Issue of Letter of Credit. (a) The Facility Agent must promptly notify the relevant Issuing Bank and each Lender of the details of the requested Letter of Credit and the amount of its share of that Letter of Credit.
(b) The amount of each Lender’s share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date.
Issue of Letter of Credit. (a) Upon receipt of a Utilisation Request for a Letter of Credit complying with the terms of this Agreement, the Facility Agent shall promptly send to each Lender and the Issuing Bank a copy of that Utilisation Request.
(b) It shall be a condition to the issue of the Letter of Credit requested in a Utilisation Request that the form of that Letter of Credit, if different from the form set out in Schedule 12, shall have been approved by the Facility Agent and the Issuing Bank and that the LC Termination Date for that Letter of Credit shall not fall later than 18 March 2015.
(c) The Facility Agent and the Issuing Bank shall review the form of Letter of Credit requested by the Borrower (if different from the form set out in Schedule 12) and shall, as soon as practicable and, in any event, by no later than the date falling three (3) Business Days before the date on which the Letter of Credit is to be issued (as specified in the Utilisation Request), notify the Borrower whether it approves the Letter of Credit (if different from the form set out in Schedule 12 or not complying with the provisions of this clause 6).
(d) Subject to the provisions of this clause 6 and the other terms and conditions of this Agreement, the Issuing Bank shall, on the date specified in the applicable Utilisation Request, issue the Letter of Credit so requested in that Utilisation Request (in an amount up to the Available Commitment in respect of the LC Facility, as specified in that Utilisation Request) by delivery thereof to the LC Beneficiary (and each of the LC Lenders, the Facility Agent and the Borrower hereby irrevocably and unconditionally authorises and instructs the Issuing Bank to do so). Promptly following the issue of the Letter of Credit, the Issuing Bank shall provide to the Facility Agent and the Borrower, and the Facility Agent shall provide to each of the LC Lenders, a copy of the executed version thereof. The Issuing Bank shall not agree to any amendment to a Letter of Credit without the prior written consent of the Borrower. The Issuing Bank shall promptly notify the Facility Agent of any such amendment. The Issuing Bank shall take such actions as are reasonably requested by the Borrower to ensure that on a novation of the Charter by the Charterer permitted under this Agreement any Letter of Credit is amended, re-issued or transferred, such that the Charterer following such novation is the beneficiary under that Letter of Credit. All pre-agreed costs incurred by the ...
Issue of Letter of Credit. (a) The Issuing Bank must promptly notify the Facility Agent of the details of the requested Letter of Credit.
(b) The Facility Agent must promptly upon receipt of the notification under paragraph (a) above notify each Lender of the details of the requested Letter of Credit and the amount of its share of that Letter of Credit.
(c) The amount of each Lender’s share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date.
(d) If the conditions set out in Clause 4.1 (Conditions precedent documents) and this Clause 6 (Utilisation — Letters of Credit) have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date.
(e) The Issuing Bank must promptly provide to the Facility Agent a copy of any Letter of Credit issued under this Clause.
Issue of Letter of Credit. (a) The Issuing Bank must promptly notify the Facility Agent of the details of the requested Letter of Credit.
(b) The Facility Agent must promptly upon receipt of the notification under paragraph (a) above notify each L/C Lender of the details of the requested Letter of Credit and the amount of its share of that Letter of Credit.
(c) The amount of each L/C Lender’s share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date.
(d) If the conditions set out in Clause 4.1 (Initial Conditions precedent documents) and this Clause 6 (Utilisation – Letters of Credit) have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date.
(e) The Issuing Bank must promptly provide to the Facility Agent a copy of any Letter of Credit issued under this Clause. The Issuing Bank is solely responsible for the form of the Letter of Credit that it issues. The Facility Agent has no duty to monitor the form of that document.
Issue of Letter of Credit. (a) The Lender is not obliged to procure the issue of the Letter of Credit if as a result the Credit attributable to the Letter of Credit would exceed the Letter of Credit Commitment.
