Issuance Requests Clause Samples
The Issuance Requests clause defines the process by which a party can formally request the issuance of certain documents, securities, or instruments under the agreement. Typically, it outlines the required format, timing, and information that must be included in such requests, and may specify to whom and how the requests should be submitted. This clause ensures a clear and standardized procedure for making issuance requests, reducing the risk of misunderstandings or delays in the issuance process.
Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 11:00 a.m., Central time, the Borrower may request, from time to time during the Commitment Period and on not less than three (3) nor more than ten (10) Business Days’ notice, that such Issuer issue an irrevocable standby letter of credit in such form as may be mutually agreed to by the Borrower and such Issuer (each a “Letter of Credit”), in support of financial obligations of the Borrower incurred in the Borrower’s ordinary course of business and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms: (i) be issued in a Stated Amount which (A) together with all Letter of Credit Outstandings and all outstanding Revolving Loans does not exceed (or would not exceed) the lesser of (1) the then current Borrowing Base or (2) the Aggregate Commitment of all Lenders or (B) together with all Letter of Credit Outstandings would not exceed the Letter of Credit Commitment Amount; (ii) be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of (A) one year from its date of issuance and (B) five (5) Business Days prior to the end of the Commitment Period. So long as no Default has occurred and is continuing, by delivery to the applicable Issuer and the Administrative Agent of an Issuance Request at least three (3) but not more than ten (10) Business Days prior to the Stated Expiry Date of any Letter of Credit, the Borrower may request such Issuer to, at such Issuer’s option, extend the Stated Expiry Date of such Letter of Credit for an additional period not to exceed the earlier of (x) one year from its date of extension or (y) five (5) Business Days prior to the end of the Commitment Period. No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any government agency or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any requirement of applicable Law or any request or directive (whether or not having the force of law) from any government agency with jurisdiction over such Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restri...
Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 3:00 p.m. each Borrower may request, from time to time prior to the Termination Date and on not less than three nor more than ten (10) Business Days’ notice, that such Issuer issue a Letter of Credit for the account of such Borrower; provided that the Letter of Credit Outstandings shall not at any time exceed $100,000,000. Such Issuance Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Issuer, by personal delivery or by any other means acceptable to the Issuer. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms be stated to expire on a date (its “Stated Expiry Date”) no later than the earlier of 12 months from its date of issuance and fourteen (14) days prior to the scheduled Termination Date. The Administrative Agent, the Lenders and the Borrowers hereby agree, anything in any Issuance Request to the contrary notwithstanding, that any and all provisions of any Issuance Request purporting to grant a security interest in any asset of any Borrower are null and void, it being the intention of the parties that security for the Reimbursement Obligations in respect of any Letter of Credit shall be provided as described in Section 5.8 and pursuant to the documents described in Section 8.1. Notwithstanding the terms of any Issuance Request for a Commercial Letter of Credit, in no event may any Borrower extend the time for reimbursing any drawing under a Commercial Letter of Credit by obtaining a bankers’ acceptance from the relevant Issuer. In the event of any conflict between the terms hereof and the terms of any Issuance Request, the terms hereof shall control.
Issuance Requests. By delivering to the Administrative Agent and the applicable Issuer an Issuance Request on or before 12:00 noon, New York City time, any Revolving Credit Borrower may request, from time to time prior to the Revolving I Credit Commitment Termination Date and on not less than three nor more than ten Business Days' notice, that such Issuer issue an irrevocable standby Revolving Credit Letter of Credit in substantially the form of Exhibit C hereto, or in such other form as may be requested by such Revolving Credit Borrower and approved by such Issuer (each a "Revolving Credit Letter of Credit"), in support of financial obligations of such Revolving Credit Borrower incurred in such Revolving Credit Borrower's ordinary course of business and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Administrative Agent shall promptly notify the Revolving Credit Lenders thereof. Each Revolving Credit Letter of Credit shall by its terms:
Issuance Requests. 39 4.2 Issuances and Extensions . . . . . . . . . . . . . . 40 4.3 Expenses . . . . . . . . . . . . . . . . . . . . . . 41 4.4 Other Lenders' Participation . . . . . . . . . . . . 41 4.5 Disbursements . . . . . . . . . . . . . . . . . . . 42 4.6 Reimbursement . . . . . . . . . . . . . . . . . . . 42 4.7 Deemed Disbursements . . . . . . . . . . . . . . . . 43 4.8
Issuance Requests. 53 4.2. Issuances and Extensions.........................................................54 4.3. Expenses.........................................................................55 4.4. Other Lenders' Participation.....................................................55 4.5. Disbursements....................................................................56 4.6. Reimbursement....................................................................56 4.7. Deemed Disbursements.............................................................57 4.8. Nature of Reimbursement Obligations..............................................57 4.9. Indemnity........................................................................58 4.10. Borrower's Guaranty of Reimbursement Obligations of its Subsidiaries....
