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

Procedure for Issuance of Letters of Credit. The Company may from time to time request that an Issuing Lender issue a Letter of Credit by delivering to the applicable Issuing Lender (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day), (iv) the amount thereof, (v) the expiry date thereof, (vi) the name and address of the beneficiary thereof, (vii) the documents to be presented by such beneficiary in case of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (ix) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (i) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C Participant’s participation therein.

Appears in 5 contracts

Samples: Credit Agreement (BlackRock Inc.), Credit Agreement (BlackRock Inc.), Credit Agreement (BlackRock Inc.)

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Procedure for Issuance of Letters of Credit. The Company may from time to time request that an Issuing Lender issue a Letter of Credit by delivering to Whenever Borrower desires the applicable Issuing Lender (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of CreditCredit hereunder, it shall give Agent and Facing Agent at least three (i3) Business Days' prior written notice (or such shorter period as may be agreed to by Borrower, Agent and Facing Agent) specifying the Permitted Currency in which such Letter day of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance date of the requested Letter of Credit thereof (which day shall be a Business Day), such notice to be given prior to 11:00 A.M. (ivNew York City time) on the date specified for the giving of such notice. Each such notice (each, a "LETTER OF CREDIT REQUEST") shall be in the form of EXHIBIT 2.9 hereto and shall specify (A) the amount thereofproposed issuance date and expiration date, (vB) the expiry date thereofname(s) of each obligor with respect to such Letter of Credit, (viC) Borrower as the account party, (D) the name and address of the beneficiary thereof(which Person shall be reasonably acceptable to Facing Agent), (viiE) the documents to be presented by Stated Amount of such beneficiary in case proposed Letter of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, Credit and (ixF) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (i) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly such other information as Facing Agent may reasonably request. In addition, each Letter of Credit Request shall contain a description of the terms and conditions to be included in such proposed Letter of Credit. Promptly after issuance of any Letter of Credit, Facing Agent shall notify each Several Issuing Lender (the Lenders of such issuance and such notice shall be accompanied by a copy of the issued Letter of Credit in the case of Several a Standby Letter of Credit and in the case of a Commercial Letter of Credit, a copy of the issued Letter of Credit shall be available upon request to Facing Agent. Unless otherwise specified, all Letters of Credit) Credit will be governed by the Uniform Customs and L/C Participant Practices for Documentary Credit Operations as in effect on the date of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit. 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 and to the amount of such L/C Participant’s participation thereinapplicable beneficiary.

Appears in 2 contracts

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

Procedure for Issuance of Letters of Credit. The Company may from time to time request that an Issuing Lender issue a Letter of Credit by delivering to Whenever Borrower desires the applicable Issuing Lender (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of CreditCredit hereunder, it shall give Agent and Facing Agent at least three (i3) Business Days' prior written notice (or such shorter period as may be agreed to by Borrower, Agent and Facing Agent) specifying the Permitted Currency in which such Letter day of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance date of the requested Letter of Credit thereof (which day shall be a Business Day), such notice to be given prior to 11:00 A.M. (ivNew York City time) on the date specified for the giving of such notice. Each such notice (each, a "Letter of Credit Request") shall be in the form of Exhibit 2.7(b) hereto and shall specify (A) the amount thereofproposed issuance date and expiration date, (vB) the expiry date thereofname(s) of each obligor with respect to such Letter of Credit, (viC) Borrower as the account party, (D) the name and address of the beneficiary thereof(which Person shall be reasonably acceptable to Facing Agent), (viiE) the documents to be presented by Stated Amount of such beneficiary in case proposed Letter of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, Credit and (ixF) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (i) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify such other information as Facing Agent may reasonably request. In addition, each Several Issuing Lender (Letter of Credit Request shall contain a description of the terms and conditions to be included in the case of Several Letters such proposed Letter of Credit) and L/C Participant of . Promptly after the issuance of or amendment to a Standby Letter of Credit, the Facing Agent shall notify the Borrower and upon request the Agent, in writing, of such issuance or amendment, and such notice shall be accompanied by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such issuance or amendment. Upon receipt of such notice, the Agent shall notify the Lenders, in writing of such issuance or amendment and if requested to by a Lender, the Agent shall provide such Lender with a copy of such issuance or amendment. With regards to Commercial Letters of Credit, the Facing Agent shall on the first Business Day of each week provide the Agent by facsimile with a report detailing the aggregate daily outstanding amount of Commercial Letters of Credit issued by such Facing Agent for the 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 and to the amount of such L/C Participant’s participation thereinapplicable beneficiary.

