Common use of Procedure for Issuance of Letters of Credit Clause in Contracts

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 2 contracts

Samples: Credit Agreement (Hertz Global Holdings Inc), Credit Agreement (Hertz Global Holdings Inc)

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Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Revolving Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an the Issuing Lender issue a Letter of Credit by delivering to such the Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C a Letter of Credit Request therefor in the form of Exhibit B K hereto (completed to the reasonable satisfaction of such the Issuing Lender), and such other certificates, documents and other papers and information as such the Issuing Lender may reasonably request. Each L/C Letter of Credit Request shall specify the Designated Foreign Currency in which the requested Letter of Credit is to be denominated (or specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign CurrencyDollars). Upon receipt of any L/C Letter of Credit Request, such the Issuing Lender will process such L/C Letter of Credit Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Letter of Credit Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent Agent, shall promptly notify the Lenders, in writing, of such issuance or amendment, and if so requested by a Lender, Lender the Administrative Agent shall provide to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each the Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 2 contracts

Samples: Credit Agreement (VWR International, Inc.), Credit Agreement (VWR International, Inc.)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an any Issuing Lender issue a Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) by delivering to such Issuing Lender at any address mutually acceptable to the Parent Borrower and the Administrative Agent, at their respective addresses for notices specified herein, such Issuing Lender an L/C Request therefor in the form of Exhibit B hereto (Application therefor, completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each The L/C Request shall specify Application will contain a representation and warranty that the requested Letter conditions specified in Section 5.2 hereof (and Section 5.3 if applicable) have been satisfied or waived in writing by the Administrative Agent on behalf of Credit is to be denominated in Dollars or the Designated Foreign CurrencyRequired Lenders as of the date of the L/C Application. Upon receipt of any L/C RequestApplication, such Issuing Lender will shall process such L/C Request Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 3.1, this Section 3.2 and Article V hereof, promptly issue the Letter of Credit (or amend, extend or renew the outstanding Letter of Credit) requested thereby (but in no event shall such any Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) earlier than three (3) Business Days after its receipt of the L/C Request Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly Within fifteen (15) Business Days after the issuance or amendment end of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Crediteach calendar quarter, each Issuing Lender shall on the first Business Day of each week provide (or the Administrative Agent, by facsimile, with a Agent if the Administrative Agent agrees to undertake such action) shall report detailing the aggregate daily outstanding Commercial to each Lender all Letters of Credit issued by it during the previous weekcalendar quarter and the average daily undrawn and unexpired amounts for all Letters of Credit for each day in such calendar quarter. Each Issuing Lender (or the Administrative Agent if the Administrative Agent agrees to undertake such action) shall calculate the Dollar Equivalent of each outstanding Letter of Credit denominated in Euros, Sterling or any Optional Currency as of the end of each calendar month and shall notify the Administrative Agent and the Parent Borrower of such calculation, and such calculation shall be the basis of any determination of the amount of outstanding Revolving A L/C Obligations and Revolving X X/C Obligations for purposes hereof until the next such calculation.

Appears in 2 contracts

Samples: Joinder Agreement (Brinks Co), Credit Agreement (Brinks Co)

Procedure for Issuance of Letters of Credit. (a) The Parent U.S. Borrower may from time to time request during request, upon at least three Business Days' notice, the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender to issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agentat its address specified in subsection 17.2 a Letter of Credit Application, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and together with such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Upon receipt of any Letter of Credit Application from the U.S. Borrower, or, in the case of a Foreign Letter of Credit, from the U.S. Borrower and the Foreign Subsidiary that is to be denominated an account party on such Letter of Credit, such Issuing Lender will promptly, but in Dollars or the Designated Foreign Currencyno event later than five Business Days following receipt of such Letter of Credit Application, notify each U.S. Revolving Lender thereof. Upon receipt of any L/C RequestLetter of Credit Application, such the Issuing Lender will process such L/C Request Letter of Credit Application, and the other certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the such Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt by such Issuing Lender of the L/C Request therefor and all such other certificates, documents and other papers and information Letter of Credit Application relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise and by furnishing a copy thereof to the U.S. Borrower and the Participating Lenders. In addition, the U.S. Borrower may be agreed from time to time agree with Issuing Lenders other than JPMorgan Chase Bank upon procedures for issuance by such Issuing Lender Lenders of Letters of Credit and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter cause Letters of Credit to be issued by following such procedures. Such procedures shall be reasonably satisfactory to the Parent Borrower promptly following General Administrative Agent. Prior to the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace the Issuing Lender will confirm with the General Administrative Agent that the issuance of such Letter of Credit is permitted pursuant to Section 8 and subsection 11.2. Additionally, each Issuing Lender and the U.S. Borrower shall inform the General Administrative Agent of any lost, mutilated or destroyed Letter modifications made to outstanding Letters of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter payments made with respect to such Letters of Credit, and of any other information regarding such Letters of Credit as may be reasonably requested by the applicable Issuing Lender shall notify the Parent Borrower and the General Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied each case pursuant to procedures established by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the General Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 2 contracts

