Alternative Currency Letters of Credit. (a) With respect to any Alternative Currency Letter of Credit, the applicable Issuing Lender shall not later than the second Business Day of each month, recalculate the Dollar Amount of the L/C Obligations under such Letter of Credit by notionally converting into Dollars the Outstanding Amount of such L/C Obligations in accordance with Section 1.5(a) (a “Recalculation”) and promptly deliver such Recalculation to the Administrative Agent.
Alternative Currency Letters of Credit. (a) REQUESTS FOR OFFERS. From time to time during the Availability Period, an Account Party may request any or all of the Lenders to make offers to issue an Alternative Currency Letter of Credit for account of such Account Party. Each Lender may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to such Lender, and such Account Party may, but shall have no obligation to, accept any such offers. An Alternative Currency Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or extension of each Alternative Currency Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the Aggregate Credit Exposure shall not exceed the aggregate amount of the Commitments. Each such Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as XL Capital, the applicable Account Party and such Lender shall agree, including expiry, drawing conditions, reimbursement, interest, fees and provision of cover; PROVIDED that the expiry of any Alternative Currency Letter of Credit shall not be later than the one-year anniversary from the date of issuance thereof (or, in the case of any renewal or extension thereof, one-year after such renewal or extension).
Alternative Currency Letters of Credit. (i) Each Alternative -------------------------------------- Currency Letter of Credit may, in the sole discretion of the Issuing Bank, be issued upon notice, given not later than 11:00 A.M. (Eastern Standard Time) on the third (3rd) Business Day prior to the date of the proposed issuance of such Alternative Currency Letter of Credit, by the Borrower to the Issuing Bank, which shall give to the Administrative Agent, each Alternative Currency Revolving Lender and each other Revolving Lender prompt notice thereof by telex or telecopier. Each such notice of issuance of an Alternative Currency Letter of Credit (an 'Alternative Currency Notice of Issuance') shall be by telephone, --------------------------------------- confirmed immediately in writing, or telex or telecopier, specifying therein the requested (i) date of issuance (which shall be a Business Day), (ii) Available Amount of such Alternative Currency Letter of Credit, (iii) Applicable Currency, (iv) expiration date of such Alternative Currency Letter of Credit, (v) name and address of the beneficiary of such Alternative Currency Letter of Credit and (vi) form of such Alternative Currency Letter of Credit, and shall be accompanied by such application and agreement for letter of credit as the Issuing Bank may specify to the Borrower for use in connection with such requested Alternative Currency Letter of Credit (an 'Alternative Currency Letter --------------------------- of Credit Agreement'). If the requested form of such Alternative Currency ------------------- Letter of Credit is acceptable to the Issuing Bank, in its sole discretion, the Issuing Bank may, in its sole discretion, upon fulfillment of the applicable conditions set forth in Article III, make such Alternative Currency Letter of Credit available to the Borrower as agreed between the Issuing Bank and the Borrower in connection with such issuance, provided, that, such Alternative -------- ---- Currency Letter of Credit shall in any event be made available to the Borrower or as the Borrower may direct in London or the financial center of the country of the Applicable Currency. In the event and to the extent that the provisions of any such Alternative Currency Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern.
Alternative Currency Letters of Credit. Each payment by the Borrower on account of any Alternative Currency Letter of Credit (including the Reimbursement Obligation with respect to any Alternative Currency Letter of Credit) shall be made in Dollars not later than 1:00 p.m. (the time of the Issuing Lender’s Correspondent) on the date specified for payment under this Agreement to the Administrative Agent’s account with the Issuing Lender’s Correspondent for the account of the Issuing Lender in immediately available funds, and shall be made without any set-off, counterclaim or deduction whatsoever. Any payment received after such time but before 2:00 p.m. (the time of the Issuing Lender’s Correspondent) on such day shall be deemed a payment on such date for the purposes of Section 12.1, but for all other purposes shall be deemed to have been made on the next succeeding Business Day. Any payment received after 2:00 p.m. (the time of the Issuing Lender’s Correspondent) shall be deemed to have been made on the next succeeding Business Day for all purposes.
Alternative Currency Letters of Credit. From time to time during the Availability Period, an Account Party may request the Lender to make offers to issue an Alternative Currency Letter of Credit for the account of such Account Party. The Lender may, but shall have no obligation to, make such offers on terms and conditions that are satisfactory to the Lender, and such Account Party may, but shall have no obligation to, accept any such offers. An Alternative Currency Letter of Credit shall be issued, amended, renewed or extended only if (and upon such issuance, amendment, renewal or extension of each Alternative Currency Letter of Credit the Account Parties shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the Credit Exposure shall not exceed the amount of the Commitment. Each such Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as XL Capital, the applicable Account Party and the Lender shall agree, including expiry, drawing conditions, reimbursement, interest, fees and provision of cover; provided that the expiry of any Alternative Currency Letter of Credit shall not be later than the one-year anniversary from the date of issuance thereof (or, in the case of any renewal or extension thereof, one-year after such renewal or extension).
