Common use of Letter of Credit Procedures Clause in Contracts

Letter of Credit Procedures. Whenever the Company desires the issuance of a Letter of Credit, it shall deliver to Bank One not later than 11:30 a.m. (Dallas, Texas time) at least three Banking Days (or such shorter period as may be agreed to by Bank One in any particular instance) in advance of the proposed date of issuance a Reimbursement Agreement duly executed by an Authorized Officer. Each Reimbursement Agreement shall include a precise description of the documents and the verbatim text of any certificate to be presented by the proposed beneficiary with, or as a part of any Draft; provided that Bank One, in its sole judgment, may require changes in the description of any such documents and the text of such certificates; and provided further that, at the discretion of Bank One, each Letter of Credit shall provide that payment against a conforming Draft is not required to be made thereunder prior to the close of business on the third Banking Day following presentment of such Draft.

Letter of Credit Procedures. Whenever the Company desires the issuance of a Letter of Credit, it shall deliver to the Bank One not later than 11:30 a.m. (Dallas, Texas time) at least three Banking Days (or such shorter period as may be agreed to by the Bank One in any particular instance) in advance of the proposed date of issuance a Reimbursement Agreement duly executed by an Authorized Officer. Each Reimbursement Agreement shall include a precise description of the documents and the verbatim text of any certificate to be presented by the proposed beneficiary with, or as a part of any Draft; provided that Bank Onethe Bank, in its sole judgment, may require changes in the description of any such documents and the text of such certificates; and provided further that, at the discretion of Bank Onethe Bank, each Letter of Credit shall provide that payment against a conforming Draft is not required to be made thereunder prior to the close of business on the third Banking Day following presentment of such Draft.