Samples: Credit and Guarantee Agreement (Lear Corp), Credit and Guarantee Agreement (Lear Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent U.S. Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior request, upon at least three Business Days' notice, Chase Delaware, as Issuing Lender, to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agentat its address specified in subsection 18.2 a Letter of Credit Application, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and together with such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Upon receipt of any Letter of Credit Application from the U.S. Borrower, or, in the case of a Foreign Letter of Credit, from the U.S. Borrower and the Foreign Subsidiary that is to be denominated an account party on such Letter of Credit, such Issuing Lender will promptly, but in Dollars or the Designated Foreign Currencyno event later than five Business Days following receipt of such Letter of Credit Application, notify each U.S. Lender thereof. Upon receipt of any L/C RequestLetter of Credit Application, such Chase Delaware, as Issuing Lender Lender, will process such L/C Request Letter of Credit Application, and the other certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the such Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt by such Issuing Lender of the L/C Request therefor and all such other certificates, documents and other papers and information Letter of Credit Application relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise and by furnishing a copy thereof to the U.S. Borrower and the Participating Lenders. In addition, the U.S. Borrower may be agreed from time to time agree with Issuing Lenders other than Chase Delaware upon procedures for issuance by such Issuing Lender Lenders of Letters of Credit and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter cause Letters of Credit to be issued by following such procedures. Such procedures shall be reasonably satisfactory to the Parent Borrower promptly following General Administrative Agent. Prior to the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace the Issuing Lender will confirm with the General Administrative Agent that the issuance of such Letter of Credit is permitted pursuant to Section 9 and subsection 12.2. Additionally, each Issuing Lender and the U.S. Borrower shall inform the General Administrative Agent of any lost, mutilated or destroyed Letter modifications made to outstanding Letters of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter payments made with respect to such Letters of Credit, and of any other information regarding such Letters of Credit as may be reasonably requested by the applicable Issuing Lender shall notify the Parent Borrower and the General Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied each case pursuant to procedures established by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the General Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 2 contracts

Samples: Credit and Guarantee Agreement (Lear Corp /De/), Credit and Guarantee Agreement (Lear Corp Eeds & Interiors)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender a Fronting Bank issue a Letter of Credit by delivering to such Issuing Lender and the Administrative AgentFronting Bank, at their respective addresses its address for notices specified hereinreferred to in Section 9.1, an L/C Request therefor in the form of Exhibit B hereto (Application therefor, completed to the reasonable satisfaction of such Issuing LenderFronting Bank (which completion may occur by means of any electronic system operated by such Fronting Bank), and such other certificates, documents and other papers and information as such Issuing Lender Fronting Bank may reasonably request. Each L/C Request shall specify that the requested Application for a Documentary Letter of Credit is shall specify the documents, certificates and any other items required to be denominated in Dollars presented as a condition for acceptance of a draft drawn on, or other payment request made with respect to, the Designated Foreign CurrencyDocumentary Letter of Credit Fronting Bank pursuant to such Documentary Letter of Credit. Upon receipt of any L/C RequestApplication, such Issuing Lender the relevant Fronting Bank will process such L/C Request Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures procedures, subject to the terms and shall conditions hereof, and shall, subject to the terms and conditions hereof, promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender a Fronting Bank (unless it otherwise agrees) be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit earlier than three two Domestic Business Days after its receipt of the L/C Request Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender Fronting Bank and the Parent Borrower. The applicable Issuing Lender Such Fronting Bank shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of Each Fronting Bank will periodically (but in any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall event on the first last Business Day of each week provide month) report to the Administrative AgentAgent regarding Letter of Credit issuance activity, by facsimile, and the Agent will periodically (but in any event on the last Business Day of each month) report to the Lenders regarding Letter of Credit issuance activity. Unless the Documentary Letter of Credit Fronting Bank shall have received written notice from the Agent at least one Business Day prior to the date with respect to which the Borrower has requested issuance of a report detailing Documentary Letter of Credit that not all of the aggregate daily outstanding Commercial conditions to issuance of Documentary Letters of Credit during have been satisfied, the previous weekDocumentary Letter of Credit Fronting Bank may assume that all such conditions have been satisfied.

