Manner of Obtaining Letters of Credit Sample Clauses

Manner of Obtaining Letters of Credit. The Borrower shall provide at least four (4) Business Days' advance written notice to the Agent of a Borrower's request for the issuance for the Borrower's account of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Borrower and in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Agent, in each case, together with the fees called for by this Agreement. The Agent shall promptly notify each Lender of the Agent's receipt of each such notice.
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Manner of Obtaining Letters of Credit. The Company shall provide at least three (3) Business Days' advance written notice to the Administrative Agent of each request for the issuance of a Letter of Credit which is a standby Letter of Credit and shall notify the Administrative Agent not later than 11:00 a.m. (Chicago time) on any Business Day of each request for the issuance on such day of a Letter of Credit which is a commercial Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Company and in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative Agent, in each case, together with the fees called for by this Agreement. The Administrative Agent shall promptly notify each Lender of the Administrative Agent's receipt of each such notice and the Administrative Agent's issuance of the Letter of Credit so requested.
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Manner of Obtaining Letters of Credit. The Company (which is acting on behalf of the Borrowers pursuant to Section 1.7 hereof) shall provide at least three (3) Business Days' advance written notice to the Administrative Agent of each Borrower's request for the issuance for such Borrower's account of a Letter of Credit which is a standby Letter of Credit and shall provide the Administrative Agent notice of each Borrower's request for the issuance for such Borrower's account of a Letter of Credit which is a commercial Letter of Credit not later than 11:00 a.m. (Chicago time) on the first Business Day preceding the Business Day on which such Letter of Credit is to be issued, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Company or such Borrower together with the fees called for by this Agreement. In the case of an extension or an increase in the amount of a Letter of Credit, the Company (which is acting on behalf of the Borrowers pursuant to Section 1.7 hereof) shall provide the Administrative Agent a written request therefor, in a form acceptable to the Administrative Agent, in each case together with the fees called for by this Agreement at least three (3) Business Days in advance of such extension of or increase in a Letter of Credit which is a standby Letter of Credit and in the case of a request for such an extension of or increase in a Letter of Credit which is a commercial Letter of Credit, not later than 11:00 a.m. (Chicago time) on the first Business Day preceding the effective date of such extension or increase. The Administrative Agent shall promptly notify each Lender of the Administrative Agent's receipt of each notice for such an issuance, extension or increase and the Administrative Agent's issuance, extension or increase of the Letter of Credit so requested.
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Manner of Obtaining Letters of Credit. Borrower Representative shall provide at least 2 Business Days’ advance written notice to the Administrative Agent (by 12:00 noon (Chicago time)) of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the applicable Borrower and, in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative Agent, in each case, together with the fees called for by this Agreement. Letters of Credit may have a tenor in excess of one year and may have one expiry date beyond the Termination Date, in each case, so long as Borrowers comply with
Sample 1
Manner of Obtaining Letters of Credit. The Company shall provide at least three (3) Business Days' advance written notice to the Issuing Agent in a form reasonably acceptable to the Issuing Agent of its request for the issuance for its account, or its Subsidiary's account, of a standby Letter of Credit and not later than 11:00 a.m. (local time of the Issuing Agent) on any business day of its request for the issuance on such day for its account or its Subsidiary's account of a commercial Letter of Credit, such notice to be accompanied by a properly executed Application for such Letter of Credit, in each case, together with the fees called for hereby in Section 1.3(h). The Issuing Agent shall promptly notify each Lender of the Issuing Agent's receipt of such notice.
Sample 1
Manner of Obtaining Letters of Credit. Each time a Borrower requests the issuance for such Borrower's account of a Letter of Credit, any Borrower shall provide the Agent at least (2) Business Days advance written notice thereof no later than 10:00 a.m. (Chicago time), such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by such Borrower and in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Agent, in each case, together with the fees called for by this Agreement. The Agent shall notify each Lender of each Letter of Credit issued or increased and the amount of such issuance or increase since the last such notice.
Sample 1
Manner of Obtaining Letters of Credit. The Borrower shall provide at least 1 Business Day’s advance written notice to the Administrative Agent (by 12:00 noon (Chicago time)) of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Borrower and, in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative Agent, in each case, together with the fees called for by this Agreement; provided that the Borrower shall be permitted to provide same day notice of such request to the Administrative Agent so long as (i) the Administrative Agent has been notified on or prior to 10:00 a.m. (Chicago time) on such day and (ii) the Application or written request, as applicable, accompanying such notice has been pre-approved by the L/C Issuer). The Administrative Agent shall promptly notify the L/C Issuer of the Administrative Agent’s receipt of each such notice and the L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested.
Sample 1
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Manner of Obtaining Letters of Credit. Mortxx (xxich is acting on behalf of the Borrowers pursuant to Section 1.6 hereof) shall provide at least four (4) Business Days' advance written notice to the Agent of a Borrower's request for the issuance for such Borrower's account of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by such Borrower and in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Agent, in each case, together with the fees called for by this Agreement. The Agent shall promptly notify each Lender of the Agent's receipt of each such notice.
Sample 1
Manner of Obtaining Letters of Credit. The Borrower shall provide at least two (2) Business Days' advance written notice to the Administrative Agent (by 12:00 noon (Chicago time)) of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by the Borrower and, in the case of an extension or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative Agent, in each case, together with the fees called for by this Agreement. The Administrative Agent shall promptly notify the L/C Issuer of the Administrative Agent's receipt of each such notice and the L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested.
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Related to Manner of Obtaining Letters of Credit

