Example ContractsClausesEach Loan or Letter of Credit
Each Loan or Letter of Credit
Each Loan or Letter of Credit contract clause examples

Subject to the terms and conditions set forth herein, # each L/C Issuer agrees, in reliance upon (among other things) the agreements of the other Revolving Credit set forth in this [Section 2.03], # from time to time on any Business Day during the period from the Amendment No. 6 Effective Date until 30 days prior to the Initial Revolving Credit Maturity Date (or, if such day is not a Business Day, the next preceding Business Day), to issue Letters of Credit denominated in Dollars or any Alternative Currency for the account of each Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with [Section 2.03(b), and (2)])] to honor drawings under the Letters of Credit; and # the Revolving Credit severally agree to participate in Letters of Credit issued for the account of each Borrower or any of its Wholly-Owned Restricted Subsidiaries on a pro rata basis in accordance with their respective Pro Rata Share of the Total Revolving Credit Commitments after giving effect to Amendment No. 6; provided that, on the Amendment No. 6 Effective Date, the aggregate amount of any Existing Letters of Credit shall be reallocated among the Revolving Credit so that, after giving effect thereto, the Revolving Credit shall share ratably participations in such Letters of Credit in accordance with their Pro Rata Share of the Revolving Credit Commitment (after giving effect to Amendment No. 6 and any L/C Credit Extension and expiration of any Letter of Credit on the Amendment No. 6 Effective Date); provided, further, that any Letter of Credit issued on behalf of any Restricted Subsidiary of ESI shall be issued naming ESI as the account party on any such Letter of Credit, but such Letter of Credit may contain a statement that it is being issued for the benefit of such Restricted Subsidiary; provided, further, that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit, and no Revolving Credit shall be obligated to participate in any Letter of Credit if, as of the date of such L/C Credit Extension, # the amount available to be drawn under Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer’s Pro Rata Share of the Letter of Credit Sublimit, provided, that each L/C Issuer, may at its sole discretion make an L/C Credit Extension in excess of its Pro Rata Share so long as the Outstanding Amount of all L/C Obligations would not exceed the Letter of Credit Sublimit, # the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit plus such Revolving Credit ’s Pro Rata Share of the Outstanding Amount of all L/C Obligations would exceed such Revolving Credit ’s Revolving Credit Commitment, # the Total Outstandings would exceed the Total Revolving Credit Commitments or # the Outstanding Amount of all L/C Obligations would exceed the Letter of Credit Sublimit. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by a Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the first proviso in the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly each such Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Amendment No.6 Effective Date shall be subject to and governed by the terms and conditions hereof.

The Letter of Credit Commitment. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower may request that the L/C Issuer, in reliance on the agreements of the Revolving Lenders set forth in this [Section 2.03], issue, at any time and from time to time during the Availability Period, Letters of Credit for its own account or the account of any of its Subsidiaries in such form as is acceptable to the Administrative Agent and the L/C Issuer in its reasonable determination. Letters of Credit issued hereunder shall constitute utilization of the Revolving Commitments.

