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 Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s customary form therefor (a “Letter of Credit Application”), the LC Issuer on behalf of the Lenders, and in reliance upon the agreement of the Lenders set forth in Section 4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial letters of credit in Dollars or an Alternative Currency (individually, a “Letter of Credit”), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers and agreed to by the LC Issuer; provided, however, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 at any one time and (b) the sum of (i) the Dollar Equivalent of the Maximum Draw Amount under all Letters of Credit plus all Unpaid Reimbursement Obligations and (ii) the outstanding principal amount of all Domestic Revolving Credit Loans shall not exceed the Total Domestic Commitment at such time. Notwithstanding the foregoing, the LC Issuer shall have no obligation to issue any Letter of Credit for the account of any Foreign Borrower. Letters of Credit issued hereunder shall constitute utilization of the Domestic Commitments.

Appears in 2 contracts

Samples: Credit Agreement (Lionbridge Technologies Inc /De/), Credit Agreement (Lionbridge Technologies Inc /De/)

AutoNDA by SimpleDocs

Commitment to Issue Letters of Credit. Pursuant to the Original Credit Agreement, the First Restated Credit Agreement, the Second Restated Credit Agreement, the Third Restated Credit Agreement and the Fourth Restated Credit Agreement, the Agent issued certain letters of credit listed on Schedule 6.1.1 hereto (the "Existing Letters of Credit"). Subject to the terms and conditions hereofset forth in this Credit Agreement, (1) on the Closing Date, the Existing Letters of Credit shall be converted to Letters of Credit hereunder, and (2) upon the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s Agent's customary form therefor (a "Letter of Credit Application"), the LC Issuer Agent on behalf of the Lenders, Lenders and in reliance upon the agreement of the Lenders set forth in Section 4.1.4 6.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Domestic Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial documentary letters of credit in Dollars or an Alternative Currency (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers Xxxxxxx-Xxxxxxx and agreed to by the LC IssuerAgent; provided, however, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 5,000,000 at any one time and (b) the sum of (i) the Maximum Drawing Amount on all Letters of Credit, (ii) all Unpaid Reimbursement Obligations, and (iii) the amount of all Revolving Credit Loans and Swing Line Loans outstanding, and (iv) the Dollar Equivalent of the Maximum Draw Amount under all Letters of Credit plus all Unpaid Reimbursement Obligations and (ii) the outstanding principal aggregate face amount of all Domestic Revolving Credit Loans outstanding Bankers' Acceptances shall not exceed the Total Domestic Commitment at such time. Notwithstanding the foregoing, the LC Issuer shall have no obligation to issue any Letter of Revolving Credit for the account of any Foreign Borrower. Letters of Credit issued hereunder shall constitute utilization of the Domestic CommitmentsCommitment.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Russell-Stanley Holdings Inc)

Commitment to Issue Letters of Credit. (a) Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrower of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s customary form therefor (a “Letter of Credit Application”Application (as defined below), the LC Issuer Fronting Bank on behalf of the Lenders, Lenders and in reliance upon the agreement of the Lenders set forth in Section 4.1.4 §4.2 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrower contained herein, agrees, in its individual capacity, (1) from time to issuetime on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial to issue letters of credit in Dollars or an Alternative Currency (individually, a “Letter of Credit”), ) denominated in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of Dollars or in one or more Alternative Currencies for the account of the Domestic Borrowers Borrower or its Subsidiaries, and agreed to amend or extend Letters of Credit previously issued by it, in accordance with §4.1.2 below, and (2) to honor drawings under the LC IssuerLetters of Credit, and the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided, however, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 125,000,000 at any one time and (b) the sum of (i) the Dollar Equivalent of the Maximum Draw Drawing Amount under on all Letters of Credit plus Credit, (ii) all Unpaid Reimbursement Obligations Obligations, and (iiiii) the outstanding principal amount of all Domestic Revolving Credit Loans outstanding shall not exceed the Total Domestic Commitment at such time. Notwithstanding As of the foregoingClosing Date, the LC Issuer shall have no obligation to issue any Letter Existing Letters of Credit for the account of any Foreign Borrower. shall be deemed to be Letters of Credit issued hereunder shall constitute utilization pursuant and subject to the conditions of this §4 and the Domestic CommitmentsBorrower hereby affirms its obligations thereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (Timberland Co)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers’ Representative of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Letter of Credit Issuer’s customary form therefor (a “Letter of Credit ApplicationLETTER OF CREDIT APPLICATION”), the LC Borrowers’ Representative may request that Agent cause the Letter of Credit Issuer to issue on behalf of the Lenders, Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in Section 4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial documentary letters of credit in Dollars or an Alternative Currency (individually, a “Letter of CreditLETTER OF CREDIT”), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers Borrowers’ Representative and agreed to by the LC Letter of Credit Issuer; providedPROVIDED, howeverHOWEVER, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 15,000,000 at any one time and time, (b) Availability is greater than $1 and (c) there are no OverLoans. In addition to the sum of (i) the Dollar Equivalent of the Maximum Draw Amount under all Letters Letter of Credit plus all Unpaid Reimbursement Obligations Application, the Borrowers’ Representative shall execute such other documents reasonably required by the Letter of Credit Issuer to apply for and (ii) support the outstanding principal amount issuance of all Domestic Revolving Credit Loans a Letter of Credit. There shall not exceed the Total Domestic Commitment at such time. Notwithstanding the foregoingbe any recourse to, nor liability of, the LC Agent or any Lender or Letter of Credit Issuer shall have no obligation to issue on account of any delay or refusal by any Letter of Credit for the account Issuer to issue a Letter of any Foreign Borrower. Letters of Credit issued hereunder shall constitute utilization of the Domestic CommitmentsCredit.

