Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, the Borrowers shall deliver to the office of the Agent at 210 Main Street, Hackensack, New Jxxxxx 00000 x xxxxxxx xxxxxx xx xxxxx xxxx 00:00 A.M. at least three (3) Business Days, or in each case such shorter period as may be agreed to by the Agent in any particular instance, in advance of the proposed date of issuance. That notice shall specify (1) the proposed date of issuance (which shall be a Business Day), (2) the face amount of the Letter of Credit, (3) the expiration date of the Letter of Credit, (4) the purpose of the Letter of Credit, (5) whether such Letter of Credit is to be a Documentary Letter of Credit or a Stand-by Letter of Credit; and (6) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, the Agent shall determine to the best of its knowledge whether the proposed Letter of Credit, when added to the then outstanding Letter of Credit Liability, would be within the Letter of Credit Commitment and, when added to the then outstanding Letter of Credit Liability and outstanding Loans, would be equal to or less than $8,000,000.00. Unless both such criteria are satisfied, the Agent shall not issue the requested Letter of Credit. The Banks and the Borrowers shall hold the Agent harmless for any miscalculations or other errors in making such determinations. In the event that, upon issuance of such proposed Letter of Credit, the Letter of Credit Commitment is exceeded, the Borrowers shall immediately establish with the Agent, if not already so established, and deposit into, the Letter of Credit Cash Collateral Account the amount of such excess. Prior to the date of issuance, the Borrowers shall deliver to the Agent an executed application for such Letter of Credit in the form customarily required by the Agent for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.17), and specify a precise description of the documents and the verbatim text of any certificate to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of the Letter of Credit, would require the Agent to make payment under the Letter of Credit; provided, that the Agent, in its reasonable judgment, may require changes in any such documents and certificates; and provided, further, that no Letter of Credit shall require payment against a conforming dra...
Notice of Issuance or Amendment. Each Letter of Credit shall be issued (other than on the Effective Date) or amended upon notice given to Citibank by the Company not later than 11:00 a.m. (New York City time) on the fifth Business Day prior to the date of the proposed issuance or amendment of such Letter of Credit (or on such shorter notice as Citibank may agree). Each such notice of issuance or amendment of a Letter of Credit shall be by telephone, confirmed immediately in writing, or facsimile.
Notice of Issuance or Amendment. Whenever either of the Borrowers desires to cause the Issuing Lender to issue or amend a Letter of Credit, such Borrower shall deliver to the Issuing Lender, Agent and each Lender a Notice of Issuance/Amendment no later than 12:00 noon (New York time) at least seven Business Days in advance of the proposed date of issuance or amendment or such shorter time as may be acceptable to the Issuing Lender. The notice shall specify (i) the proposed date of issuance or amendment (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, and shall include such other documents or materials as the Issuing Lender may reasonably request, and the verbatim text of the proposed Letter of Credit or the proposed terms and conditions, including a precise description of any documents required to be complied with by the beneficiary which, if so complied with prior to the expiration date of the Letter of Credit, would require the Issuing Lender to make payment under the Letter of Credit. The Issuing Lender, in its reasonable discretion, may require changes in any such documentation and shall not be required to issue or amend any Letter of Credit that by its terms requires payment thereunder prior to the third Business Day following receipt by the Issuing Lender of such documentation. Promptly upon the issuance or amendment of a Letter of Credit, the Issuing Lender shall notify each other Lender of the issuance or amendment and the amount of each such other Lender's respective participation therein determined in accordance with subsection 2.8A.
Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, the Company shall deliver to the applicable Issuing Bank (with a copy to the Administrative Agent if it is not the Issuing Bank) no later than 11:30 a.m., Philadelphia time, at least five (5) Business Days in advance of the proposed date of issuance or such shorter period as may be agreed to by the Issuing Bank an executed application for such Letter of Credit in the form customarily required by the Issuing Bank for the issuance of letters of credit, and an accompanying written notice which shall specify (1) a precise description of the documents and the verbatim text of any certificate to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of the Letter of Credit, would require the Issuing Bank to make payment under the Letter of Credit, provided, that the Issuing Bank, in its sole judgment, may require changes in any such documents and certificates, and provided, further, that no Letter of Credit shall require payment against a conforming draft to be made hereunder on the same Business Day that such draft is presented if presentation is made after 11:00 a.m., Philadelphia time, on such Business Day, (2) whether the Letter of Credit is being issued for the benefit of a Foreign Borrower and (3) whether drawings under the Letter of Credit are payable in a Foreign Currency and, if so, the applicable Foreign Currency. On the proposed date of issuance of any Letter of Credit, the Administrative Agent shall determine to the best of its knowledge whether the proposed Letter of Credit, when added to the then outstanding Letter of Credit Liability, would be within the Letter of Credit Sublimit and, when added to the then outstanding Advances and Swing Line Loans, would be less than the total amount of the Commitments. The Administrative Agent shall on such proposed date of issuance notify the Issuing Bank whether both such criteria are satisfied, and, if the notice shall not confirm that both such criteria are satisfied, the Issuing Bank shall not issue the requested Letter of Credit. The Banks and the Borrowers shall hold the Administrative Agent and the Issuing Bank harmless for any miscalculations or other errors in making such determinations except that if such miscalculations or other errors resulted from the gross negligence or willful misconduct of the Administrative Agent or the Issuing Bank, the Administrat...
