Example ContractsClausesletters of credit.Identical
Letters of Credit.
Letters of Credit. contract clause examples

Subject to the terms and conditions hereof, Issuer shall issue or cause the issuance of standby letters of credit denominated in either Dollars or an Optional Currency ("Letters of Credit") for the account of any Borrower except to the extent that the issuance thereof would then cause the sum of # the outstanding Revolving Advances plus # the outstanding Swing Loans, plus # the Dollar Equivalent of the Maximum Undrawn Amount of all outstanding Letters of Credit, plus # the Dollar Equivalent of the Maximum Undrawn Amount of the Letter of Credit to be issued to exceed the Availability at such time. The Dollar Equivalent of the Maximum Undrawn Amount of all outstanding Letters of Credit shall not exceed in the aggregate at any time the Letter of Credit Sublimit. All disbursements or payments related to Letters of Credit shall be deemed to be Domestic Rate Loans consisting of Revolving Advances and shall bear interest at the Revolving Interest Rate for Domestic Rate Loans (and if such disbursement or payment was made in an Optional Currency, the amount of such Revolving Advance shall be the Dollar Equivalent of such disbursement or payment). Letters of Credit that have not been drawn upon shall not bear interest (but fees shall accrue in respect of outstanding Letters of Credit as provided in Section 3.2 hereof).

Great Lakes Dredge & Dock CORP (GLDD) (CIK 0001372020)
Source: SEC EDGAR database • Date: May 9, 2019 • SIC: 1600 • CIK: 1600

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