Appears in 1 contract

Samples: Loan and Security Agreement (Fao Inc)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers' Representative of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Letter of Credit Issuer’s 's customary form therefor (a "Letter of Credit Application"), the LC Borrowers' Representative may request that Administrative Agent cause the Letter of Credit Issuer to issue on behalf of the Lenders, Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in Section 4.1.4 ss.4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial documentary letters of credit in Dollars or an Alternative Currency (individually, a "Letter of Credit"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers Borrowers' Representative and agreed to by the LC Letter of Credit Issuer; provided, however, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 at any one time and time, (b) Availability is greater than $1 and (c) there are no OverLoans. In addition to the sum of (i) the Dollar Equivalent of the Maximum Draw Amount under all Letters Letter of Credit plus all Unpaid Reimbursement Obligations Application, the Borrowers' Representative shall execute such other documents required by the Letter of Credit Issuer to apply for and (ii) support the outstanding principal amount issuance of all Domestic Revolving Credit Loans a Letter of Credit. There shall not exceed the Total Domestic Commitment at such time. Notwithstanding the foregoingbe any recourse to, nor liability of, the LC Administrative Agent or any Lender or Letter of Credit Issuer shall have no obligation to issue on account of any delay or refusal by any Letter of Credit for the account Issuer to issue a Letter of any Foreign Borrower. Letters of Credit issued hereunder shall constitute utilization of the Domestic CommitmentsCredit.

Appears in 1 contract

Samples: Loan and Security Agreement (Mayors Jewelers Inc/De)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s Administrative Agent's customary form therefor (a “Letter of Credit Application”"LETTER OF CREDIT APPLICATION"), the LC Issuer Administrative Agent on behalf of the Lenders, Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in Section 4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial letters of credit and, in Dollars or an Alternative Currency the case of L/C Supported IRBs, direct pay letters of credit (individually"IRB LETTERS OF CREDIT", a “Letter and together with the standby Letters of Credit, "LETTERS OF CREDIT"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers and agreed to by the LC IssuerAdministrative Agent; providedPROVIDED, howeverHOWEVER, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 30,000,000 at any one time time, and (b) the sum of (i) the Dollar Equivalent of the Maximum Draw Drawing Amount under on all Letters of Credit plus Credit, (ii) all Unpaid Reimbursement Obligations and Obligations, (iiiii) the outstanding principal amount of all Domestic Revolving Credit Loans outstanding and (iv) the amount of all outstanding Swing Line Loans shall not exceed the Total Domestic Revolving Credit Commitment at such time. Notwithstanding The letters of credit listed on SCHEDULE 4.1.1 issued by the foregoing, issuing bank under the LC Issuer Prior Credit Agreement shall have no obligation to issue any Letter of Credit for the account of any Foreign Borrower. be Letters of Credit issued hereunder under this Credit Agreement. This Credit Agreement shall constitute utilization of be the Domestic Commitments"REIMBURSEMENT AGREEMENT" referred to in the L/C Supported IRBs.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Iesi Tx Corp)