Appears in 1 contract

Samples: Credit Agreement (Payless Cashways Inc)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit in connection with an Eligible Receivable by delivering to such the Issuing Lender and the Administrative AgentAdministrator, at their respective addresses for notices specified herein, an L/C a Letter of Credit Request therefor in the form of Exhibit B hereto (therefor, completed to the reasonable satisfaction of such the Issuing Lender), and such other certificates, documents and other papers and information as such the Issuing Lender may reasonably request. Each L/C Any such Letter of Credit Request shall specify that must be received by the requested Issuing Lender and the Administrator by no later than 12:00 noon (Atlanta) time, two (2) Business Days prior to the date such Letter of Credit is to be denominated in Dollars issued or amended, or such other time as previously agreed between the Designated Foreign CurrencyIssuing Lender and the Borrower. Upon receipt of any L/C Letter of Credit Request, such the Issuing Lender will process such L/C Letter of Credit Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to the terms and conditions set forth herein, promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit earlier than three two (2) Business Days after its receipt of the L/C Letter of Credit Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall promptly furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, is required to promptly notify each Lender of such issuance or amendment and upon request by any Lender, furnish to such notice shall be accompanied by Lender a copy of such issuance or amendment. Upon receipt Letter of Credit and the amount 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week’s participation therein.

Appears in 1 contract

Samples: Loan Agreement (Jarden Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may Representative may, from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date Date, request that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, Agent at their respective addresses its address for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto J to the Original Credit Agreement (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such an Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three five (5) Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent BorrowerBorrower Representative. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower Representative promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent BorrowerBorrower Representative. Promptly after Upon the issuance or amendment of any Standby Letter of Credit or amendment, renewal, extension or modification to a Letter of Credit, the applicable Issuing Lender shall promptly notify the Parent Borrower and the Administrative Agent, in writingwho shall promptly notify each Lender, of such issuance or amendment and such thereof, which notice shall be accompanied by a copy of such issuance or amendment. Upon receipt Letter of such notice, the Administrative Agent shall promptly notify the Lenders, in writing, of such issuance Credit or amendment, renewal, extension or modification to a Letter of Credit and if so requested by a the amount of such Lender, ’s respective participation in such Letter of Credit pursuant to Subsection 3.4. If the applicable Issuing Lender is not the same person as the Administrative Agent shall provide to such Lender copies of such issuance or amendment. With regards to Commercial Letters of CreditAgent, each Issuing Lender shall on the first Business Day of each week calendar month, such Issuing Lender shall provide to the Administrative Agent, by facsimile, with Agent a report detailing the aggregate daily listing all outstanding Commercial Letters of Credit during and the previous weekamounts and beneficiaries thereof and the Administrative Agent shall promptly provide such report to each Lender.

Appears in 1 contract

Samples: Credit Agreement (Envision Healthcare Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue issue, amend, renew or extend a Letter of Credit issued by such Issuing Lender by delivering to such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers Letter of Credit Documents and information as such Issuing Lender or the Administrative Agent may reasonably request, not later than 11:00 a.m. (Portland time) at least three (3) Business Days (or such later date and time as the Administrative Agent and such Issuing Lender may agree in their sole discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Each L/C Request Such notice shall specify that (i) the requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (ii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.1B(a)(ii)), (iii) the amount of such Letter of Credit, (iv) the name and address of the beneficiary thereof, (v) the purpose and nature of such Letter of Credit and (vi) such other information as shall be denominated in Dollars necessary to issue, amend, renew or the Designated Foreign Currencyextend such Letter of Credit. Upon receipt of any L/C RequestLetter of Credit Application, such the applicable Issuing Lender will shall, process such L/C Request Letter of Credit Application and the certificates, documents and other papers Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 2.1B(a) and Article V, promptly issue issue, amend, renew or extend the Letter of Credit requested thereby (but subject to the timing requirements set forth in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating theretothis Section 2.1B(b)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. Additionally, the Borrower shall furnish to the applicable Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as such Issuing Lender or the Administrative Agent may require. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to and the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any related Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower Credit Documents and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender of the Lenders, in writing, of such issuance or amendment, and if so requested upon request by a any Lender, the Administrative Agent shall provide furnish to such Lender copies a copy of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters Letter of Credit during and the previous weekamount of such Lender’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (Columbia Sportswear Co)

