Common use of Issuance Procedure Clause in Contracts

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two (2) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expense. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.2.

Appears in 2 contracts

Samples: Stock Pledge Agreement (Quanta Services Inc), Stock Pledge Agreement (Quanta Services Inc)

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Issuance Procedure. To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.12A (each a "Borrowing an “Issuance Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B 2.12B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Commitment Termination Date. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Commitment Termination Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the Borrower. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.12.

Appears in 1 contract

Samples: Year Revolving Credit Agreement (Transocean Inc)

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 2,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 4.3 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Secured Credit Agreement (Palex Inc)

Issuance Procedure. To request that the Agent issue a Letter of ------------------ Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 2,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Secured Credit Agreement (Palex Inc)

Issuance Procedure. To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.12A (each a "Borrowing an “Issuance Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B 2.12B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and and, subject to the Borrower’s compliance with any applicable requirements of Section 2.14, issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Commitment Termination Date. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Commitment Termination Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the Borrower. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.12, including without limitation, any applicable requirements of Section 2.14.

Appears in 1 contract

Samples: Revolving Credit Agreement (Transocean Inc)

Issuance Procedure. To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower Company shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.12 (each a "Borrowing an “Issuance Request"), together with a duly executed application for the relevant Letter of Credit substantially in such Issuing Bank’s customary form or in such other form as may be approved by the form of Exhibit 2.2B Company and such Issuing Bank (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the BorrowerCompany, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt by an Issuing Bank and the Administrative Agent of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower Company may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence thereof. An Issuing Bank that issues a Letter of any fee, charge or expense. The Agent Credit will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each such Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one five (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (45) Business Days before the Maturity Commitment Termination Date. If the Agent an Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four five (45) Business Days before the Maturity Commitment Termination Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the BorrowerCompany; provided, however, if any Letter of Credit shall have an expiration date later than five (5) Business Days before the Commitment Termination Date, the Borrower requesting such Letter of Credit shall provide, no later than the Commitment Termination Date, cash collateral to the Administrative Agent or a back-to-back letter of credit from a bank or financial institution whose short-term unsecured debt rating is rated A or above from either S&P or Mxxxx’x or such other bank or financial institution satisfactory to the applicable Issuing Banks and the Required Lenders in either case in an amount equal to the undrawn face amount of such Letter of Credit and which provides that the Administrative Agent may make a drawing thereunder in the event that the applicable Issuing Bank pays a drawing under such Letter of Credit. The Agent Each Issuing Bank that issues a Letter of Credit agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower Company, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.12.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp)

Issuance Procedure. To request that the Agent Issuing Bank issue a Letter of Credit, the Borrower shall deliver to the Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent Issuing Bank as designated by the Agent Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.12A (each a "Borrowing an “Issuance Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B 2.12B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Issuing Bank and the Administrative Agent, and such other documentation and information as the Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Commitment Termination Date. If the Agent Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent Issuing Bank gives notice that the expiration date will not so extend, the Agent Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Commitment Termination Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given the Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent Issuing Bank is so directed by the Borrower. The Agent Issuing Bank agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.12.

Appears in 1 contract

Samples: Revolving Credit Agreement (Transocean Inc)

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 2,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit (except for $3,000,000 in aggregate face amounts of Letters of Credit which may have expiration dates after the Maturity Date but prior to December 31, 2000) have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-non- renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Credit Agreement (Palex Inc)

Issuance Procedure. To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Request issuance request substantially in the form of Exhibit 2.2A 2.12(b) or such other form specified by such Issuing Bank and acceptable to the Administrative Agent (each a "Borrowing an “Issuance Request"), together with a duly executed application Application (unless previously executed and delivered by the Borrower) for the relevant Letter of Credit substantially in the form of Exhibit 2.2B specified by such Issuing Bank and acceptable to the Administrative Agent and the Borrower (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an any Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Issuance Request and Application (as required) and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Issuance Request and Application in accordance with its customary procedures and and, subject to the Borrower’s compliance with any applicable requirements of Section 2.14, issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity original Commitment Termination Date, provided, that if the original Commitment Termination Date has been extended to a subsequent date pursuant to Section 2.16 (such subsequent date being the “Extended Commitment Termination Date”), the expiration of such Letter of Credit may be no later than four (4) Business Days before such Extended Commitment Termination Date, so long as at the time of issuance of such Letter of Credit and after giving effect thereto, (i) the sum of all outstanding Revolving Loans and L/C Obligations of all Extending Lenders and any Replacement Lenders would not exceed the total Commitments of the Extending Lenders and any Replacement Lenders agreed to be in effect after extension of the original Commitment Termination Date, (ii) the sum of the outstanding Revolving Loans and L/C Obligations of each Extending Lender and Replacement Lender would not exceed the Commitment of such Extending Lender or Replacement Lender agreed to be in effect after extension of the original Commitment Termination Date, and (iii) all other conditions and requirements set forth in Section 2.12(a) with respect to such Letter of Credit have been satisfied. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity original Commitment Termination Date or Extended Commitment Termination Date, if applicable, (ii) the original Commitment Termination Date or Extended Commitment Termination Date, if applicable, shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the Borrower. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.22.12, including without limitation, any applicable requirements of Section 2.14.

