Procedure for Issuance of Letters of Credit. The Borrowers’ Representative may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter of credit application. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the Business Day of its receipt of the letter of credit application) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers’ Representative. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lenders.
Appears in 2 contracts
Samples: Credit Agreement (EP Energy Corp), Credit Agreement (El Paso Corp/De)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to toSECTION 3.2 time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at its applicable office (with a copy to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office) a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender or the Administrative Agent may request. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1Application, the Issuing Lender shall 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, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Lender’s participation therein. Commissions and Other Charges.
Appears in 2 contracts
Samples: Credit Agreement (Realpage Inc), Credit Agreement (Realpage Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative US Borrower may from time to time request that the any Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender at the Administrative Agent’s Office a Letter of Credit Application therefor, completed to the reasonable satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent at their respective addresses for notices specified herein a letter of credit applicationmay reasonably request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeUS Borrower. The applicable Issuing Lender shall promptly furnish to the US Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Lender’s participation therein.
Appears in 2 contracts
Samples: Credit Agreement (DXP Enterprises Inc), Credit Agreement (DXP Enterprises Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the applicable Issuing Lender issue a Letter of Credit by delivering to the applicable Issuing Lender a Letter of Credit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender and the Administrative Agent may request. The Borrower will contemporaneously deliver to the Administrative Agent, at their respective addresses for notices specified herein the Administrative Agent’s Office, a letter copy of credit applicationsuch Letter of Credit Application and accompanying documentation. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of approving same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Revolving Credit Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the four (4) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 applicable Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender’s participation therein.
Appears in 2 contracts
Samples: Credit Agreement (Lmi Aerospace Inc), Credit Agreement (Lmi Aerospace Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative may from time to time Company shall request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses its address for notices specified herein (with a letter copy to the Multi-Currency Administration Agent) an Application therefor, completed to the satisfaction of credit applicationsuch Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender reasonably may request. Upon receipt of any letter of credit applicationApplication, the such Issuing Lender will process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender 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 the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three Business Day of Days after its receipt of the letter of credit applicationApplication 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 such Issuing Lender and the Borrowers’ RepresentativeCompany. The Such Issuing Lender shall (i) in the case of each Standby Letter of Credit, notify each L/C Participant and the Multi-Currency Administrative Agent promptly following the request for and following the issuance of the Standby Letter of Credit and furnish a copy of such Standby Letter of Credit to the Borrowers’ Representative Company and to the Multi-Currency Administrative Agent promptly following the issuance thereofthereof and (ii) in the case of Commercial Letters of Credit, andprovide to each L/C Participant and the Multi-Currency Administrative Agent, thereafterpromptly following the end of each calendar month during which it has issued Commercial Letters of Credit, a monthly activity report of the Administrative Agent shall promptly furnish a copy thereof to the LendersCommercial Letters of Credit issued by it during such month.
Appears in 2 contracts
Samples: Credit Agreement (Revlon Consumer Products Corp), Credit Agreement (Revlon Consumer Products Corp)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender at the Administrative Agent’s Office a Letter of Credit Application therefor, completed to the satisfaction of the Issuing Lender and such other certificates, documents and other papers and information as the Issuing Lender and the Administrative Agent may request. The Borrower will contemporaneously deliver to the Administrative Agent, at their respective addresses for notices specified herein the Administrative Agent’s Office, a letter copy of credit applicationsuch Letter of Credit Application and accompanying documentation. Upon receipt of any letter Letter of credit applicationCredit Application, the Issuing Lender will shall process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of approving same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Revolving Credit Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the four (4) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender’s participation therein.
