Example ContractsClausesAdditional Conditions to Letters of Credit
Additional Conditions to Letters of Credit
Additional Conditions to Letters of Credit contract clause examples

Additional Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, # all conditions set forth in Section 2.3 shall have been satisfied and # there shall exist no Lender that is a Defaulting Lender unless the applicable Issuing Lender has entered into satisfactory arrangements with the Company or such Defaulting Lender to eliminate such Issuing Lender’s risk with respect to such Defaulting Lender’s LOC Obligations.

Additional Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, # all conditions set forth in Section 2.3 shall have been satisfied and # there shall exist no Lender that is a Defaulting Lender unless the applicable Issuing Lender has entered into

Additional Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, # all conditions set forth in [Section 2.3] shall have been satisfied and # there shall exist no Lender that is a Defaulting Lender unless the Issuing Lender has entered into satisfactory arrangements with the Borrowers or such Defaulting Lender to eliminate the Issuing Lender’s risk with respect to such Defaulting Lender’s LOC Obligations.

In addition to the conditions precedent stated elsewhere herein, the Lenders shall not be obligated to make new Loans to any Borrower (including the initial Loans to be made hereunder) or to issue, renew or participate in any Letter of Credit unless:

In addition to the conditions precedent stated elsewhere herein, the Lenders shall not be obligated to make new Loans to any Borrower (including the initial Loans to be made hereunder) or to issue, renew or participate in any Letter of Credit unless:

Indebtedness secured by Liens listed on [Schedule 6.02].

Letters of Credit. From time to time, at the Issuing Bank’s discretion, and subject to the terms of this Agreement, at any time prior to the Revolving Maturity Date, the Issuing Bank may issue letters of credit for the account of the Borrower (each individually, a “Letter of Credit” and collectively, “Letters of Credit”), provided, however, the aggregate of outstanding amounts under the Letters of Credit shall not exceed the Letter of Credit Sublimit, and for purposes of determining availability under the Revolving Line, aggregate of outstanding amounts under the Letters of Credit (whether drawn or undrawn) shall decrease, on a dollar-for-dollar basis, the amount available for

Letters of Credit. The Borrower may request that the Bank, in lieu of cash advances, issue letters of credit (each individually a “Letter of Credit” and collectively, the “Letters of Credit”) under the Line of Credit (including all banker’s acceptances issued up to 180 days under the terms of any trade Letter of Credit) with an aggregate stated amount outstanding at any time not to exceed Ten Million and no/100 Dollars $10,000,000.00; provided, however, that after giving effect to the stated amount of such Letter of Credit, the sum of the aggregate outstanding advances under the Line of Credit and the aggregate stated amount of all Letters of Credit issued and outstanding shall not exceed the amount of the Line of Credit. The availability of advances under the Line of Credit shall be reduced by the stated amount of each Letter of Credit issued and outstanding (whether or not drawn). For purposes of this Agreement, the “stated amount” of any Letter of Credit shall include any automatic increases in the amount available to be drawn under the terms of such Letter of Credit, whether or not any such increase has become effective, and any deemed increase in the amount available to be drawn under the terms of a trade Letter of Credit as a result of any tolerance set forth in such trade Letter of Credit. Letters of Credit may be issued in Alternate Currencies (as defined in the Line of Credit Note) and all references herein to the amount of any Letter of Credit refer to the Dollar Equivalent (as defined in the Line of Credit Note) thereof. To the extent the Bank has previously issued any letters of credit for the account of the Borrower or any of its affiliates (the “Existing Letters of Credit”) which remain in effect as of the date hereof, such Existing Letters of Credit shall constitute Letters of Credit as defined herein and be subject to the terms hereof and the Borrower will enter into a separate Reimbursement Agreement (as defined below) with respect to such Existing Letters of Credit upon the request of the Bank.

Letters of Credit. Subject to the terms and conditions hereof, Agent shall issue or cause the issuance of standby and/or trade Letters of Credit (“Letters of Credit”) for the account of any Borrower; provided, however, that Agent will not be required to issue or cause to be issued any Letters of Credit to the extent that the issuance thereof would then cause the sum of: # the 074658.01845/123458281v.1

Letters of Credit. In connection with any extension under this [Section 2.20], the Termination Date in respect of any Issuing Bank may be extended only with the consent of such Issuing Bank (it being understood that, to the extent an Issuing Bank does not so extend, the Termination Date in respect of such Issuing Bank shall be the Termination Date in effect immediately prior to the applicable Anniversary Date for all purposes of this Agreement).

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