Procedure for Issuance of Letters of Credit. (a) The Parent U.S. Borrower may from time to time request during request, upon at least three Business Days' notice, the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender to issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agentat its address specified in subsection 17.2 a Letter of Credit Application, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and together with such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Upon receipt of any Letter of Credit Application from the U.S. Borrower, or, in the case of a Foreign Letter of Credit, from the U.S. Borrower and the Foreign Subsidiary that is to be denominated an account party on such Letter of Credit, such Issuing Lender will promptly, but in Dollars or the Designated Foreign Currencyno event later than five Business Days following receipt of such Letter of Credit Application, notify each U.S. Lender thereof. Upon receipt of any L/C RequestLetter of Credit Application, such the Issuing Lender will process such L/C Request Letter of Credit Application, and the other certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the such Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt by such Issuing Lender of the L/C Request therefor and all such other certificates, documents and other papers and information Letter of Credit Application relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise and by furnishing a copy thereof to the U.S. Borrower and the Participating Lenders. In addition, the U.S. Borrower may be agreed from time to time agree with Issuing Lenders other than JPMorgan Chase Bank upon procedures for issuance by such Issuing Lender Lenders of Letters of Credit and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter cause Letters of Credit to be issued by following such procedures. Such procedures shall be reasonably satisfactory to the Parent Borrower promptly following General Administrative Agent. Prior to the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace the Issuing Lender will confirm with the General Administrative Agent that the issuance of such Letter of Credit is permitted pursuant to Section 8 and subsection 11.2. Additionally, each Issuing Lender and the U.S. Borrower shall inform the General Administrative Agent of any lost, mutilated or destroyed Letter modifications made to outstanding Letters of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter payments made with respect to such Letters of Credit, and of any other information regarding such Letters of Credit as may be reasonably requested by the applicable Issuing Lender shall notify the Parent Borrower and the General Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied each case pursuant to procedures established by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the General Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Lear Corp /De/)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request request, during (x) in the Letter case of Credit Revolving Letters of Credit, the Initial Revolving Commitment Period Period, but in no event later than the 30th day prior to the Termination Initial Revolving Maturity Date and (y) in the case of Term Letters of Credit, the Initial Term L/C Commitment Period, but in no event later than the 30th day prior to the Initial Term C Loan Maturity Date, that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably requestrequest (which L/C Request must have been received by such Issuing Lender and the Administrative Agent prior to 12:00 P.M., New York City time, at least three Business Days (or five Business days for Letter of Credit transactions in a Designated Foreign Currency) prior to the requested date of issuance (or such shorter period as may be agreed by the Issuing Lender in its reasonable discretion)). Each L/C Request shall specify the applicable Borrower and that the requested Letter of Credit is to be denominated in Dollars or the any Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of CreditL/Cs, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit L/Cs during the previous week.. 116

Appears in 1 contract

Samples: Credit Agreement (Hertz Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue issue, amend, renew or extend a Letter of Credit by delivering to such the Issuing Lender and at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such the Issuing Lender), and such other certificates, documents and other papers Letter of Credit Documents and information as the Issuing Lender or the Administrative Agent may request, not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the Issuing Lender may reasonably requestagree in their sole discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Each L/C Request Such notice shall specify that (a) the requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (b) the date on which such Letter of Credit is to expire (which shall comply with Section 2.7(b)), (c) the amount of such Letter of Credit, (d) the name and address of the beneficiary thereof, (e) the purpose and nature of such Letter of Credit and (f) such other information as shall be denominated in Dollars necessary to issue, amend, renew or the Designated Foreign Currencyextend such Letter of Credit. Upon receipt of any L/C RequestLetter of Credit Application, such the Issuing Lender will shall, if in its sole discretion it elects to do so, process such L/C Request Letter of Credit Application and the certificates, documents and other papers Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 2.7 and Article IV, promptly issue issue, amend, renew or extend the Letter of Credit requested thereby (but subject to the timing requirements set forth in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating theretothis Section 2.7(b)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent Borrower. Additionally, the Borrower shall furnish to the Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as the Issuing Lender or the Administrative Agent may require. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to and the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any related Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower Credit Documents and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify each Revolving Lender of the Lendersissuance and upon request by any Revolving Lender, in writing, furnish to such Revolving Lender a copy of such issuance or amendment, Letter of Credit and if so requested by a Lender, the Administrative Agent shall provide to such Lender copies amount of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous weekRevolving Lender’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (Hormel Foods Corp /De/)

Procedure for Issuance of Letters of Credit. (a) The Parent Whenever Borrower may from time to time request during desires the Letter issuance of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit hereunder, it shall give Agent and Facing Agent at least three (3) Business Days’ prior written notice (or such shorter period as may be agreed to by delivering Borrower, Agent and Facing Agent) specifying the day of issuance thereof (which day shall be a Business Day), such notice to be given prior to 11:00 A.M. (New York City time) on the date specified for the giving of such Issuing Lender and the Administrative Agentnotice. Each such notice (each, at their respective addresses for notices specified herein, an L/C Request therefor a “Letter of Credit Request”) shall be in the form of Exhibit B 2.9 hereto and shall specify (completed A) the proposed issuance date and expiration date, (B) the name(s) of each obligor with respect to such Letter of Credit, (C) Borrower as the reasonable satisfaction account party, (D) the name and address of the beneficiary (which Person shall be reasonably acceptable to Facing Agent), (E) the Stated Amount of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested proposed Letter of Credit is to be denominated in Dollars or and (F) the Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original purpose of such Letter of Credit to the beneficiary thereof or and such other information as otherwise Facing Agent may be agreed by such Issuing Lender and the Parent Borrowerreasonably request. The applicable Issuing Lender shall furnish a copy of such In addition, each Letter of Credit Request shall contain a description of the terms and conditions to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any be included in such proposed Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance of or amendment of any to a Standby Letter of Credit, the applicable Issuing Lender Facing Agent shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment amendment, and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify the Revolving Lenders, in writing, writing of such issuance or amendment, amendment and if so requested to by a Revolving Lender, the Administrative Agent shall provide to such Revolving Lender copies with a copy of such issuance or amendment. With regards to Commercial Letters of CreditUnless otherwise specified, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial all Letters of Credit during will be governed by Uniform Customs and Practice for Documentary Credits (the previous week"UCP"). On the Business Day specified by Borrower and upon fulfillment or waiver of the applicable conditions set forth in Article VI, Facing Agent will issue the requested Letter of Credit to the applicable beneficiary.

