Common use of Method of Issuance of Letters of Credit Clause in Contracts

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer may require. If requested by the applicable L/C Issuer, the Borrower shall also submit a letter of credit application or such L/C Issuer’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Revolving Termination Date. Promptly after receipt of any Letter of Credit Request, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 2 contracts

Samples: Credit Agreement (Central Credit, LLC), Credit Agreement (Global Cash Access, Inc.)

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Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer notice an Issuing Lender (with a copy to the Administrative Agent) notice substantially in the form of Exhibit A-3 hereto to this Agreement (a “Letter of Credit Request”) of the requested issuance or amendment extension of a an Letter of Credit prior to 11:00 A.M. at least two 1:00 P.M. (New York, New York time) three Business Days before prior to the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer such Issuing Lender in any particular instance). In , specifying the case of a request for an initial issuance of a Letter of Credit, date such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents is to be presented by such beneficiary in case issued or extended and describing the terms of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer may require. If requested by the applicable L/C Issuer, the Borrower shall also submit a letter of credit application or such L/C Issuer’s standard form in connection with any request for a letter of credittransactions to be supported thereby. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit, and if any Letter of Credit contains a provision pursuant to which it is deemed to be extended unless notice of termination is given by an Issuing Lender, such Issuing Lender shall timely give such notice of termination unless it has theretofore timely received a Letter of Credit Request and the other conditions to issuance of a Letter of Credit have theretofore been met with respect to such extension. No Letter of Credit shall have a term of more than one year or year, provided, that no Letter of Credit shall have a term extending or be so extendible beyond the fifth Business Day before the Revolving Termination Date; provided, further, that a Letter of Credit may have a term extending or be so extendible (whether by extension or at the time of issuance) beyond the fifth Business Day before the Termination Date, so long as (A) such Letter of Credit is Cash Collateralized on the Termination Date and (B) the stated expiry date is no more than one year from the date of issuance or extension thereof. Promptly after receipt of any Letter of Credit Request, the L/C Issuer applicable Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the L/C Issuer such Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer applicable Issuing Lender will also deliver (i) to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment and (ii) to the Administrative Agent, promptly upon request, a summary report of the nature and extent of the terms of such Letter(s) of Credit or amendment.

Appears in 1 contract

Samples: Revolving Credit Agreement (PPL Corp)

