INITIAL LETTER OF CREDIT REQUIREMENT Sample Clauses

INITIAL LETTER OF CREDIT REQUIREMENT. If requested by UPR, on or before the Effective Date, UPFUELS shall have executed and delivered, at its sole cost and expense, one or more irrevocable standby letters of credit (the "Letter of Credit," whether one or more), issued by one or more commercial banks satisfactory to UPR, in an aggregate amount equal to the Initial Amount (hereinafter defined), and otherwise in form, term and substance satisfactory to UPR. The Initial Amount shall equal the product of (i) the average Daily quantities of Subject NGLs designated for delivery by UPR in the initial Availability Report delivered to UPFUELS in accordance with Section 2.3 of this Agreement, (ii) the contract prices estimated in good faith by UPR to be payable
Sample 1
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INITIAL LETTER OF CREDIT REQUIREMENT. Subject to Section 8.7(d), on or before the Effective Date, UPFUELS' Affiliate, Duke Energy Trading and Marketing, L.L.C. ("DETM") shall have executed and delivered, at its sole cost and expense, one or more irrevocable standby letters of credit (the "Letter of Credit," whether one or more), issued by one or more commercial banks satisfactory to UPR, in an aggregate amount equal to the Initial Amount (hereinafter defined), and otherwise in form, term and substance satisfactory to UPR. The Initial Amount shall equal the product of (i) the average Daily quantities of Committed Gas designated for delivery by UPR in the initial Availability Report delivered to UPFUELS in accordance with Section 2.3 of this Agreement, (ii) the Contract Price estimated in good faith by UPR to be payable in respect of Committed Gas designated for delivery by UPR pursuant to clause (i) and (iii) sixty-five (65) Days. DETM's delivery of the Letter of Credit shall be a condition precedent to the performance of UPR's obligations hereunder.
Sample 1

Related to INITIAL LETTER OF CREDIT REQUIREMENT

  • Letter of Credit Requirements (a) Any Letter of Credit required under this Loan Agreement must satisfy the following conditions:

  • Letter of Credit Request See §2.10(a).

  • Letter of Credit Requests (a) Whenever the Borrower desires that a Letter of Credit be issued for its account or for the account of any of its Subsidiaries, it shall give the Administrative Agent and the Letter of Credit Issuer at least five (or such lesser number as may be agreed upon by the Administrative Agent and the Letter of Credit Issuer) Business Days’ written notice thereof. Each such notice shall be executed by the Borrower and shall be in the form of Exhibit G (each a “Letter of Credit Request”).

  • Letter of Credit Requests; Minimum Stated Amount (a) Whenever the Borrower desires that a Letter of Credit be issued for its account, the Borrower shall give the Administrative Agent and the respective Issuing Lender at least five Business Days’ (or such shorter period as is acceptable to such Issuing Lender) written notice thereof (including by way of facsimile). Each notice shall be in the form of Exhibit C, appropriately completed (each, a “Letter of Credit Request”).

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

  • Notice of Borrowing; Letter of Credit Request (a) Prior to the making of each Loan (other than a Swingline Loan or a Revolving Loan made pursuant to a Mandatory Borrowing), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03(a). Prior to the making of each Swingline Loan, the Swingline Lender shall have received the notice referred to in Section 2.03(b)(i).

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

  • Letter of Credit Procedures 17 2.3.1 L/C Applications......................................................17 2.3.2 Participation in Letters of Credit....................................18 2.3.3 Reimbursement Obligations.............................................18 2.3.4 Limitation on Obligations of Issuing Banks............................19 2.3.5 Funding by Revolving Banks to Issuing Banks...........................19 2.4

  • Transfer of Letter of Credit The Letter of Credit may be transferred and assigned in accordance with the terms of the Letter of Credit.

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