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Loans and Letters of Credit On the Closing Date:

  • First Loans and Letters of Credit On the Closing Date:

  • Actions in Respect of Letters of Credit (a) If, at any time and from time to time, any Letter of Credit shall have been issued hereunder and an Event of Default shall have occurred and be continuing, then, upon the occurrence and during the continuation thereof, the Administrative Agent, after consultation with the Lenders, may, and upon the demand of the Required Lenders shall, whether in addition to the taking by the Administrative Agent of any of the actions described in this Article or otherwise, make a demand upon the Borrower to, and forthwith upon such demand (but in any event within ten (10) days after such demand) the Borrower shall, pay to the Administrative Agent, on behalf of the Lenders, in same day funds at the Administrative Agent’s office designated in such demand, for deposit in a special cash collateral account (the “Letter of Credit Collateral Account”) to be maintained in the name of the Administrative Agent (on behalf of the Lenders) and under its sole dominion and control at such place as shall be designated by the Administrative Agent, an amount equal to the amount of the Letter of Credit Outstandings (taking into account any amounts then on deposit in the Letter of Credit Collateral Account) under the Letters of Credit. Interest shall accrue on the Letter of Credit Collateral Account at a rate equal to the rate on overnight funds.

  • Terms of Letters of Credit At the time of issuance, the amount, form, terms and conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to approval by the applicable Issuing Bank and the Borrower. Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the Revolving Termination Date, or (ii) any Letter of Credit have an initial duration in excess of one year; provided, however, a Letter of Credit may contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the applicable Issuing Bank but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit beyond the Revolving Termination Date. Notwithstanding the foregoing, a Letter of Credit may, as a result of its express terms or as the result of the effect of an automatic extension provision, have an expiration date of not more than one year beyond the Revolving Termination Date (any such Letter of Credit being referred to as an “Extended Letter of Credit”) so long as the Borrower delivers to the Administrative Agent for the benefit of the applicable Issuing Bank and the Revolving Lenders no later than 30 days prior to the Revolving Termination Date, Cash Collateral for such Letter of Credit for deposit into the Letter of Credit Collateral Account in an amount equal to the Stated Amount of such Letter of Credit; provided, that the obligations of the Borrower under this Section in respect of Extended Letters of Credit shall survive the termination of this Agreement and shall remain in effect until no Extended Letters of Credit remain outstanding. If the Borrower fails to provide Cash Collateral with respect to any Extended Letter of Credit by the date 30 days prior to the Revolving Termination Date, such failure shall be treated as a drawing under such Extended Letter of Credit (in an amount equal to the maximum Stated Amount of such Letter of Credit), which shall be reimbursed (or participations therein funded) by the Revolving Lenders in accordance with the immediately following subsections (i) and (j), with the proceeds being utilized to provide Cash Collateral for such Letter of Credit. The initial Stated Amount of each Letter of Credit shall be at least $500,000 (or such lesser amount as may be acceptable to the applicable Issuing Bank, the Administrative Agent and the Borrower).

  • Conditions to Letters of Credit The issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Lender is obligated to issue such Letter of Credit) is subject to the following conditions precedent:

  • CONDITIONS TO LOANS AND LETTERS OF CREDIT The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

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