Appears in 1 contract

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

Procedure for Issuance of Letters of Credit. The Company may from time to time request that an Issuing Lender issue a Letter of Credit by delivering to the applicable Issuing Lender (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day), (iv) the amount thereof, (v) the expiry date thereof, (vi) the name and address of the beneficiary thereof, (vii) the documents to be presented by such beneficiary in case of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (ix) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (i) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C Participant’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (BlackRock Inc.)

Procedure for Issuance of Letters of Credit. The Whenever the Company may from time to time request that an Issuing Lender issue desires the issuance of a Letter of Credit by delivering to hereunder, it shall give the applicable Issuing Lender relevant Facing Agent (with a copy to the Administrative Agent Documentation Agent) at the Administrative Agent’s Officeleast five (5) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance date of Business Days' prior written notice specifying the requested Letter day of Credit issuance thereof (which day shall be a Business Day), such notice to be given prior to 10:00 a.m. (ivNew York City time) on the date specified for the giving of such notice. Each such notice (each, a "Letter of Credit Request") shall be in the form of Exhibit J hereto and shall specify (A) the amount thereofname of the Bank which the Company would like to act as the Facing Agent, (vB) the expiry proposed issuance date thereofand expiration date of the requested Letter of Credit, (viC) the name and address of the beneficiary thereof(which Person shall be reasonably acceptable to the Facing Agent), (viiD) the documents to be presented by Stated Amount of such beneficiary in case of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (ix) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (iE) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the Letter of Credit Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original purpose of such Letter of Credit (which shall be acceptable to the beneficiary thereof Facing Agent), and (F) such other information as the Documentation Agent or as the Facing Agent may reasonably request. In addition, each Letter of Credit Request shall contain a description of the terms and conditions to be included in the proposed Letter of Credit (all of which terms and conditions shall be acceptable to the Facing Agent). No Letter of Credit shall contain any provision for payment thereunder at any time earlier than 2:00 p.m. (New York City time) on the first Business Day after the presentation of all drafts, demands for payment and all other documents, if any, required to be presented pursuant to such Letter of Credit. Unless otherwise may specified, all Letters of Credit will be agreed governed by the Issuing Lender Uniform Customs and Practice for Documentary Credits of the Company. The Issuing Lender shall promptly furnish to International Chamber of Commerce as in effect on the Company a copy date of issuance of such Letter of Credit Credit. On the Business Day specified by the Company and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant upon fulfillment or waiver of the issuance and upon request by any applicable Several Issuing Lender or L/C Participantconditions set forth in Article IV, furnish to such Several Issuing Lender or L/C Participant a copy of such the Facing Agent will issue the requested Letter of Credit and to the amount of such L/C Participant’s participation thereinapplicable beneficiary.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Kmart Corp)

