Common use of Procedure for Issuance of Facility Letters of Credit Clause in Contracts

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 4 contracts

Samples: Credit Agreement (DIEBOLD NIXDORF, Inc), Credit Agreement (Diebold Inc), Credit Agreement (Diebold Inc)

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Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Available Foreign Currency or U.S. Dollars of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Revolving Credit Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 3 contracts

Samples: Assignment Agreement (Diebold Inc), Loan Agreement (Diebold Inc), Assignment Agreement (Diebold Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuer and the Administrative Agent three not less than two (2) Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex an e-mail containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested (requested, which requested currency amount shall be limited to an Agreed Currency)in compliance with the requirements of Section 2.23.2, (ii) the effective date (requested Issuance Date, which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 2.23.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 2.23.1(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such the Issuer and the Agent not later than 2:00 p.m. (local time at such Issuer’s issuing officeChicago time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32.23.4. Promptly after receipt of such notice, the Issuer shall confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such notice from the Borrower and, if not, the Issuer shall promptly provide the Agent with a copy thereof.

Appears in 3 contracts

Samples: Credit Agreement (Beazer Homes Usa Inc), Assignment Agreement (Beazer Homes Usa Inc), Assignment Agreement (Beazer Homes Usa Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuing Bank and the Administrative Agent three not less than two (2) Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) the Issuing Bank and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer Issuing Bank and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested (requested, which requested currency amount shall be limited to an Agreed Currency)in compliance with the requirements of Section 13.02, (ii) the effective date (requested Issuance Date, which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 13.02(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 13.01(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer the Issuing Bank and the Agent not later than 2:00 p.m. (local time at such Issuer’s issuing officeChicago time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.313.04(a).

Appears in 3 contracts

Samples: Assignment Agreement, Assignment Agreement (Beazer Homes Usa Inc), Assignment Agreement (Beazer Homes Usa Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three five Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such Borrower the Company or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Available Foreign Currency or U.S. Dollars of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officeNew York City time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32.19.3.

Appears in 2 contracts

Samples: Credit Agreement (Meritor Automotive Inc), Credit Agreement (Meritor Automotive Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuer and the Administrative Agent three not less than two (2) Business Days’ 50 prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex an e-mail containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested (requested, which requested currency amount shall be limited to an Agreed Currency)in compliance with the requirements of Section 2.22.2, (ii) the effective date (requested Issuance Date, which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 2.22.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 2.22.1(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such the Issuer and the Agent not later than 2:00 3:00 p.m. (local New York City time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.2.22.4. Promptly after receipt of such notice, the Issuer shall confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such notice from the Borrower and, if not, the Issuer shall promptly provide the Agent with a copy thereof

Appears in 2 contracts

Samples: Collateral Agreement (Clarksburg Skylark, LLC), Credit Agreement (Beazer Homes Usa Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex facsimile or other tested arrangement satisfactory electronic means acceptable to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy facsimile or other electronic means acceptable to such Issuer of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date, unless such Facility Letter of Credit is cash collateralized pursuant to Section 2.15.7), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 2 contracts

Samples: Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three five Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer and the Administrative Agent (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such Borrower the Company or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Available Foreign Currency or U.S. Dollars of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 3:00 p.m. (local time at such Issuer’s issuing officeDetroit time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32.19.3.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Arvinmeritor Inc), Credit Agreement (Arvinmeritor Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than than, in the case of a 2020 Issuer, the fifth day prior to the 2020 Revolving Termination Date, and in the case of a 2022 Issuer, the fifth day prior to the 2022 Revolving Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 2 contracts

Samples: Credit Agreement (DIEBOLD NIXDORF, Inc), Credit Agreement (DIEBOLD NIXDORF, Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 2 contracts

Samples: Credit Agreement (Diebold Inc), Credit Agreement (Diebold Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give the Issuer one of the Issuers and the Administrative Agent three Business Days’ Day's prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such the Issuer (Ai) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such BorrowerOfficer); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than twelve (12) months from the fifth day prior to the Revolving Termination Dateissuance date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may the currency in which it is to be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued, if not U.S. Dollars. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such the Issuer not later than 2:00 p.m. P.M. (local time at such Issuer’s issuing officeChicago time) or the time otherwise agreed upon by such the Issuer and such the Borrower on the last Business Day on which notice can be given under this Section 2.15.32.2.3(a). The Issuer shall within one Business Day of any requested issuance of a Facility Letter of Credit forward to the Lenders a copy of the Borrower's request for the issuance of a Facility Letter of Credit hereunder.

