Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.3 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date twelve months after the date of issuance or (b) 15 days prior to the Final Maturity Date with respect to the Working Capital Loans. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date 12 months after the date of issuance or (b) the Final Revolving Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit will be issued, accepted or paid, as the case may be, by the applicable Issuing Bank at its principal office. No Letter of Credit will provide for the payment of drafts drawn thereunder (and no draft will be payable) at a date which is later than the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will be in such form and minimum amount, and will contain such terms, as the applicable Issuing Bank and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date twelve months after the date of issuance or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form as is generally acceptable in the petroleum industry, shall be in such amount as the Letter of Credit Issuer and the Company may agree upon at the time such Letter of Credit is issued and shall include a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.3 and each draft accepted or paid under a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date 12 months after the date of 47 49 issuance (which expiration date may be extended at the option of the Letter of Credit Issuer for additional 12-month periods ending prior to the date referred to in clause (b) below) or (b) five Banking Days prior to the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Company may agree upon at the time such Letter of Credit is issued.
Form and Expiration of Letters of Credit. Each Letter of Credit to be issued under this Section 2 and each draft accepted or paid under such Letters of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date twelve months after the date of issuance or (b) the Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Borrowers may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Business Days after presentation of a draft before payment must be made thereunder; PROVIDED, that the Letter of Credit Issuer shall use reasonable efforts to make payment in a shorter period.
Form and Expiration of Letters of Credit. Each Letter of Credit and each draft accepted or paid under a Letter of Credit shall be issued, accepted or paid, as the case may be by the Agent at the Boston Office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date that is later that the earlier of (i) the date 12 months after the date of issuance or (ii) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Agent and the Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder, the term of such Letter of Credit and any rights of cancellation with respect thereto.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.3 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) five Banking Days prior to the Final Revolving Maturity Date and (b) (i) in the case of any standby Letter of Credit not described in clause (ii) below, the first anniversary of the date of issuance (which expiration period may be extended at the option of the Letter of Credit Issuer for additional 12-month periods ending prior to Final Revolving Maturity Date), (ii) in the case of any direct-pay Letter of Credit issued in connection with industrial development bonds permitted by Section 6.6.18, such expiration date as may be customary in similar transactions and reasonably acceptable to the Required Lenders (but in any event no earlier than the first anniversary of the date of issuance) and (iii) in the case of any other Letter of Credit, the date 180 days after the date of issuance. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Company may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the Final Maturity Date or (b) (i) in the case of any standby Letter of Credit not described in clause (ii) below, the first anniversary of the date of issuance, (ii) in the case of any direct-pay Letter of Credit issued in connection with industrial development bonds permitted by Sections 6.6.13 and 6.6.15, such expiration date as may be customary in similar transactions and reasonably acceptable to the Required Lenders (but in any event no earlier than the first anniversary of the date of issuance) and (iii) in the case of any other Letter of Credit, the date 180 days after the date of issuance. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form and minimum amount, and shall contain such terms, as the Letter of Credit Issuer and the Company may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
Form and Expiration of Letters of Credit. Each Letter of Credit issued under this Section 2.3 and each draft accepted or paid under such a Letter of Credit shall be issued, accepted or paid, as the case may be, by the Letter of Credit Issuer at its principal office. No Letter of Credit shall provide for the payment of drafts drawn thereunder, and no draft shall be payable, at a date which is later than the earlier of (a) the date 90 days after the date of issuance (364 days after the date of issuance in the case of Letters of Credit to be used to secure performance bonds of the Company or any of its Subsidiaries) and (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit shall be in such form as is generally acceptable in the petroleum industry, shall be in such amount as the Letter of Credit Issuer and the Company may agree upon at the time such Letter of Credit is issued and shall include a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.
