Common use of LC Guaranties Clause in Contracts

LC Guaranties. As of the U.K. Effective Date, U.K. Agent will cause Fleet U.K., and Fleet U.K. agrees, for so long as no Default or Event of Default exists and if requested by Borrower Representative on behalf of any U.K. Loan Party, to issue its, or cause an Affiliate of Fleet U.K. to issue, on the date requested by Borrower Representative, U.K. Letters of Credit for the account of a U.K. Borrower in support of such U.K. Loan Party’s obligations (other than obligations for the repayment of Money Borrowed); provided that the U.K. LC Obligations shall not exceed the Dollar Equivalent of $500,000 at any time and all U.K. Letters of Credit and U.K. LC Guaranties shall be denominated in Sterling, Euros or Dollars. Unless otherwise consented to by Agent, no U.K. Letter of Credit or U.K. LC Guaranty that is a (i) standby letter of credit, guaranty or bond shall have an expiration date greater than one year from the date of issuance (provided that any standby letter of credit, guaranty or bond with a one-year term may provide for customary evergreen renewals (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, unless cash-collateralized to Agent’s satisfaction)) or (ii) documentary letter of credit shall have an expiration date greater than 180 days from the date of issuance. Notwithstanding anything else herein to the contrary, no U.K. Letter of Credit or U.K. LC Guaranty may have an expiration date after the last day of the Term, unless cash-collateralized to Agent’s satisfaction. Notwithstanding anything to the contrary contained herein, U.K. Borrower and U.K. Lender hereby agree that all U.K. LC Obligations and all obligations of U.K. Borrower relating thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans to U.K. Borrower that are Base Rate Portions, which U.K. Borrower hereby acknowledges are requested and U.K. Lender hereby agrees to fund. If the draw on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Sterling, the applicable Revolving Credit Loan shall be in Sterling. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Euros, the applicable Revolving Credit Loan shall be in Euros. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Dollars, then the applicable Revolving Credit Loan shall be in Dollars. In the event that Revolving Credit Loans to U.K. Borrower are not, for any reason, promptly made to satisfy all then existing U.K. LC Obligations, U.K. Lender hereby agrees to pay to U.K. Agent, on demand, an amount equal to the Dollar Equivalent of such U.K. LC Obligations (paid in the currency of such U.K. LC Obligations), and until so paid, such amount shall be secured by the U.S. Collateral and the U.K. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate Portions for Revolving Credit Loans to U.K. Borrower. Immediately upon the issuance of a U.K. Letter of Credit or a U.K. LC Guaranty under this Agreement, each U.K. Participant shall be deemed to have irrevocably and unconditionally purchased and received from U.K. Agent, without recourse or warranty, an undivided interest and participation therein equal to such U.K. LC Amount and the Dollar Equivalent of the U.K. LC Guaranty.

LC Guaranties. As of the U.K. Effective Date, U.K. Agent will cause Fleet U.K., and Fleet U.K. agrees, for so long as no Default or Event of Default exists and if requested by Borrower Representative on behalf of any U.K. Loan PartyU.S. Borrower, to (i) issue its, or cause an to be issued by Bank or another Affiliate of Fleet U.K. to issueAgent, on the date requested by Borrower Representative, U.K. U.S. Letters of Credit for the account of a U.K. any U.S. Loan Party or (ii) execute U.S. LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by Borrower Representative, shall guaranty the payment or performance by U.S. Loan Parties of their reimbursement obligations with respect to letters of credit and letters of credit issued for any U.S. Loan Party's account by other Persons in support of such U.K. U.S. Loan Party’s 's obligations (other than obligations for the repayment of Money Borrowed); provided that the U.K. U.S. LC Obligations shall not exceed the Dollar Equivalent of $500,000 16,000,000 at any time and all U.K. time. Such U.S. Letters of Credit and U.K. U.S. LC Guaranties shall be denominated in Sterling, Euros Dollars or Dollarssuch other currency as consented to by Agent in its sole discretion. Unless otherwise consented to by Agent, no U.K. U.S. Letter of Credit or U.K. U.S. LC Guaranty that is a (i) standby letter of credit, guaranty or bond credit shall have an expiration date greater than one year from the date of issuance (provided that any standby letter of credit, guaranty or bond credit with a one-year term may provide for the customary evergreen renewals thereof for additional one-year periods (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, unless cash-collateralized to Agent’s 's satisfaction)) or (ii) documentary letter of credit shall have an expiration date greater than 180 days from the date of issuance. Notwithstanding anything else herein to the contrary, no U.K. U.S. Letter of Credit or U.K. U.S. LC Guaranty may have an expiration date after the last day of the Term, unless cash-collateralized to Agent’s 's satisfaction. Notwithstanding anything to the contrary contained herein, U.K. Borrower U.S. Borrower, Agent and U.K. Lender Lenders hereby agree that all U.K. U.S. LC Obligations and all obligations of U.K. U.S. Borrower relating thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans in Dollars to U.K. U.S. Borrower that are Base Rate Portions, which U.K. U.S. Borrower hereby acknowledges are requested and U.K. Lender Lenders hereby agrees agree to fund. If the draw on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Sterling, the applicable Revolving Credit Loan shall be in Sterling. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Euros, the applicable Revolving Credit Loan shall be in Euros. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Dollars, then the applicable Revolving Credit Loan shall be in Dollars. In the event that Revolving Credit Loans to U.K. U.S. Borrower are not, for any reason, promptly made to satisfy all then existing U.K. U.S. LC Obligations, U.K. each Lender hereby agrees to pay to U.K. Agent, on demand, an amount equal to the Dollar Equivalent of such U.K. U.S. LC Obligations (paid in the currency of multiplied by such U.K. LC Obligations)Lender's Revolving Loan Percentage, and until so paid, such amount shall be secured by the U.S. Collateral and the U.K. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate Portions for Revolving Credit Loans to U.K. U.S. Borrower. Immediately upon the issuance of a U.K. U.S. Letter of Credit or a U.K. U.S. LC Guaranty under this Agreement, each U.K. Participant Lender shall be deemed to have irrevocably and unconditionally purchased and received from U.K. Agent, without recourse or warranty, an undivided interest and participation therein equal to the amount of such U.S. Letter of Credit or U.S. LC Guaranty multiplied by such Lender's Revolving Loan Percentage. The form of any U.S. Letter of Credit, U.K. LC Amount Letter of Credit or Canadian Letter of Credit shall be acceptable to Bank, Agent and Borrower Representative. U.S. Letters of Credit, U.K. Letters of Credit and Canadian Letters of Credit shall be issued in accordance with the Dollar Equivalent Uniform Customs and Practice for Documentary Credits then in effect and adopted by Bank (with respect to U.S. Letters of the Credit), Fleet U.K. LC Guaranty(with respect to U.K. Letters of Credit) or Fleet Canada (with respect to Canadian Letters of Credit).