Appears in 1 contract
Samples: Credit Agreement (Lmi Aerospace Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information (“L/C Supporting Documentation”) as the Issuing Lender and the Administrative Agent may request. The Borrower will contemporaneously deliver to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office a letter copy of credit applicationsuch Application and L/C Supporting Documentation. Upon receipt of any letter of credit applicationApplication, the Issuing Lender will shall process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedL/C Supporting Documentation delivered to it in connection therewith in accordance with its customary procedures and shall, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Revolving Credit Facility for issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article VI hereof, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter of credit applicationApplication therefor and all L/C Supporting Documentation 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 the Borrowers’ RepresentativeBorrower; provided that the Issuing Lender shall not issue a Letter of Credit from and after the date which is one (1) day after it has received written notice from the Administrative Agent (upon the request of the Required Lenders) that one or more of the applicable conditions to Extensions of Credit specified in Section 6.3 is not then satisfied until such conditions are satisfied or waived in accordance with the provisions of this Agreement (and the Issuing Lender shall be entitled to conclusively rely on any such notice and shall have no obligation to independently investigate the accuracy of such notice and shall have no liability to the Borrower in respect thereof if such notice proves to be inaccurate). The Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit and promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to the Borrowers’ Representative such Revolving Credit Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Revolving Credit Lender’s participation therein.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative (a) Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter an Application therefor, completed to the satisfaction of credit applicationsuch Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request (which information shall include the Permitted Currency in which the Letter of Credit shall be denominated). Upon receipt of any letter of credit applicationApplication, the applicable Issuing Lender will shall process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Syndicated Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.12A.01 and Article IV hereof, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the any Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the four (4) Business Day of Days after its receipt of the letter of credit applicationApplication 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 applicable Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Lender of the issuance and upon request by any Lender, furnish to such Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Lender’s participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Additional Issuing Lender only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender Bank issue a Letter of Credit by delivering to the Issuing Lender Bank at the Administrative Agent’s office an Application therefor, completed to the satisfaction of the Issuing Bank, and such other certificates, documents and other papers and information (“L/C Supporting Documentation”) as the Issuing Bank and the Administrative Agent may request (which information shall include the Permitted Currency in which the Letter of Credit shall be denominated). The Borrower will contemporaneously deliver to the Administrative Agent, at their respective addresses for notices specified herein the Administrative Agent’s office, a letter copy of credit applicationsuch Application and L/C Supporting Documentation. Upon receipt of any letter of credit applicationApplication, the Issuing Lender will Bank shall process such letter of credit application on (i) Application and L/C Supporting Documentation delivered to it in connection therewith in accordance with its customary procedures and shall, after approving the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Revolving Commitment for issuance of such Letter of Credit will not contravene Credit, subject to Section 3.12.20(a) and Article IV hereof, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender Bank be required to issue any Letter of Credit earlier than noon New York time on the four (4) Business Day of Days after its receipt of the letter of credit applicationApplication therefor and all L/C Supporting Documentation 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 Bank and the Borrowers’ RepresentativeBorrower. The Issuing Lender Bank shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Lender’s participation therein.
Appears in 1 contract
Samples: Senior Secured Credit Agreement (Choice Hotels International Inc /De)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender at such Issuing Lender’s Lending Office and to the Administrative Agent at the Administrative Agent’s Office a Letter of Credit Application therefor, completed to the reasonable satisfaction of the applicable Issuing Lender and the Administrative Agent, and such other certificates, documents and other papers and information as such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter of credit applicationmay reasonably request (the “L/C Supporting Documentation”). Upon receipt of any letter Letter of credit applicationCredit Application and the L/C Supporting Documentation, the applicable Issuing Lender will shall process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedL/C Supporting Documentation delivered to it in connection therewith in accordance with its customary procedures and shall, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Credit Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the applicable Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit Application therefor and the L/C Supporting Documentation relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the applicable Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Lender of the issuance of such Letter of Credit and, upon request by any Lender, furnish to such Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Lender’s participation therein.
Appears in 1 contract
Samples: Credit Agreement (Bowater Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter of credit applicationapplication in the Issuing Lender's then customary form (an "L/C Application") completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as may be customary and as the Issuing Lender may reasonably request. Upon receipt of any letter of credit applicationL/C Application, the Issuing Lender will process such letter of credit application on (i) L/C Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section subsection 3.1, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier Amended and Restated Credit Agreement 22 than noon New York time on the three Business Day of Days after its receipt of the letter of credit applicationL/C 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative Borrower and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lenders.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative U.S. Borrower may from time to time request that the applicable Issuing Lender issue a Letter of Credit by delivering to the applicable Issuing Lender at the applicable address therefore and to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of the applicable Issuing Lender, and such other certificates, documents and other papers and information as the applicable Issuing Lender may request (which information shall include the Permitted Currency in which the Letters of Credit shall be denominated). Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the applicable Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 applicable Issuing Lender and the Borrowers’ Representativeapplicable Borrower. The applicable Issuing Lender shall promptly furnish to the U.S. Borrower a copy of such Letter of Credit and promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to the Borrowers’ Representative such Revolving Credit Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Revolving Credit Lender’s participation therein.