Appears in 1 contract

Samples: Subsidiary Guaranty Agreement (Transocean Ltd.)

Issuance Procedure. To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower Company shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.12 (each a "Borrowing an “Issuance Request"), together with a duly executed application for the relevant Letter of Credit substantially in such Issuing Bank’s customary form or in such other form as may be approved by the form of Exhibit 2.2B Company and such Issuing Bank (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the BorrowerCompany, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt by an Issuing Bank and the Administrative Agent of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance datedate (or such shorter period to which such Issuing Bank may agree in its sole discretion), the Agent such Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower Company may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence thereof. An Issuing Bank that issues a Letter of any fee, charge or expense. The Agent Credit will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each such Letter of Credit it issues promptly upon issuance thereof. Each Unless cash collateralized or other satisfactory arrangements with respect thereto have been made as provided below, or unless a later date is otherwise agreed to by the applicable Issuing Bank, each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one five (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (45) Business Days before the Maturity Commitment Termination Date. If the Agent an Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four five (45) Business Days before the Maturity Commitment Termination Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the BorrowerCompany; provided, however, that any Letter of Credit may have an expiration date later than five (5) Business Days before the Commitment Termination Date, if (X) the Borrower requesting such Letter of Credit shall provide, no later than the Commitment Termination Date, (1) cash collateral to the Administrative Agent in an amount equal to 105% of the undrawn face amount of such Letter of Credit or (2) a back-to-back letter of credit in an amount equal to 105% of the undrawn face amount of such Letter of Credit from a bank or financial institution whose short-term unsecured debt rating is rated A or above [Revolving Credit Agreement] from either S&P or Xxxxx’x (or such other bank or financial institution satisfactory to the applicable Issuing Bank) and which provides that the Administrative Agent may make a drawing thereunder in the event that such Issuing Bank pays a drawing under such Letter of Credit or (Y) other arrangements satisfactory to the applicable Issuing Bank in its sole discretion shall have been made with respect to such Letter of Credit. The Agent Each Issuing Bank that issues a Letter of Credit agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower Company, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.12.

Appears in 1 contract

Samples: Revolving Credit Agreement (Noble Corp / Switzerland)

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application Application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application")Credit, or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two (2) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expense. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section SECTION 4.2 and the other terms and conditions of this Section SECTION 2.2.

Appears in 1 contract

Samples: Secured Credit Agreement (Quanta Services Inc)

Issuance Procedure. (i) To request that the Agent a Issuing Bank issue a Letter of Credit, the Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Issuance Request"), together with a duly executed application Application (unless previously executed and delivered by Borrower) for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application")Credit, or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an any Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Issuance Request and Application (as required) and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Issuance Request and Application in accordance with its customary procedures and and, subject to Borrower’s compliance with any applicable requirements of Section 2.21, issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent applicable Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Subject to clause (b)(ii) below, each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one five (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (45) Business Days before the Maturity Date. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (iA) the expiration date of such Letter of Credit if so extended would be later than four five (45) Business Days before the Maturity Date, (iiB) the Commitment Termination Maturity Date shall have occurred, (iiiC) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (ivD) the Agent such Issuing Bank is so directed by the Borrower. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans of Section 4.2 4.02 and the other terms and conditions of this Section 2.22.22, including without limitation, any applicable requirements of Section 2.21.

