L/C Commitments. Subject to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a “Letter of Credit”), at the request of and for the account of the Parent or a German Opco, as the case may be, from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Permanent Lender with a Parent Revolving Commitment agrees to purchase a participation in each Parent Letter of Credit (and such obligation to such purchase shall not be impaired by any termination of the Parent Revolving Commitments) and each Permanent Lender with a German Revolving Commitment agrees to purchase a participation in each German Letter of Credit (and such obligation to such purchase shall not be impaired by any termination of the Parent Revolving Commitments); provided, that, (i) the aggregate Dollar Equivalent (as of the most recent Revaluation Date) of the Parent Stated Amounts and the German Stated Amounts shall not exceed $6,000,000, (ii) the Dollar Equivalent (as of the most recent Revaluation Date) of all Parent Revolving Outstandings shall not exceed the Parent Revolving Loan Commitments (in Dollars), (iii) the Dollar Equivalent (as of the most recent Revaluation Date) of all German Revolving Outstandings shall not exceed the German Revolving Loan Commitments (in Dollars), and (iv) the Dollar Equivalent (as of the most recent Revaluation Date) of Revolving Outstandings shall not exceed the Revolving Commitments (in Dollars). The Letters of Credit shall include the Initial Letters of Credit. The Initial Letters of Credit (to the extent issued) shall be part of the Parent Letters of Credit (and the Master Letter of Credit Agreement executed by the Parent shall cover, among other things, the Initial Letters of Credit (to the extent issued) as well as any other Parent Letters of Credit). Until the Permanent Loan Commencement Date, the only Letters of Credit issued shall be, to the extent issued, the Initial Letters of Credit. The Letters of Credit may be issued in Dollars or Euros.
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L/C Commitments. Subject to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a “Letter of Credit”), at the request of and for the account of the Parent or a German OpcoOpco (except that on or after the Fifth Amendment Effective Date Oxy-Dry GmbH may not request or have issued on its account a Letter of Credit), as the case may be, from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Permanent Lender with a Parent Revolving Commitment agrees to purchase a participation in each Parent Letter of Credit (and such obligation to such so purchase shall not be impaired by any termination of the Parent Revolving Commitments) and each Permanent Lender with a German Revolving Commitment agrees to purchase a participation in each German Letter of Credit (and such obligation to such so purchase shall not be impaired by any termination of the Parent German Revolving Commitments); provided, provided that, the Issuing Lender shall have no obligation to issue or increase any Letter of Credit (and the applicable Borrower shall have no right to request such issuance or increase), unless (among other conditions precedent) (i) the aggregate Dollar Equivalent (as of the most recent Revaluation Date) of the Parent Stated Amounts and the German Stated Amounts shall not exceed $6,000,000, (ii) the Dollar Equivalent (as of the most recent Revaluation Date) of all Parent Revolving Outstandings shall not exceed the Parent Revolving Loan Commitments (in Dollars), (iii) the Dollar Equivalent (as of the most recent Revaluation Date) of all German Revolving Outstandings shall not exceed the German Revolving Loan Commitments (in Dollars), and (iv) the Dollar Equivalent (as of the most recent Revaluation Date) of Revolving Outstandings shall not exceed the Revolving Commitments (in Dollars). In addition to (and not in impairment of) any other limitations under the Agreement with respect to the issuance (or increase) of any Letter of Credit, (i) the Borrowers agree to also comply with the applicable limitations set forth in Section 11.14.6(b) or (ii) if any Lender (other than the Issuing Lender) has failed to make a required Loan hereunder or has failed to make any required payment to the Administrative Agent or the Issuing Lender or otherwise failed to make a required payment hereunder the Issuing Lender shall not be required to issue (or increase) any Letter of Credit. The Letters of Credit shall include the Initial Letters of Credit. The Initial Letters of Credit (to the extent issued) shall be part of the Parent Letters of Credit (and the Master Letter of Credit Agreement executed by the Parent shall cover, among other things, the Initial Letters of Credit (to the extent issued) as well as any other Parent Letters of Credit). Until the Permanent Loan Commencement Date, the only Letters of Credit issued shall be, to the extent issued, the Initial Letters of Credit. The Parent Letters of Credit may only (i) before the Fifth Amendment Effective Date, be issued in Dollars or Euros and (ii) on or after the Fifth Amendment Effective Date be issued in Dollars. The German Letters of Credit may only be issued in Dollars or Euros.
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L/C Commitments. Subject to Section 2.3.1, the Issuing Lender agrees to issue letters of credit, in each case containing such terms and conditions as are permitted by this Agreement and are reasonably satisfactory to the Issuing Lender (each, a “"Letter of Credit”"), at the request of and for the account of the Parent or a German OpcoOpco (except that on or after the Fifth Amendment Effective Date Oxy-Dry GmbH may not request or have issued on its account a Letter of Credit), as the case may be, from time to time before the scheduled Termination Date and, as more fully set forth in Section 2.3.2, each Permanent Lender with a Parent Revolving Commitment agrees to purchase a participation in each Parent Letter of Credit (and such obligation to such so purchase shall not be impaired by any termination of the Parent Revolving Commitments) and each Permanent Lender with a German Revolving Commitment agrees to purchase a participation in each German Letter of Credit (and such obligation to such so purchase shall not be impaired by any termination of the Parent German Revolving Commitments); provided, provided that, the Issuing Lender shall have no obligation to issue or increase any Letter of Credit (and the applicable Borrower shall have no right to request such issuance or increase), unless (among other conditions precedent) (i) the aggregate Dollar Equivalent (as of the most recent Revaluation Date) of the Parent Stated Amounts and the German Stated Amounts shall not exceed $6,000,000, (ii) the Dollar Equivalent (as of the most recent Revaluation Date) of all Parent Revolving Outstandings shall not exceed the Parent Revolving Loan Commitments (in Dollars), (iii) the Dollar Equivalent (as of the most recent Revaluation Date) of all German Revolving Outstandings shall not exceed the German Revolving Loan Commitments (in Dollars), and (iv) the Dollar Equivalent (as of the most recent Revaluation Date) of Revolving Outstandings shall not exceed the Revolving Commitments (in Dollars). In addition to (and not in impairment of) any other limitations under the Agreement with respect to the issuance (or increase) of any Letter of Credit, (i) the Borrowers agree to also comply with the applicable limitations set forth in Section 11.14.6(b) or (ii) if any Lender (other than the Issuing Lender) has failed to make a required Loan hereunder or has failed to make any required payment to the Administrative Agent or the Issuing Lender or otherwise failed to make a required payment hereunder the Issuing Lender shall not be required to issue (or increase) any Letter of Credit. The Letters of Credit shall include the Initial Letters of Credit. The Initial Letters of Credit (to the extent issued) shall be part of the Parent Letters of Credit (and the Master Letter of Credit Agreement executed by the Parent shall cover, among other things, the Initial Letters of Credit (to the extent issued) as well as any other Parent Letters of Credit). Until the Permanent Loan Commencement Date, the only Letters of Credit issued shall be, to the extent issued, the Initial Letters of Credit. The Parent Letters of Credit may only (i) before the Fifth Amendment Effective Date, be issued in Dollars or Euros and (ii) on or after the Fifth Amendment Effective Date be issued in Dollars. The German Letters of Credit may only be issued in Dollars or Euros.
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