Appears in 1 contract
Samples: Credit Agreement (PRA International)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Domestic Borrower, on behalf of itself or the Canadian Borrower, may from time to time request that the Issuing Lender issue a Letter of Credit by delivering giving written notice to the Administrative Agent and the Issuing Lender prior to 10:00 a.m. (Chicago time) at least five (5) Business Days prior to the proposed date of issuance, specifying the beneficiary, the proposed date of issuance and the Administrative Agent at their respective addresses for notices specified herein a letter expiry date of credit such Letter of Credit and describing the proposed terms of such Letter of Credit (including the Permitted Currency in which such Letter of Credit shall be denominated) and the nature of the transactions proposed to be supported thereby, together with an application/reimbursement agreement and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1notice, the Issuing Lender shall process such notice and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the Business Day of its receipt of the letter of credit application) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers’ RepresentativeDomestic Borrower, on behalf of itself or the Canadian Borrower. The Issuing Lender shall promptly furnish to the Domestic Borrower, on behalf of itself or the Canadian Borrower, a copy of such Letter of Credit to the Borrowers’ Representative and promptly notify the Administrative Agent promptly following the issuance thereofAgent, and, thereafter, and the Administrative Agent shall promptly notify each Lender, of the issuance of such Letter of Credit and, upon request by any Lender, the Issuing Lender shall furnish to such Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Lender's participation therein.
Appears in 1 contract
Samples: Credit Agreement (G&k Services Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Revolving Credit Lender’s participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Issuing Lender not theretofore identified as such on the Register only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
Appears in 1 contract
Samples: Credit Agreement (CoreCivic, Inc.)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a commercial letter of credit applicationapplication in the Issuing Lender's then customary form (a "Trade L/C Application") or a standby letter of credit application in the Issuing Lender's then customary form (a "Standby L/C Application"), as the case may be, in each case completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as may be customary for letters of credit of the kind being requested and as the Issuing Lender may reasonably request. Upon receipt of any letter Letter of credit applicationCredit Application, the Issuing Lender will process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative Borrower and the Administrative Agent promptly following the issuance thereof, and, thereafter, thereof and to each Lender promptly following the Administrative Agent shall promptly furnish a copy thereof to the Lendersend of each month.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Lender of the issuance and upon request by any Lender, furnish to such Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Lender’s participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Additional Issuing Lenders only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrowers may from time to time request that the any Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office) a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ Representative. The applicable Issuing Lender shall promptly furnish to the Borrowers and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Lender’s participation therein.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender Letter of Credit Bank issue a Letter of Credit by delivering to the Issuing Lender and the Administrative Agent Letter of Credit Bank, at their respective addresses its address for notices specified herein referred to in Section 11.1, an Application therefor, completed to the satisfaction of the Letter of Credit Bank (which completion may occur by means of any electronic system operated by the Letter of Credit Bank), and such other certificates, documents and other papers and information as the Letter of Credit Bank may request. Each Application for a letter Documentary Letter of credit applicationCredit shall specify the documents, certificates and any other items required to be presented as a condition for acceptance of a draft drawn on, or other payment request made with respect to, the Letter of Credit Bank pursuant to such Documentary Letter of Credit. Upon receipt of any letter of credit applicationApplication, the Issuing Lender Letter of Credit Bank will process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures, or (ii) subject to the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by terms and conditions hereof, and shall, subject to the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1terms and conditions hereof, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender Letter of Credit Bank (unless it otherwise agrees) be required to issue any Letter of Credit earlier than noon New York time on the two Domestic Business Day of Days after its receipt of the letter of credit applicationApplication 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 Letter of Credit Bank and the Borrowers’ RepresentativeBorrower. The Issuing Lender Letter of Credit Bank shall furnish a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent Borrower promptly following the issuance thereof, and, thereafter, . The Letter of Credit Bank will periodically (but in any event no less often than monthly) report to the Administrative Agent shall promptly furnish a copy thereof regarding Letter of Credit issuance activity, and the Administrative Agent will periodically (but in any event no less often than monthly) report to the LendersLenders regarding Letter of Credit issuance activity.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Either Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein Agent’s Office a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request (which information shall include the currency (Dollars or the Permitted Foreign L/C Currency) in which the Letter of Credit shall be denominated). Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such a completed Letter of Credit will not contravene Section 3.1Application, the Issuing Lender shall promptly process such Letter of Credit Application and the certificates, documents and other papers and information delivered to it in connection therewith (the “L/C Support Documents”) in accordance with its customary procedures and, so long as such Letter of Credit Application, the L/C Support Documents and any language necessary for the requested Letter of Credit are finalized in form and substance satisfactory to the Issuing Lender (in the sole discretion of the Issuing Lender), subject to Section 3.1 and Article VI, the Issuing Lender shall issue the Letter of Credit requested thereby within five (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the 5) Business Day of its receipt of the letter of credit application) Days by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers’ Representativeapplicable Borrower. The Issuing Lender shall promptly furnish to the applicable Borrower a copy of such Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender’s participation therein.
