Drawings under Letters of Credit. (i) Upon receipt from the beneficiary of any Letter of Credit of demand for payment under such Letter of Credit, the Issuing Bank shall determine in accordance with the terms of such Letter of Credit whether such demand for payment should be honored.
Appears in 3 contracts
Samples: Credit Agreement (New Beverly Holdings Inc), Credit Agreement (Beverly Enterprises Inc /De/), Credit Agreement (Beverly Enterprises Inc)
Drawings under Letters of Credit. (i) Upon receipt from the beneficiary of any Letter of Credit of demand for payment under such Letter of Credit, the L/C Issuing Bank shall promptly notify the Borrower and the Administrative Agent of such request for payment and shall determine in accordance with the terms of such Letter of Credit whether such demand request for payment should be honored.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Bethlehem Steel Corp /De/)
