Procedure for Issuance. Prior to the issuance of each Letter of Credit, and as a condition of such issuance, including, without limitation any Cash Collateralized Letter of Credit or Post-Termination Letter of Credit, Borrowers shall deliver to the Issuing Lender (with a copy to Agent) a Master Letter of Credit Agreement signed by the Borrowers, together with such other documents or items as may be required pursuant to the terms thereof, and the proposed form and content of such Letter of Credit shall be reasonably satisfactory to the Issuing Lender. Except as provided in Section 2.13(B), each Letter of Credit shall be issued no earlier than two (2) Business Days after delivery of the foregoing documents, which delivery may be by Borrowers to the Issuing Lender by facsimile transmission, telex or other electronic means followed by delivery of executed originals within five days thereafter. The documents so delivered shall be in compliance with the requirements set forth in Section 2.13(A) or Section 2.13(B), as the case may be, and shall specify therein (i) the stated amount of the Letter of Credit requested, (ii) the effective date of issuance of such requested Letter of Credit, which shall be a Business Day, (iii) the date on which such requested Letter of Credit is to expire, (iv) the entity for whose benefit the requested Letter of Credit is to be issued, which shall be a Borrower, (v) the aggregate amount of Letter of Credit Obligations which are outstanding and which will be outstanding after giving effect to the requested Letter of Credit issuance and (vi) that the requested Letter of Credit is to be a Cash Collateralized Letter of Credit, if applicable. The delivery of the foregoing documents and information shall constitute an “Issuance Request” for purposes of this Agreement. Subject to the terms and conditions of Section 2.13(A) or Section 2.13(B), as the case may be, and provided that the applicable conditions set forth in Section 2.11 hereof have been satisfied, the Issuing Lender shall, on the requested date, issue a Letter of Credit on behalf of Borrowers in accordance with the Issuing Lender’s usual and customary business practices. In addition, any amendment of an existing Letter of Credit shall be deemed to be an issuance of a new Letter of Credit and shall be subject to the requirements set forth above. The Issuing Lender shall give Agent prompt written notice of the issuance of any Letter of Credit.
Procedure for Issuance e) The Funds Administrator may from time to time request the Administrative Agent to direct the issuance of a Letter of Credit by delivering to the Administrative Agent, with a copy to the applicable Issuing Bank, a Letter of Credit Request in the form of Exhibit 3.2(a) to this Agreement, not later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such shorter period as may be agreed to by the Administrative Agent and the applicable Issuing Bank) in advance of the proposed date of issuance. Prior to date of issuance or in conjunction with the submission of a Letter of Credit Request, the Funds Administrator shall provide to the Administrative Agent and the applicable Issuing Bank a precise description of the format of the Letter of Credit or information and documents adequate to allow for the Issuing Bank to prepare the requested Letter of Credit and shall specify that the only drawings permitted under the Letter of Credit shall be sight drawings. The Issuing Bank shall not issue any Letter of Credit until it has received authorization to do so from the Administrative Agent. Promptly after the issuance or amendment of any standby Letter of Credit, the Issuing Bank shall notify the Administrative Agent and the Funds Administrator, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance and amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify the Lenders, in writing, of such issuance or amendment, and if so requested by a Lender the Administrative Agent shall provide such Lender with copies of such issuance or amendment. With regards to Commercial Letters of Credit, the Issuing Bank shall on the first Business Day of each week, provide to the Administrative Agent by facsimile a report detailing the daily aggregate outstanding Commercial Letters of Credit for the previous week.
Procedure for Issuance. (i) The Borrower shall give an Issuer and the Administrative Agent at least three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”). The Letter of Credit Request shall be in a form acceptable to the Administrative Agent, the Issuer and the Borrower and shall specify:
Procedure for Issuance. 11 Section 2.03 Conditions Precedent to Effectiveness....................12 Section 2.04 Fees.....................................................14
Procedure for Issuance. Borrower shall give Agent at least three (3) Business Days' irrevocable prior notice (effective upon receipt) specifying the Business Day (which shall be no later than thirty (30) days preceding the Maturity Date) each Letter of Credit is to be issued and describing in reasonable detail the proposed terms of such Letter of Credit (including its beneficiary) and the nature of the transactions or obligations proposed to be supported. Borrower shall be the account party for each Letter of Credit, including Letters of Credit issuable to a beneficiary having a claim or potential claim against a Subsidiary of Borrower.