(b) If the conditions set out in this Agreement have been met, the Lender must procure the issue of the Letter of Credit on the Utilization Date set out in the Request for the procurement of the Letter of Credit.
Issue of Letter of Credit. (a) The Facility Agent must promptly notify the Issuing Bank and each Lender of the details of the requested Letter of Credit and the amount of its share of that Letter of Credit.
(b) The amount of each Lender's share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date.
(c) The Issuing Bank is not obliged to issue any Letter of Credit if as a result:
(i) a Lender's share in the Credits would exceed its LC Facility Commitment; or
(ii) the Credits would exceed the Total Commitments.
(d) If the conditions set out in this Agreement have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date.
Issue of Letter of Credit. (a) The Facility Agent must promptly notify the Issuing Bank and each Lender of the details of the requested Letter of Credit and its share of that Letter of Credit.
(b) The Issuing Bank is not obliged to issue any Letter of Credit if as a result:
(i) the aggregate amount of all Credits (including the proposed Letter of Credit) under the Revolving Credit Facility would exceed the Total Revolving Credit Commitments; or
(ii) the aggregate principal amount of all outstanding Letters of Credit would exceed US$40,000,000 or its equivalent in accordance with Clause 9 (Optional Currencies).
(c) If the conditions set out in this Agreement have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date. --------------------------------------------------------------------------------
Issue of Letter of Credit. (a) The Agent must promptly notify the Fronting Bank (if relevant) and each relevant Bank of the details of the requested Letter of Credit and the amount of such Bank’s share of that Letter of Credit.
(b) The amount of each Bank’s share in a Letter of Credit will be equal to its Pro Rata Share of such Letter of Credit on the proposed Utilisation Date.
(c) The Fronting Bank or Agent (as the case may be) is not obliged to issue any Letter of Credit if as a result:
(i) the Fronting Bank or Agent would breach any law or regulation applicable to it;
(ii) a Bank’s share in the outstanding Utilisations under Facility B would exceed its Facility B Commitment; or
(iii) the outstanding Utilisations under Facility B would exceed the Total Facility B Commitments.
(d) If the conditions set out in this Agreement have been met, then (as the case may be):
(i) in respect of a Fronted LC, the Fronting Bank will issue the Letter of Credit on the proposed Utilisation Date; or
(ii) in respect of a Syndicate LC, such Letter of Credit will, subject to the other terms of this Agreement, be issued by the Banks (via the Agent on behalf of the Banks) with a Facility B Revolving Credit Commitment severally in their Pro Rata Shares on the proposed Utilisation Date. Each Bank irrevocably authorises the Agent to sign each Syndicate LC which is to be issued in accordance with this Agreement on its behalf without further consent or consultation.
Issue of Letter of Credit. (a) The Facility Agent must:
(i) promptly notify the LC Issuing Bank and each Lender of the details of the requested Letter of Credit and the amount of its respective share of that Letter of Credit; and
(ii) confirm to the LC Issuing Bank that the Utilisation Notice appears on its face to be in order.
(b) The amount of each Lender's share in a Letter of Credit will be its Pro Rata Share on the proposed Utilisation Date.
(c) The LC Issuing Bank is not obliged to issue any Letter of Credit to the extent that:
(i) the aggregate Sterling Amount of the Credits would exceed the Total Commitments; or
(ii) its Pro Rata Share of the aggregate Sterling Amount of the Credits would exceed the aggregate of its Commitments, as a result.
(d) If the applicable conditions set out in this Agreement have been met, the Issuing Bank must issue the Letter of Credit on the Utilisation Date.
Issue of Letter of Credit. (a) The Facility Agent must promptly notify the Issuing Bank and each relevant Lender of the details of the requested Letter of Credit and the amount of such Lender's share of that Letter of Credit.
(b) The amount of each Lender's share in a Letter of Credit will be equal to its Pro Rata Share of such Letter of Credit on the proposed Utilisation Date or, if applicable, the date the amendment of the face value of that Letter of Credit is effective.
(c) If the conditions set out in this Agreement have been met, the Issuing Bank must issue the Letter of Credit on the proposed Utilisation Date.