LC Guaranties. As of the U.K. Effective Date, U.K. Agent will cause Fleet U.K., and Fleet U.K. agrees, for so long as no Default or Event of Default exists and if requested by Borrower Representative on behalf of any U.K. Loan PartyU.S. Borrower, to (i) issue its, or cause an to be issued by Bank or another Affiliate of Fleet U.K. to issueAgent, on the date requested by Borrower Representative, U.K. U.S. Letters of Credit for the account of a U.K. any U.S. Loan Party or (ii) execute U.S. LC Guaranties by which Agent, Bank, or another Affiliate of Agent, on the date requested by Borrower Representative, shall guaranty the payment or performance by U.S. Loan Parties of their reimbursement obligations with respect to letters of credit and letters of credit issued for any U.S. Loan Party's account by other Persons in support of such U.K. U.S. Loan Party’s 's obligations (other than obligations for the repayment of Money Borrowed); provided that the U.K. U.S. LC Obligations shall not exceed the Dollar Equivalent of $500,000 15,000,000 at any time and all U.K. time. Such U.S. Letters of Credit and U.K. U.S. LC Guaranties shall be denominated in Sterling, Euros Dollars or Dollarssuch other currency as consented to by Agent in its sole discretion. Unless otherwise consented to by Agent, no U.K. U.S. Letter of Credit or U.K. U.S. LC Guaranty that is a (i) standby letter of credit, guaranty or bond credit shall have an expiration date greater than one year from the date of issuance (provided that any standby letter of credit, guaranty or bond credit with a one-year term may provide for the customary evergreen renewals thereof for additional one-year periods (which shall in no event extend beyond the date referred to in the immediately succeeding sentence, unless cash-collateralized to Agent’s 's satisfaction)) or (ii) documentary letter of credit shall have an expiration date greater than 180 days from the date of issuance. Notwithstanding anything else herein to the contrary, no U.K. U.S. Letter of Credit or U.K. U.S. LC Guaranty may have an expiration date after the last day of the Term, unless cash-cash- collateralized to Agent’s 's satisfaction. Notwithstanding anything to the contrary contained herein, U.K. Borrower U.S. Borrower, Agent and U.K. Lender Lenders hereby agree that all U.K. U.S. LC Obligations and all obligations of U.K. U.S. Borrower relating thereto shall be satisfied by the prompt issuance of one or more Revolving Credit Loans in Dollars to U.K. U.S. Borrower that are Base Rate Portions, which U.K. U.S. Borrower hereby acknowledges are requested and U.K. Lender Lenders hereby agrees agree to fund. If the draw on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Sterling, the applicable Revolving Credit Loan shall be in Sterling. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Euros, the applicable Revolving Credit Loan shall be in Euros. If the draw amount on the underlying U.K. Letter of Credit or U.K. LC Guaranty is paid in Dollars, then the applicable Revolving Credit Loan shall be in Dollars. In the event that Revolving Credit Loans to U.K. U.S. Borrower are not, for any reason, promptly made to satisfy all then existing U.K. U.S. LC Obligations, U.K. each Lender hereby agrees to pay to U.K. Agent, on demand, an amount equal to the Dollar Equivalent of such U.K. U.S. LC Obligations (paid in the currency of multiplied by such U.K. LC Obligations)Lender's Revolving Loan Percentage, and until so paid, such amount shall be secured by the U.S. Collateral and the U.K. Collateral and shall bear interest and be payable at the same rate and in the same manner as Base Rate Portions for Revolving Credit Loans to U.K. U.S. Borrower. Immediately upon the issuance of a U.K. U.S. Letter of Credit or a U.K. U.S. LC Guaranty under this Agreement, each U.K. Participant Lender shall be deemed to have irrevocably and unconditionally purchased and received from U.K. Agent, without recourse or warranty, an undivided interest and participation therein equal to the amount of such U.S. Letter of Credit or U.S. LC Guaranty multiplied by such Lender's Revolving Loan Percentage. The form of any U.S. Letter of Credit, U.K. LC Amount Letter of Credit or Canadian Letter of Credit shall be reasonably acceptable to Agent and Borrower Representative. U.S. Letters of Credit, U.K. Letters of Credit and Canadian Letters of Credit shall be issued in accordance with the Dollar Equivalent Uniform Customs and Practice for Documentary Credits then in effect and adopted by Bank (with respect to U.S. Letters of the Credit), Fleet U.K. LC Guaranty(with respect to U.K. Letters of Credit) or Fleet Canada (with respect to Canadian Letters of Credit).