Method of Issuance of Letters of Credit. The relevant Borrower shall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Canadian Administrative Agent) substantially in the form of Exhibit EXHIBIT A-3 hereto hereto, in the case of the U.S. Borrower, or in the form of EXHIBIT A-4 hereto, in the case of the Parent Borrower (a “Letter of Credit Request”"LETTER OF CREDIT REQUEST") of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. (New York or Montreal, Canada time, as applicable) at least two one Business Days Day before the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C Issuerapplicable Issuing Lender: (i) the name of the relevant Borrower requesting the issuance of such Letter of Credit; (ii) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (iiiii) the currency in which such Letter of Credit is to be denominated (which shall be U.S. Dollars, Canadian Dollars or Agreed Foreign Currency); (iv) the amount thereofthereof (in the applicable currency); (iiiv) the expiry date thereof; (ivvi) the name and address of the beneficiary thereof; (vvii) the documents to be presented by such beneficiary in case of any drawing thereunder; (viviii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viiix) such other matters as the L/C Issuer applicable Issuing Lender may require. In the case of a request for an amendment of any -65- outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuerapplicable Issuing Lender: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer relevant Issuing Lender may require. If requested by the applicable L/C IssuerIssuing Lender, the relevant Borrower shall also submit a letter of credit application or on such L/C Issuer’s Issuing Lender's standard form in connection with any request for the issuance, amendment or extension of a letter Letter of creditCredit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Notwithstanding anything herein to the contrary, Standby Letters of Credit may be issued on a sight basis only. Subject to the provisions of the following paragraph with respect to automatically extendible Letters of Credit, (i) no Standby Letter of Credit shall have a term of more expire later than the date which is one year after its date of issuance or shall have a term extending or be extendible beyond the fifth Business Day before prior to the Revolving Termination Date, and (ii) no Trade Letter of Credit shall expire later than the date which is 180 days after the date of its issuance or the thirtieth day prior to the Revolving Termination Date. If the relevant Borrower so requests in a Letter of Credit Request, the applicable Issuing Lender may, in its sole discretion, agree to issue a Standby Letter of Credit that has automatic extension provisions; provided that any such Letter of Credit must permit the applicable Issuing Lender to prevent any such extension at least once in any 12 month period (commencing with the date of issuance of such Letter of Credit) by giving prior written notice to the beneficiary thereof not later than a day (the "NON-EXTENSION NOTICE DATE") in each such 12 month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the applicable Issuing Lender, the relevant Borrower shall not be required to make a specific request to the applicable Issuing Lender for any such extension. Once such an extendible Letter of Credit has been issued, the U.S. Revolving Lenders or the Canadian Revolving Lenders (as the case may be) shall be deemed to have authorized (but not required) the applicable Issuing Lender to permit the extension of such Letter of Credit at any time to a date not later than the fifth Business Day prior to the Revolving Termination Date; PROVIDED, HOWEVER, that the applicable Issuing Lender shall not permit any such extension if (i) the applicable Issuing Lender would have no obligation at such time to issue such Letter of Credit, in its extended form under the terms hereof, or (ii) it has received notice in writing on or before the Business Day immediately preceding the Non-Extension Notice Date (A) from the Canadian Administrative Agent that the Required U.S. Revolving Lenders or the Required Canadian Revolving Lenders, as applicable, have elected not to permit such extension, or (B) from the Canadian Administrative Agent or any U.S. Revolving Lender or Canadian Revolving Lender, as applicable, or any Borrower that one or more of the applicable conditions specified in SECTION 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the applicable Issuing Lender shall have no obligation to permit the extension of any Letter of Credit at any time. Notwithstanding anything to the contrary contained in this Agreement, for so long as a Failed Loan has not been made in full, no Issuing Lender shall be required to issue any Letter of Credit unless such Issuing Lender has entered into arrangements satisfactory to it and the applicable Borrower to eliminate such Issuing Lender's risk with respect to the participation in Letters of Credit by the Defaulting Lender or Lenders, including by cash collateralizing such Defaulting Lender's or Lenders' applicable Revolving Commitment Percentage of the LC Obligations. Promptly after receipt of any Letter of Credit Request, the L/C Issuer relevant Issuing Lender will confirm with the Canadian Administrative Agent (by telephone or in writing) that the Canadian Administrative Agent has received a copy of such Letter of Credit Request from the relevant Borrower and, if not, the L/C Issuer said Issuing Lender will provide the Canadian Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer Issuing Lender of confirmation from the Canadian Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the relevant Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s Issuing Lender's usual and customary business practices. Promptly after its delivery the issuance or amendment of any Standby Letter of Credit, the relevant Issuing Lender shall notify the relevant Borrower and the Canadian Administrative Agent, in writing, of such issuance or amendment and such notice will be accompanied by a copy of such issuance or amendment. Upon receipt of such notice, the Canadian Administrative Agent shall notify the U.S Revolving Lenders or the Canadian Revolving Lenders (as the case may be), in writing, of such issuance or amendment. Upon the issuance, renewal or amendment of any Letter of Credit or any amendment to Credit, each Issuing Lender will furnish the Canadian Administrative Agent, by facsimile, with a report detailing such Issuing Lender's aggregate daily Letter of Credit to an advising bank with respect thereto outstanding for the period from the delivery of the prior such report (or to from the beneficiary thereof, Closing Date for the L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of first such Letter of Credit or amendmentreport).

Appears in 1 contract

Samples: Credit Agreement (Brooks Pharmacy, Inc.)