Appears in 1 contract

Samples: Assignment Agreement (Platinum Technology International Inc)

Procedure for Issuance of Facility Letters of Credit. (ai) The applicable Borrower Borrowers shall give one of the Issuers Issuing Bank and the Administrative Agent at least three (3) Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except thata "Letter of Credit Request"), in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable irrevocable, except as provided in Section 2A.4(ii) below, and shall specify specify: (a) the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency stated amount shall not be limited to an Agreed Currencyless than $50,000), ; (b) the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, Credit (the "Issuance Date"); (c) the date on which such requested Facility Letter of Credit is to expire (which date day shall be a Business Day and shall in no event be later which is not less than the fifth day sixty (60) days prior to the Revolving Facility Termination Date), ; (d) the purpose for which such Facility Letter of Credit is to be issued; (e) the Person for whose benefit the requested Facility Letter of Credit is to be issued issued; and such other information as may (f) any special language required to be reasonably requested by included in the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issuedCredit. At the time such request is made, the requesting Borrower Borrowers shall also provide the applicable Issuer Administrative Agent and the Issuing Bank with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingthat the Borrowers are requesting be issued and shall execute and deliver the Issuing Bank's customary letter of credit application and reimbursement agreement with respect thereto. Such notice, to be effective, must be received by such Issuer Issuing Bank and the Administrative Agent not later than 2:00 p.m. noon (local time at such Issuer’s issuing officeCleveland time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32A.4(a). Administrative Agent shall, promptly upon request by a Lender, provide a copy of such Letter of Credit Request to such Lender.

Appears in 1 contract

Samples: Credit Agreement (Inland Retail Real Estate Trust Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three five Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Loan Agreement (Myers Industries Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency 509265-1946-Active.21307007.121307007.7 of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Credit Agreement (DIEBOLD NIXDORF, Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than than, in the case of a 2020 Issuer, the fifth day prior to the 2020 Revolving Termination Date, and in the case of a 2022 Issuer, the fifth day prior to the 2022 Revolving Termination Date), and in the case of a 2023 Issuer, the fifth day prior to the 2023 Revolving Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Credit Agreement (DIEBOLD NIXDORF, Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers LC Issuer and the Administrative Agent three two Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an the LC Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such the LC Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such the LC Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency Canadian or U.S. Dollars of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable LC Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such the LC Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such the LC Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers such Issuing Bank and the Administrative Agent three not less than five (5) Business Days' (or such shorter period as such Issuing Bank, the Borrower and the Administrative Agent shall agree) prior written notice (in writing or by telephonic notice confirmed promptly in writing) of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer Agreement. Such notice shall specify (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested, (ii) the requested (Issuance Date, which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 4.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued issued, and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after (vi) whether such Facility Letter of Credit is issueda Performance Letter of Credit (and, if so, whether it is an Escrow Agreement) or a Financial Letter of Credit. At the time such request is made, the requesting Borrower shall also provide such Issuing Bank with a copy of the applicable Issuer with all information necessary for the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. (b) As soon as practicable and in no event later than one Business Day prior to the requested date of issuance of such Facility Letter of Credit, such Issuing Bank shall approve or disapprove, in its reasonable discretion, the issuance of such requested Facility Letter of Credit and shall notify the Borrower and the Administrative Agent of such approval or disapproval, but the issuance of such approved Facility Letter of Credit shall continue to be subject to the provisions of this Article IV. (c) As soon as practicable and in no event later than one Business Day prior to the issuance of a Facility Letter of Credit approved by an Issuing Bank as provided in Section 4.4(b), the Borrower shall confirm by notice ("Facility Letter of Credit Notice") in writing to the Administrative Agent and to such Issuing Bank the intended Issuance Date and amount of such Facility Letter of Credit. Not later than 10:00 a.m. (Chicago time) on the Business Day following its receipt of a Facility Letter of Credit Notice, the Administrative Agent shall determine and shall notify the Issuing Bank and the Borrower (in writing or by telephonic notice confirmed promptly thereafter in writing) whether issuance of the requested Facility Letter of Credit would be permitted under the provisions of Sections 4.2(ii) and (iii). If the Administrative Agent notifies such Issuing Bank and the Borrower that such issuance would be so permitted, then, subject to the terms and conditions of this Article IV and provided that the applicable conditions set forth in Sections 5.1 and 5.2 have been satisfied, such Issuing Bank shall, on the requested Issuance Date, issue the requested Facility Letter of Credit in accordance with such Issuing Bank's usual and customary business practices. Such Issuing Bank shall give the Administrative Agent written notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of Credit. (d) An Issuing Bank shall not extend (other than by operation of an automatic renewal provision) or amend any Facility Letter of Credit unless the requirements of this Section 4.4 are met as though a new Facility Letter of Credit were being requested and issued. (e) Any Lender may, but shall not be obligated to, issue to be effectivethe Company or any Subsidiary Letters of Credit (that are not Facility Letters of Credit) for its own account, must be received by such Issuer and at its own risk. None of the provisions of this Article IV shall apply to any Letter of Credit that is not a Facility Letter of Credit. (f) The Borrower may not request the issuance, amendment or extension of any Facility Letter of Credit for or to a stated maturity date later than 2:00 p.m. (local time at the termination of the Commitments of any Declining Lenders if, following the issuance, amendment or extension of such Issuer’s issuing office) or Facility Letter of Credit, the time otherwise agreed upon by outstanding amount of all Facility Letters of Credit having a stated maturity date later than the termination of such Issuer and Declining Lender's Commitments would exceed the amount to which the L/C Sublimit will be reduced following the termination of such Borrower on the last Business Day on which notice can be given under this Section 2.15.3Declining Lenders' Commitments. 4.5.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuing Bank and the Administrative Agent three not less than two (2) Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) the Issuing Bank and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer Issuing Bank and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested, which amount shall 50 be in compliance with the requirements of Section 13.02, (ii) the requested (Issuance Date, which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 13.02(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 13.01(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer the Issuing Bank and the Agent not later than 2:00 p.m. (local time at such Issuer’s issuing officeChicago time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.313.04(a).