ARTICLE # THE COMMITMENTS AND CREDIT EXTENSIONS

Delivery of Letter of Credit. Tenant shall deliver to Landlord, within ten (10) business days after Tenant's execution of this Lease, an unconditional, clean, irrevocable letter of credit (the "L‑C XE "L‑C" ") in the amount set forth in Section 8 of the Lease Summary (the "L‑C Amount XE "L‑C Amount" "), which L‑C shall be issued by a money-center, solvent and nationally recognized bank (a bank which accepts deposits, maintains accounts, has a local San Francisco Bay Area office which will negotiate a letter of credit or will accept draw requests by facsimile, and whose deposits are insured by the FDIC) reasonably acceptable to Landlord (such approved, issuing bank being referred to herein as the "Bank XE "Bank" "), which Bank must have a rating from Standard and Poors Corporation of BBB+ or better (or any equivalent rating thereto from any successor or substitute rating service selected by Lessor) and a letter of credit issuer rating from Moody’s Investor Service of [[Unknown Identifier]] or better (or any equivalent rating thereto from any successor rating agency thereto)) (collectively, the "Bank’s Credit Rating Threshold XE "Bank’s Credit Rating Threshold" "), and which L‑C shall be substantially in the form of [Exhibit H], attached hereto (with such commercially reasonable modifications required by the issuing bank as are reasonably approved by Landlord).. Landlord hereby agrees that Silicon Valley Bank is an approved “Bank” as of the date of this Lease. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining the L‑C. The L‑C shall # be "callable" at sight, irrevocable and unconditional, # be maintained in effect, whether through renewal or extension, for the period commencing on the date of this Lease and continuing until the date (the "L‑C Expiration Date XE "L‑C Expiration Date" ") that is no less than sixty (60) days after the expiration of the Lease Term as the same may be extended, and Tenant shall deliver a new L‑C or certificate of renewal or extension to Landlord at least thirty (30) days prior to the expiration of the L‑C then held by Landlord, without any action whatsoever on the part of Landlord, # be fully assignable by Landlord, its successors and assigns, # permit partial draws and multiple presentations and drawings, and # be otherwise subject to the Uniform Customs and Practices for Documentary Credits (1993-Rev), International Chamber of Commerce Publication #500, or the International Standby Practices-ISP 98, International Chamber of Commerce Publication #590. Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the L‑C if any of the following shall have occurred or be applicable: # such amount is due to Landlord under the terms and conditions of this Lease, and has not been paid within applicable notice and cure periods (or, if Landlord is prevented by law from providing notice, within the period for payment set forth in this Lease), or # Tenant has filed a voluntary petition under the U. S. Bankruptcy Code or any state bankruptcy code (collectively, "Bankruptcy Code XE "Bankruptcy Code" "), or # an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty (30) days, or # the Lease has been rejected, or is deemed rejected, under Section 365 of the U.S. Bankruptcy Code, following the filing of a voluntary petition by Tenant under the Bankruptcy Code, or the filing of an involuntary petition against Tenant under the Bankruptcy Code, or # the Bank has notified Landlord that the L‑C will not be renewed or extended through the L‑C Expiration Date, and Tenant has not provided a replacement L-C that satisfies the requirements of this Lease at least thirty (30) days prior to such expiration, or # Tenant is placed into receivership or conservatorship, or becomes subject to similar proceedings under Federal or State law, or # Tenant executes an assignment for the benefit of creditors, or # if # any of the Bank's credit ratings have been reduced below the Bank's Credit Rating Threshold, or # the Bank ceases to satisfy the conditions required by this Section 21.1, and Tenant has failed to provide Landlord with a replacement letter of credit, conforming in all respects to the requirements of this Article 21 (including, but not limited to, the requirements placed on the issuing Bank more particularly set forth in this Section 21.1 above), in the amount of the applicable L‑C Amount, within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) (each of the foregoing being an "L‑C Draw Event XE "L‑C Draw Event" "). The L‑C shall be honored by the Bank regardless of whether Tenant disputes Landlord's right to draw upon the L‑C. In addition, in the event the Bank is placed into receivership or

Letter of Credit in an amount equal to its Revolving Loan Commitment Percentage of such Existing Letters of Credit. The Borrowers’ reimbursement obligations in respect of each Existing Letter of Credit, and each LOC Participant’s obligations in connection therewith, shall be governed by the terms of this Credit Agreement.

Revolving Credit Lender” means each Lender that # has a Revolving Credit Commitment, # holds a Revolving Loan or # participates in any Letter of Credit.

a Committed Loan Notice and a Letter of Credit Application, if applicable, in each case relating to the initial Credit Extensions;

Credit Agreement and Loan Documents. The Lender (or its counsel) shall have received # from each party hereto either # a counterpart of this Agreement signed on behalf of such party or # written evidence satisfactory to the Lender (which may include fax or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and # duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the Lender shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including a written opinion of the Borrower’s counsel, addressed to the Lender in form and substance reasonably satisfactory to the Lender.

Each submission by the to the [[Administrative Agent:Organization]] of a Notice of Borrowing or a Swing Loan Request and the acceptance by the of the proceeds of each Loan requested therein, and each submission by the to an Issuer of a Letter of Credit Request, and the Issuance of each Letter of Credit requested therein, shall be deemed to constitute a representation and warranty by the that the conditions specified in [clause (b) above] have been satisfied on and as of the date of the making of such Loan or the Issuance of such Letter of Credit.

Revaluation Date” means # with respect to any Loan, each of the following: # each date of a Borrowing of a Eurocurrency Rate Loan denominated in an Alternative Currency, # each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to [Section 2.02], and # such additional dates as the Administrative Agent shall determine or the Required Revolving Credit Lenders shall require; and # with respect to any Letter of Credit, each of the following: # each date of issuance of a Letter of Credit denominated in an Alternative Currency, # each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), # each date of any payment by the L/C Issuer under any Letter of Credit denominated in an Alternative Currency, and # such additional dates as the Administrative Agent or the L/C Issuer shall determine or the Required Revolving Credit Lenders shall require.

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