Method of Issuance of Letters of Credit. The Borrower Xxxxxxxxx shall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 A–6 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuerapplicable Issuing Lender: (iA) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (iiB) the amount amount, currency (which may only be Dollars or an Available Alternative Currency) and, if applicable, Dollar Amount thereof; (iiiC) the expiry date thereof; (ivD) the name and address of the beneficiary thereof; (vE) the documents to be presented by such beneficiary in case of any drawing thereunder; (viF) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viiG) such other matters as the L/C Issuer such Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C IssuerIssuing Lender: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Issuing Lender may require. If requested by the applicable L/C Issuer, the Borrower shall also submit a letter of credit application or such L/C Issuer’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day prior to the Maturity Date. If Xxxxxxxxx so requests in any applicable Letter of Credit Request, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve–month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve–month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, Xxxxxxxxx shall not be required to make a specific request to the Issuing Lender for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the fifth Business Day prior to the Maturity Date; provided, however, that the Issuing Lender shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (A) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (B) from the Administrative Agent, any Revolving Termination DateLender or Xxxxxxxxx that one or more of the applicable conditions specified in Section 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. Promptly after receipt of any Letter of Credit Request, the L/C Issuer Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower Xxxxxxxxx and, if not, the L/C Issuer Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer Issuing Lender of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower Xxxxxxxxx or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C IssuerIssuing Lender’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower Xxxxxxxxx and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Carpenter Technology Corp)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) whether the requested Letter of Credit is to be a Revolving Letter of Credit or a Credit-Linked Letter of Credit; (ii) the name of the Borrower requesting the issuance of such Letter of Credit; (iii) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (iiiv) the currency in which such Letter of Credit is to be denominated (which shall be Dollars or an Available Foreign Currency); (v) the amount thereofthereof (in the applicable currency); (iiivi) the expiry date thereof; (ivvii) the name and address of the beneficiary thereof; (vviii) the documents to be presented by such beneficiary in case of any drawing thereunder; (viix) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viix) such other matters as the L/C Issuer Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Issuing Lender may require. If requested by the applicable L/C IssuerIssuing Lender, the Borrower shall also submit a letter of credit application or such L/C IssuerIssuing Lender’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Revolving Termination Date, in the case of Revolving Letters of Credit and the fifth Business Day before the Credit-Linked LC Termination Date, in the case of Credit-Linked Letters of Credit. If the Borrower so requests in any applicable Letter of Credit Request, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, the Borrower shall not be required to make a specific request to the Issuing Lender for any such renewal. Once an Evergreen Letter of Credit has been issued, the Domestic Revolving Lenders (in the case of a Revolving Letter of Credit) or the Credit-Linked LC Lenders (in the case of a Credit-Linked Letter of Credit) shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the Revolving Termination Date and/or the Credit-Linked LC Termination Date, as applicable; provided, however, that the Issuing Lender shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (A) from the Administrative Agent that the Required Domestic Revolving Lenders or the Required Credit-Linked LC Lenders, as applicable, have elected not to permit such renewal or (B) from the Administrative Agent, any Domestic Revolving Lender (in the case of a Revolving Letter of Credit), any Credit-Linked LC Lender (in the case of a Credit-Linked Letter of Credit), or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. Promptly after receipt of any Letter of Credit Request, the L/C Issuer Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the L/C Issuer Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer Issuing Lender of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C IssuerIssuing Lender’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Amf Bowling Worldwide Inc)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. (New York time) on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters Letter of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Issuing Lender may reasonably require. If requested by the applicable L/C Issuer, the The Borrower shall also submit a letter Letter of credit Credit application or such L/C Issueron the Issuing Lender’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before prior to the Revolving Termination Loan Maturity Date. Promptly after receipt of If the Borrower so requests in any applicable Letter of Credit Request, the L/C Issuer will confirm Issuing Lender may, in its discretion reasonably exercised, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the Administrative Agent date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, the Borrower shall not be required to make a specific request to the Issuing Lender for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the fifth Business Day prior to the Revolving Loan Maturity Date; provided, however, that the Issuing Lender shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (A) that the Administrative Agent has received a copy Required Revolving Lenders have elected not to permit such renewal or (B) from any Revolving Lender or the Borrower that one or more of such the applicable conditions specified in Section 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit Request from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practicesat any time. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Hillman Companies Inc)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Administrative Agent notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a "Letter of Credit Request") of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. (Chicago time) on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer Administrative Agent may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Administrative Agent may require. If requested by the applicable L/C IssuerAdministrative Agent, the Borrower shall also submit a letter of credit application or such L/C Issuer’s on the Administrative Agent's standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Revolving Termination Date. Promptly after receipt of If the Borrower so requests in any applicable Letter of Credit Request, the L/C Issuer will confirm Administrative Agent may, in its sole and absolute discretion, agree to induce an Issuing Lender to issue a Letter of Credit that has automatic renewal provisions (each, an "Evergreen Letter of Credit"); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "Nonrenewal Notice Date") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Administrative Agent, the Borrower shall not be required to make a specific request to the Administrative Agent for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the Revolving Termination Date; provided, however, that the Administrative Agent shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) that on or before the Administrative Agent has received a copy of such Letter of Credit Request from Business Day immediately preceding the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation Nonrenewal Notice Date (A) from the Administrative Agent that the requested issuance Required Revolving Lenders have elected not to permit such renewal or amendment (B) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is permitted in accordance with the terms hereof, then, subject not then satisfied. Notwithstanding anything to the terms and conditions thereofcontrary contained herein, the L/C Issuer shall, on Issuing Lender shall have no obligation to permit the requested date, issue a renewal of any Evergreen Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practicesat any time. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Hillman Companies Inc)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Administrative Agent notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. (Chicago time) on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer Administrative Agent may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Administrative Agent may require. If requested by the applicable L/C IssuerAdministrative Agent, the Borrower shall also submit a letter of credit application or such L/C Issueron the Administrative Agent’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Revolving Termination Date. Promptly after receipt of If the Borrower so requests in any applicable Letter of Credit Request, the L/C Issuer will confirm Administrative Agent may, in its sole and absolute discretion, agree to induce an Issuing Lender to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Administrative Agent, the Borrower shall not be required to make a specific request to the Administrative Agent for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the Revolving Termination Date; provided, however, that the Administrative Agent shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) that on or before the Administrative Agent has received a copy of such Letter of Credit Request from Business Day immediately preceding the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation Nonrenewal Notice Date (A) from the Administrative Agent that the requested issuance Required Revolving Lenders have elected not to permit such renewal or amendment (B) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is permitted in accordance with the terms hereof, then, subject not then satisfied. Notwithstanding anything to the terms and conditions thereofcontrary contained herein, the L/C Issuer shall, on Issuing Lender shall have no obligation to permit the requested date, issue a renewal of any Evergreen Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practicesat any time. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Hillman Companies Inc)

