Common use of Letter of Credit Facility Clause in Contracts

Letter of Credit Facility. Subject to and upon the terms and conditions herein set forth, the Borrower may request and FNB-O on behalf of the Revolving Lenders shall issue from time to time for the account of the Borrower or one or more of its Subsidiaries letters of credit (the "Letters of Credit"); provided, however, the Agent shall have no obligation to issue any such Letter of Credit unless at such time the Borrower meets all the conditions for an Advance under the Base Revolving Credit Facility and, after such issuance, the aggregate Letter of Credit Amount outstanding will not exceed $5,000,000 and the Principal Loan Amount will not exceed the then available Base Revolving Credit Facility, all as more specifically set forth in this Agreement. The Revolving Lenders shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 of this Agreement any draws on such Letters of Credit and shall be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection with such Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this Agreement. No Letter of Credit shall have a maturity date occurring more than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of Credit.

Letter of Credit Facility. (a) Subject to to, and upon the terms and conditions herein set forthforth herein, the Borrower may request request, in accordance with the provisions of this Section 2.04 and FNB-O Section 2.05 and the other terms of this Agreement, that on behalf of and after the Effective Date but prior to the Revolving Lenders shall Loan Commitment Termination Date, the Issuer issue from time to time a Letter or Letters of Credit for the account of the Borrower or one or more of its Subsidiaries letters of credit (Borrower; provided that the "application for such Letters of Credit"); providedCredit issued by the Issuer shall be in the form substantially identical to Exhibit C attached hereto, however, the Agent shall have provided further that (i) no obligation to issue any such Letter of Credit unless at such time shall have an expiration date that is later than one year after the date of issuance thereof (provided that a Letter of Credit may provide that it is extendible for consecutive one year periods); (ii) in no event shall any Letter of Credit issued by the Issuer have an expiration date (or be extended so that it will expire) later than the applicable Stated Maturity Date; and (iii) the Borrower meets all shall not request that the conditions for an Advance under the Base Revolving Credit Facility andIssuer issue any Letter of Credit, if, after giving effect to such issuance, (x) the sum of the aggregate Letter of Credit Amount Obligations plus the aggregate outstanding will not exceed $5,000,000 and principal amount of the Principal Loan Amount will not Revolving Loans plus the aggregate outstanding principal amount of the Swingline Loans would exceed the then available Base Revolving Credit FacilityLoan Commitment Amount, all as more specifically set forth in this Agreement. The Revolving Lenders shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 or (y) the sum of this Agreement any draws on such Letters the aggregate Letter of Credit and shall be entitled to share pro rata in Obligations would exceed the Letter of Credit Fees and reimbursement amounts received in connection with such Commitment Amount. All Existing Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this Agreement. No Letter of Credit shall have a maturity date occurring more than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" been issued under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of Credit.

Letter of Credit Facility. (a) Subject to and upon the terms and conditions of this Agreement and in reliance upon the representations and warranties contained herein set forthbeing true as of the date of issuance of the letters of credit described herein, the Borrower may Bank will, provided no Event of Default has occurred and is continuing, at the request and FNB-O on behalf of the Revolving Lenders shall Borrower, issue from time to time for the account of the Borrower or one or more of its Subsidiaries letters of credit (each a "Letter of Credit" and collectively the "Letters of Credit"); provided) upon such terms (including, howeverwithout limitation, the Agent execution and delivery by Borrower of such applications, notes and other instruments and payments of the fees provided herein as Bank may require) and in such form and substance as are satisfactory to Bank in connection with the Borrower's business activities. In no event shall have the aggregate outstanding amount under all Letters of Credit (that is, that portion which has not already been drawn upon by the beneficiary thereof (the "Available Draw")) exceed Fifteen Million Dollars ($15,000,000.00) (the "LC Facility"). Any portion of a Letter of Credit which has been drawn against shall be immediately reimbursed to the Bank by means of an Advance under the Revolving Loan pursuant to Section 2.1 of this Agreement, or if there is no obligation to issue any availability, the amount of such Letter of Credit unless at such time draw shall be immediately reimbursed by the Borrower meets all the conditions for an Advance under the Base Revolving Credit Facility and, after such issuance, the aggregate Letter of Credit Amount outstanding will not exceed $5,000,000 and the Principal Loan Amount will not exceed the then available Base Revolving Credit Facility, all as more specifically set forth in this AgreementBorrower. The Revolving Lenders LC Facility shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 of this Agreement any draws on such Letters of Credit and shall be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection with such Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under Borrower for a period concurrent with that of the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this AgreementLoan. No Letter of Credit shall have will be issued which has a maturity stated expiration date occurring more than one year on or after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of CreditMaturity Date.

