The Letter of Credit Facility. (i) Subject to the terms and conditions hereinafter set forth (A) Issuing Bank agrees, in reliance on the Agreements of the Lenders set forth in this Section (1) to issue Letters of Credit for the account of any Borrower from time to time on any Business Day during the period from the Effective Date hereof until 10 days before the Termination Date in an aggregate Available Amount for all Letters of Credit not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) the Unused Revolving Credit Commitments of the Lenders at such time (provided that in no event shall the Issuing Bank be required to issue a Letter of Credit if, after giving effect to such issuance, the aggregate amount of the Revolving Credit Exposures of all Lenders shall exceed the Revolving Credit Availability at such time) and to amend or extend Letters of Credit previously issued by it in accordance with the terms of this Section 2.16, 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 any Borrower and any drawings thereunder. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance, extension or amendment of the Letter of Credit so requested complies with the conditions set forth in the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly 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.
The Letter of Credit Facility. Pursuant to the Existing Credit Agreement, the Fronting Bank has issued Letters of Credit (such Letters of Credit as are outstanding on the date hereof under the Existing Credit Agreement and set forth on Schedule II being the "Existing Letters of Credit") for the account of the Borrower. Effective as of the Effective Date, each Existing Letter of Credit shall be deemed to be a Letter of Credit under this Agreement and each Lender on the date hereof will be deemed to have purchased and received, without further action on the part of any party, an undivided interest and participation in such existing Letters of Credit, based upon such Lender's Pro Rata Share of its Revolving Credit Commitment under this Agreement. Any such interest and participation so purchased shall automatically become an undivided interest and participation in such Letters of Credit. In addition, the Fronting Bank agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (together with the Existing Letters of Credit, the "Letters of Credit") for the account of the Borrower or any of its Subsidiaries (it being understood that the Obligations with respect to such Letters of Credit shall be Obligations of the Borrower notwithstanding that such Letters of Credit shall be for the account of its Subsidiaries) from time to time on any Business Day during the period from the date of the initial Borrowing until 30 days before the Termination Date (i) in an aggregate Available Amount for all Letters of Credit issued by the Fronting Bank not to exceed at any time the Letter of Credit Facility and (ii) in an Available Amount for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders on such Business Day. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earlier of 30 days before the Termination Date and, in the case of a Documentary Letter of Credit, 180 days after the date of issuance thereof. 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 2.13(a), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.13(c) and request the issuance of additional Letters of Credit under this Section 2.13(a). 50
The Letter of Credit Facility. (a) Terms and Amount of Letter of Credit. U.S. Bank has issued its irrevocable direct-pay Letter of Credit for the account of Borrower in favor of the Trustee in an initial amount equal to the initial Stated Amount, which amount shall be amortized as follows: $10,340,000.00 of the initial Stated Amount shall be amortized based on a twenty-five (25) year amortization schedule and $1,275,000.00 of the initial Stated Amount shall be amortized based on a five (5) year amortization schedule. The amount of principal and interest which Borrower must pay monthly in order to amortize fully the initial Stated Amount according to the above amortization schedule is set forth on Schedule 2.3(a) attached hereto. Notwithstanding any contrary provision of this Agreement, this Agreement shall not expire or be otherwise terminated until such time as all payment obligations due or to become due to Agent or any Lender with respect to the Letter of Credit have been paid.
The Letter of Credit Facility. The Issuing Bank agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the "LETTERS OF CREDIT") for the account of the Borrower from time to time on any Business Day during the period from the Closing Date until the Termination Date in an aggregate Available Amount for all Letters of Credit issued by the Issuing Bank not to exceed at any time $30,000,000 at such time. In no event shall the Borrower be entitled to request the Issuing Bank to issue any Letter of Credit if such issuance would cause the Aggregate Outstanding Amount to, exceed the Commitments. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than 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 4.1, repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 4.3 and request the issuance of additional Letters of Credit under this Section.
The Letter of Credit Facility. (a) On the terms and conditions set forth herein the Bank agrees, (A) from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, and during any such additional period pursuant to Section 2.01(c), to issue Letters of Credit for the account of the Borrower, and to amend or renew Letters of Credit previously issued by it, in accordance with the provisions herein, and (B) to honor drafts under the Letters of Credit; provided, that the Bank shall not be obligated to Issue, any Letter of Credit if as of the date of Issuance of such Letter of Credit (the "Issuance Date") (1) the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans exceeds the combined Commitments, or (2) the Effective Amount of L/C Obligations exceeds the L/C Commitment. Within the foregoing limits, and subject to the other 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 periods, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.
The Letter of Credit Facility. SECTION 8.01. Issuance of the Letter of Credit and Amendments.
The Letter of Credit Facility. (a) From time to time on the terms and conditions set forth herein (i) the Issuing Bank agrees prior to the Revolving Termination Date (A) to issue Letters of Credit for the account of the Company or its Subsidiaries (it being understood that the Company shall be liable hereunder for all obligations with respect to any Letters of Credit issued hereunder for the account of a Subsidiary, which for purposes hereof shall be deemed to be issued "for the account of the Company), (B) to amend Letters of Credit previously issued hereunder by it, in accordance with subsection 3.02(c), and (C) to honor drafts drawn under any Letter of Credit; and (ii) the Banks severally agree to participate in Letters of Credit (including the Letters of Credit described in subsection 3.03(a)) Issued for the account of the Company; provided, however, that the Issuing Bank shall not be obligated to Issue, and no Bank shall be obligated to
The Letter of Credit Facility. (a) On the terms and conditions set forth herein, (i) each Issuing Bank agrees, (A) from time to time on any Business Day during the period from the Closing Date until 30 days before the Revolving Termination Date to issue Letters of Credit
The Letter of Credit Facility. The Borrower may request the Issuing Bank, on the terms and conditions hereinafter set forth, to issue, and the Issuing Bank shall, if so requested, issue, one or more Letters of Credit for the account of the Borrower and/or any of its Subsidiaries (provided that, if any Letter of Credit is issued for the account of any Subsidiary, the Borrower shall be jointly and severally liable with respect to such Letter of Credit pursuant to the terms of the Letter of Credit Agreement (as defined below) governing
The Letter of Credit Facility. The Borrower may request the Issuing Bank, on the terms and conditions hereinafter set forth, to issue, and the Issuing Bank shall, if so requested, issue, letters of credit (the "Letters of Credit") for the account of the Borrower or any other Obligor from time to time on any Business Day from the date of the initial Advance until the Maturity Date in an aggregate maximum amount (assuming compliance with all conditions to drawing) not to exceed, at any time outstanding, the least of (i) $20,000,000 (the "Letter of Credit Facility"), (ii) the remainder of the Borrowing Base minus the aggregate principal amount of Advances then outstanding and the aggregate amount of all drawings under Letter(s) of Credit not theretofore reimbursed by the Borrower, and (iii)