Appears in 1 contract

Samples: Credit Agreement (Nabors Industries LTD)

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Issuance Procedure. (b) To request that the Agent an Issuing Bank issue a Letter of Credit, the US Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Request issuance request substantially in the form of Exhibit 2.2A D or such other form specified by such Issuing Bank and acceptable to the Administrative Agent (each a "Borrowing an “Issuance Request"), together with a duly executed application Application (unless previously executed and delivered by US Borrower) for the relevant Letter of Credit substantially in the form of Exhibit 2.2B specified by such Issuing Bank and acceptable to the Administrative Agent and the Borrower (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the US Borrower, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an any Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Issuance Request and Application (as required) and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Issuance Request and Application in accordance with its customary procedures and and, subject to US Borrower’s compliance with any applicable requirements of Section 2.21, issue the requested Letter of Credit on the requested issuance date. The US Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent applicable Issuing Bank will notify the Administrative Agent and each US Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Subject to clause (b)(ii) below, each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one five (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (45) Business Days before the Maturity Date. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four five (45) Business Days before the Maturity Date, (ii) the Commitment Termination Maturity Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe US Required Lenders have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent such Issuing Bank is so directed by the US Borrower. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower US Borrower, subject to the conditions precedent for all Loans of Section 4.2 5.02 and the other terms and conditions of this Section 2.22.22, including without limitation, any applicable requirements of Section 2.21.

Appears in 1 contract

Samples: Credit Agreement (Nabors Industries LTD)

Issuance Procedure. (i) To request that the Agent an Issuing Bank issue a Letter of Credit, the Borrower shall deliver to such Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent such Issuing Bank as designated by the Agent such Issuing Bank from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Issuance Request"), together with a duly executed application Application (unless previously executed and delivered by Borrower) for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application")Credit, or such other computerized issuance or application procedure, instituted from time to time by such Issuing Bank and the Administrative Agent and agreed to by the BorrowerBxxxxxxx, completed to the reasonable satisfaction of such Issuing Bank and the Administrative Agent, and such other documentation and information as such Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an any Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Issuance Request and Application (as required) and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent such Issuing Bank will process such Borrowing Issuance Request and Application in accordance with its customary policies and procedures and and, subject to Borrower’s compliance with any applicable requirements of Section 2.21, issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent applicable Issuing Bank will notify the Administrative Agent and each Lender Letters of Credit Facility Participant of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Subject to clause (b)(ii) below, each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one five (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (45) Business Days before the Maturity Date. If the Agent any Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent such Issuing Bank gives notice that the expiration date will not so extend, the Agent such Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (iA) the expiration date of such Letter of Credit if so extended would be later than four five (45) Business Days before the Maturity Date, (iiB) the Commitment Termination Maturity Date shall have occurred, (iiiC) a Default or an Event of Default has occurred exists and is continuingthe Required Letters of Credit Facility Participants have given such Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (ivD) the Agent such Issuing Bank is so directed by the BorrowerBxxxxxxx. The Agent Each Issuing Bank agrees to issue amendments to any Letter of Credit issued by it increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans of Section 4.2 4.02 and the other terms and conditions of this Section 2.22.22, including without limitation, any applicable requirements of Section 2.21.

Appears in 1 contract

Samples: Credit Agreement (Nabors Industries LTD)

Issuance Procedure. To request that the Agent Issuing Bank issue a Letter ------------------ of Credit, the Borrower shall deliver to the Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent Issuing Bank as designated by the Agent Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.13A (each a an "Borrowing Issuance Request"), ------------- together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B 2.13B (each an "Application"), or such ------------- other computerized issuance or application procedure, instituted from time to time by the Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Issuing Bank and the Administrative Agent, and such other documentation and information as the Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent Issuing Bank gives notice that the expiration date will not so extend, the Agent Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non- renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given the Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent Issuing Bank is so directed by the Borrower. The Agent Issuing Bank agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.13.

Appears in 1 contract

Samples: Credit Agreement (Transocean Sedco Forex Inc)

Issuance Procedure. To request that the Agent issue a Letter of Credit ------------------ or an Agent Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application for the relevant Letter of Credit or Agent Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit or Agent Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit or Agent Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts and Agent Letter of Letters of Credit) Credit shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity DateDate for Revolving Loans or Agent Loans, as applicable. If the Agent issues any Letters of Credit or Agent Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (iw) the expiration date of such Letter of Credit or Agent Letter of Credit if so extended would be later than four (4) Business Days before the Maturity DateDate for Revolving Loans or Agent Loans, as applicable, (iix) the Revolving Commitment Termination Date or the Agent Commitment Termination Date, as applicable, shall have occurred, (iiiy) an Event of Default has occurred and is continuing, or (ivz) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit or Agent Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 4.1 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Credit Agreement (Tuboscope Inc /De/)