Procedure for Issuance of Letters of Credit. The Company may from time to time request that an Issuing Lender issue a Letter of Credit by delivering to Whenever the applicable Issuing Lender (with a copy to Borrower desires the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may reasonably request, which such information shall include (a) in the case of a request for an initial issuance of a Letter of CreditCredit hereunder, it shall give the Administrative Agent and the applicable Facing Agent at least four (i4) the Permitted Currency in which Business Days' prior written notice (or such Letter of Credit shall shorter period as may be denominated, (ii) whether such Letter of Credit is agreed to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Borrower, the Administrative Agent as and the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iiiapplicable Facing Agent) specifying the proposed day of issuance date of the requested Letter of Credit thereof (which day shall be a Business Day), such notice to be given prior to 1:00 p.m. (ivNew York City time) on the date specified for the giving of such notice. Each such notice (each, a "LETTER OF CREDIT REQUEST") shall be in the form of EXHIBIT 2.10(B) hereto and shall specify (A) the amount thereofproposed issuance date and expiration date, (vB) the expiry date thereofname(s) of each obligor with respect to such Letter of Credit, (viC) the Borrower or any of its Subsidiaries as the account party, (D) the name and address of the beneficiary thereofbeneficiary, (viiE) the documents to be presented by Stated Amount of such beneficiary in case of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (ix) the purpose and nature of the requested Letter of Credit; and (b) in the case of a request for an amendment of any outstanding proposed Letter of Credit, (iF) the currency in which such proposed Letter of Credit is to be amendedissued and (G) such other information as Facing Agent may reasonably request. In addition, each Letter of Credit Request shall contain a description of the terms and conditions to be included in such proposed Letter of Credit (ii) the proposed date all of amendment thereof (which terms and conditions shall be acceptable in form to the applicable Facing Agent). Promptly after the issuance, amendment, extension or modification of a Business Day) Standby Letter of Credit, the Facing Agent shall notify the Borrower and (iii) the nature Administrative Agent, in writing of the proposed such activity and such notice shall be accompanied by a copy of such issuance, amendment, extension or modification. Upon receipt of such notice, the Administrative Agent shall notify the Revolving Lenders of such issuance, amendment, extension or modification and, if any Letter Revolving Lender so requests, the Administrative Agent shall provide such Revolving Lender with copies of such issuance, amendment, modification or extension. With regard to Commercial Letters of Credit, the Facing Agent shall, on the first Business Day of each week, provide the Administrative Agent, by facsimile, with a report of the daily aggregate outstandings for the previous week. Unless otherwise specified, all Letters of Credit Application, will be governed by the Issuing Lender shall process "Uniform Customs and Practice for Documentary Credits" as in effect on the date of issuance of such Letter of Credit Application Credit. On the Business Day specified by the Borrower and upon confirmation from the certificatesAdministrative Agent that the applicable conditions set forth in ARTICLE V have been fulfilled or waived, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article V, promptly the applicable Facing Agent will issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C Participant’s participation thereinbeneficiary.

Appears in 1 contract

Samples: Credit Agreement (Gencorp Inc)

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Procedure for Issuance of Letters of Credit. (a) The Company Company, on behalf of any Borrower, may from time to time request that an any Issuing Lender issue a Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) by delivering to the applicable such Issuing Lender (with a copy to the Administrative Agent Agent) at the Administrative Agent’s Office) a Letter office of Credit the Issuing Lender set forth on Schedule 13.1 or such other office mutually acceptable 42 to such Borrower and such Issuing Lender an L/C Application therefor, completed to the satisfaction of such Issuing Lender and signed by a Responsible Officer. The L/C Application must be received by the applicable relevant Issuing Lender, Lender (and the Administrative Agent) by no later than 11:00 a.m. Atlanta time at least two (2) Business Days (or such other certificates, documents later date and other papers and information time as the applicable relevant Issuing Lender may reasonably requestagree in a particular instance in its sole discretion) prior to the requested issuance date (or requested amendment, which such information shall include (a) in extension or renewal date). In the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Application shall specify in form and detail satisfactory to the relevant Issuing Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), : (iiiA) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day), ; (ivB) the amount thereof, ; (vC) the expiry date thereof, ; (viD) the name and address of the beneficiary thereof, ; (viiE) the documents to be presented by such beneficiary in case of any drawing thereunder, ; (viiiF) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, ; (G) the Applicable Currency; (H) the name of the Borrower account party and (ixI) such other matters as the purpose and nature of the requested Letter of Credit; and (b) in relevant Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, the L/C Application shall specify in form and detail satisfactory to the relevant Issuing Lender: (iA) the Letter of Credit to be amended, ; (iiB) the proposed date of amendment thereof (which shall be a Business Day) and ); (iiiC) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, ; and (D) such other matters as the relevant Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C Participant’s participation thereinrequire.

Appears in 1 contract

Samples: Credit Agreement (Equifax Inc)