AutoNDA by SimpleDocs

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers' Representative of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s customary form therefor (a “Letter of Credit Application”Issuer's customary form (a "LETTER OF CREDIT APPLICATION"), the LC Borrowers' Representative may request that Administrative Agent cause the Letter of Credit Issuer to issue on behalf of the Lenders, Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in Section 4.1.4 ss.4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial documentary letters of credit in Dollars or an Alternative Currency (individually, a “Letter of Credit”"LETTER OF CREDIT"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers Borrowers' Representative and agreed to by the LC Letter of Credit Issuer; providedPROVIDED, howeverHOWEVER, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 at any one time and time, (b) Availability is greater than $1 and (c) there are no OverLoans. In addition to the sum of (i) the Dollar Equivalent of the Maximum Draw Amount under all Letters Letter of Credit plus all Unpaid Reimbursement Obligations Application, the Borrowers' Representative shall execute such other documents required by the Letter of Credit Issuer to apply for and (ii) support the outstanding principal amount issuance of all Domestic Revolving Credit Loans a Letter of Credit. There shall not exceed the Total Domestic Commitment at such time. Notwithstanding the foregoingbe any recourse to, nor liability of, the LC Administrative Agent or any Lender or Letter of Credit Issuer shall have no obligation to issue on account of any delay or refusal by any Letter of Credit for the account Issuer to issue a Letter of any Foreign Borrower. Letters of Credit issued hereunder shall constitute utilization of the Domestic CommitmentsCredit.

Appears in 1 contract

Samples: Mayors Jewelers Inc/De

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrowers of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s Administrative Agent's customary form therefor (a "Letter of Credit Application"), the LC Issuer Administrative Agent on behalf of the Lenders, Revolving Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in Section 4.1.4 ss.4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers one or more standby or commercial letters of credit (including, in Dollars or an Alternative Currency (individuallythe case of L/C Supported IRBs, a “Letter so-called direct pay letters of credit, "IRB Letters of Credit") (collectively, the "Letters of Credit"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers and agreed to by the LC IssuerAdministrative Agent; provided, however, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 80,000,000 at any one time time, and (b) the sum of (i) the Dollar Equivalent of the Maximum Draw Drawing Amount under on all Letters of Credit plus Credit, (ii) all Unpaid Reimbursement Obligations and Obligations, (iiiii) the outstanding principal amount of all Domestic Revolving Credit Loans outstanding and (iv) the amount of all outstanding Swing Line Loans shall not exceed the Total Domestic Revolving Credit Commitment at such time. Notwithstanding The letters of credit listed on Schedule 4.1.1 issued by the foregoing, issuing bank under the LC Issuer Prior Credit Agreement shall have no obligation to issue any Letter of Credit for the account of any Foreign Borrower. be Letters of Credit issued hereunder under this Credit Agreement. This Credit Agreement shall constitute utilization of be the Domestic Commitments"Reimbursement Agreement" referred to in the L/C Supported IRBs.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Iesi Corp)

Commitment to Issue Letters of Credit. Subject to the terms and conditions hereof, hereof and the execution and delivery by the Domestic Borrowing Administrator to any Lender hereunder as selected by the applicable Domestic Borrower(s) (the “LC Issuer”) Borrower and/or its Subsidiaries of a letter of credit application for and on behalf of one or more Domestic Borrowers on the LC Issuer’s Facility Agent's customary form therefor or such other form as has been approved by the Facility Agent (a “Letter of Credit Application”"LETTER OF CREDIT APPLICATION"), the LC Issuer Facility Agent on behalf of the Lenders, Lenders and in reliance upon the agreement of the Lenders set forth in Section 4.1.4 ss.4.1.4 and upon the representations and warranties of the Obligors (other than the Foreign Borrowers) Borrower contained herein, agrees, in its individual capacity, to issue, extend and renew for the account of one or more of the Domestic Borrowers Borrower and/or its Subsidiaries one or more standby or commercial documentary letters of credit in Dollars or an Alternative Currency (individually, a “Letter of Credit”"LETTER OF CREDIT"), in such form as may be requested from time to time by the Domestic Borrowing Administrator for and on behalf of one or more of the Domestic Borrowers Borrower and/or its Subsidiaries and agreed to by the LC IssuerFacility Agent; providedPROVIDED, howeverHOWEVER, that, after giving effect to such request, (a) the sum of the Dollar Equivalent of the aggregate Maximum Draw Drawing Amount and all Unpaid Reimbursement Obligations shall not exceed $10,000,000 50,000,000 at any one time and (b) the sum of (i) the Dollar Equivalent of the Maximum Draw Drawing Amount under on all Letters of Credit plus Credit, PLUS (ii) all Unpaid Reimbursement Obligations and Obligations, PLUS (iiiii) the outstanding principal amount of all Domestic Revolving Credit Loans outstanding shall not exceed the lesser of (A) the Total Domestic Commitment at such timeand (B) the Borrowing Base. Notwithstanding the foregoing, the LC Issuer shall have no obligation to issue any No Letter of Credit for shall be issued after the account of any Foreign Borrower. Letters of date that is thirty (30) days before the Revolving Credit issued hereunder shall constitute utilization of the Domestic CommitmentsLoan Maturity Date.

Appears in 1 contract

Samples: Revolving Credit Agreement (Sassco Fashions LTD /De/)

Time is Money Join Law Insider Premium to draft better contracts faster.