Appears in 1 contract

Samples: Assignment Agreement (Beazer Homes Usa Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers Issuing Bank and the Administrative Agent three not less than two (2) Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) the Issuing Bank and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer the Issuing Bank and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested (requested, which requested currency amount shall be limited to an Agreed Currency)in compliance with the requirements of Section 13.2, (ii) the effective date (requested Issuance Date, which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 13.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 13.1(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer the Issuing Bank and the Agent not later than 2:00 p.m. (local time at such Issuer’s issuing officeChicago time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.313.4(a).

Appears in 1 contract

Samples: Credit Agreement (Beazer Homes Usa Inc)

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Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify whether the Facility Letter of Credit is a Euro Facility Letter of Credit (which, if denominated in any currency other than U.S. Dollars, it must be) or a U.S. Facility Letter of Credit, the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed CurrencyCurrency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Revolving Credit Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Credit Agreement (Diebold Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuer and the Administrative Agent three not less than two (2) Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) and the Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer and the Agent (Ai) immediately (xA) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (yB) of a telex an e-mail containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuanceIssuance Date) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of such the Borrower); such . Such notice shall be irrevocable and shall specify (i) the stated amount and Agreed Currency of the Facility Letter of Credit requested (requested, which requested currency amount shall be limited to an Agreed Currency)in compliance with the requirements of Section 2.22.2, (ii) the effective date (requested Issuance Date, which day shall be a Business Day, (iii) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (expire, which date shall be a Business Day and shall in no event be later than compliance with the fifth day prior to the Revolving Termination Daterequirements of Section 2.22.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, which purpose shall be in compliance with the requirements of Section 2.22.1(b), and (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such the Issuer and the Agent not later than 2:00 3:00 p.m. (local time at such Issuer’s issuing officeCharlotte, North Carolina time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32.22.4. Promptly after receipt of such notice, the Issuer shall confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such notice from the Borrower and, if not, the Issuer shall promptly provide the Agent with a copy thereof.