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Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Administrative Agent notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. (Chicago time) on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer Administrative Agent may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerAdministrative Agent: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Administrative Agent may require. If requested by the applicable L/C IssuerAdministrative Agent, the Borrower shall also submit a letter of credit application or such L/C Issueron the Administrative Agent’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the New Revolving Termination Date. Promptly after receipt of If the Borrower so requests in any applicable Letter of Credit Request, the L/C Issuer will confirm Administrative Agent may, in its sole and absolute discretion, agree to induce an Issuing Lender to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Administrative Agent, the Borrower shall not be required to make a specific request to the Administrative Agent for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the New Revolving Termination Date; provided, however, that the Administrative Agent shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) that on or before the Administrative Agent has received a copy of such Letter of Credit Request from Business Day immediately preceding the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation Nonrenewal Notice Date (A) from the Administrative Agent that the requested issuance Required Revolving Lenders have elected not to permit such renewal or amendment (B) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is permitted in accordance with the terms hereof, then, subject not then satisfied. Notwithstanding anything to the terms and conditions thereofcontrary contained herein, the L/C Issuer shall, on Issuing Lender shall have no obligation to permit the requested date, issue a renewal of any Evergreen Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practicesat any time. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Hillman Companies Inc)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer notice an Issuing Lender (with a copy to the Administrative Agent) notice substantially in the form of Exhibit A-3 hereto to this Agreement (a “Letter of Credit Request”) of the requested issuance or amendment extension of a an Letter of Credit prior to 11:00 A.M. at least two 1:00 P.M. (Pittsburgh, Pennsylvania time) three Business Days before prior to the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer such Issuing Lender in any particular instance). In , specifying the case of a request for an initial issuance of a Letter of Credit, date such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents is to be presented by such beneficiary in case issued or extended and describing the terms of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C Issuer: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer may require. If requested by the applicable L/C Issuer, the Borrower shall also submit a letter of credit application or such L/C Issuer’s standard form in connection with any request for a letter of credittransactions to be supported thereby. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit, and if any Letter of Credit contains a provision pursuant to which it is deemed to be extended unless notice of termination is given by an Issuing Lender, such Issuing Lender shall timely give such notice of termination unless it has theretofore timely received a Letter of Credit Request and the other conditions to issuance of a Letter of Credit have theretofore been met with respect to such extension. No Letter of Credit shall have a term of more than one year or year, provided, that no Letter of Credit shall have a term extending or be so extendible beyond the fifth Business Day before the Revolving Termination Date. Promptly after receipt of any Letter of Credit Request, the L/C Issuer applicable Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the L/C Issuer such Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer applicable Issuing Lender will also deliver (i) to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment and (ii) to the Administrative Agent, promptly upon request, a summary report of the nature and extent of the terms of such Letter(s) of Credit or amendment.

Appears in 1 contract

Samples: Revolving Credit Agreement (PPL Corp)

