Common use of Commitment to Issue Letters of Credit Clause in Contracts

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s customary form (a “Letter of Credit Application”), the Administrative Agent, on behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in §3.1(d) and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a “Letter of Credit”), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (i) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 at any one time, and (ii) the sum of (A) the Maximum Drawing Amount at such time, (B) all Unpaid Reimbursement Obligations at such time, and (C) the aggregate unpaid principal amount of all Loans then outstanding, shall not exceed the Total Commitment in effect at such time. (b)

Appears in 2 contracts

Samples: Revolving Credit Agreement (United States Cellular Corp), Revolving Credit Agreement (United States Cellular Corp)

AutoNDA by SimpleDocs

Commitment to Issue Letters of Credit. (a) Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s customary form (a “Letter of Credit Application”), the Administrative Agent, Agent on behalf of the Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in §3.1(d) 5.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a “Letter of Credit”), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (i) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 20,000,000 at any one time, time and (ii) the sum of (A1) the Maximum Drawing Amount at such timeon all Letters of Credit, (B2) all Unpaid Reimbursement Obligations at such timeObligations, and (C3) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Revolving Credit Commitment in effect at such time. (b).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Emmis Communications Corp), Revolving Credit and Term Loan Agreement (Emmis Communications Corp)

Commitment to Issue Letters of Credit. (a) Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s customary form (a “Letter of Credit Application”), the Administrative Agent, Agent on behalf of the Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in §3.1(d) 5.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a “Letter of Credit”), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (i) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 at any one time, time and (ii) the sum of (A1) the Maximum Drawing Amount at such timeon all Letters of Credit, (B2) all Unpaid Reimbursement Obligations at such timeObligations, and (C3) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Revolving Credit Commitment in effect at such time. (b).

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Emmis Communications Corp), Revolving Credit and Term Loan Agreement (Emmis Communications Corp)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s 's customary form (a "Letter of Credit Application"), the Administrative Agent, Agent on behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in §3.1(d) (S)4.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 at any one time, time and (iib) the sum of (Ai) the Maximum Drawing Amount at such timeon all Letters of Credit, (Bii) all Unpaid Reimbursement Obligations at such timeObligations, and (Ciii) the aggregate unpaid principal amount of all Loans then outstanding, outstanding shall not exceed the Total Commitment in effect at such time. (b).

Appears in 1 contract

Samples: Revolving Credit Agreement (Barnes Group Inc)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the Borrower Borrowers of a letter of credit application on the Administrative Agent’s Fronting Bank's customary form as part of a Completed Revolving Credit Loan Request (a "Letter of Credit Application"), the Administrative Agent, Fronting Bank on behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in §3.1(d) ss.3.1.4 and upon the representations and warranties of the Borrower Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower Borrowers one or more standby or documentary letters of credit (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Borrower Representative and reasonably agreed to by the Administrative AgentFronting Bank; provided, however, that, after giving effect to such requestCompleted Revolving Credit Loan Request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 at any one time, (b) the sum of (i) the Maximum Drawing Amount on all Letters of Credit and (ii) the sum of (A) the Maximum Drawing Amount at such time, (B) all Unpaid Reimbursement Obligations at such time, and (C) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, and Competitive Bid Loans outstanding shall not exceed the Total Commitment in effect at such time. , and (bc) the total number of Letters of Credit outstanding shall not exceed ten (10).

Appears in 1 contract

Samples: Revolving Credit Agreement (Cali Realty Corp /New/)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s 's customary form (a "Letter of Credit Application"), the Administrative Agent, Agent on behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in §3.1(d) (S)4.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 1,000,000 at any one time, time and (iib) the sum of (Ai) the Maximum Drawing Amount at such timeon all Letters of Credit, (Bii) all Unpaid Reimbursement Obligations at such timeObligations, and (Ciii) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Commitment in effect at such time. (b).

Appears in 1 contract

Samples: Revolving Credit Agreement (Lifeline Systems Inc)

AutoNDA by SimpleDocs

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the applicable Borrower of a letter of credit application on the Administrative Agent’s 's customary form (a "Letter of Credit Application"), the Administrative Agent, Agent on behalf of the Lenders Banks and in reliance upon the agreement of the Lenders Banks set forth in §3.1(d) Section 5.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a "Letter of Credit”)") denominated in Dollars, in such form as may be requested from time to time by the applicable Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 20,000,000 at any one time, time and (iib) the sum of (Ai) the Maximum Drawing Amount at such timeon all Letters of Credit, (Bii) all Unpaid Reimbursement Obligations at such timeObligations, and (Ciii) the aggregate unpaid principal Dollar Equivalent of the amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Commitment in effect at such time. (b)Commitment.

Appears in 1 contract

Samples: Revolving Credit Agreement (Flextronics International LTD)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the a Borrower of a letter of credit application on the Administrative Agent’s customary form (a “Letter of Credit Application”), appropriately completed and signed by a Responsible Officer of such Borrower, the Administrative Agent, Agent on behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in §3.1(d) 5.1.4 and upon the representations and warranties of the Borrower Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower Borrowers one or more standby or documentary letters of credit (individually, a “Letter of Credit”), in such form as may be requested from time to time by the any Borrower and agreed to by the Administrative Agent; provided, however, that, after giving effect to such request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 the Total Revolving Credit Commitment at any one time, time and (iib) the sum of (Ai) the Maximum Drawing Amount at such timeon all Letters of Credit, (Bii) all Unpaid Reimbursement Obligations at such timeObligations, and (Ciii) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Revolving Credit Commitment in effect at such time. (b); and provided further, however, that the Administrative Agent shall not be under any obligation to issue any Letter of Credit if:

Appears in 1 contract

Samples: Credit Agreement (Crystal Rock Holdings, Inc.)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof and the execution and delivery by the Borrower of a letter of credit application on the Administrative Agent’s 's customary form (a "Letter of Credit Application"), the Administrative Agent, Agent on behalf of the Lenders Banks and in reliance upon the agreement of the Lenders Banks set forth in §3.1(d) Section 4.1.4 and upon the representations and warranties of the Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of the Borrower one or more standby or documentary letters of credit (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Borrower and agreed to by the Administrative Agent; providedPROVIDED, howeverHOWEVER, that, after giving effect to such request, (ia) the sum of the aggregate Maximum Drawing Amount at such time and all Unpaid Reimbursement Obligations at such time shall not exceed $50,000,000 20,000,000 at any one time, time and (iib) the sum of (Ai) the Maximum Drawing Amount at such timeon all Letters of Credit, (Bii) all Unpaid Reimbursement Obligations at such timeObligations, and (Ciii) the aggregate unpaid principal amount of all Revolving Credit Loans then outstanding, outstanding shall not exceed the Total Commitment in effect at such time. (b)Availability.

Appears in 1 contract

Samples: Revolving Credit Agreement (Republic Engineered Steels Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!