Common use of Issuance Procedures Clause in Contracts

Issuance Procedures. By delivering to an Issuer, with a copy to the Administrative Agent, an Issuance Request on or before 10:00 a.m. on a Business Day, the Borrower may from time to time irrevocably request on not less than three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit and not less than three Business Days' prior notice, in the case of a request for the extension of the Stated Expiry Date of a standby Letter of Credit (in each case, unless a shorter notice period is agreed to by the Issuer, in its sole discretion), that an Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in such form as may be requested by the Borrower and approved by such Issuer, solely for the purposes described in Section 7.1.7. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to occur of (i) five Business Days prior to the Revolving Loan Commitment Termination Date or (ii) (unless otherwise agreed to by an Issuer, in its sole discretion), one year from the date of its issuance. Each Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issues.

Appears in 1 contract

Samples: Credit Agreement (Southern Bottled Water Co Inc)

AutoNDA by SimpleDocs

Issuance Procedures. By delivering to an Issuer, with a copy to the Administrative Agent, Agent an Issuance Request on or before 10:00 a.m. New York time on a Business Day, the Borrower Company, as account party, may from time to time irrevocably request on not less than three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit and not less than three Business Days' prior notice, in the case of a request for the extension of the Stated Expiry Date of a standby Letter of Credit (in each case, unless a shorter notice period is agreed to by the Issuer, in its sole discretion), that an Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in such form as may be requested by the Borrower Company and approved by such IssuerIssuer and the Administrative Agent, solely for the purposes described in Section 7.1.77.1.7(b). Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to occur of (i) five Business Days prior to the Revolving Loan Commitment Termination sixth anniversary of the Amendment Effective Date or (ii) (unless otherwise agreed to by an Issuer, in its sole discretion), ) one year from the date of its issuance. Each Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issues. Each Letter of Credit shall only be denominated in U.S. Dollars.

Appears in 1 contract

Samples: Credit Agreement (Railamerica Inc /De)

Issuance Procedures. By delivering to an Issuer, with a copy to the Administrative Agent, Agent an Issuance Request on or before 10:00 a.m. a.m., New York time, on a Business Day, the Borrower may from time to time irrevocably request on not less than three five nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit and not less than three five Business Days' prior notice, in the case of a request for the extension of the Stated Expiry Date of a standby Letter of Credit (or an increase in each case, unless the Stated Amount of a shorter notice period is agreed to by the Issuer, in its sole discretion)Letter of Credit, that an Issuer issue, or extend the Stated Expiry Date of or increase the Stated Amount of, a as the case may be, an irrevocable Letter of Credit in such form as may be requested by the Borrower and approved by such Issuer, solely for the purposes described in Section 7.1.7. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to occur of (i) five Business Days prior to the thirtieth day preceding the Revolving Loan Commitment Termination Date or (ii) (unless otherwise agreed to by an Issuer, in its sole discretion), ) one year from the date of its issuance. Each Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issuesissues hereunder.

Appears in 1 contract

Samples: Credit Agreement (Stillwater Mining Co /De/)

Issuance Procedures. By delivering to an Issuer, with a copy to the Administrative Agent, an Issuance Request on or before 10:00 a.m. on a Business Day, the Borrower may from time to time irrevocably request on not less than three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit and not less than three Business Days' prior notice, in the case of a request for the extension of the Stated Expiry Date of a standby Letter of Credit (in each case, unless a shorter notice period is agreed to by the Issuer, in its sole discretion), that an Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in such form as may be requested by the Borrower and approved by such Issuer, solely for the purposes described in Section 7.1.7. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to occur of (i) five Business Days prior to the Revolving Loan Commitment Termination Date or (ii) (unless otherwise agreed to by an Issuer, in its sole discretion), one year from the date of its issuance. Each Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issues.

Appears in 1 contract

Samples: Credit Agreement (Reddy Ice Holdings Inc)

AutoNDA by SimpleDocs

Issuance Procedures. By delivering to an Issuer, with a copy to the Administrative Agent, Agent an Issuance Request on or before 10:00 11:00 a.m. (New York time) on a Business Day, the Borrower may from time to time irrevocably request on not less than three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit and not less than three Business Days' prior notice, in the case of a request for the extension of the Stated Expiry Date of a an outstanding standby Letter of Credit (in each case, unless a shorter notice period is agreed to by the Issuer, in its sole discretion), that an the Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in a minimum amount of $25,000 in such form as may be requested by the Borrower and approved by such Issuer, solely for the purposes described in Section 7.1.7. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to occur of (ia) five Business Days prior to the Five Year Revolving Loan Commitment Termination Date or (iib) (unless otherwise agreed to by an Issuer, in its sole discretion), one year from the date of its issuanceinitial issuance or extension. Each Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issues.

Appears in 1 contract

Samples: Credit Agreement (Winn Dixie Stores Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.