Issuance Requests. By delivering to the Agent and the applicable Issuer an Issuance Request on or before 11:30 a.m. (U.S. Central time), the Borrower may request, from time to time prior to the Revolving Period Commitment Termination Date, Revolving Loan Letters of Credit and on not less than three nor more than ten Business Days' notice, that such Issuer issue an irrevocable Standby Letter of Credit or Documentary Letter of Credit in such form as may be mutually agreed to by the Borrower and such Issuer, in support of obligations of the Borrower incurred in the Borrower's ordinary course of business and which are described in such Issuance Request. Upon receipt of an Issuance Request, the Agent shall promptly notify the Lenders thereof. Each Revolving Loan Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than five Business Days before the Stated Maturity Date.
Issuance Requests. By delivering to the Agent and the applicable Issuer an Issuance Request on or before 12:00 noon, New York City time, the Borrower may request, from time to time prior to the Revolving Loan Commitment Termination Date and on not less than three nor more than ten Business Days' notice, that such Issuer issue an irrevocable commercial or standby letter of credit in such form as may be requested by the Borrower (each such request to include (i) the forms of instruments to be used to make draws thereunder and to extend or renew the term thereof and (ii) the written confirmation of the beneficiary thereunder as to its acceptance of such forms) and approved in every respect by such Issuer (each such letter of credit, together with each Existing Letter of Credit, a "Letter of Credit"), for any purpose permitted under Section 5.
Issuance Requests. By delivering to the Administrative Agent and the Issuer an Issuance Request, together with an Enhancement Letter of Credit Application and Agreement if such Issuance Request is in respect of an Enhancement Letter of Credit on or before 1:00 p.m. (New York City, New York time), the Borrower may request, from time to time prior to the Loan Commitment Termination Date and, except in the case of the Letters of Credit which are described in the Issuance Request and applicable Enhancement Letter of Credit Application and Agreement(s) delivered by the Borrower to the Administrative Agent pursuant to Section 6.1.16, on not less than two nor more than ten Business Days' notice, in the case of General Letters of Credit, and on not less than 15 nor more than 21 Business Days' notice, in the case of Enhancement Letters of Credit, that the Issuer issue Letters of Credit in support of financial obligations of the Borrower or any other Account Party incurred in the ordinary course of business of the Borrower or such Account Party, as the case may be, and which are described in such Issuance Request; provided that, in the case of an Issuance Request that requests an increase in the Stated Amount of an Enhancement Letter of Credit then outstanding, such Issuance Request shall be so delivered on not less than five nor more than ten Business Days notice. Upon receipt of an Issuance Request and, if applicable, an Enhancement Letter of Credit Application and Agreement, the Administrative Agent shall promptly notify the Lenders thereof. Each Letter of Credit shall by its terms:
Issuance Requests. 37 4.2. Issuances and Extensions....................................... 38 4.3. Disbursements.................................................. 39 4.4. Reimbursement.................................................. 40 4.5. Deemed Disbursements........................................... 40 4.6. Nature of Reimbursement Obligations............................ 41 4.7. Increased Costs; Indemnity..................................... 42 ARTICLE V.
Issuance Requests. By delivering to Ford an Issuance Request, in the form of Exhibit A, HVF or Hertz as Administrator on behalf of HVF may request, from time to time prior to the Letter of Credit Commitment Termination Date and, not less than five (5) nor more than fifteen 15 Business Days’ notice, that Ford cause to be issued a Ford Letter of Credit by an Eligible Ford Letter of Credit Provider as described in such Issuance Request. Any Issuance Request not delivered on or before 1:00 p.m. (New York City, New York time) on a Business Day shall be deemed to have been delivered on the immediately succeeding Business Day. Each Ford Letter of Credit shall by its terms:
(a) be issued in a Stated Amount denominated in Dollars as set forth in the related Issuance Request which
(i) is at least $ 100,000; and
(ii) does not exceed (or would not exceed) an amount equal to the excess, if any, of (x) the Commitment Amount over (y) the Ford LOC Exposure Amount on the date of the issuance of such Ford Letter of Credit;
(b) be stated to expire on a date (its “Letter of Credit Expiration Date”) no later than the Letter of Credit Termination Date; and
(c) be substantially in the form as of the date hereof of Exhibit B-1-2 or B-2-2 to the Series Supplement relating to the Series 2004-1 Notes, the Series 2005-1 Notes, the Series 2005-2 Notes, the Series 2005-3 Notes or the Series 2005-4 Notes.