Procedure for Issuance of Letters of Credit. The Company Borrower may from time to time request that an any Issuing Lender issue issue, amend, renew or extend a Letter of Credit by delivering to the applicable such Issuing Lender at its applicable office (with a copy to the Administrative Agent at the Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the reasonable satisfaction of the applicable such Issuing Lender, and such other certificates, documents and other papers Letter of Credit Documents and information as the applicable such Issuing Lender or the Administrative Agent may reasonably request, which not later than 11:00 a.m. at least two (2) Business Days (or such information 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. Such notice shall include specify (a) in the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), (iii) the proposed issuance requested date of the requested Letter of Credit issuance, amendment, renewal or extension (which shall be a Business Day), (ivb) the date on which such Letter of Credit is to expire (which shall comply with Section 3.1(b)), (c) the amount thereofand currency of such Letter of Credit, (v) the expiry date thereof, (vid) the name and address of the beneficiary thereof, (vii) the documents to be presented by such beneficiary in case of any drawing thereunder, (viii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (ixe) the purpose and nature of the requested such Letter of Credit and (f) such other information as shall be necessary to issue, amend, renew or extend such Letter of Credit; and (b) in the case of a request for an amendment of any outstanding Letter of Credit, (i) the Letter of Credit to be amended, (ii) the proposed date of amendment thereof (which shall be a Business Day) and (iii) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, the applicable Issuing Lender shall process such 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, subject to Section 3.1 and Article VVI, 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 the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the Letter of Credit Application 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 the such Issuing Lender and the CompanyBorrower. The applicable Issuing Lender shall promptly furnish to the Company Borrower and the Administrative Agent a copy of such Letter of Credit and the related Letter of Credit Documents and the Administrative Agent shall promptly notify each Several Issuing Revolving Credit Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C ParticipantRevolving Credit Lender, furnish to such Several Issuing Revolving Credit Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C ParticipantRevolving Credit Lender’s participation therein.

Appears in 1 contract

Samples: Credit Agreement (Cirrus Logic, Inc.)

Procedure for Issuance of Letters of Credit. (a) The Company Company, on behalf of any Borrower, may from time to time request that an any Issuing Lender issue a Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) by delivering to the applicable such Issuing Lender (with a copy to the Administrative Agent Agent) at the Administrative Agent’s Office) a Letter office of Credit the Issuing Lender set forth on Schedule 13.1 or such other office mutually acceptable to such Borrower and such Issuing Lender an L/C Application therefor, completed to the satisfaction of such Issuing Lender and signed by a Responsible Officer. The L/C Application must be received by the applicable relevant Issuing Lender, Lender (and the Administrative Agent) by no later than 11:00 a.m. Atlanta time at least two (2) Business Days (or such other certificates, documents later date and other papers and information time as the applicable relevant Issuing Lender may reasonably requestagree in a particular instance in its sole discretion) prior to the requested issuance date (or requested amendment, which such information shall include (a) in extension or renewal date). In the case of a request for an initial issuance of a Letter of Credit, (i) the Permitted Currency in which such Letter of Credit shall be denominated, (ii) whether such Letter of Credit is to be a Fronted Letter of Credit or a Several Letter of Credit (and, in the case of Several Letters of Credit, in the event a Lender advises the L/C Agent that such Lender is a Participating Application shall specify in form and detail satisfactory to the relevant Issuing Lender, such Participating Lender’s Revolving Commitment Percentage of such Several Letter of Credit will be issued by the L/C Agent as the Several Issuing Lender in reliance on such Participating Lender’s obligation to purchase participations in such amount pursuant to Section 3.1(a)(iii)), : (iiiA) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day), ; (ivB) the amount thereof, ; (vC) the expiry date thereof, ; (viD) the name and address of the beneficiary thereof, ; (viiE) the documents to be presented by such beneficiary in case of any drawing thereunder, ; (viiiF) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, ; (G) the Applicable Currency; (H) the name of the Borrower account party and (ixI) such other matters as the purpose and nature of the requested Letter of Credit; and (b) in relevant Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, the L/C Application shall specify in form and detail satisfactory to the relevant Issuing Lender: (iA) the Letter of Credit to be amended, ; (iiB) the proposed date of amendment thereof (which shall be a Business Day) and ); (iiiC) the nature of the proposed amendment. Upon receipt of any Letter of Credit Application, ; and (D) such other matters as the relevant Issuing Lender shall process such 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, subject to Section 3.1 and Article V, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt of the 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 the Issuing Lender and the Company. The Issuing Lender shall promptly furnish to the Company a copy of such Letter of Credit and promptly notify each Several Issuing Lender (in the case of Several Letters of Credit) and L/C Participant of the issuance and upon request by any applicable Several Issuing Lender or L/C Participant, furnish to such Several Issuing Lender or L/C Participant a copy of such Letter of Credit and the amount of such L/C Participant’s participation thereinrequire.

Appears in 1 contract

Samples: Credit Agreement (Equifax Inc)

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