Appears in 1 contract

Samples: And Restatement Agreement (BMC Industries Inc/Mn/)

Procedure for Issuance of Letters of Credit. (a) The Parent U.S. Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior request, upon at least three Business Days' notice, Chase Delaware, as Issuing Lender, to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agentat its address specified in subsection 18.2 a Letter of Credit Application, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing 69 61 Lender), and together with such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Upon receipt of any Letter of Credit Application from the U.S. Borrower, or, in the case of a Foreign Letter of Credit, from the U.S. Borrower and the Foreign Subsidiary that is to be denominated an account party on such Letter of Credit, such Issuing Lender will promptly, but in Dollars or the Designated Foreign Currencyno event later than five Business Days following receipt of such Letter of Credit Application, notify each U.S. Lender thereof. Upon receipt of any L/C RequestLetter of Credit Application, such Chase Delaware, as Issuing Lender Lender, will process such L/C Request Letter of Credit Application, and the other certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the such Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt by such Issuing Lender of the L/C Request therefor and all such other certificates, documents and other papers and information Letter of Credit Application relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise and by furnishing a copy thereof to the U.S. Borrower and the Participating Lenders. In addition, the U.S. Borrower may be agreed from time to time agree with Issuing Lenders other than Chase Delaware upon procedures for issuance by such Issuing Lender Lenders of Letters of Credit and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter cause Letters of Credit to be issued by following such procedures. Such procedures shall be reasonably satisfactory to the Parent Borrower promptly following General Administrative Agent. Prior to the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace the Issuing Lender will confirm with the General Administrative Agent that the issuance of such Letter of Credit is permitted pursuant to Section 9 and subsection 12.2. Additionally, each Issuing Lender and the U.S. Borrower shall inform the General Administrative Agent of any lost, mutilated or destroyed Letter modifications made to outstanding Letters of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter payments made with respect to such Letters of Credit, and of any other information regarding such Letters of Credit as may be reasonably requested by the applicable Issuing Lender shall notify the Parent Borrower and the General Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied each case pursuant to procedures established by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the General Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Lear Corp /De/)

Procedure for Issuance of Letters of Credit. (a) The Parent Each Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue (or amend, renew or extend) a Letter of Credit by delivering to such the Issuing Lender and Lender, with a copy to the Administrative Agent, in each case, at their respective addresses the applicable address for notices specified hereinherein (i) an Application therefor, an L/C Request therefor specifying whether such Letter of Credit is to be a Tranche A Letter of Credit (in which case such Letter of Credit when issued shall be deemed to use the form Tranche A Commitments to the extent of Exhibit the amount of such Letter of Credit) or a Tranche B hereto Letter of Credit (in which case such Letter of Credit when issued shall be deemed to use the Tranche B Commitments to the extent of the amount of each Letter of Credit) and otherwise completed to the reasonable satisfaction of such the Issuing Lender), and (ii) such other certificates, documents and other papers and information as such the Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C RequestApplication, such the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the limitations contained in Section 3.1(a) shall not be violated and shall then process such L/C Request Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue (or amend, renew or extend) the Letter of Credit requested thereby (but in no event shall such the Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue (or amend, renew or extend) any Letter of Credit earlier than three (3) Business Days after its 205 receipt of the L/C Request Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit (or amendment, renewal or extension) to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent applicable Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit (or amendment, renewal or extension) to the Parent applicable Borrower and the Administrative Agent promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous weekLenders thereof.

Appears in 1 contract

Samples: Credit Agreement (Kimco Realty Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an any Issuing Lender issue a Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) by delivering to such Issuing Lender at any address mutually acceptable to the Borrower and the Administrative Agent, at their respective addresses for notices specified herein, such Issuing Lender an L/C Request therefor in the form of Exhibit B hereto (Application therefor, completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each The L/C Request shall specify Application will contain a representation and warranty that the requested Letter conditions specified in Section 5.3 hereof have been satisfied or waived in writing by the Administrative Agent as of Credit is to be denominated in Dollars or the Designated Foreign Currencydate of the L/C Application. The L/C Application will also state the aggregate principal amount of all Competitive Bid Loans outstanding under the 364 Day Facility and the Three Year Facility. Upon receipt of any L/C RequestApplication, such Issuing Lender will shall process such L/C Request Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 3.1, this Section 3.2 and Article V hereof, promptly issue the Letter of Credit (or amend, extend or renew the outstanding Letter of Credit) requested thereby (but in no event shall such any Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) earlier than three (3) Business Days after its receipt of the L/C Request Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly Within fifteen (15) Business Days after the issuance or amendment end of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Crediteach calendar quarter, each Issuing Lender shall on the first Business Day of each week provide (or the Administrative Agent, by facsimile, with a Agent if the Administrative Agent agrees to undertake such action) shall report detailing the aggregate daily outstanding Commercial to each Lender all Letters of Credit issued by it during the previous weekcalendar quarter and the average daily undrawn and unexpired amounts for all Letters of Credit for each day in such calendar quarter.

