Common use of NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE Clause in Contracts

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures required by the Administrative Agent for the issuance of such Letter of Credit, deliver to the Administrative Agent a written notice no later than 11:00 A.M. (Atlanta, Georgia time) at least ten (10) days in advance of the proposed date of issuance. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent to make payment under the Letter of Credit, PROVIDED that the Administrative Agent may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHER, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. (Atlanta, Georgia time). In determining whether to pay under any Letter of Credit, the Administrative Agent shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Dixie Group Inc)

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NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower Company desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures reasonably required by the Administrative Agent Lender for the issuance of such Letter of Credit, deliver to the Administrative Agent Lender a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Lender) at least ten two (102) days Business Days in advance of the proposed date of issuance. Each such notice shall specify (i) the Account Party, (ii) the proposed date of issuance (which shall be a Business Day); (iiiii) the face amount of the Letter of Credit; (iiiiv) the expiration date of the Letter of Credit; and (ivv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent Lender to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent Lender may require reasonable changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (AtlantaFort Lauderdale, Georgia Florida time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent Lender shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Omega Protein Corp)

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it the Borrower shall, in addition to any application and documentation procedures required by the Administrative Agent Issuing Bank for the issuance of such Letter of Credit, deliver to the Administrative Agent and the Issuing Bank a written notice no later than 11:00 A.M. 1:00 p.m. (Atlanta, Georgia time) at least ten five (105) days Business Days in advance of the proposed date of issuance. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit Credit, and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent Issuing Bank to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent Issuing Bank may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. 1:00 p.m. (Atlanta, Georgia time). In determining whether to pay under any Letter of Credit, the Administrative Agent Issuing Bank shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Revolving Lender of such Revolving Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Credit Commitments as determined on the date of the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Conso International Corp)

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures required by the Administrative Agent for the issuance of such Letter of Credit, deliver to the Administrative Agent a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Agent) at least ten three (103) days Business Days' in advance of the proposed date of issuanceissuance and the Agent shall promptly forward a copy of such notice to each of the Lenders. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (Atlanta, Georgia time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of Credit.Promptly

Appears in 1 contract

Samples: Credit Agreement (Haverty Furniture Companies Inc)

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures required by the Administrative Agent for the issuance of or joint application for such Letter of Credit, deliver to the Administrative Agent a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Agent) at least ten five (105) days in advance of the proposed date of issuanceissuance and the Agent shall promptly forward a copy of such notice to each of the Lenders. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent issuer to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (AtlantaNew York, Georgia New York time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of CreditCredit Percentage.

Appears in 1 contract

Samples: Credit Agreement (Headway Corporate Resources Inc)

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NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures required by the Administrative Agent for the issuance of such Letter of Credit, deliver to the Administrative Agent a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Agent) at least ten three (103) days Business Days' in advance of the proposed date of issuanceissuance and the Agent shall promptly forward a copy of such notice to each of the Lenders. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (Atlanta, Georgia time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of CreditShare.

Appears in 1 contract

Samples: Credit Agreement (Haverty Furniture Companies Inc)

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures reasonably required by the Administrative Agent and the Issuing Bank for the issuance of such Letter of Credit, deliver to the Administrative Agent and the Issuing Bank a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Agent) at least ten two (102) days Business Days in advance of the proposed date of issuanceissuance and the Agent shall promptly forward a copy of such notice to each Lender. Each such notice shall specify (i) the Account Party, (ii) the proposed date of issuance (which shall be a Business Day); (iiiii) the face amount of the Letter of Credit; (iiiiv) the expiration date of the Letter of Credit; and (ivv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent Issuing Bank to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent Issuing Bank may require reasonable changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (Atlanta, Georgia time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent Issuing Bank shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of CreditCommitments.

Appears in 1 contract

Samples: Credit Agreement (Morrison Health Care Inc)

NOTICE OF ISSUANCE OF LETTER OF CREDIT; AGREEMENT TO ISSUE. (a) Whenever the Borrower Intermet desires the issuance of a Letter of Credit, it shall, in addition to any application and documentation procedures required by the Administrative Agent for the issuance of such Letter of Credit, deliver to the Administrative Agent a written notice no later than 11:00 A.M. AM (Atlanta, Georgia timelocal time for the Agent) at least ten five (105) days in advance of the proposed date of issuanceissuance and the Agent shall promptly forward a copy of such notice to each of the Lenders. Each such notice shall specify (i) the proposed date of issuance (which shall be a Business Day); (ii) the face amount of the Letter of Credit; (iii) the expiration date of the Letter of Credit; and (iv) the name and address of the beneficiary with respect to such Letter of Credit and shall attach a precise description of the documentation and a verbatim text of any certificate to be presented by the beneficiary of such Letter of Credit which would require the Administrative Agent to make payment under the Letter of Credit, PROVIDED provided that the Administrative Agent may require changes in any such documents and certificates in accordance with its customary letter of credit practices, and PROVIDED FURTHERprovided further, that no Letter of Credit shall require payment against a conforming draft to be made thereunder on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. AM (Atlanta, Georgia time). In determining whether to pay any draft under any Letter of Credit, the Administrative Agent shall be responsible only to determine that the documents and certificate required to be delivered under its Letter of Credit have been delivered, and that they comply on their face with the requirements of the Letter of Credit. Promptly after receiving the notice of issuance of a Letter of Credit, the Administrative Agent shall notify each Lender of such Lender's respective participation therein, determined in accordance with its respective Pro Rata Share of the Revolving Loan Commitments as determined on the date of the issuance of such Letter of CreditCommitments.

Appears in 1 contract

Samples: Subsidiary Guaranty Agreement (Intermet Corp)

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