Common use of Issuance, Amendment and Renewal of Letters of Credit Clause in Contracts

Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Company received by the Issuing Bank (with a copy sent by the Company to the Agent) at least three (3) days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank such matters as the Issuing Bank may require. Each Letter of Credit (i) will be for the account of such Borrower, (ii) will be a (A) nontransferable standby letter of credit to support certain performance obligations of such Borrower, or (B) non-transferable standby letter of credit to support certain payment obligations of such Borrower that are not prohibited by this Agreement, (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be customarily required by the Issuing Bank.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Group 1 Automotive Inc), Group 1 Automotive Inc

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Issuance, Amendment and Renewal of Letters of Credit. (aA) Each Letter of Credit shall be issued or amended upon the irrevocable written request of the Company Borrower received by the Issuing Bank Agent (with a copy sent by the Company to the AgentL/C Issuer) at least three five (35) days Business Days (or such shorter time as the Issuing Bank Agent and L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance, or in the case of automatically renewable Letters of Credit, five (5) Business Days prior to the date Agent or the L/C Issuer must notify the beneficiary of a non renewal. Each such request for Issuance of a Letter of Credit shall be by written request and, if by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank Agent and the L/C Issuer such matters as the Issuing Bank Agent and the L/C Issuer may require. Each Unless otherwise agreed to by the Lenders in writing, each Letter of Credit (i) will be for the account of such BorrowerBorrower or any Subsidiary, (ii) will be (a) a (A) nontransferable non-transferable standby letter of credit to support certain performance obligations of such BorrowerBorrower or Subsidiary, or (Bb) a non-transferable standby letter of credit to support certain payment obligations of such Borrower or Subsidiaries that are not prohibited by this Agreement, and (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be reasonably and customarily required by the Issuing Bank.Agent and L/C Issuer. Table of Contents

Appears in 1 contract

Samples: Credit Agreement (Sonic Automotive Inc)

Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Company Borrower received by the Issuing Bank (with a copy sent by the Company Borrower to the Agent) at least three (3) days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank such matters as the Issuing Bank may require. Each Letter of Credit (i) will be for the account of such the Borrower, (ii) will be a (A) nontransferable A)nontransferable standby letter of credit to support certain performance obligations of such the Borrower, or (B) non-transferable standby letter of credit to support certain payment obligations of such the Borrower that are not prohibited by this Agreement, (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be customarily required by the Issuing Bank.

Appears in 1 contract

Samples: Credit Agreement (Lithia Motors Inc)

Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Company received by the Issuing Bank (with a copy sent by the Company to the Agent) at least three (3) days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank such matters as the Issuing Bank may require. Each Letter of Credit (i) will be for the account of such Borrower, (ii) will be a (A) nontransferable standby letter of credit to support certain performance obligations of such Borrower, or (B) non-transferable standby letter of credit to support certain payment obligations of such Borrower that are not prohibited by this Agreement, (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be customarily required by the Issuing Bank.for

Appears in 1 contract

Samples: Group 1 Automotive Inc

Issuance, Amendment and Renewal of Letters of Credit. (a) a Each Letter of Credit shall be issued upon the irrevocable written request of the Company received by the an Issuing Bank (with a copy sent by the Company to the Administrative Agent) at least three (3) days (or such shorter time as the such Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuanceissuance. Each such request for Issuance issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit ApplicationApplication (with a copy furnished to the Administrative Agent by the Company), and shall specify in form and detail satisfactory to the Issuing Bank receiving such Letter of Credit Application such matters as the that Issuing Bank may require. Each Letter of Credit (i) will be for the account of such Borrowerthe Company or the Company and any of its Subsidiaries, (ii) will be a (A) nontransferable direct pay, trade or standby letter of credit to support certain performance obligations of such Borrower, or (B) non-transferable standby letter of credit to support certain payment obligations of such Borrower the Company that are not prohibited by this Agreement, (iii) will be Agreement and for purposes reasonably satisfactory to which are not prohibited by this Agreement and do not violate any applicable policies of the Issuing Bank which have not been waived by such Issuing Bank, and (iviii) will contain such terms and provisions as may be customarily required by the Issuing BankBank of such Letter of Credit.

Appears in 1 contract

Samples: Assignment and Acceptance Agreement (Citgo Petroleum Corp)

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Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Company received by the Issuing Bank (with a copy sent by the Company to the Agent) at least three (3) days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank such matters as the Issuing Bank may require. Each Letter of Credit (i) will be for the account of such Borrower, (ii) will be a (A) nontransferable standby letter of credit to support certain performance obligations of such Borrower, or (B) non-transferable standby letter of credit to support certain THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 61 63 payment obligations of such Borrower that are not prohibited by this Agreement, (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be customarily required by the Issuing Bank.

Appears in 1 contract

Samples: Credit Agreement (Group 1 Automotive Inc)

Issuance, Amendment and Renewal of Letters of Credit. (a) Each Letter of Credit shall be issued upon the irrevocable written request of the Company received by the Issuing Bank (with a copy sent by the Company to the Agent) at least three (3) days (or such shorter time as the Issuing Bank may agree in a particular instance in its sole discretion) prior to the proposed date of Issuance. Each such request for Issuance of a Letter of Credit shall be by facsimile, confirmed immediately in an original writing, in the form of a Letter of Credit Application, and shall specify in form and detail satisfactory to the Issuing Bank such matters as the Issuing Bank may require. Each Letter of Credit (i) will be for the account of such Borrower, (ii) will be a (A) nontransferable standby letter of credit to support certain performance obligations of such Borrower, or (B) non-transferable standby letter of credit to support certain payment obligations of such Borrower that are not prohibited by this Agreement, (iii) will be for purposes reasonably satisfactory to the Issuing Bank and (iv) will contain such terms and provisions as may be customarily required by the Issuing Bank.. Second Amended and Restated Revolving Credit Agreement

Appears in 1 contract

Samples: Group 1 Automotive Inc

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