Appears in 1 contract

Samples: Credit Agreement (Pittston Co)

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Procedure for Issuance of Letters of Credit. (a) The Parent applicable Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent or the Canadian Agent, as applicable, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B K hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify the Designated Foreign Currency in which the requested Letter of Credit is to be denominated (or specify that the requested Letter of Credit is to be denominated in Dollars or Canadian Dollars in the Designated Foreign Currencycase of the Canadian Borrowers). Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such an Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent applicable Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent applicable Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent applicable Borrower and the Administrative Agent or the Canadian Agent, as applicable, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent or the Canadian Agent, as applicable, shall promptly notify the applicable Lenders, in writing, of such issuance or amendment, and if so requested by a Lender, the Administrative Agent or the Canadian Agent, as applicable, shall provide to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each the Issuing Lender shall on the first Business Day of each week provide the Administrative Agent or the Canadian Agent, as applicable, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Mortgage, Security Agreement (Hertz Corp)

Procedure for Issuance of Letters of Credit. (ai) The Parent Borrower may from time to time request during the Letter of Credit Initial Revolving Commitment Period Period, but in no event later than the 30th day prior to the Termination Date Initial Revolving Maturity Date, that an the Issuing Lender Bank issue a Letter of Credit by delivering to such the Issuing Lender Bank and the Administrative Agent, at their respective addresses for notices specified herein, an L/C a Letter of Credit Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such the Issuing LenderBank), and such other certificates, documents and other papers and information as such the Issuing Lender Bank may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C Letter of Credit Request, the Issuing Bank shall (i) confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not so received, the Issuing Lender will Bank shall provide the Administrative Agent with a copy thereof and (ii) process such L/C Letter of Credit Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and and, unless notified by the Administrative Agent or the Borrower, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Subsection 6.2 shall not then be satisfied, shall promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Lender Bank be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Letter of Credit Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender Bank and the Parent Borrower. The applicable Issuing Lender Bank shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender Bank shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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, Lender the Administrative Agent shall provide to such Lender copies of such issuance or amendment. With regards regard to Commercial Letters of Credit, each the Issuing Lender Bank shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Intercreditor Agreement (PharMEDium Healthcare Holdings, Inc.)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B H hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Credit Agreement (Hertz Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit by delivering to such the Issuing Lender and at the Administrative AgentIssuing Lender’s Lending Office an Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such the Issuing Lender), and such other certificates, documents and other papers and information as such the Issuing Lender may reasonably request. Each L/C Request request (which information shall specify that include the requested Permitted Currency in which the Letter of Credit is to shall be denominated in Dollars or the Designated Foreign Currencydenominated). Upon receipt of any L/C RequestApplication, such the Issuing Lender will shall process such L/C Request Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 3.1 and Article VI hereof, promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, required to issue any Letter of Credit earlier than (a) three (3) Business Days Days, with respect to a Letter of Credit denominated in Dollars, and (b) four (4) Business Days, with respect to an Alternative Currency Letter of Credit, after its receipt of the L/C Request Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall promptly furnish to the Borrower a copy of such Letter of Credit to the Parent Borrower and promptly following notify each Lender of the issuance thereofand upon request by any Lender, furnish to such Lender a copy of such Letter of Credit and the amount of such Lender’s participation therein. No If the Issuing Lender shall amendhas received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) in sufficient time to permit the Issuing Lender, cancel or waive presentation through the exercise of commercially reasonable efforts, to stop the issuance of any Letter of CreditCredit requested by the Borrower (A) directing the Issuing Lender not to issue such Letter of Credit as a result of the limitations set forth in the proviso to the first sentence of Section 3.1(a) or (B) that one or more of the applicable conditions specified in Article VI is not then satisfied, or replace any lost, mutilated or destroyed then the Issuing Lender will not issue such Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous week.

