Common use of Notice of Issuance or Amendment Clause in Contracts

Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, it shall deliver to Lender a written notice no later than 11:00 A.M. at least two (2) Business Days, or in each case such shorter period as may be agreed to by Lender 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 and (5) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, Lender 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 Letter of Credit Liability and Advances, would be within the Credit Limit. Unless both such criteria are satisfied, Lender shall not issue or cause to be issued the requested Letter of Credit. Borrowers shall hold Lender harmless for any miscalculations or other errors in making such determinations. In the event that, upon issuance of such proposed Letter of Credit, (a) the Letter of Credit Sublimit is exceeded, Borrowers shall immediately establish with Lender, if not already so established, and deposit into the Letter of Credit Cash Collateral Account the amount of such excess; and (b) the Credit Limit is exceeded, Borrowers shall immediately repay to Lender the amount of such excess first for application against the Advances, together with accrued interest thereon and then for deposit into the Letter of Credit Cash Collateral Account. Prior to the date of issuance, Borrowers shall deliver to Lender an executed application for such Letter of Credit in the form customarily required by Lender for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.12), 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 Lender to make payment under the Letter of Credit; provided, that Lender may require reasonable 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 such presentation is made after 11:00 A.M. on such Business Day. In determining whether to pay under any Letter of Credit, Lender shall be responsible only to determine that the documents and certificates required to be delivered under the Letter of Credit have been delivered and that they comply on their face with the requirements of that Letter of Credit.

Notice of Issuance or Amendment. Whenever a Borrower desires Borrowers desire the issuance of a Letter of Credit or the amendment of a Letter of Credit, it they shall deliver to Lender Issuing Bank a written notice no later than 11:00 A.M. at least two three (23) Business Days, or in each case such shorter period as may be agreed to by Lender Issuing Bank in any particular instance, in advance of the proposed date of issuance. That , which notice shall specify (1) the proposed date of issuance (which shall be a Business Day), (2) the face amount of the such Letter of Credit, (3) the expiration date of the such Letter of Credit, (4) the purpose of the such Letter of Credit Credit, and (5) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, Lender Issuing Bank shall determine to the best of its knowledge whether the proposed Letter of Credit, when added to the then outstanding Letter of Credit LiabilityObligations, would be within the Letter of Credit Sublimit Limit and, when added to the then outstanding Letter of Credit Liability Obligations and Revolving Credit Advances, would be within the Revolving Credit Limit. Unless both such criteria are is satisfied, Lender Issuing Bank shall not issue or cause to be issued the requested Letter of Credit. Borrowers shall hold Lender Issuing Bank harmless for any miscalculations or other errors in making such determinations. In the event that, upon issuance of such proposed Letter of Credit, (a) the Letter of Credit Sublimit Limit is exceeded, Borrowers shall immediately establish with LenderAgent, if not already so established, and deposit into the Letter of Credit Cash Collateral Account the amount of such excess; and (b) the Credit Limit is exceeded, Borrowers shall immediately repay to Lender the amount of such excess first for application against the Advances, together with accrued interest thereon and then for deposit into the Letter of Credit Cash Collateral Account. Prior to the date of issuance, Borrowers shall deliver to Lender Issuing Bank an executed application for such Letter of Credit in the form customarily required by Lender Issuing Bank for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.12), 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 such Letter of Credit, would require Lender Issuing Bank to make payment under the such Letter of Credit; provided, that Lender Issuing Bank, in its reasonable judgment, may require reasonable 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 under such Letter of Credit on the same Business Day that such draft is presented if such presentation is made after 11:00 A.M. on such Business Daypresented. In determining whether to pay under any Letter of Credit, Lender Issuing Bank shall be responsible only to determine that the documents and certificates required to be delivered under the that Letter of Credit have been delivered and that they comply on their face with the requirements of that Letter of Credit.

Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, it shall deliver to Lender a written notice no later than 11:00 A.M. at least two (2) Business Days, or in each case such shorter period as may be agreed to by Lender 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 and (5) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, Lender 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 Letter of Credit Liability and Advances, would be within the Credit Limit. Unless both such criteria are satisfied, Lender shall not issue or cause to be issued the requested Letter of Credit. Borrowers shall hold Lender harmless for any miscalculations or other errors in making such determinations. In the event that, upon issuance of such proposed Letter of Credit, (a) the Letter of Credit Sublimit is exceeded, Borrowers shall immediately establish with Lender, if not already so established, and deposit into the Letter of Credit Cash Collateral Account the amount of such excess; and (b) the Credit Limit is exceeded, Borrowers shall immediately repay to Lender the amount of such excess first for application against the Advances, together with accrued interest thereon and then for deposit into the Letter of Credit Cash Collateral Account. Prior to the date of issuance, Borrowers shall deliver to Lender an executed application for such Letter of Credit in the form customarily required by Lender for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.122.11), 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 Lender to make payment under the Letter of Credit; provided, that Lender may require reasonable 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 such presentation is made after 11:00 A.M. on such Business Day. In determining whether to pay under any Letter of Credit, Lender shall be responsible only to determine that the documents and certificates required to be delivered under the Letter of Credit have been delivered and that they comply on their face with the requirements of that Letter of Credit.

Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, it the Borrowers shall deliver to Lender a written notice no later than 11:00 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 two three (23) Business Days, or in each case such shorter period as may be agreed to by Lender 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 (56) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, Lender 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 Sublimit Commitment and, when added to the then outstanding Letter of Credit Liability and Advancesoutstanding Loans, would be within the Credit Limitequal to or less than $8,000,000.00. Unless both such criteria are satisfied, Lender the Agent shall not issue or cause to be issued the requested Letter of Credit. The Banks and the Borrowers shall hold Lender 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, (a) the Letter of Credit Sublimit Commitment is exceeded, the Borrowers shall immediately establish with Lenderthe Agent, if not already so established, and deposit into into, the Letter of Credit Cash Collateral Account the amount of such excess; and (b) the Credit Limit is exceeded, Borrowers shall immediately repay to Lender the amount of such excess first for application against the Advances, together with accrued interest thereon and then for deposit into the Letter of Credit Cash Collateral Account. Prior to the date of issuance, the Borrowers shall deliver to Lender the Agent an executed application for such Letter of Credit in the form customarily required by Lender the Agent for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.122.17), 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 Lender the Agent to make payment under the Letter of Credit; provided, that Lender the Agent, in its reasonable judgment, may require reasonable 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 such presentation is made after 11:00 A.M. on such Business Day. In determining whether to pay under any Letter of Credit, Lender the Agent shall be responsible only to determine that the documents and certificates required to be delivered under the Letter of Credit have been delivered and that they comply on their face with the requirements of that Letter of Credit. Within one Business Day after receipt of a request for issuance of a Letter of Credit, the Agent shall notify each other Bank of the proposed issuance and the amount of each such Bank's respective participation therein determined in accordance with this Section 2.17 and shall send each Bank a copy of each Letter of Credit.

Notice of Issuance or Amendment. Whenever a Borrower desires the issuance of a Letter of Credit or the amendment of a Letter of Credit, it shall deliver to Lender a written notice no later than 11:00 A.M. at least two (2) Business Days, or in each case such shorter period as may be agreed to by Lender 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 and (5) the name and address of the beneficiary. On the proposed date of issuance of any Letter of Credit, Lender shall determine to the best of its knowledge whether the proposed Letter of Credit, when added to the then outstanding Letter of Credit LiabilityObligations, would be within the Letter of Credit Sublimit and, when added to the then outstanding Letter of Credit Liability Obligations and AdvancesRevolving Credit Loans, would be within the Credit LimitBorrowing Base. Unless both such criteria are satisfied, Lender shall not issue or cause to be issued the requested Letter of Credit. Borrowers Borrower shall hold Lender harmless for any miscalculations or other errors in making such determinations. In the event that, upon issuance of such proposed Letter of Credit, (a) the Letter of Credit Sublimit is exceeded, Borrowers Borrower shall immediately establish with Lender, if not already so established, and deposit into the Letter of Credit Cash Collateral Account the amount of such excess; and (b) the Credit Limit Borrowing Base is exceeded, Borrowers Borrower shall immediately repay to Lender the amount of such excess first for application against the Advances, together Overadvance in accordance with accrued interest thereon and then for deposit into the Letter of Credit Cash Collateral AccountSection 3.4 hereof. Prior to the date of issuance, Borrowers Borrower shall deliver to Lender an executed application for such Letter of Credit in the form customarily required by Lender for the issuance of letters of credit (the current version of such form is attached hereto as Exhibit 2.12), 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 Lender to make payment under the Letter of Credit; provided, that Lender may require reasonable 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 such presentation is made after 11:00 A.M. on such Business Day. In determining whether to pay under any Letter of Credit, Lender shall be responsible only to determine that the documents and certificates required to be delivered under the Letter of Credit have been delivered and that they comply on their face with the requirements of that Letter of Credit.such