Procedure for Amendment of Letter of Credit. From time to time while the Letter of Credit is outstanding and prior to the Pre-Funded L/C Commitment Termination Date, Issuing Bank will, upon the written request of Company received by Issuing Bank (with a copy sent by Company to Administrative Agent) at least three Business Days (or such shorter time as Issuing Bank and Administrative Agent may agree in a particular instance in their sole discretion) prior to the proposed date of amendment and subject to the terms of this Agreement, amend the Letter of Credit. Each such request for amendment of the Letter of Credit shall be made by facsimile, confirmed immediately in an original writing (each a “Letter of Credit Amendment Request”) and shall specify in form and detail satisfactory to Issuing Bank: (I) the Letter of Credit to be amended; (II) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as Issuing Bank may require. Issuing Bank shall be under no obligation to amend the Letter of Credit if: (x) such amendment would increase the face amount of the Letter of Credit or extend the expiration date of the Letter of Credit beyond the Pre-Funded L/C Commitment Termination Date or (y) any of the conditions set forth in Sections 5.7 or 5.8 could not be satisfied on the effective date of such amendment if such conditions were applicable to such amendment, or (z) the beneficiary of any such Letter of Credit does not accept the proposed amendment to the Letter of Credit. Promptly after any amendment of the Letter of Credit, Issuing Bank shall notify Administrative Agent and Company, in writing, of such amendment and such notice shall be accompanied by a copy of such amendment. Upon receipt of such notice, Administrative Agent shall promptly notify the Lenders, in writing, of such amendment, and if so requested by a Lender, Administrative Agent shall provide such Lender with copies of such amendment.
Appears in 2 contracts
Samples: Security Agreement (Texas Petrochemicals Inc.), Term Loan Agreement (Texas Petrochemicals Inc.)
Procedure for Amendment of Letter of Credit. From time to time while the Letter of Credit is outstanding and prior to the Pre-Funded L/C Commitment Termination Date, Issuing Bank will, upon the written request of Company received by Issuing Bank (with a copy sent by Company to Administrative Agent) at least three Business Days (or such shorter time as Issuing Bank and Administrative Agent may agree in a particular instance in their sole discretion) prior to the proposed date of amendment and subject to the terms of this Agreement, amend the Letter of Credit. Each such request for amendment of the Letter of Credit shall be made by facsimile, confirmed immediately in an original writing (each a “"Letter of Credit Amendment Request”") and shall specify in form and detail satisfactory to Issuing Bank: (I) the Letter of Credit to be amended; (II) the proposed date of amendment of the Letter of Credit (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as Issuing Bank may require. Issuing Bank shall be under no obligation to amend the Letter of Credit if: (x) such amendment would increase the face amount of the Letter of Credit or extend the expiration date of the Letter of Credit beyond the Pre-Funded L/C Commitment Termination Date or (y) any of the conditions set forth in Sections 5.7 or 5.8 could not be satisfied on the effective date of such amendment if such conditions were applicable to such amendment, or (z) the beneficiary of any such Letter of Credit does not accept the proposed amendment to the Letter of Credit. Promptly after any amendment of the Letter of Credit, Issuing Bank shall notify Administrative Agent and Company, in writing, of such amendment and such notice shall be accompanied by a copy of such amendment. Upon receipt of such notice, Administrative Agent shall promptly notify the Lenders, in writing, of such amendment, and if so requested by a Lender, Administrative Agent shall provide such Lender with copies of such amendment.
Appears in 2 contracts
Samples: Term Loan Agreement (Texas Petrochemicals Inc.), Term Loan Agreement (Texas Petrochemicals Inc.)