Letter of Credit Facility. Subject to to, and upon the terms and conditions herein set forthforth herein, the Borrower may request request, in accordance with the provisions of this Section 2.04 and FNB-O Section 2.05 and the other terms of this Agreement, that on behalf and after the Fourth Amendment Date but prior to the Maturity Date, the Issuer issue a Letter or Letters of the Revolving Lenders shall issue from time to time Credit for the account of the Borrower or one or more of its Subsidiaries letters of credit (Borrower; provided that the "application for such Letters of Credit"); providedCredit issued by the Issuer shall be in the form substantially identical to Exhibit C attached hereto, however, the Agent shall have provided further that (i) no obligation to issue any such Letter of Credit unless at such time shall have an expiration date that is later than one year after the date of issuance thereof (provided that a Letter of Credit may provide that it is extendible for consecutive one year periods); (ii) in no event shall any Letter of Credit issued by the Issuer have an expiration date (or be extended so that it will expire) later than the Maturity Date; and (iii) the Borrower meets all shall not request that the conditions for an Advance under the Base Revolving Credit Facility andIssuer issue any Letter of Credit, if, after giving effect to such issuance, (a) the sum of the aggregate Letter of Credit Amount Obligations plus the aggregate outstanding will not exceed $5,000,000 and principal amount of the Principal Loan Amount will not Syndicated Loans plus the aggregate outstanding principal amount of the Swingline Loans would exceed the then available Base Revolving Credit FacilityCommitments, all as more specifically set forth in this Agreement. The Revolving Lenders shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 or (b) the sum of this Agreement any draws on such Letters the aggregate Letter of Credit and shall be entitled to share pro rata in Obligations would exceed the Letter of Credit Fees and reimbursement amounts received in connection with such Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this Agreement. No Letter of Credit shall have a maturity date occurring more than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of CreditCommitment.

Letter of Credit Facility. Subject Upon receipt of duly executed applications therefor, and such other documents, instructions and agreements as such Issuing Lender may require, and subject to and upon the terms and conditions herein set forthprovisions of ARTICLE IV, the Borrower may request and FNB-O on behalf Agent shall or any other Lender, in its sole discretion, may, issue letters of the Revolving Lenders shall issue from time to time credit for the account of the Borrower or one or more of its Subsidiaries letters of credit and for which a Specified Subsidiary is the co-applicant (the Agent and each such other Lender in such capacity being referred to as an "Letters of CreditISSUING LENDER"), on terms as are satisfactory to such Issuing Lender; providedPROVIDED, howeverHOWEVER, that no Letter of Credit will be issued for the Agent shall have no obligation to issue any account of the Borrower by an Issuing Lender if (i) on the date of issuance, before or after taking such Letter of Credit unless into account the aggregate of all Revolving Credit Obligations exceeds the Maximum Revolving Credit Amount at such time the Borrower meets all the conditions for an Advance under the Base Revolving Credit Facility and, after such issuance, time; or (ii) the aggregate outstanding amount of the L/C Obligations exceeds $500,000; and PROVIDED, FURTHER, that no Letter of Credit Amount outstanding will not exceed $5,000,000 and the Principal Loan Amount will not exceed the then available Base Revolving Credit Facility, all as more specifically set forth in this Agreement. The Revolving Lenders shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 of this Agreement any draws on such Letters of Credit issued which has an expiration date later than the date which is five (5) Business Days immediately preceding the Termination Date. If the Borrower and shall be entitled to share pro rata in the a Specified Subsidiary apply for a Letter of Credit Fees from any Lender other than the Agent, the Borrower and reimbursement amounts received in connection with Specified Subsidiary shall simultaneously notify the Agent of the proposed amount and expiration date of such Letters Letter of Credit. The Agent shall promptly notify the Borrower and the Lender to which such application has been made whether issuance of such Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under would comply with the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) terms of this Agreement. No Letter of Credit shall have a maturity date occurring more than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of CreditSECTION 2.21.

