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

Procedure for Issuance of Letters of Credit. An Applicant may from time to time request that an Issuing Bank issue a Letter of Credit by delivering (a) to such Issuing Bank at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefor, completed to the satisfaction of such Issuing Bank, and such other certificates, documents and other papers and information as such Issuing Bank may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requested. Upon receipt of any Application, each Issuing Bank agrees to process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Bank be required to issue any Letter of Credit earlier than two Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Bank and the Borrower. Each Issuing Bank shall furnish a copy of each Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 4 contracts

Samples: Credit Agreement (Service Merchandise Co Inc), Credit Agreement (Service Merchandise Co Inc), Credit Agreement (Service Merchandise Co Inc)

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Procedure for Issuance of Letters of Credit. An Applicant may from time to time request that an Issuing Bank issue a Letter of Credit by delivering (a) to such Issuing Bank at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefor, completed to the satisfaction of such Issuing Bank, and such other certificates, documents and other papers and information as such Issuing Bank may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requested. Upon receipt of any Application, each Issuing Bank agrees to process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Bank be required to issue any Letter of Credit earlier than two Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Bank and the Borrower. Each Issuing Bank shall furnish a copy of each Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 2 contracts

Samples: Credit Agreement (Kmart Corp), Credit Agreement (Kmart Corp)

Procedure for Issuance of Letters of Credit. An Applicant A Borrower may from time to time request that an the Issuing Bank Lender issue a Letter of Credit at any time prior to the fifth Business Day prior to the Revolving Credit Commitment Termination Date by delivering (a) to such the Issuing Bank Lender at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an a Letter of Credit Application therefor, completed to the satisfaction of such the Issuing BankLender, and such other certificates, documents and other papers and information as such the Issuing Bank Lender may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any Letter of Credit Application, each the Issuing Bank agrees to Lender will process such Letter of Credit Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Bank Lender be required to issue any Letter of Credit earlier than two three Business Days after its receipt of the Letter of Credit Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and such Issuing Bank and the Borrower. Each The Issuing Bank Lender shall furnish a copy of each such Letter of Credit issued by to such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 2 contracts

Samples: Credit Agreement (Cole National Corp /De/), Credit Agreement (Cole National Group Inc)

Procedure for Issuance of Letters of Credit. An Applicant The Borrower may from time to time request that an the Issuing Bank Lender issue a Letter of Credit by delivering (a) to such the Issuing Bank Lender at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefor, completed to the satisfaction of such the Issuing BankLender, and such other certificates, documents and other papers and information as such the Issuing Bank Lender may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any Application, each the Issuing Bank agrees to Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby not later than four Business Days (or such later date as the Borrower shall request) after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto as the Issuing Lender may reasonably request (but in no event shall such the Issuing Bank Lender be required to issue any Letter of Credit earlier than two three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Bank Lender and the Borrower. Each The Issuing Bank Lender shall furnish a copy of each such Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 2 contracts

Samples: Credit Agreement (Aftermarket Technology Corp), Revolving Credit Agreement (Aftermarket Technology Corp)

Procedure for Issuance of Letters of Credit. An Applicant The Borrower may from time to time request that an any Issuing Bank Lender issue a Letter of Credit by delivering (a) to such Issuing Bank Lender at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefor, completed to the satisfaction of such Issuing BankLender, and such other certificates, documents and other papers and information as such Issuing Bank Lender may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any Application, each the relevant Issuing Bank agrees to Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby not later than four Business Days (or such later date as the Borrower shall request) after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto as such Issuing Lender may reasonably request (but in no event shall such any Issuing Bank Lender be required to issue any Letter of Credit earlier than two three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Bank Lender and the Borrower. Each The relevant Issuing Bank Lender shall furnish a copy of each such Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 1 contract

Samples: Credit Agreement (Aftermarket Technology Corp)

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Procedure for Issuance of Letters of Credit. An Applicant The Borrower may from time to time request that an Issuing Bank issue a Letter of Credit Credit, at any time prior to the fifth (5th) Business Day prior to the Revolving Loan Maturity Date, by delivering (a) to such Issuing Bank at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable herein, with a copy to such Issuing Bank (including by electronic transmission) an Application thereforthe Administrative Agent, a Request for Issuance of Letter of Credit, completed to the satisfaction of such Issuing Bank, and such other certificates, documents and other papers and information as such Issuing Bank may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any ApplicationRequest for Issuance of Letter of Credit, each the applicable Issuing Bank agrees to will process the Letter of Credit Application accompanying such Application Request for Issuance of Letter of Credit, and the certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such any Issuing Bank be required to issue any Letter of Credit earlier than two three (3) Business Days after its receipt of the Application any Request for Issuance of Letter of Credit therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the applicable Issuing Bank and the Borrower. Each The applicable Issuing Bank shall furnish a copy of each such Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 1 contract

Samples: Credit Agreement (Spectrasite Inc)

Procedure for Issuance of Letters of Credit. An Applicant The Borrower may from time to time request that an the Issuing Bank issue a Letter of Credit Credit, at any time prior to the fifth (5th) Business Day prior to the Initial Maturity Date, by delivering (a) to such the Issuing Bank at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefora Request for Issuance of Letter of Credit, completed to the satisfaction of such the Issuing Bank, and such other certificates, documents and other papers and information as such the Issuing Bank may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any ApplicationRequest for Issuance of Letter of Credit, each the Issuing Bank agrees to will process the Letter of Credit Application accompanying such Application Request for Issuance of Letter of Credit, and the certificates, documents and other papers and information delivered to it in connection therewith therewith, in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Bank be required to issue any Letter of Credit earlier than two three (3) Business Days after its receipt of the Application any Request for Issuance of Letter of Credit therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such the Issuing Bank and the Borrower. Each The Issuing Bank shall furnish a copy of each such Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent promptly following the issuance thereof.

Appears in 1 contract

Samples: Credit Agreement (Spectrasite Holdings Inc)

Procedure for Issuance of Letters of Credit. An Applicant Any Borrower may from time to time request that an Issuing Bank Lender issue a Letter of Credit at any time during the Commitment Period by delivering (a) to such Issuing Bank Lender (with a copy to the Administrative Agent) at its address for notices specified herein in such manner as may be agreed by or be reasonably acceptable to such Issuing Bank (including by electronic transmission) an Application therefor, completed to the satisfaction of such the Issuing BankLender, and such other certificates, documents and other papers and information as such the Issuing Bank Lender may reasonably request and (b) a notice to the Administrative Agent that such Letter of Credit has been requestedrequest. Upon receipt of any Application, each the Issuing Bank agrees to Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such the Issuing Bank Lender be required to issue any Letter of Credit earlier than two three Business Days (or, in the case of Letters of Credit denominated in Optional Currencies, four Business Days) after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by such Issuing Bank Lender and the relevant Borrower. Each Issuing Bank Lender shall furnish to the Company and the Administrative Agent a copy of each Letter of Credit issued by such Issuing Bank to the Borrower and the Administrative Agent Lender, promptly following the issuance thereof.

Appears in 1 contract

Samples: Credit Agreement (Hexcel Corp /De/)

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