit shall be issued on a sight basis only.
US Letters of Credit. (1) As consideration for acting as the Issuing Bank with respect to any US Letter of Credit, the US Borrowers will jointly and severally pay to the applicable Issuing Bank a fee computed at a rate per annum equal to 0.25% on the daily average amount available for drawing on the applicable Letter of Credit, payable in arrears on the first Business Day of each calendar month. The US Borrowers shall jointly and severally pay to the applicable Issuing Bank, with respect to any issuance, amendment, transfer, or cancellation prior to expiration of any US Letter of Credit and for each drawing made thereunder, documentary and processing charges in accordance with such Issuing Bank's standard schedule for such charges in effect at the time of, and payable at the time of, such issuance, amendment, transfer, cancellation or drawing, as the case may be. All fees payable pursuant to this Section 2.11(c)(1) shall be retained by the applicable Issuing Bank.
US Letters of Credit. (a) The US Letter of Credit Commitment.
US Letters of Credit. The US Tranche A Loan Commitment may, in addition to US Tranche A Revolving Credit Advances, be utilized (subject to the limitations imposed by Section 1.1(a)), upon the request of US Borrower Representative on behalf of the applicable US Borrower, for the issuance of US Letters of Credit. Immediately upon the issuance by a US L/C Issuer of a US Letter of Credit, and without further action on the part of US Agent or any of the US Tranche A Lenders, each US Tranche A Lender shall be deemed to have purchased from such US L/C Issuer a participation in such US Letter of Credit (or in its obligation under a risk participation agreement with respect thereto) equal to such US Tranche A Lender’s Pro Rata Share of the aggregate amount available to be drawn under such US Letter of Credit.
US Letters of Credit. (a) The Borrower may request the issuance of US Letters of Credit on a sight basis for its own account or for the account of any of its subsidiaries, in a form reasonably acceptable to the Administrative Agent and the relevant US Issuing Bank, at any time and from time to time on or after the Effective Date and prior to the earlier to occur of (i) the termination of its US L/C Commitment and (ii) the date that is five Business Days prior to the latest Revolving Credit Maturity Date. This Section shall not be construed to impose an obligation upon any US Issuing Bank to issue any US Letter of Credit that is inconsistent with the terms and conditions of this Agreement or if any US Letter of Credit requested to be issued (or amended, as applicable) would have a stated expiry date after the next Revolving Credit Maturity Date with respect to US Revolving Credit Commitments and the aggregate face amount of all US Letters of Credit having stated expiry dates after such Revolving Credit Maturity Date would exceed the amount of the US Revolving Credit Commitments that have maturities after such Revolving Credit Maturity Date, unless, with the consent of the relevant US Issuing Bank, the Borrower provides Cash Collateral in respect of such overage. US Letters of Credit may be denominated in US Dollars or in one or more Approved Alternate L/C Currencies.
US Letters of Credit. Subject to the terms and conditions hereof, Agent shall issue or cause the issuance of standby and/or trade letters of credit in Dollars (“U.S. Letters of Credit”) for the account of any U.S. Borrower or any of its Subsidiaries; provided, however, that Agent will not be required to issue or cause to be issued any U.S. Letters of Credit to the extent that the issuance thereof would then cause the sum of (i) the outstanding U.S. Revolving Advances (including U.S. Swing Loans), plus (ii) the Maximum Undrawn Amount of all outstanding U.S. Lettets of Credit to exceed the lesser of (x) the Maximum U.S. Revolving Advance Amount or (y) the U.S. Formula Amount. The Maximum Undrawn Amount of all outstanding U.S. Letters of Credit shall not exceed in the aggregate at any time the U.S. Letter of Credit Sublimit. All disbursements or payments related to U.S. Letters of Credit shall be deemed to be Domestic Rate Loans consisting of U.S. Revolving Advances and shall bear interest at the Revolving Interest Rate for Domestic Rate Loans. U.S. Letters of Credit that have not been drawn upon shall not bear interest.
US Letters of Credit. (a) The U.S.