Appears in 1 contract

Samples: Credit Agreement (Beazer Homes Usa Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give the Issuer one of the Issuers and the Administrative Agent three Business Days’ Day's prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such the Issuer (Ai) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (Bii) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such BorrowerOfficer); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than twelve (12) months from the fifth day prior to the Revolving Termination Dateissuance date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may the currency in which it is to be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued, if not U.S. Dollars. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.the

Appears in 1 contract

Samples: Assignment Agreement (Platinum Technology Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers Issuing Bank and the Administrative Agent at least three (3) Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu a “Letter of such written notice, a Borrower may give an Issuer Credit Request”) and shall (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of provide the Issuing Bank and the Administrative Agent with a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (Bii) promptly provide the Issuing Bank and the Administrative Agent (but in no event later than the requested time date of issuance) of a copy of with the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower)authorized officer; such notice shall be irrevocable irrevocable, except as provided in Section 2A.4(b)(i) below, and shall specify specify: 1. the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency stated amount shall not be limited to an Agreed Currencyless than $50,000), ; 2. the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, Credit (the “Issuance Date”); 3. the date on which such requested Facility Letter of Credit is to expire (which date day shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Termination DateDay), subject to Section 2A.2(iii) above; 4. the purpose for which such Facility Letter of Credit is to be issued; 5. the Person for whose benefit the requested Facility Letter of Credit is to be issued issued; and such other information as may - 57 - US_ACTIVEActive\121281000\V-110 6. any special language required to be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of included in the Facility Letter of Credit it is requestingCredit. Such notice, to be effective, must be received by such Issuer Issuing Bank and the Administrative Agent not later than 2:00 p.m. noon (local time at such Issuer’s issuing officeCleveland time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.2A.4(a). (b) Subject to the terms and conditions of this Article IIA and provided that the applicable conditions set forth in Article IV hereof have been satisfied, the Issuing Bank shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of the Borrower in accordance with the Letter of Credit Request and the Issuing Bank’s usual and customary business practices unless the Issuing Bank has actually received (i) written notice from the Borrower specifically revoking the Letter of Credit Request with respect to such Facility Letter of Credit given not later than the Business Day immediately preceding the Issuance Date, or (ii) written or telephonic notice from the Administrative Agent stating that the issuance of such Facility Letter of Credit would violate Section 2A.2. Notwithstanding anything to the contrary contained in this Section 2A.4, the Issuing Bank shall not be obligated to issue, amend, extend, renew or increase any Facility Letter of Credit at a time when any other Lender is a Defaulting Lender, unless the Issuing Bank is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall have no participation therein, except to the extent the Issuing Bank has entered into arrangements with the Borrower or such Defaulting Lender which are satisfactory to the Issuing Bank in its good faith determination to eliminate the Issuing Bank’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral. (c) The Issuing Bank shall give the Administrative Agent (who shall promptly notify Lenders) and the Borrower written or telex notice, or telephonic notice confirmed promptly thereafter in writing, of the issuance of a Facility Letter of Credit (the “Issuance Notice”). (d) The Issuing Bank shall not extend or amend any Facility Letter of Credit unless the requirements of this Section 2A.4 are met as though a new Facility Letter of Credit was being requested and issued. 2A.5

Appears in 1 contract

Samples: Credit Agreement (InvenTrust Properties Corp.)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three five Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Available Foreign Currency or U.S. Dollars of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Revolving Credit Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Loan Agreement (Myers Industries Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers Issuer and the Administrative Agent three two Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an the Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such the Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such the Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Available Foreign Currency or U.S. Dollars of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.Agent

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers applicable Issuing Lender and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a the Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) the Agent and the applicable Issuing Lender telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) the applicable Issuing Lender and the Agent [i] immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer authorized officer of such the Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) [ii] promptly ([but in no event later than the requested time date of issuance) of a copy ] of the written notice required hereunder containing the original signature of an Authorized Officer authorized officer of the Borrower) not later than 10:00 a.m. (Chicago time) at least two Business Days' prior to the requested date of issuance, together with such Borrowerother documents and materials as the applicable Issuing Lender may require (including, without limitation and at such Issuing Lender's discretion, a duly executed application for a Letter of Credit on such Issuing Lender's standard form for such transactions); such . Such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency stated amount shall not be limited to an Agreed Currencyless than $25,000), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than occurring on or before the fifth day prior to the Revolving Facility Termination Date), the name of the Issuing Lender chosen by the Borrower as the issuer of the requested Facility Letter of Credit, the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer Issuing Lender and the Agent with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued, if any, which proposed Facility Letter of Credit shall be reasonably satisfactory to such Issuing Lender as to form and content. Such notice, Prior to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing office) or the time otherwise agreed upon by such Issuer and such Borrower close of business on the last second Business Day following the Business Day on which the Agent first received such notice, the Agent shall confirm by written notice can be given under this Section 2.15.3(including via facsimile), or telephone notice confirmed promptly thereafter in writing, to such Issuing Lender whether such Issuing Lender is authorized to issue the requested Facility Letter of Credit in accordance with subsection 2.2.2(b) below.