Letter of Credit Facility. Subject to and upon the terms and conditions herein set forthhereof, and in the Lender's sole and absolute discretion, the Borrower may Lender, upon the request and FNB-O on behalf of the Revolving Lenders shall issue Borrower from and after the Seventh Amendment Effective Date, may from time to time for apply for, join in the account of the Borrower application for, or guarantee payment or performance of, one or more of its Subsidiaries letters of credit (each, a "LETTER OF CREDIT") and any drafts or acceptances thereunder; PROVIDED, HOWEVER, without in any way limiting the "Letters discretion of Credit"the Lender, that in no event shall (i) the aggregate amount of the Letter of Credit Liabilities, PLUS the aggregate principal amount of the Revolver Advances then outstanding exceed at any time the lesser of the Revolver Facility and the Revolver Borrowing Base as in effect at such time, (ii) the face amount of any Letter of Credit be less than $50,000.00, or (iii) the expiration date of any Letter of Credit extend beyond the earlier of (x) the fifth Business Day preceding the Termination Date and (y) the date twelve months following the date of such issuance, unless the Lender has approved such expiry date in writing (but never beyond the fifth Business Day prior to the Termination Date); provided, howeverPROVIDED, HOWEVER, that each Letter of Credit may be automatically extendible for periods of up to one year (but never beyond the Agent shall have no obligation to issue any fifth Business Day preceding the Termination Date) so long as such Letter of Credit unless at provides that the Lender retains an option satisfactory to the Lender to terminate such time the Borrower meets all the conditions for an Advance under the Base Revolving Credit Facility and, after such issuance, the aggregate Letter of Credit Amount outstanding will not exceed $5,000,000 and the Principal Loan Amount will not exceed the then available Base Revolving Credit Facility, all as more specifically set forth in this Agreementprior to each extension date. The Revolving Lenders following additional provisions shall be obligated apply to fund pro rata according to their respective pro rata percentages shown in Section 2.1 of this Agreement any draws on such Letters of Credit and shall be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection with such Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this Agreement. No Letter of Credit shall have a maturity date occurring more than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five days prior written notice to the other Revolving Lenders, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming each Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection therewith unless such Revolving Lender elects in writing to participate in such Non-Conforming Letters of Credit after receipt of notice from FNB-O. Except as provided in the preceding sentence, any such Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of Credit.:

Letter of Credit Facility. Subject to and upon Upon the terms and conditions herein (including the right of the Lender to decline to issue, renew or extend any such Letter of Credit so long as any condition to the issuance, renewal or extension of such Letter of Credit set forthforth in Section 3.3 has not been satisfied) and relying on the representations and warranties contained in this Agreement, the Borrower may request and FNB-O on behalf Lender agrees, from the date of this Agreement until the Revolving Lenders shall date which is 30 days prior to the Commitment Termination Date, to issue from time to time Letters of Credit under the Facility for the account of the Borrower or one or more of its Subsidiaries letters of credit (the "and to renew and extend such Letters of Credit"). Such Letters of Credit shall be issued, renewed or extended from time to time on any Business Day designated by the Borrower following the receipt in accordance with the terms hereof by the Lender of the written (or oral, confirmed promptly in writing) request by a Responsible Officer of the Borrower therefor and a Letter of Credit Application. Such Letters of Credit shall be issued in such amounts as the Borrower may request; provided, however, the Agent shall have that (i) no obligation to issue any such Letter of Credit unless at such time the Borrower meets all the conditions for an Advance under the Base Revolving Credit Facility and, after such issuance, the aggregate Letter of Credit Amount outstanding will not exceed $5,000,000 and the Principal Loan Amount will not exceed the then available Base Revolving Credit Facility, all as more specifically set forth in this Agreement. The Revolving Lenders shall be obligated to fund pro rata according to their respective pro rata percentages shown in Section 2.1 of this Agreement any draws on such Letters of Credit and shall be entitled to share pro rata in the Letter of Credit Fees and reimbursement amounts received in connection with such Letters of Credit. The Letter of Credit Amount outstanding at any time shall operate to reduce amounts available to be drawn under the Base Revolving Credit Facility by such sum, and shall be deemed to be outstanding for purposes of calculating the commitment fee under Section 2.2 (a) of this Agreement. No Letter of Credit shall have a maturity an expiration date occurring more which is less than one year after the issue date thereof, and in no event later than the Termination Date of this Agreement; provided, however, FNB-O, upon five 30 days prior written notice to the other Revolving LendersCommitment Termination Date, may issue one or more Letters of Credit in an aggregate amount not to exceed $1,000,000.00 in Letters of Credit (ii) the Loan Balance plus the L/C Exposure, including that under this Agreement with a maturity occurring after the Termination Date of this Agreement (a "Non-Conforming Letter of Credit"), but no other Revolving Lender shall be obligated to fund any draws on such Non-Conforming Letters of Credit and shall not be entitled to share pro rata in the then requested Letter of Credit Fees and reimbursement amounts received in connection therewith unless such to be issued under the Facility, shall not exceed at any time the Revolving Lender elects in writing to participate in such Non-Conforming Letters Commitment Amount, (iii) the L/C Exposure, including that under any then requested Letter of Credit after receipt of notice from FNB-O. Except as provided in to be issued under the preceding sentenceFacility, shall not exceed at any time the L/C Sublimit and (iii) no such Non-Conforming Letters Letter of Credit shall be issued in all other respects be deemed a "Letter of Credit" under this Agreement. Any reference in this Agreement (including without limitation Articles VII and VIII) to a "loan" or "loans" made under this Agreement shall include the Letters of Creditan amount less than $10,000.