Appears in 1 contract

Samples: Credit Agreement (Geo Group Inc)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an applicable Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and (with a copy to the Administrative Agent) a Letter of Credit Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested Letter of Credit is to be denominated in Dollars or the Designated Foreign Currency. Upon receipt of any L/C RequestLetter of Credit Application, such Issuing Lender will shall process such L/C Request Letter of Credit Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier later than three two (2) Business Days after its receipt of the L/C Request Letter of Credit Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Such Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Parent Borrower and promptly following notify each Revolving Lender of the issuance thereof. No Issuing and upon request by any Revolving Lender, furnish to such Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt Letter of Credit and the amount of such notice, Revolving Lender’s participation therein. On the Administrative Agent shall promptly notify the Lenders, in writing, fifth Business Day of such issuance or amendment, and if so requested by a Lender, the Administrative Agent shall provide to such Lender copies of such issuance or amendment. With regards to Commercial Letters of Crediteach month, each Issuing Lender (other than Xxxxx Fargo, in the event it is an Issuing Lender) shall on deliver a report to the first Administrative Agent identifying (i) each Letter of Credit and the type and currency of such Letter of Credit issued by it during the prior month, and (ii) with respect to each Letter of Credit issued by it that remains outstanding, (A) the face amount thereof as of the end of the prior month and the maximum potential face amount thereof, (B) the amount thereof that was drawn in the prior month, (C) the amount thereof that remains undrawn as of the last Business Day of each week provide the Administrative Agentprior month and (D) the expiry date, by facsimileincluding indication of auto-renewal feature, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous weekif applicable.

Appears in 1 contract

Samples: Credit Agreement (Orbital Atk, Inc.)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower Applicant may from time to time request request, during the Letter of Credit Commitment Period Period, but in no event later than the 30th day prior to the Termination Date Maturity Date, that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably requestrequest (which L/C Request must have been received by such Issuing Lender and the Administrative Agent prior to 12:00 P.M., New York City time, at least three Business Days prior to the requested date of issuance (or such shorter period as may be agreed by the Issuing Lender in its reasonable discretion)). Each L/C Request shall specify that whether the requested Letter of Credit is to be denominated in Dollars or the any Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent BorrowerApplicant. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower Applicant promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent BorrowerApplicant. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower Applicant and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of CreditL/Cs, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit L/Cs during the previous week.

Appears in 1 contract

Samples: Letter of Credit Agreement (Hertz Corp)

Procedure for Issuance of Letters of Credit. (a) The Parent Whenever Borrower may from time to time request during desires the Letter issuance of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue a Letter of Credit hereunder, it shall give Agent and Facing Agent at least three (3) Business Days' prior written notice (or such shorter period as may be agreed to by delivering Borrower, Agent and Facing Agent) specifying the day of issuance thereof (which day shall be a Business Day), such notice to be given prior to 11:00 A.M. (New York City time) on the date specified for the giving of such Issuing Lender and the Administrative Agentnotice. Each such notice (each, at their respective addresses for notices specified herein, an L/C Request therefor a "Letter of Credit Request") shall be in the form of Exhibit B 2.9 hereto and shall specify (completed A) the proposed issuance date and expiration date, (B) the name(s) of each obligor with respect to such Letter of Credit, (C) Borrower as the reasonable satisfaction account party, (D) the name and address of the beneficiary (which Person shall be reasonably acceptable to Facing Agent), (E) the Stated Amount of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Each L/C Request shall specify that the requested proposed Letter of Credit is to be denominated in Dollars or and (F) the Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original purpose of such Letter of Credit to the beneficiary thereof or and such other information as otherwise Facing Agent may be agreed by such Issuing Lender and the Parent Borrowerreasonably request. The applicable Issuing Lender shall furnish a copy of such In addition, each Letter of Credit Request shall contain a description of the terms and conditions to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any be included in such proposed Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance of or amendment of any to a Standby Letter of Credit, the applicable Issuing Lender Facing Agent shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment amendment, and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify the Revolving Lenders, in writing, writing of such issuance or amendment, amendment and if so requested to by a Revolving Lender, the Administrative Agent shall provide to such Revolving Lender copies with a copy of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender the Facing Agent shall on the first Business Day of each week provide the Administrative Agent, Agent by facsimile, facsimile with a report detailing the aggregate daily outstanding amount of Commercial Letters of Credit during issued by such Facing Agent for the previous prior week. Unless otherwise specified, all Letters of Credit will be governed by Uniform Customs and Practice for Documentary Credits (the "UCP"). On the Business Day specified by Borrower and upon fulfillment or waiver of the applicable conditions set forth in Article VI, Facing Agent will issue the requested Letter of Credit to the applicable beneficiary.

