Common use of Form and Expiration of Letters of Credit Clause in Contracts

Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit will be issued, accepted or paid, as the case may be, by the Issuing Bank at its principal office. No Letter of Credit will provide for the payment of drafts drawn thereunder, and no draft will be payable, at a date which is later than the earlier of (a) the date one year after the date of issuance, or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will be in such form and minimum amount, and will contain such terms, as the Issuing Bank and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Credit Agreement (Ch2m Hill Companies LTD)

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Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 2.3 and each draft accepted or paid under such a Letter of Credit will shall be issued, accepted or paid, as the case may be, by the Issuing Bank Letter of Credit Issuer at its principal office. No Letter of Credit will shall provide for the payment of drafts drawn thereunder, and no draft will shall be payable, at a date which is later than the earlier of (a) the date one year 12 months after the date of issuance, issuance or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will shall be in such form and minimum amount, and will shall contain such terms, as the Issuing Bank Letter of Credit Issuer and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 2.5 and each draft accepted or paid under such a Letter of Credit will shall be issued, accepted or paid, as the case may be, by the Issuing Bank Letter of Credit Issuer at its principal office. No Letter of Credit will shall provide for the payment of drafts drawn thereunder, and no draft will shall be payable, at a date which is later than the earlier of (a) the date one year 12 months after the date of issuance, issuance or (b) the Final First Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will shall be in such form and minimum amount, and will shall contain such terms, as the Issuing Bank Letter of Credit Issuer and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Credit Agreement (Racing Champions Corp)

Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- to be issued under this Section 2.4 2 and each draft accepted or paid under such a Letter Letters of Credit will shall be issued, accepted or paid, as the case may be, by the Issuing Bank Agent at its principal office. No Letter of Credit will shall provide for the payment of drafts drawn thereunder, and no draft will shall be payable, at a date which is later than the earlier of (a) the date one year twelve months after the date of issuance, issuance or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will shall be in such form and minimum amount, and will shall contain such terms, as the Issuing Bank Agent and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (Berkshire Realty Co Inc /De)

Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 and each draft accepted or paid under such a Letter of Credit will be issued, accepted or paid, as the case may be, by the Issuing Bank at its principal office. No Letter of Credit will provide for the payment of drafts drawn thereunder, and no draft will be payable, at a date which is later than the earlier of (a) the date one year after the date of issuance, or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will be in such form and minimum amount, and will contain such terms, as the Issuing Bank and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Agreement (Ch2m Hill Companies LTD)

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Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- to be issued under this Section 2.4 2 and each draft accepted or paid under such a Letter Letters of Credit will shall be issued, accepted or paid, as the case may be, by the Issuing Bank Agent at its principal office. No Letter of Credit will shall provide for the payment of drafts drawn thereunder, and no draft will shall be payable, at a date which is later than the earlier of (a) the date one year twelve months after the date of issuance, issuance or (b) the Final Revolving Credit Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will shall be in such form and minimum amount, and will shall contain such terms, as the Issuing Bank Agent and the applicable Borrower may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: 1992 Credit Agreement (Berkshire Realty Co Inc /De)

Form and Expiration of Letters of Credit. Each Letter of Credit ---------------------------------------- issued under this Section 2.4 2.3 and each draft accepted or paid under such a Letter of Credit will shall be issued, accepted or paid, as the case may be, by the Issuing Bank Letter of Credit Issuer at its principal office. No Letter of Credit will shall provide for the payment of drafts drawn thereunder, and no draft will shall be payable, at a date which is later than the earlier of (a) the date one year 12 months after the date of issuance, issuance or (b) the Final Maturity Date. Each Letter of Credit and each draft accepted under a Letter of Credit will shall be in such form and minimum amount, and will shall contain such terms, as the Issuing Bank Letter of Credit Issuer and the applicable Borrower Company may agree upon at the time such Letter of Credit is issued, including a requirement of not less than three Banking Days after presentation of a draft before payment must be made thereunder.

Appears in 1 contract

Samples: Credit Agreement (American Tower Corp)

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