Letters of Credit Commitment Sample Clauses
Letters of Credit Commitment. (i) Subject to the terms and conditions hereof, the Issuing Bank, in reliance on the agreements of the other Revolving Credit Lenders set forth in subsection 2.2.3(i), agrees to issue Letters of Credit for the account of any Borrower on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the Issuing Bank; provided that the Issuing Bank shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (A) the LC Amount shall exceed the LC Sublimit, or (B) the principal amount of all Revolving Credit Loans then outstanding plus the LC Amount, shall not exceed the Line Cap.
(ii) Each Letter of Credit shall (A) be denominated in U.S. Dollars, (B) have a face amount of at least $50,000 (unless otherwise agreed by the Issuing Bank), and (C) expire no later than the earlier of (1) the first anniversary of its date of issuance and (2) the date that is ten (10) Business Days prior to the Revolving Termination Date, provided that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (2) above).
(iii) The Issuing Bank shall not at any time be obligated to issue any Letter of Credit if:
(a) the issuance of such Letter of Credit would conflict with, or cause the Issuing Bank or any Revolving Credit Lender to exceed any limits imposed by, any Applicable Law;
(b) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Applicable Law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Issuing Bank in good f▇▇▇▇ ▇▇▇▇▇ material to it;
(c) any Revolving Credit Lender is at that time a Defaulting Lender, unless the Issuing Ba...
Letters of Credit Commitment. (a) Subject to the terms and conditions set forth herein, (i)
Letters of Credit Commitment. The L/C Guarantors agree, on the terms and conditions hereinafter set forth, to cause to be issued Letters of Credit, in form reasonably acceptable to CDF and the Borrowers for the benefit of CDF, in the amounts as set forth opposite the names of each L/C Guarantor on Schedule of L/Cs attached hereto, which equal an aggregate face amount of $8,500,000 (the “Letters of Credit Limit”).
Letters of Credit Commitment. Each Lender agrees (on a several basis with the other Lenders up to the amount of such Lender’s Commitment), on the terms and conditions herein set forth, from time to time on any Business Day, to issue Letters of Credit under the Credit Facility, for the account of the Borrower prior to the cancellation or termination thereof; provided that at no time shall the C$ Equivalent Principal Outstanding with respect to the Face Amount of outstanding Letters of Credit exceed collectively C$40 million. Letters of Credit shall be issued by way of, as selected by the Borrower, either:
(a) a Letter of Credit (in this Article 5, a “Fronted Letter of Credit”) issued by the Issuing Bank on behalf of the Lenders on a “fronting” basis as contemplated by Section 5.2; or
(b) a Letter of Credit issued by the Administrative Agent in accordance with Section 5.3 (in this Article 5, a “POA Letter of Credit”).
Letters of Credit Commitment. Section 2.1 of the Credit Agreement is amended in its entirety as follows:
Letters of Credit Commitment. Each Lender agrees (on a several basis with the other Lenders up to the amount of such Lender's Commitment), on the terms and conditions herein set forth, from time to time on any Business Day, to issue Letters of Credit under the Credit Facility, for the account of the Borrower prior to the cancellation or termination thereof; provided that at no time shall the C$ Equivalent Principal Outstanding with respect to the Face Amount of outstanding Letters of Credit (including Swingline Letters of Credit) exceed collectively C$100 million (the "LC Limit"). Letters of Credit shall be issued by way of, as selected by the Borrower, either:
(a) a Letter of Credit (a "Fronted Letter of Credit") issued by the Issuing Bank on behalf of the Lenders on a "fronting" basis as contemplated by Section 5.2;
(b) a Letter of Credit issued by the Administrative Agent in accordance with Section 5.3 (a "POA Letter of Credit"); or
(c) a Swingline Letter of Credit issued by the Swingline Lender pursuant to Section 2.1(7).
Letters of Credit Commitment. (a) Subject to the terms and conditions herein set forth, each of the Lenders agree that the Administrative Agent on behalf of the Lenders will issue to third party beneficiaries for the account of Borrower, or jointly for the account of Borrower and a Subsidiary of Borrower, irrevocable standby Letters of Credit in the face amount of up to $10,000,000 in the aggregate. In connection with the issuance of each Letter of Credit, the Borrower shall complete a Letter of Credit Application Agreement, and such other documentation in form and substance as required by Administrative Agent.
(b) In connection with the issuance of any Letter of Credit, the Borrower shall pay in advance to Administrative Agent a Letter of Credit Fee (calculated as of the date of the issuance of the Letter of Credit and accruing to the end of the current Fiscal Quarter, and thereafter payable quarterly in advance for the actual number of days in such Fiscal Quarter, calculated on a 360- day year, provided however that if the term of the Letter of Credit expires before the end of the Fiscal Quarter, then it will be payable for the actual number of days until expirations) to be apportioned and paid by Administrative Agent to each of the Lenders pursuant to the Applicable Commitment Percentage of each Lender. If the term of any Letter of Credit is less than one (1) month, the Letter of Credit Fee shall be calculated as if the term of the Letter of Credit were equal to one (1) month.
(c) In connection with the issuance of any Letter of Credit, the Borrower shall also pay to Administrative Agent a Facing Fee (payable on the dates set forth in subsection (b) of this Section) calculated on a 360-day year. None of the Lenders, except for the Administrative Agent, shall share in the Facing Fee.
(d) The Administrative Agent agrees to use its best efforts to issue and deliver to the Borrower each requested Letter of Credit within three (3) Business Days following submission by Borrower of a properly completed Letter of Credit Application Agreement.
(e) No Letter of Credit shall be issued for a term that extends beyond the Maturity Date for the Revolving Credit Facility. The language of each Letter of Credit, including the requirements for a draw thereunder, shall be subject to the reasonable approval of the Administrative Agent.
(f) The face amount of all outstanding Letters of Credit shall reduce the Borrower's ability to receive Advances under the Revolving Credit Loans by such amount. Addition...
Letters of Credit Commitment. The Operating Facility ▇▇▇▇▇▇ agrees, on the terms and conditions herein set forth, from time to time on any Banking Day, to issue Letters of Credit for the account of the Borrower; provided that at no time shall the Aggregate Principal Amount owing under the Operating Facility with respect to the face amount of outstanding Letters of Credit exceed collectively Cdn. $5,000,000 or the Canadian Dollar Exchange Equivalent thereof.
Letters of Credit Commitment