Appears in 1 contract

Samples: Credit Agreement (BMC Industries Inc/Mn/)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an any Issuing Lender issue issue, amend, renew or extend a Letter of Credit by delivering to such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers Letter of Credit Documents and information as such Issuing Lender or the Administrative Agent may reasonably request, not later than 12:00 p.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and such Issuing Lender may agree in their sole discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Each L/C Request Such notice shall specify that (a) the requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (b) the date on which such Letter of Credit is to expire (which shall comply with Section 3.1(b)), (c) the amount of such Letter of Credit, (d) the name and address of the beneficiary thereof, (e) the purpose and nature of such Letter of Credit and (f) such other information as shall be denominated in Dollars necessary to issue, amend, renew or the Designated Foreign Currencyextend such Letter of Credit. Upon receipt of any L/C RequestLetter of Credit Application, such the applicable Issuing Lender will shall, process such L/C Request Letter of Credit Application and the certificates, documents and other papers Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 3.1 and Article V, promptly issue issue, amend, renew or extend the Letter of Credit requested thereby (but subject to the timing requirements set forth in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating theretothis Section 3.2) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. Additionally, the Borrower shall furnish to the applicable Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as the applicable Issuing Lender or the Administrative Agent may require. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to and the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any related Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower Credit Documents and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify each Lender of the Lenders, in writing, of such issuance or amendment, and if so requested upon request by a any Lender, the Administrative Agent shall provide furnish to such Lender copies a copy of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters Letter of Credit during and the previous weekamount of such Lender’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (Coca-Cola Consolidated, Inc.)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request during that the Letter of Credit Commitment Period but in no event later than the 30th day prior to the Termination Date that an Issuing Lender issue issue, amend, renew or extend a Letter of Credit by delivering to such the Issuing Lender and at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such the Issuing Lender), and such other certificates, documents and other papers Letter of Credit Documents and information as the Issuing Lender or the Administrative Agent may request, not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and the Issuing Lender may reasonably requestagree in their sole discretion) prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Each L/C Request Such notice shall specify that (i) the requested date of issuance, amendment, renewal or extension (which shall be a Business Day), (ii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.1C(a)(ii), (iii) the amount of such Letter of Credit, (iv) the name and address of the beneficiary thereof, (v) the purpose and nature of such Letter of Credit and (vi) such other information as shall be denominated in Dollars necessary to issue, amend, renew or the Designated Foreign Currencyextend such Letter of Credit. Upon receipt of any L/C RequestLetter of Credit Application, such the Issuing Lender will shall, process such L/C Request Letter of Credit Application and the certificates, documents and other papers Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall shall, subject to Section 2.1C(a) and Article V, promptly issue issue, amend, renew or extend the Letter of Credit requested thereby (but subject to the timing requirements set forth in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating theretothis Section 2.1C(b)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Lender and the Parent Borrower. Additionally, the Borrower shall furnish to the Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as the Issuing Lender or the Administrative Agent may require. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to and the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any related Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower Credit Documents and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Administrative Agent shall promptly notify each Revolving A Lender of the Lendersissuance and upon request by any Revolving A Lender, in writing, furnish to such Revolving A Lender a copy of such issuance or amendment, Letter of Credit and if so requested by a Lender, the Administrative Agent shall provide to such Lender copies amount of such issuance or amendment. With regards to Commercial Letters of Credit, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit during the previous weekRevolving A Lender’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (Columbia Sportswear Co)

Procedure for Issuance of Letters of Credit. (a) The Parent Borrower may from time to time request request, during (x) in the Letter case of Credit Revolving Letters of Credit, the Initial Revolving Commitment Period Period, but in no event later than the 30th day prior to the Termination Initial Revolving Maturity Date and (y) in the case of Term Letters of Credit, the Initial Term L/C Commitment Period, but in no event later than the 30th day prior to the Initial Term C Loan Maturity Date, that an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender and the Administrative Agent, at their respective addresses for notices specified herein, an L/C Request therefor in the form of Exhibit B hereto (completed to the reasonable satisfaction of such Issuing Lender), and such other certificates, documents and other papers and information as such Issuing Lender may reasonably requestrequest (which L/C Request must have been received by such Issuing Lender and the Administrative Agent prior to 12:00 P.M., New York City time, at least three Business Days (or five Business days for Letter of Credit transactions in a Designated Foreign Currency) prior to the requested date of issuance (or such shorter period as may be agreed by the Issuing Lender in its reasonable discretion)). Each L/C Request shall specify the applicable Borrower and that the requested Letter of Credit is to be denominated in Dollars or the any Designated Foreign Currency. Upon receipt of any L/C Request, such Issuing Lender will process such L/C Request and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required, unless otherwise agreed to by such Issuing Lender, to issue any Letter of Credit earlier than three Business Days after its receipt of the L/C Request therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Lender and the Parent Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Parent Borrower promptly following the issuance thereof. No Issuing Lender shall amend, cancel or waive presentation of any Letter of Credit, or replace any lost, mutilated or destroyed Letter of Credit, without the prior written consent of the Parent Borrower. Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or 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 to such Lender copies of such issuance or amendment. With regards to Commercial Letters of CreditL/Cs, each Issuing Lender shall on the first Business Day of each week provide the Administrative Agent, by facsimile, with a report detailing the aggregate daily outstanding Commercial Letters of Credit L/Cs during the previous week.

Appears in 1 contract

Samples: Credit Agreement (Hertz Corp)

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