Procedure for Issuance. (i) The Borrower shall give an Issuer at least three Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a "Letter of Credit Request"). Such notice shall be irrevocable and shall specify:
Procedure for Issuance. Not later than 5:00 p.m. on the last day of the Offering Period the Trust shall deliver to the Insurer a notice specifying the expected Inception Date. On the Inception Date, the Trust shall deliver to the Insurer a notice showing the following, in each case as of the close of business on the Business Day immediately prior to the Inception Date: (i) the NAV for each Class of Shares, and (ii) the number of issued and outstanding shares of each Class of Shares. The notice also shall certify that the conditions precedent in Sections 2.03(b)(i) and (ii) have been satisfied. The Insurer shall promptly (and in any event on the Inception Date) issue and deliver the Policy to the Custodian.
Procedure for Issuance. Not later than three Business Days prior to the last day of the Offering Period, the Fund shall deliver to the Bank a notice specifying the expected Inception Date and the projected amount of the Financial Warranty (which shall be in the amount of the Protected Amount as of the close of business on the Transition Date and shall not exceed the Financial Warranty Amount Limit). Prior to 11:00 a.m. (Eastern time) on the Inception Date, the Fund shall deliver to the Bank a notice showing the following, in each case as of the close of business on the Transition Date: (i) the Total NAV for each Class of Shares, and (ii) the number of issued and outstanding shares of each Class of Shares. The notice also shall certify that the conditions precedent in SECTIONS 2.3(A)(I) through and including (VI) and 2.3(B) have been satisfied. Upon receipt of such notice and the fulfillment of the applicable conditions set forth in SECTION 2.3 hereof, the Bank will issue the Financial Warranty to the Fund in the amount specified in the parenthetical in the first sentence of this SECTION 2.2 (the "ISSUED FINANCIAL WARRANTY AMOUNT"). The Bank shall not incur any obligation or liability hereunder or under any transaction contemplated by any other Transaction Document during the Offering Period.
Procedure for Issuance. (a) Prior to the issuance of each new Letter of Credit and as a condition of such issuance, the Borrower shall deliver to the Letter of Credit Agent a Letter of Credit Application signed by the Borrower, together with such other documents or items as may be required pursuant to the terms thereof, and the proposed form and content of such Letter of Credit shall be reasonably satisfactory to the Letter of Credit Agent. Each Letter of Credit shall be issued no earlier than two (2) Business Days after delivery of the foregoing documents, which delivery may be by the Borrower to the Letter of Credit Agent by telecopy, telex or other electronic means followed by delivery of executed originals within five (5) days thereafter. The documents so delivered shall be in compliance with the requirements set forth in Section 2.1(b), and shall specify therein (a) the stated amount of the Letter of Credit requested, (b) the effective date of issuance of such requested Letter of Credit, which shall be a Business Day, (c) whether the Letter of Credit is to be denominated in Dollars or Pounds and (d) the aggregate amount of Letter of Credit Obligations which are outstanding and which will be outstanding after giving effect to the requested Letter of Credit issuance. The delivery of the foregoing documents and information shall constitute an “Issuance Request” for purposes of this Agreement. Subject to the terms and conditions of Section 2.1 and provided that the applicable conditions set forth in
Procedure for Issuance. Subject to the satisfaction of the conditions set forth in this Section 2.4, the relevant Issuer shall, on the requested date, Issue a Letter of Credit on behalf of the Borrower in accordance with such Issuer's usual and customary business practices. No Issuer shall Issue any Letter of Credit in the period commencing on the first Business Day after it receives written notice from any Lender that one or more of the conditions precedent contained in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) shall not on such date be satisfied and ending when such conditions are satisfied. The relevant Issuer shall not NATIONAL STEEL CORPORATION CREDIT AGREEMENT otherwise be required to determine that, or take notice whether, the conditions precedent set forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) have been satisfied in connection with the Issuance of any Letter of Credit.