Appears in 1 contract

Samples: Assignment Agreement (Hutchinson Technology Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.. (b) Subject to the terms and conditions of this Section 2.15.3 and provided that the applicable conditions set forth in Sections 4.1 and 4.2 hereof have been satisfied, the Issuer shall, on the requested date, issue a Facility Letter of Credit on behalf of the applicable Borrower in accordance with such Issuer's usual and customary business practices. (c) The Issuers shall not extend or amend any Facility Letter of Credit unless the requirements of this Section 2.15 are met as though a new Facility Letter of Credit was being requested and issued. 2.15.4

Appears in 1 contract

Samples: Execution Copy (Myers Industries Inc)

Procedure for Issuance of Facility Letters of Credit. (ai) The applicable Borrower Company shall give one of the Issuers and the Administrative Agent three Business Days’ Issuer twenty (20) days' prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower the Company may give an the Issuer (ix) notice of such request by tested telex facsimile or other tested arrangement satisfactory to such the Issuer or (iiy) telephonic notice of such request if confirmed in writing by delivery to such the Issuer (A1) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B2) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such BorrowerOfficer); . Each such notice (each a "Letter of Credit Request") shall be irrevocable once the relevant Facility Letter of Credit is issued and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency)requested, the effective date Issuance Date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility A Commitment Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request Letter of Credit Request is made, the requesting Borrower Company shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such noticeLetter of Credit Request, to be effective, must be received by such the Issuer not later than 2:00 3:00 p.m. (local time at such Issuer’s issuing officeNew York time) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.32.3.4(i).

Appears in 1 contract

Samples: Credit Agreement (Ackerley Communications Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex facsimile or other tested arrangement satisfactory electronic means acceptable to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy facsimile or other electronic means acceptable to such Issuer of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested requested, (which requested currency shall be limited to an Agreed Currencythe currency in which such Borrower may obtain Loans under this Agreement), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the purpose for which such Facility Letter of Credit is to be issued, and the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuerissued. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for a copy of the issuance form of the Facility Letter of Credit it is requestingrequesting be issued. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Loan Agreement (Myers Industries Inc)

Procedure for Issuance of Facility Letters of Credit. (a) The applicable Borrower shall give one of the Issuers and the Administrative Agent three Business Days’ prior written notice of any requested issuance of a Facility Letter of Credit under this Agreement (except that, in lieu of such written notice, a Borrower may give an Issuer (i) notice of such request by tested telex or other tested arrangement satisfactory to such Issuer or (ii) telephonic notice of such request if confirmed in writing by delivery to such Issuer (A) immediately (x) of a telecopy of the written notice required hereunder which has been signed by an Authorized Officer of such Borrower or (y) of a telex containing all information required to be contained in such written notice and (B) promptly (but in no event later than the requested time of issuance) of a copy of the written notice required hereunder containing the original signature of an Authorized Officer of such Borrower); such notice shall be irrevocable and shall specify the stated amount and Agreed Currency of the Facility Letter of Credit requested (which requested currency shall be limited to an Agreed Currency), the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit, the date on which such requested Facility Letter of Credit is to expire (which date shall be a Business Day and shall in no event be later than the fifth day prior to the Revolving Facility Termination Date), the Person for whose benefit the requested Facility Letter of Credit is to be issued and such other information as may be reasonably requested by the Issuer. The Administrative Agent shall give notice to each applicable Lender of the issuance of each Facility Letter of Credit reasonably promptly after such Facility Letter of Credit is issued. At the time such request is made, the requesting Borrower shall also provide the applicable Issuer with all information necessary for the issuance of the Facility Letter of Credit it is requesting. Such notice, to be effective, must be received by such Issuer not later than 2:00 p.m. (local time at such Issuer’s issuing officetime) or the time otherwise agreed upon by such Issuer and such Borrower on the last Business Day on which notice can be given under this Section 2.15.3.

Appears in 1 contract

Samples: Credit Agreement (Diebold Inc)

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