Working Capital Facility Letters of Credit Sample Clauses

Working Capital Facility Letters of Credit. On the Closing Date, upon the satisfaction of the conditions specified in Section 6.1, each of the Existing Working Capital Facility Letters of Credit shall automatically be deemed to be Working Capital Facility Letters of Credit outstanding under this Agreement. Subject to the terms and conditions hereof, each Working Capital Facility Issuing Lender severally agrees to issue letters of credit (“Working Capital Facility Letters of Credit”) for the account of the Borrower for use by the Borrower or any other Loan Party from time to time during the Working Capital Facility Commitment Period; provided that, after giving effect to any Working Capital Facility Letter of Credit requested by the Borrower:
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Working Capital Facility Letters of Credit. On the Restatement Effective Date, upon the satisfaction of the conditions specified in Section 6.1, (a) each of the Existing Xxxxxxx Letters of Credit shall automatically be deemed to be Dollar Working Capital Facility Letters of Credit outstanding under this Agreement and (b) each of the Existing Kildair Letters of Credit shall automatically be deemed to be Multicurrency Working Capital Facility Letters of Credit outstanding under this Agreement. Subject to the terms and conditions hereof, (x) each Dollar Working Capital Facility Issuing Lender severally agrees to issue letters of credit (“Dollar Working Capital Facility Letters of Credit”), for the account of the Borrower requesting the applicable Dollar Working Capital Facility Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time to time during the Dollar Working Capital Facility Commitment Period in an aggregate amount not to exceed (unless otherwise agreed by such Dollar Working Capital Facility Issuing Lender) $100,000,000 at any time outstanding and (y) each Multicurrency Working Capital Facility Issuing Lender severally agrees to issue letters of credit (“Multicurrency Working Capital Facility Letters of Credit”), for the account of the Borrower requesting the applicable Multicurrency Working Capital Facility Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time to time during the Multicurrency Working Capital Facility Commitment Period in an aggregate amount not to exceed (unless otherwise agreed by such Multicurrency Working Capital Facility Issuing Lender) $25,000,000 at any time outstanding; provided that, after giving effect to any Working Capital Facility Letter of Credit requested by any Borrower:
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Working Capital Facility Letters of Credit. On the Restatement Effective Date, upon the satisfaction of the conditions specified in Section 6.1, (a) each of the Existing Xxxxxxx Letters of Credit shall automatically be deemed to be Dollar Working Capital Facility Letters of Credit outstanding under this Agreement and (b) each of the Existing Kildair Letters of Credit shall automatically be deemed to be Multicurrency Working Capital Facility Letters of Credit outstanding under this Agreement. Subject to the terms and conditions hereof, (x) each Dollar Working Capital Facility Issuing Lender (other than Royal Bank of Canada) severally agrees to issue letters of credit (“Dollar Working Capital Facility Letters of Credit”), for the account of the Borrower requesting the applicable Dollar Working Capital Facility Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time to time during the Dollar Working Capital Facility Commitment Period in an aggregate amount not to exceed (unless otherwise agreed by such Dollar Working Capital Facility Issuing Lender) (1) in respect of Royal Bank of Canada, $25,000,000 at any time outstanding and (2) otherwise $100,000,000 at any time outstanding and (y) each Multicurrency Working Capital Facility Issuing Lender severally agrees to issue letters of credit (“Multicurrency Working Capital Facility Letters of Credit”), for the account of the Borrower requesting the applicable Multicurrency Working Capital Facility Letter of Credit, for use by the U.S. Borrower, the Canadian Borrower or any other Loan Party from time to time during the Multicurrency Working Capital Facility Commitment Period in an aggregate amount not to exceed (unless otherwise agreed by such Multicurrency Working Capital Facility Issuing Lender) $25,000,000 at any time outstanding; provided that, after giving effect to any Working Capital Facility Letter of Credit requested by any Borrower: (i) each of the conditions set forth in Section 6.2 shall be satisfied or waived; and (ii) Section 3.4 shall not be contravened by any Loan Party at any time. It is hereby agreed that Royal Bank of Canada has no obligation to issue Dollar Working Capital Facility Letters of Credit after the Amendment Effective Date. Each Borrower acknowledges and agrees that, for the avoidance of doubt, (i) each Letter of Credit designated as a Dollar Working Capital Facility Letter of Credit shall be entirely a Dollar Working Capital Facility Letter of Credit and no portion thereof will b...
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Related to Working Capital Facility Letters of Credit

  • 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.

  • 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.

  • Loans and Letters of Credit On the Closing Date:

  • 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.

  • 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.

  • 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.

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • 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.

  • Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may require. Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require.

  • 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.

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