Common use of Letter of Credit Request Procedure Clause in Contracts

Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplement; provided that, in the event of any conflict between the terms of such Fifth Supplement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 3 contracts

Samples: Master Loan Agreement (Heron Lake BioEnergy, LLC), Master Loan Agreement (Heron Lake BioEnergy, LLC), Master Loan Agreement (Heron Lake BioEnergy, LLC)

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Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be substantially in the form of Exhibit B to this Fifth SupplementD, have an expiration date that occurs on or before the Maturity “Termination Date” (as such date is defined in the Supplements), shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 2 contracts

Samples: Master Loan Agreement (Homeland Energy Solutions LLC), Master Loan Agreement (Homeland Energy Solutions LLC)

Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Revolving Loan Maturity Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Second Supplement; provided that, in the event of any conflict between the terms of such Fifth Second Supplement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 2 contracts

Samples: Master Loan Agreement (US BioEnergy CORP), Master Loan Agreement (US BioEnergy CORP)

Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the a form of Exhibit B reasonably acceptable to this Fifth SupplementLender, have an expiration date that occurs on or before the Maturity Date, Date shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 2 contracts

Samples: Master Loan Agreement (Green Plains Renewable Energy, Inc.), Master Loan Agreement (Green Plains Renewable Energy, Inc.)

Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the form of Exhibit B to this Fifth SupplementD, have an expiration date that occurs on or before the Maturity Dateexpiration dates established for Letters of Credit as provided for in the Supplements, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 2 contracts

Samples: Master Loan Agreement (Central Iowa Energy, LLC), Master Loan Agreement (Central Iowa Energy, LLC)

Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the form of Exhibit B to this Fifth SupplementE, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Loan Agreement (Badger State Ethanol LLC)

Letter of Credit Request Procedure. The Borrower GPO shall give the Lender Agent and the Issuer irrevocable prior notice (effective upon receipt) on or before 3:00 12:00 P.M. (Minneapolis, Minnesota time) on the a Business Day which is at least three (3) Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, the beneficiary of each Letter of Credit to be issued, the expiry date and issuance date of each Letter of Credit to be issued issued, and the nature of the transactions to be supported thereby. Any such notice received after 3:00 12:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Upon receipt of such notice, the Agent shall promptly notify each Bank of the face amount and expiry date of such Letter of Credit and of such Bank’s Pro Rata Share of the amount of the proposed Letter of Credit. The Issuer shall provide a Bank a copy of each Letter of Credit it has issued hereunder upon such Bank’s request. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must shall be satisfactory in form and substance satisfactory to the LenderAgent and the Issuer, and shall be issued pursuant to such documentation as the Lender Issuer may require, including, without limitation, including the LenderIssuer’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement credit request and reimbursement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Credit Agreement (Green Plains Renewable Energy, Inc.)

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Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be substantially in the form of Exhibit B to this Fifth SupplementD, have an expiration date that occurs on or before the Maturity Termination Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Master Loan Agreement (Otter Tail Ag Enterprises, LLC)

Letter of Credit Request Procedure. The Borrower GPCC shall give the Lender Agent and the Issuer irrevocable prior notice (effective upon receipt) on or before 3:00 12:00 P.M. (Minneapolis, Minnesota time) on the a Business Day which is at least three (3) Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, the beneficiary of each Letter of Credit to be issued, the expiry date and issuance date of each Letter of Credit to be issued issued, and the nature of the transactions to be supported thereby. Any such notice received after 3:00 12:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Upon receipt of such notice, the Agent shall promptly notify each Bank of the face amount and expiry date of such Letter of Credit and of such Bank’s Pro Rata Share of the amount of the proposed Letter of Credit. The Issuer shall provide a Bank a copy of each Letter of Credit it has issued hereunder upon such Bank’s request. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must shall be satisfactory in form and substance satisfactory to the LenderAgent and the Issuer, and shall be issued pursuant to such documentation as the Lender Issuer may require, including, without limitation, including the LenderIssuer’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement credit request and reimbursement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Credit Agreement (Green Plains Renewable Energy, Inc.)

Letter of Credit Request Procedure. The Borrower shall give the Lender Agent and the Issuer irrevocable prior notice (effective upon receipt) on or before 3:00 12:00 P.M. (Minneapolis, Minnesota time) on the a Business Day which is at least three (3) Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, the beneficiary of each Letter of Credit to be issued, the expiry date and issuance date of each Letter of Credit to be issued issued, and the nature of the transactions to be supported thereby. Any such notice received after 3:00 12:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Upon receipt of such notice, the Agent shall promptly notify each Bank of the face amount and expiry date of such Letter of Credit and of such Bank's Pro Rata Share of the amount of the proposed Letter of Credit. The Issuer shall provide a Bank a copy of each Letter of Credit it has issued hereunder upon such Bank's request. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must shall be satisfactory in form and substance satisfactory to the LenderAgent and the Issuer, and shall be issued pursuant to such documentation as the Lender Issuer may require, including, without limitation, including the Lender’s Issuer's standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement credit request and reimbursement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Credit Agreement (Highwater Ethanol LLC)

Letter of Credit Request Procedure. The Borrower shall give the Lender Agent and the Issuer irrevocable prior notice (effective upon receipt) on or before 3:00 12:00 P.M. (Minneapolis, Minnesota time) on the a Business Day which is at least three (3) Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, the beneficiary of each Letter of Credit to be issued, the expiry date and issuance date of each Letter of Credit to be issued issued, and the nature of the transactions to be supported thereby. Any such notice received after 3:00 12:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Upon receipt of such notice, the Agent shall promptly notify each Bank of the face amount and expiry date of such Letter of Credit and of such Bank’s Pro Rata Share of the amount of the proposed Letter of Credit. The Issuer shall provide a Bank a copy of each Letter of Credit it has issued hereunder upon such Bank’s request. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must shall be satisfactory in form and substance satisfactory to the LenderAgent and the Issuer, and shall be issued pursuant to such documentation as the Lender Issuer may require, including, without limitation, including the LenderIssuer’s standard form letter of credit request and reimbursement Fifth Supplementagreement; provided that, in the event of any conflict between the terms of such Fifth Supplement credit request and reimbursement agreement and the other Loan Documents, the terms of the other Loan Documents shall control.

Appears in 1 contract

Samples: Credit Agreement (Highwater Ethanol LLC)

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