Common use of Drawings under Letters of Credit Clause in Contracts

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 28 contracts

Samples: Revolving Credit Agreement, Revolving Credit Agreement, Revolving Credit Agreement (Louisville Gas & Electric Co /Ky/)

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Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 17 contracts

Samples: Five Year Credit Agreement (PPL Electric Utilities Corp), 364 Day Credit Agreement (PPL Montana LLC), Five Year Credit Agreement (PPL Energy Supply LLC)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower and the Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.

Appears in 5 contracts

Samples: Revolving Credit Agreement (Worthington Industries Inc), Credit Agreement (Amf Bowling Worldwide Inc), Credit Agreement (Amf Bowling Worldwide Inc)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the applicable Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Louisville Gas & Electric Co /Ky/), Revolving Credit Agreement (Louisville Gas & Electric Co /Ky/)

Drawings under Letters of Credit. Upon receipt from the --------------------------------- beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (PPL Corp), Credit Agreement (PPL Corp)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender L/C Issuer shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender the L/C Issuer determines that any such drawing shall be honored, such Issuing Lender L/C Issuer shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower and the Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.

Appears in 2 contracts

Samples: Credit Agreement (Central Credit, LLC), Credit Agreement (Global Cash Access, Inc.)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify Caxxxxxxx xnd the Borrower Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.

Appears in 1 contract

Samples: Revolving Credit Agreement (Carpenter Technology Corp)

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Drawings under Letters of Credit. Upon receipt from the -------------------------------- beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 1 contract

Samples: 364 Day Credit Agreement (PPL Corp)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the relevant Borrower and the relevant Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.

Appears in 1 contract

Samples: Senior Credit Agreement (Brooks Pharmacy, Inc.)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify Xxxxxxxxx and the Borrower Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.

Appears in 1 contract

Samples: Revolving Credit Agreement (Carpenter Technology Corp)

Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such the Issuing Lender determines that any such drawing shall be honored, such the Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.

Appears in 1 contract

Samples: Revolving Credit Agreement (PPL Electric Utilities Corp)

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