Common use of Lc Facility Clause in Contracts

Lc Facility. Section 2.3(a) of the Credit Agreement is hereby amended to read as follows: (a) Upon the terms and subject to the conditions herein set forth, the Lenders severally agree to make a letter of credit facility available to the Borrower by, from time to time prior to the Maturity Date, having the Issuing Lender issue one or more Tranche B Letters of Credit for the account of the Borrower, provided that the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the lesser of (i) 80% of the appraised orderly liquidation value of the Borrower's Equipment and (ii) the LC Commitment, and provided further that, following the completion of the ▇▇▇▇▇▇▇▇▇ Sale, the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the amount of cash deposited in an account or accounts with the Agent and pledged to the Lenders to secure such Tranche B Letters of Credit. No Tranche B Letter of Credit shall have an expiration date that is later than the Maturity Date. Following the date of Amendment No. 4, no additional Tranche B Letters of Credit shall be issued and no outstanding Tranche B Letter of Credit shall be extended beyond its existing term or renewed. The Borrower agrees that, by September 25, 2000, it will either replace the Tranche B Letter of Credit dated December 13, 1999, No. NZS338170 in favor of SouthTrust Bank, National Association, and the Tranche B Letter of Credit dated April 20, 2000, No. NZS351717 in favor of the United States Department of Transportation, or use the cash collateral securing such Tranche B Letters of Credit to prepay or repay the obligations secured by such Tranche B Letters of Credit. The Borrower agrees to return the originals of the foregoing Tranche B Letters of Credit to the Agent no later than September 29, 2000."

Lc Facility. Section 2.3(a) of the Credit Agreement is hereby amended to read as follows: (a) Upon the terms and subject to the conditions herein set forth, the Lenders severally agree to make a letter of credit facility available to the Borrower by, from time to time prior to the Maturity Date, having the Issuing Lender issue one or more Tranche B Letters of Credit for the account of the Borrower, provided that the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the lesser of (i) 80% of the appraised orderly liquidation value of the Borrower's Equipment Equipment, and (ii) the LC Commitment, and provided further that, following the completion of the ▇▇▇▇▇▇▇▇▇ Sale, the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the amount of cash deposited in an account or accounts with the Agent and pledged to the Lenders to secure such Tranche B Letters of Credit. No Tranche B Letter of Credit shall have an expiration date that is later than the Maturity Date. (b) If at any time the test of Section 2.3(a) above is not met as shown by an appraisal, the Agent shall provide written notice thereof to the Borrower (attaching thereto a copy of the appraisal) and the Borrower shall, within ten (10) Business Days of receiving such notice, provide to the Agent sufficient additional collateral in form and substance satisfactory to the Agent as shall be necessary to insure that the test of Section 2.3(a) above is satisfied. Following The cure period listed above shall start running on the date the test of Amendment No. 4, no additional Section 2.3(a) above is not met. (c) The Borrower may reduce the LC Commitment in integral multiples of USD 1,000,000 upon five (5) days' prior written notice to the Agent; provided that after giving effect to any such reduction the aggregate face amount of all outstanding Tranche B Letters of Credit does not exceed the Adjusted Commitment. No subsequent increase of the LC Commitment shall be issued and no outstanding Tranche B Letter of Credit shall be extended beyond its existing term or renewed. The Borrower agrees that, by September 25, 2000, it will either replace the Tranche B Letter of Credit dated December 13, 1999, No. NZS338170 in favor of SouthTrust Bank, National Association, and the Tranche B Letter of Credit dated April 20, 2000, No. NZS351717 in favor of the United States Department of Transportation, or use the cash collateral securing such Tranche B Letters of Credit to prepay or repay the obligations secured by such Tranche B Letters of Credit. The Borrower agrees to return the originals of the foregoing Tranche B Letters of Credit to the Agent no later than September 29, 2000allowed."