Common use of Availability of Letters of Credit Clause in Contracts

Availability of Letters of Credit. (a) Each Letter of Credit shall be made available by the LC Issuer on behalf of all Lenders, and each Letter of Credit (including all applications therefor and all documents and instruments required to be presented thereunder) shall be satisfactory in form and substance to the LC Issuer. No Letter of Credit shall be issued (or shall be renewable at the option of the beneficiary thereunder) for a term which (i) expires beyond the Maturity Date, or (ii) exceeds 1 year, or (iii) requires payment in any currency not acceptable to the LC Issuer and the Agent, each acting reasonably. (b) The maximum amount of all outstanding Letters of Credit at any time shall not exceed U.S. $75,000,000 or an amount in any other currency that has a U.S. Equivalent of U.S. $75,000,000. For the purpose of calculating such maximum amount and the Outstandings and for any other relevant provision of this Agreement, the principal amount of any LC Issue shall be the maximum amount in U.S. Dollars (for which purpose any amount payable in any other currency shall be deemed to be the U.S. Equivalent thereof) which the LC Issuer may in all circumstances be required to pay pursuant to the terms thereof. In addition, for the purpose of calculating the Outstandings owing at any time to any Lender (including the LC Issuer), each Letter of Credit shall be deemed to have been made available on a Pro Rata Basis by the Lenders.

Availability of Letters of Credit. (a) Each Letter of Credit shall be made available by the LC Issuer on behalf of all Lenders, and each Letter of Credit (including all applications therefor and all documents and instruments required to be presented thereunder) shall be satisfactory in form and substance to the LC Issuer. No Letter of Credit shall be issued (or shall be renewable at the option of the beneficiary thereunder) for a term which (i) expires beyond the Maturity Date, or (ii) exceeds 1 year, or (iii) requires payment in any currency not acceptable to the LC Issuer and the Agent, each acting reasonably. (b) The maximum amount of all outstanding Letters of Credit at any time shall not exceed U.S. $75,000,000 125,000,000 or an amount in any other currency that has a U.S. Equivalent of U.S. $75,000,000125,000,000. For the purpose of calculating such maximum amount and the Outstandings and for any other relevant provision of this Agreement, the principal amount of any LC Issue shall be the maximum amount in U.S. Dollars (for which purpose any amount payable in any other currency shall be deemed to be the U.S. Equivalent thereof) which the LC Issuer may in all circumstances be required to pay pursuant to the terms thereof. In addition, for the purpose of calculating the Outstandings owing at any time to any Lender (including the LC Issuer), each Letter of Credit shall be deemed to have been made available on a Pro Rata Basis by the Lenders.