Method of Issuance of Letters of Credit. The Borrower shall Caxxxxxxx xhall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 A-6 hereto (a "Letter of Credit Request") of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C IssuerIssuing Lender: (iA) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (iiB) the amount amount, currency (which may only be Dollars or an Available Alternative Currency) and, if applicable, Dollar Amount thereof; (iiiC) the expiry date thereof; (ivD) the name and address of the beneficiary thereof; (vE) the documents to be presented by such beneficiary in case of any drawing thereunder; (viF) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viiG) such other matters as the L/C Issuer Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail satisfactory to the L/C IssuerIssuing Lender: (iA) the Letter of Credit to be amended; (iiB) the proposed date of amendment thereof (which shall be a Business Day); (iiiC) the nature of the proposed amendment; and (ivD) such other matters as the L/C Issuer Issuing Lender may require. If requested by the applicable L/C Issuer, the Borrower shall also submit a letter of credit application or such L/C Issuer’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Maturity Date. If Caxxxxxxx xo requests in any applicable Letter of Credit Request, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an "Evergreen Letter of Credit"); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "Nonrenewal Notice Date") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, Caxxxxxxx xhall not be required to make a specific request to the Issuing Lender for any such renewal. Once an Evergreen Letter of Credit has been issued, the Revolving Termination Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the fifth Business Day before the Maturity Date; provided, however, that the Issuing Lender shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (A) from the Administrative Agent that the Required Lenders have elected not to permit such renewal or (B) from the Administrative Agent, any Revolving Lender or Caxxxxxxx xhat one or more of the applicable conditions specified in Section 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. Promptly after receipt of any Letter of Credit Request, the L/C Issuer Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower andCaxxxxxxx xnd, if not, the L/C Issuer Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer Issuing Lender of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower or Caxxxxxxx xr enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s Issuing Lender's usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and Caxxxxxxx xnd the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Five Year Revolving Credit Agreement (Carpenter Technology Corp)

Method of Issuance of Letters of Credit. The Borrower shall give the applicable L/C Issuer Issuing Lender notice (with a copy to the Administrative Agent) substantially in the form of Exhibit A-3 hereto (a “Letter of Credit Request”) of the requested issuance or amendment of a Letter of Credit prior to 11:00 A.M. at least two Business Days before 1:00 P.M. on the proposed date of the issuance or amendment of Trade Letters of Credit (which shall be a Business Day) and at least three Business Days before the proposed date of issuance or extension of Standby Letters of Credit (which shall be a Business Day) (or such shorter period as may be agreed by the applicable L/C Issuer Issuing Lender in any particular instance). In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) the name of the Borrower requesting the issuance of such Letter of Credit; (ii) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (iiiii) the currency in which such Letter of Credit is to be denominated (which shall be Dollars or an Available Foreign Currency); (iv) the amount thereofthereof (in the applicable currency); (iiiv) the expiry date thereof; (ivvi) the name and address of the beneficiary thereof; (vvi) the documents to be presented by such beneficiary in case of any drawing thereunder; (vivii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viiviii) such other matters as the L/C Issuer Issuing Lender may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the L/C IssuerIssuing Lender: (i) the Letter of Credit to be amended; (ii) the proposed date of amendment thereof (which shall be a Business Day); (iii) the nature of the proposed amendment; and (iv) such other matters as the L/C Issuer Issuing Lender may require. If requested by the applicable L/C IssuerIssuing Lender, the Borrower shall also submit a letter of credit application or such L/C IssuerIssuing Lender’s standard form in connection with any request for a letter of credit. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. No Subject to the provisions of the following paragraph with respect to Evergreen Letters of Credit, no Letter of Credit shall have a term of more than one year or shall have a term extending or be extendible beyond the fifth Business Day before the Revolving Termination Date. If the Borrower so requests in any applicable Letter of Credit Request, the Issuing Lender may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic renewal provisions (each, an “Evergreen Letter of Credit”); provided that any such Evergreen Letter of Credit must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, the Borrower shall not be required to make a specific request to the Issuing Lender for any such renewal. Once an Evergreen Letter of Credit has been issued, the Domestic Revolving Lenders shall be deemed to have authorized (but may not require) the Issuing Lender to permit the renewal of such Letter of Credit at any time to a date not later than the Domestic Revolving Termination Date; provided, however, that the Issuing Lender shall not permit any such renewal if (i) the Issuing Lender would have no obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof or (ii) it has received notice (which may be by telephone or in writing) on or before the Business Day immediately preceding the Nonrenewal Notice Date (A) from the Administrative Agent that the Required Domestic Revolving Lenders have elected not to permit such renewal or (B) from the Administrative Agent, any Domestic Revolving Lender or the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied. Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time. Promptly after receipt of any Letter of Credit Request, the L/C Issuer Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Request from the Borrower and, if not, the L/C Issuer Issuing Lender will provide the Administrative Agent with a copy thereof. Upon receipt by the L/C Issuer Issuing Lender of confirmation from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions thereof, the L/C Issuer Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C IssuerIssuing Lender’s usual and customary business practices. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

Appears in 1 contract

Samples: Credit Agreement (Amf Bowling Worldwide Inc)

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