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Lc Request
Lc Request contract clause examples

LC Issuances. During the Revolving Facility Availability Period, any Borrower may request an LC Issuer at any time and from time to time to issue, for the account of any Borrower or any Subsidiary Guarantor, and subject to and upon the terms and conditions herein set forth, each LC Issuer agrees to issue from time to time Letters of Credit, denominated and payable in U.S. Dollars and issued on a sight basis only, in such form as may be approved by such LC Issuer and such Borrower; provided, however, that notwithstanding the foregoing, no LC Issuance shall be made if, after giving effect thereto, # the LC Outstandings (including each Existing Letter of Credit deemed issued on the Third Amendment Effective Date[[SunTrustTruist Bank:Organization]] would exceed the LC Commitment Amount, # unless otherwise agreed to by the applicable LC Issuer, the Stated Amount of such Letter of Credit would exceed, when added together with all other Letters of Credit issued by such LC Issuer, the Letter of Credit Percentage for such LC Issuer multiplied by the LC Amount, # the Revolving Facility Exposure of any Lender would exceed such Lender’s Revolving Commitment, # the Aggregate Revolving Facility Exposure would exceed the Total Revolving Commitment, # any Borrower would be required to prepay Loans or Cash Collateralize Letters of Credit pursuant to Section 2.13(c[[SunTrustTruist Bank:Organization]] or (vi[[SunTrustTruist Bank:Organization]] the applicable LC Issuer has been notified in writing by the Administrative Agent that a Default or Event of Default exists (or any other applicable condition under Section 4.02 cannot be satisfied[[SunTrustTruist Bank:Organization]]; provided that a Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary Guarantor. Subject to Section 2.05(c[[SunTrustTruist Bank:Organization]] below, each Letter of Credit shall have an expiry date (including any renewal or extension periods[[SunTrustTruist Bank:Organization]] occurring not later than the earlier of # one (1[[SunTrustTruist Bank:Organization]] year (in the case of Standby Letters of Credit[[SunTrustTruist Bank:Organization]] or one hundred and eighty (180[[SunTrustTruist Bank:Organization]] days (in the case of Commercial Letters of Credit[[SunTrustTruist Bank:Organization]] from the date of issuance thereof[[SunTrustTruist Bank:Organization]], or # five (5[[SunTrustTruist Bank:Organization]] Business Days prior to the Revolving Facility Termination Date applicable to each applicable Class of Revolving Commitments (the “Letter of Credit Expiration Date”); provided that any Letter of Credit may extend beyond the date referred to in [clause ([[SunTrustTruist Bank:Organization]]) above] to the extent such Letter of Credit is Cash Collateralized in a manner consistent with Section 2.15(d[[SunTrustTruist Bank:Organization]] or backstopped in a manner and in an amount reasonably satisfactory to the relevant LC Issuer.

Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in [Section 3.4], agrees to issue letters of credit denominated in Dollars (collectively, “Letters of Credit”) for the account of the Borrower or a Restricted Subsidiary on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the Issuing Lender; provided that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, # the LC Obligations would exceed the LC Commitment, # the aggregate amount of the Available Revolving Commitments would be less than zero or # the LC Obligations with respect to any Issuing Lender would exceed the applicable Specified LC Sublimit of such Issuing Lender then in effect. Each Letter of Credit shall expire no later than the first anniversary of its date of issuance or last renewal (unless otherwise agreed by the relevant Issuing Lender) and no Letter of Credit shall expire following the Letter of Credit Facility Expiration Date, unless the relevant Issuing Lender has approved a later expiry date (which approval may be subject to such Letter of Credit being cash collateralized or otherwise backstopped pursuant to arrangements acceptable to such Issuing Lender), it being understood that the participations of the Revolving Lenders in any undrawn Letter of Credit shall in any event terminate on the Letter of Credit Facility Expiration Date; provided, further, that Morgan Stanley Senior Funding, Inc. and its Affiliates shall only be required to issue standby Letters of Credit.

