Documentary Letters of Credit. The Borrowers may from time to time request, upon at least three (3) Business Days’ notice, the Issuing Bank to issue a Documentary Letter of Credit by delivering to the Issuing Bank an Application and Security Agreement (Documentary Letter of Credit) in substantially the form attached hereto as Exhibit C or the Issuing Bank’s then current form of application (the “Documentary Letter of Credit Application”), completed to the satisfaction of the Issuing Bank, together with such other certificates, documents and other papers and information as the Issuing Bank may reasonably request. Upon receipt of any Documentary Letter of Credit Application, the Issuing Bank will process such Documentary Letter of Credit Application, and the other certificates, documents and other papers delivered in connection therewith, in accordance with its customary procedures and shall promptly issue such Documentary Letter of Credit (but in no event earlier than two (2) Business Days after receipt by the Issuing Bank of the Documentary Letter of Credit Application relating thereto) by issuing the original of such Documentary Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Borrowers and the Agent.
Documentary Letters of Credit. At the request of Borrower (which shall be made at least five (5) Business Days prior to the date, which shall be a Business Day, on which such Letter of Credit is proposed to be issued), and pursuant to an Application duly executed by Borrower, one or more Documentary Letters of Credit will be issued by the Agent for the account of Borrower in an aggregate face amount not exceeding the lesser of (i) an amount equal to the Borrowing Base at such time minus the aggregate principal amount of all then outstanding Loans (including the aggregate face amount of outstanding Letters of Credit, as the same may be changed from time to time by amendment or otherwise pursuant to the terms thereof) and (ii) $10,000,000 (the "Documentary Letter of Credit Limit"). The aggregate face amount of outstanding Documentary Letters of Credit, as the same may be changed from time to time by amendment or otherwise pursuant to the terms thereof, shall be charged against the Documentary Letter of Credit Limit and against the total Commitments of the Banks hereunder. The Banks shall participate in such Documentary Letters of Credit as provided in Section 2.02(f) hereof.
Documentary Letters of Credit. The parties agree that Borrower shall be entitled to request the issuance of one or more documentary letters of credit, none of which shall expire later than the expiration of the term of the Loan August 30, 2003;
Documentary Letters of Credit. (a) DOCUMENTARY LETTERS OF CREDIT -- GENERAL. At any time that the Company is entitled to an Advance under the Revolving Loan, the Bank agrees, subject to the terms and conditions of this Agreement, to issue upon the application of the Company and for the account of the Company documentary commercial and standby letters of credit for general business purposes (each a "DOCUMENTARY LETTER OF CREDIT"), PROVIDED THAT:
(1) The Company shall not request and the Bank shall have no obligation to issue any Documentary Letter of Credit: (i) at any time any Event of Default or Unmatured Event Default shall have occurred and be continuing; (ii) at any time after the Revolving Loan Maturity Date; or (iii) if, after giving effect to such issuance, the aggregate Documentary Letter of Credit Exposure would exceed the Remaining Availability;
(2) The Bank in no event shall be obligated to issue any Documentary Letter of Credit: (i) having an expiration date beyond the Scheduled Revolving Loan Maturity Date; or (ii) if the issuance of such Documentary Letter of Credit on the terms requested would be contrary to, or in violation of the policies of the Bank or any requirement of applicable law;
(3) The form of the requested Documentary Letter of Credit shall be satisfactory to the Bank in the reasonable exercise of the Bank's discretion; and
(i) With respect to a commercial Documentary Letter of Credit, the Bank shall have received from the Company a written or electronically transmitted application for the Documentary Letter of Credit in form and substance satisfactory to the Bank in all respects, duly executed or authorized by an Authorized Officer, pursuant to and in accordance with the terms of the Commercial LC Master Reimbursement Agreement; and (ii) With respect to a standby Documentary Letter of Credit, the Bank shall have received from the Company an application and reimbursement agreement for the Documentary Letter of Credit in form and substance satisfactory to the Bank in all respects, duly executed by an Authorized Officer (as the same may be amended, modified, extended, renewed, supplemented, replaced and/or restated from time to time and at any time, "STANDBY LC REIMBURSEMENT AGREEMENT"). .
Documentary Letters of Credit. 19 3.2 Repayment.................................................. 19 3.3 Indemnification............................................ 20 3.4 Administrative fees........................................ 20 3.5 Conditions to Issuance of Documentary Letters of Credit....
Documentary Letters of Credit. From time to time the Company may request that the Bank issue one or more Documentary Letters of Credit for the benefit of the Company to facilitate the purchase and importation of Eligible Inventory. The Bank shall have no commitment to issue any such Documentary Letter of Credit and its decision to issue any Documentary Letter of Credit shall be in its sole and absolute discretion. The aggregate maximum principal face amount of Documentary Letters of Credit which may be outstanding at any one time shall not exceed $15,000,000 (subject to reduction as provided below); provided no Documentary Letter of Credit under this Facility Number 2 will be issued if (i) after such issuance, the aggregate amount of Documentary Letters of Credit issued and outstanding shall exceed the excess of the Borrowing Base Amount over the principal amount outstanding under the Revolving Credit Loan or (ii) any Default exists hereunder. The Company shall execute the Bank's customary applications and other documentation (including Reimbursement Agreements) in connection with each request for, or issuance of, a Documentary Letter of Credit. The fees to be charged by the Bank for issuance of each Documentary Letter of Credit, the duration of each Documentary Letter of Credit, the collateral therefor, the beneficiaries thereof and other related terms and conditions will be negotiated and agreed upon by the Company and Bank at the time of the issuance of each Documentary Letter of Credit. The Bank shall not issue any Documentary Letters of Credit after the Facility Number 2 Termination Date, and no Documentary Letters of Credit will be issued having a term extending beyond 180 days following the Facility Number 2
Documentary Letters of Credit. Letters of Credit issued by an Issuing Bank pursuant to this Agreement, the drawing under which requires the delivery of bills of lading, airway bills, or similar types of documents of title. Domestic Lending Office. Initially, the office of each Lender designated as such in Schedule 1 hereto; thereafter, such other office of such Lender, if any, located within the United States that will be making or maintaining Base Rate Loans.
Documentary Letters of Credit. A documentary letter of credit may be necessary when doing business in a foreign country, or as negotiated by Sales, Credit, and the customer. The applicability and enforceability of a documentary letter of credit is the responsibility of the Corporate Credit Manager.
Documentary Letters of Credit. The Borrower agrees to pay the Lender a fee with respect to each documentary Letter of Credit, if any, computed at two percent (2%) of the face amount of such documentary Letter of Credit, due and payable upon issuance of such documentary Letter of Credit; provided, however that during Default Periods, in the Lender's sole discretion and without waiving any of its other rights and remedies, such fee shall increase to four percent (4%). The foregoing fee shall be in addition to any and all fees, commissions and charges of any Issuer of a Letter of Credit with respect to or in connection with such Letter of Credit.
Documentary Letters of Credit. Borrower Representative shall not, and no Borrower shall permit Borrower Representative to, (i) request any documentary Letter of Credit for any purpose other than purchasing goods that would be Eligible In-Transit Inventory immediately upon a draw on such documentary Letter of Credit nor (ii) permit, nor establish any procedures in connection with any documentary Letter of Credit that would permit, a draw on any documentary Letter of Credit unless simultaneously upon such draw the goods purchased with such draw shall constitute Eligible In-Transit Inventory.