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request in the form of Exhibit 2.2A (each a "Borrowing Request"), together with a duly executed application Application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each an "Application")Credit, or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two (2) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expense. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) an Event of Default has occurred and is continuing, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Secured Credit Agreement (Quanta Services Inc)

Issuance Procedure. To request that the Agent Issuing Bank issue a Letter of ------------------ Credit, the Borrower shall deliver to the Issuing Bank and the Administrative Agent (with a duplicate copy to an operations employee of the Agent Issuing Bank as designated by the Agent Issuing Bank from time to time) a duly executed Borrowing Issuance Request substantially in the form of Exhibit 2.2A 2.13A (each a an "Borrowing Issuance Request"), ------------- together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B 2.13B (each an "Application"), or such ------------- other computerized issuance or application procedure, instituted from time to time by the Issuing Bank and the Administrative Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Issuing Bank and the Administrative Agent, and such other documentation and information as the Issuing Bank and the Administrative Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent Issuing Bank will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent Issuing Bank will notify the Administrative Agent and each Lender of the amount amount, currency, and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from the date of issuance thereof, provided that in no event shall a Letter of Credit have an expiration date later than four (4) Business Days before the Maturity Date. If the Agent Issuing Bank issues any Letters of Credit with expiration dates that automatically extend unless the Agent Issuing Bank gives notice that the expiration date will not so extend, the Agent Issuing Bank will give such notice of non-renewal before the time necessary to prevent such automatic extension if (and will not give such notice of non-renewal before such time unless) before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four (4) Business Days before the Maturity Date, (ii) the Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Required Lenders have given the Issuing Bank instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent Issuing Bank is so directed by the Borrower. The Agent Issuing Bank agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower Borrower, subject to the conditions precedent for all Loans Borrowings of Section 4.2 and the other terms and conditions of this Section 2.22.13.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Transocean Sedco Forex Inc)

Issuance Procedure. To request that the Agent issue a Letter of Credit, the Borrower shall deliver to the Agent (with a duplicate copy to an operations employee of the Agent as designated by the Agent from time to time) a duly executed Borrowing Request from an Authorized Officer in substantially the form of Exhibit 2.2A (each each, a "Borrowing RequestBORROWING REQUEST"), together with a duly executed application for the relevant Letter of Credit substantially in the form of Exhibit 2.2B (each each, an "ApplicationAPPLICATION"), or such other computerized issuance or application procedure, instituted from time to time by the Agent and agreed to by the Borrower, completed to the reasonable satisfaction of the Agent, and such other documentation and information as the Agent may reasonably request. In the event of any irreconcilable difference or inconsistency between this Agreement and an Application, the provisions of this Agreement shall govern. Upon receipt of a properly completed and executed Borrowing Request and Application and any other reasonably requested documents or information at least two three (23) Business Days prior to any requested issuance date, the Agent will process such Borrowing Request and Application in accordance with its customary procedures and issue the requested Letter of Credit on the requested issuance date. The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof without the incurrence of any fee, charge or expensethereof. The Agent will notify each Lender of the amount and expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of Credit (except for up to $5,000,000 in aggregate face amounts of Letters of Credit) shall have an expiration date no later than one (1) year from after the date of issuance thereof, provided that in no event shall a Maturity Date. Any Letter of Credit that shall have an expiration date later than four (4) Business Days before after the Maturity DateDate shall be pre-funded pursuant to the provisions of Section 7.4. If the Agent issues any Letters of Credit with expiration dates that automatically extend unless the Agent gives notice that the expiration date will not so extend, the Agent will give such notice of non-renewal before the time necessary to prevent such automatic extension if before such required notice date (i) the expiration date of such Letter of Credit if so extended would be later than four one (41) Business Days before year after the Maturity Date, (ii) the Revolving Credit Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default has occurred exists and is continuingthe Majority Lenders have given the Agent instructions not to so permit the expiration date of such Letter of Credit to be extended, or (iv) the Agent is so directed by the Borrower. The Agent agrees to issue amendments to any Letter of Credit increasing its amount, or extending its expiration date, at the request of the Borrower subject to the conditions precedent for all Loans of Section 4.2 and the other terms and conditions of this Section 2.2.

Appears in 1 contract

Samples: Credit Agreement (York Group Inc \De\)

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