During the Availability Period, the Issuing Bank, in reliance upon the agreements of the other Lenders pursuant to [subsections (d) and (e)])] of this Section, will issue, at the request of the Borrower, Letters of Credit for the account of the Borrower or any other Loan Party or Restricted Subsidiary on the terms and conditions hereinafter set forth; provided that # each Letter of Credit shall expire on the earlier of # the date one year after the date of issuance of such Letter of Credit (or, in the case of any renewal or extension thereof (which may occur automatically), one year after the date such renewal or extension becomes effective, so long as # the Borrower and the Issuing Bank have the option to prevent such renewal or extension prior to the effectiveness thereof and # neither the Issuing Bank nor the Borrower shall permit any such renewal or extension to extend any Letter of Credit beyond the date set forth in clause (B) below) and # the date that is five (5) Business Days prior to the Revolving Commitment Termination Date (unless Cash Collateralized or otherwise backstopped in a manner reasonably acceptable to the applicable Issuing Bank (including by “grandfathering” on terms reasonably acceptable to the Issuing Bank of the applicable letters of credit into a future credit facility)); # each Letter of Credit shall be in a stated amount of at least $100,000 (or such lesser amount as the applicable Issuing Bank shall agree); and # the Borrower may not request any Letter of Credit if, after giving effect to such issuance, # the aggregate LC Exposure would exceed the LC Commitment or # the aggregate Revolving Credit Exposure of all Lenders would exceed the Aggregate Revolving Commitment Amount. Each Revolving Lender shall be deemed to have purchased, and hereby irrevocably and unconditionally purchases from the relevant Issuing Bank without recourse a participation in each Letter of Credit equal to such Revolving Lender’s Pro Rata Share of the aggregate amount available to be drawn under such Letter of Credit on the date of issuance. Each issuance of a Letter of Credit shall be deemed to utilize the Revolving Commitment of each Lender by an amount equal to the amount of such participation.

. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Credit Lenders set forth in Section 3.4(a), agrees to issue standby letters of credit (the “Letters of Credit”) for the account of the Borrower or its Subsidiaries on any Business Day during the Revolving Credit Commitment Period in such form as may be approved from time to time by such Issuing Lender; provided, that # no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations in respect of Letters of Credit issued by such Issuing Lender would exceed such Issuing Lender’s L/C Commitment, # the L/C Obligations would exceed the L/C Sublimit, # the Total Revolving Extensions of Credit would exceed the Maximum Revolving Facility Availability at such time or # the L/C Obligations in respect of Letters of Credit issued by such Issuing Lender, together with the aggregate principal amount of its other outstanding Revolving Credit Loans hereunder, would exceed such Issuing Lender’s Revolving Credit Commitment then in effect and # the Borrower shall alternate the selection of the applicable Issuing Lender based on the number and size of the Letters of Credit requested by the Borrower in order for each Issuing Lender to be selected for the issuance of Letters of Credit on an equivalent basis. Each Letter of Credit shall # be denominated in Dollars and # expire no later than the earlier of # the first anniversary of its date of issuance and # the date which is five Business Days prior to the Revolving Credit Termination Date; provided that # if the Borrower requests that any Letter of Credit have an expiration date after the Maturity Date, it is understood and agreed that such Letter of Credit shall only be issued, amended, renewed or extended, as applicable, if agreed to by the applicable Issuing Lender and the Administrative Agent in their sole discretion and # to the extent that any Letter of Credit shall have an expiration date after the Maturity Date, subject in all cases to the immediately preceding clause (i), such Letter of Credit may expire on the date that is one year after the Maturity Date if the Borrower has provided Cash Collateral therefor in an amount equal to 105% of the face amount of such Letter of Credit no later than the Maturity Date; provided, further that any Letter of Credit with a one-year term may provide for the automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in [clause (y) above] unless the conditions set forth in the immediately preceding proviso are met).

. (a) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in [Section 3.4(a)], agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower or for the account of any Subsidiary (provided that the Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each such Letter of Credit issued for the account of such Subsidiary) on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the applicable Issuing Lender; provided that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations would exceed the L/C Commitment, # the aggregate amount of the Available Revolving Commitments would be less than zero or # such Issuing Lender would have issued Letters of Credit in an aggregate amount in excess of the amount set forth opposite its name on [Schedule 3.1] (as such schedule may be updated from time to time with the consent of each Issuing Lender and the Borrower). Each Letter of Credit shall # be denominated in Dollars and # expire no later than the earlier of # the first anniversary of its date of issuance and # the date that is five Business Days prior to the latest then applicable 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 (y) above]) under customary “evergreen” provisions.

. (a[[Borrower:Organization]] Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 3.4(a[[Borrower:Organization]], agrees to issue standby letters of credit (“Letters of Credit”) for the account of the Borrower and the Co-Borrower, as the case may be, on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the Issuing Lender; provided that the Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations would exceed the L/C Commitment, # the aggregate amount of the Available Revolving Commitments would be less than zero or # the aggregate outstanding amount of Letters of Credit issued by it would exceed $10,000,000. Each Letter of Credit shall # be denominated in Dollars or another Acceptable Currency and # expire no later than the earlier of # the first anniversary of its date of issuance and # the date that is five Business Days prior to the Revolving Termination Date; provided that # any Letter of Credit may have an expiry date later than the date referred to in [clause ([[Borrower:Organization]]) above] if no later than the 30th day prior to the Revolving Termination Date (or for any Letters of Credit issued after such date, the date of issuance[[Borrower:Organization]], the Borrower shall deposit in a cash collateral account opened by the Administrative Agent an amount equal to 105% of the aggregate then undrawn and unexpired amount of such Letters of Credit and # 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 ([[Borrower:Organization]]) above] (or, as long as the requirements under clause (1[[Borrower:Organization]] are satisfied, the first anniversary of the Revolving Termination Date[[Borrower:Organization]]).

Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Tranche 1 Revolving Lenders set forth in [Section 3.4(a)], agrees to issue letters of credit (“Letters of Credit”) for the account of the relevant Borrower on any Business Day before the fifth Business Day prior to the Termination Date in such form as may be approved from time to time by the relevant Issuing Lender; provided that such Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations would exceed the L/C Commitment, # the aggregate amount of the Revolving Extensions of Credit of the Tranche 1 Revolving Lenders outstanding at such time would exceed the aggregate amount of Tranche 1 Revolving Commitments in effect at such time or (iii) (x) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit issued by the relevant Issuing Lender and # the aggregate amount of drawings under Letters of Credit issued by the relevant Issuing Lender that have not then been reimbursed pursuant to [Section 3.5] would exceed the L/C Sublimit for the relevant Issuing Lender. Each Letter of Credit shall # be denominated, at the relevant Borrower’s option, in US Dollars, Euros or Canadian Dollars and # expire no later than the earlier of # the first anniversary of its date of issuance and # the date that is five Business Days prior to the latest Termination Date under the Tranche 1 Revolving Commitments, provided that any Letter of Credit with a one-year term may provide for the automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in [clause (y) above]).

Subject to the terms and conditions set forth herein, # each L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, # from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Issuance Expiration Date, to issue Letters of Credit for the account of the Borrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection # below, and # to honor compliant drawings under the Letters of Credit issued by it; and # the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or any of its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, # the Total Revolving Credit Outstandings shall not exceed the Revolving Credit Facility at such time, # the Revolving Credit Exposure of any Revolving Credit Lender shall not exceed such Lender’s Revolving Credit Commitment (subject to the discretion of the applicable L/C Issuer pursuant to [Section 2.03(a)(iii)(F)] to issue a Letter of Credit that would cause its Revolving Credit Exposure to exceed its Revolving Credit Commitment), and # the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Subfacility. Each request by the Borrower for the issuance or amendment (including any extension) of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the 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.

. (a[[Borrower:Organization]] Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Revolving Lenders set forth in Section 3.4(a[[Borrower:Organization]], agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower or for the account of any Subsidiary (provided that the Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each such Letter of Credit issued for the account of such Subsidiary[[Borrower:Organization]] on any Business Day during the Revolving Commitment Period in such form as may be approved from time to time by the applicable Issuing Lender; provided that no Issuing Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, # the L/C Obligations would exceed the L/C Commitment, # the aggregate amount of the Available Revolving Commitments would be less than zero or # such Issuing Lender would have issued Letters of Credit in an aggregate amount in excess of the amount set forth opposite its name on [Schedule 3.1] (as such schedule may be updated from time to time with the consent of each Issuing Lender and the Borrower[[Borrower:Organization]]. Each Letter of Credit shall # be denominated in Dollars and # expire no later than the earlier of # the first anniversary of its date of issuance and # the date that is five Business Days prior to the latest then applicable 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 ([[Borrower:Organization]]) above][[Borrower:Organization]] under customary “evergreen” provisions.

. From time to time on any Business Day occurring prior to the Revolving Loan Commitment Termination Date and not less than thirty (30) Business Days prior to the Maturity Date for the Revolving Loans, the Borrower may request, in accordance with the terms hereof, the issuance of one or more standby letters of credit (a “Letter of Credit”) in Dollars for the account of the Borrower or its Domestic Subsidiaries, in form and substance reasonably acceptable to the [[Administrative Agent:Organization]] and the applicable L/C Issuer; provided, however that after giving effect to any issuance of a Letter of Credit, # the Revolving Credit Exposure of all Revolving Lenders shall not exceed the Revolving Loan Commitment Amount, # the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Loan Commitment and # the aggregate principal amount of all Letter of Credit Outstandings would exceed the Letter of Credit Commitment Amount. No L/C Issuer shall be under any obligation to issue any Letter of Credit if it shall determine (which determination shall be conclusive and binding absent manifest error) that # it has, or by issuing such Letter of Credit may have, Fronting Exposure or # the issuance of the Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that such issuance or amendment complies with the conditions set forth in the proviso of the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly, the 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. It is hereby acknowledged and agreed that each of the letters of credit described on Item [[Identifier]] (“Existing Letters of Credit”) shall constitute a “Letter of Credit” for all purposes of this Agreement and shall be deemed issued under this Agreement on the Effective Date.

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