Common use of Letter of Credit Issuance Procedures Clause in Contracts

Letter of Credit Issuance Procedures. By delivering to the Administrative Agent an Issuance Request on or before 10:00 a.m. on a Business Day, the U.S. 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 the Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in a minimum amount of $500,000 (or less if otherwise agreed to by the Issuer thereof) in such form as may be requested by the U.S. Borrower and approved by the 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 one year from the date of its issuance. The Issuer will make available to the beneficiary thereof the original of the Letter of Credit which it issues.

Letter of Credit Issuance Procedures. By delivering to the Administrative Agent an Issuance Request on or before 10:00 a.m. on a Business Day, the U.S. a 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 the Issuer issue, or extend the Stated Expiry Date of, a Letter of Credit in a minimum amount of the Dollar Equivalent of $500,000 (or less if otherwise agreed to by the Issuer thereof) in such form as may be requested by the U.S. such Borrower and approved by the 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 one year from the date of its issuance. The Issuer will make available to the beneficiary thereof the original of the Letter of Credit which that it issues.