Alternative Currency Letters of Credit. The Issuing Bank agrees, on the terms and subject to the conditions set forth in this Agreement, to issue Alternative Currency 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 sixty (60) days before the Revolving Credit Termination Date (A) in an aggregate Available Amount for all Alternative Currency Letters of Credit not to exceed at any time the Issuing Bank's Alternative Currency Letter of Credit Commitment at such time and (B) in an Available Amount for each such Alternative Currency Letter of Credit (i) not to exceed an amount equal to the Unused Alternative Currency Revolving Credit Sub-Commitments of the Alternative Currency Revolving Credit Lenders at such time and (ii) not to exceed an amount equal to the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. No Alternative Currency Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the earliest of (A) 60 days before the Revolving Credit Termination Date, (B) in the case of a Standby Letter of Credit, 365 days after the date of issuance thereof and (C) in the case of a Trade Letter of Credit, 180 days after the date of issuance thereof. Within the limits of the Alternative Currency Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Alternative Currency Letters of Credit under this Section 2.01(e), repay any Alternative Currency Letter of Credit Advances resulting from drawings under Alternative Currency Letters of Credit pursuant to Section 2.03(d) and request the issuance of additional Alternative Currency Letters of Credit under this Section 2.01(e).
Alternative Currency Letters of Credit. With respect to each Tranche B Letter of Credit denominated in an Alternative Currency:
Alternative Currency Letters of Credit. The seventh and eighth sentences of Section 2.03(e) of the Existing LC Agreement shall be amended and restated in their entirety as follows: “At any time, and from time to time, while an Event of Default has occurred and is continuing, the Administrative Agent shall, if instructed by the Required Banks in their sole discretion, liquidate any such investments and reinvestments and credit the proceeds thereof to the Collateral Account and apply or cause to be applied such proceeds and any other balances in the Collateral Account to the payment of any of the Secured Obligations due and payable. If at any time (i) no Default has occurred and is continuing and (ii) all of the Secured Obligations then due have been paid in full but Committed Letters of Credit remain outstanding, the Administrative Agent shall, from time to time, at the request of the Company, deliver to the Company, against receipt but without any recourse, warranty or representation whatsoever, such of the balances in the Collateral Account as exceed the aggregate undrawn face amount of all outstanding Committed Letters of Credit.”
Alternative Currency Letters of Credit. The last sentence of Section 2.07(a) of the Existing LC Agreement shall be amended and restated in its entirety as follows: “Each such Alternative Currency Letter of Credit shall be issued, and subsequently, renewed, extended, amended and confirmed, on such terms as the Company, the applicable Account Party and such Bank shall agree, including, without limitation, expiry, drawing conditions, reimbursement, interest, fees and provision of cover; provided that the expiry of any Alternative Currency Letter of Credit shall not be later than the close of business on the earlier of (i) the date one year after the date of the issuance of such Alternative Currency Letter of Credit (provided, that such Alternative Currency Letter of Credit may contain “evergreen” provisions for the renewal or extension thereof to a date one year after the then current expiry date thereof) or (ii) December 31, 2010.”
Alternative Currency Letters of Credit. On the last Business Day of each calendar month (or at such other times as it reasonably deems appropriate) the Administrative Agent will determine the aggregate Dollar Equivalent of the L/C Obligations with respect to all outstanding Letters of Credit denominated in an Alternative Currency. If, based upon such Dollar Equivalent amount, (a) the total L/C Obligations exceed the L/C Commitment (such excess, an "L/C Excess") or (b) the aggregate principal amount of outstanding Revolving Credit Loans exceeds the maximum permitted amount pursuant to clause (a) of Section 2.1 (such amount, an "Aggregate Excess"), the Administrative Agent shall notify the Borrower who shall on the date of receipt of such notice if such notice is received prior to 1:00 P.M. (Charlotte time) on any Business Day or on the immediately succeeding Business Day if such notice is received after such time (i) cash collateralize such L/C Excess with the Administrative Agent in accordance with Section 11.2(b) and (ii) repay any outstanding Revolving Credit Loans in an amount equal to any Aggregate Excess, together with any amount required to be paid under Section 4.8. If on any measurement date on which any amount is so held as cash collateral no L/C Excess exists, such amount shall be promptly disbursed to the Borrower by the Administrative Agent.