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Samples: Credit Agreement (Tekelec)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Lender of the issuance and upon request by any Lender, furnish to such Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Lender's participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Additional Issuing Lenders only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein a letter Agent's Office an Application therefor (which Application shall be delivered to the Issuing Lender by the Administrative Agent), completed to the satisfaction of credit applicationthe Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1Application, the Issuing Lender shall 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, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three Business Day of Days after its receipt of the letter of credit applicationApplication 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall furnish to the Borrower a copy of such Letter of Credit and furnish to each Lender a copy of such Letter of Credit and a statement of the Borrowers’ Representative and the Administrative Agent amount of each Lender's participation therein, all promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersof such Letter of Credit.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Xxxxxxx Xxxxxx and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Revolving Credit Xxxxxx’s participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Additional Issuing Lenders only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
Appears in 1 contract
Samples: Incremental Term Loan Agreement (Corrections Corp of America)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the any Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office) a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Lender’s participation therein.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Canadian Borrower, on behalf of itself and the other Credit Parties, may from time to time request that the applicable Issuing Lender issue a Letter of Credit by delivering to the applicable Issuing Lender at such Issuing Lender's Lending Office a Letter of Credit Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information ("L/C Supporting Documentation") as such Issuing Lender and the Administrative Agent may request (which information shall include the Permitted Currency in which the Letter of Credit shall be denominated). The applicable Multicurrency Borrower will contemporaneously deliver to the Administrative Agent, at their respective addresses for notices specified herein the Administrative Agent's Office, a letter copy of credit applicationsuch Letter of Credit Application and L/C Supporting Documentation. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedL/C Supporting Documentation delivered to it in connection therewith in accordance with its customary procedures and shall, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Revolving Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York four (4) Business Days (or such lesser time on period as agreed to by the Business Day of applicable Issuing Lender and the applicable Multicurrency Borrower) after its receipt of the letter Letter of credit applicationCredit Application therefor and all L/C Supporting Documentation relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the applicable Issuing Lender and the Borrowers’ Representativeapplicable Multicurrency Borrower. The applicable Issuing Lender shall promptly furnish to such Multicurrency Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the LendersCredit.
Appears in 1 contract
Samples: Credit Agreement (Cott Corp /Cn/)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the any Issuing Lender issue a Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) by delivering to the such Issuing Lender at any Issuing Lender's office at any address mutually acceptable to the Borrower and such Issuing Lender an Application therefor, completed to the Administrative Agent at their respective addresses for notices specified herein a letter satisfaction of credit applicationsuch Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Upon receipt of any letter of credit applicationApplication, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender shall 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, subject to Section 3.1 and Article VI hereof, promptly issue the Letter of Credit (or amend, extend or renew the outstanding Letter of Credit) requested thereby (but in no event shall the any Issuing Lender be required to issue any Letter of Credit (or amend, extend or renew an outstanding Letter of Credit) earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter of credit applicationApplication 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The Issuing Lender shall furnish a copy Within fifteen (15) Business Days after the end of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereaftereach month, the Administrative Agent shall promptly furnish a copy thereof report to each Lender the Lendersaverage daily outstandings for each day in such month for all Letters of Credit during the previous month.
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Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Xxxxxxx Xxxxxx and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit. Upon receipt of such Letter of Credit, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Revolving Credit Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereofamount of such Revolving Credit Lender’s participation therein, and, thereafter, provided that the Administrative Agent shall promptly furnish be obligated to deliver the foregoing with respect to a copy thereof Letter of Credit issued by an Issuing Lender not theretofore identified as such on the Register only after receipt by the Administrative Agent of all notices required to be delivered to the LendersAdministrative Agent with respect thereto.
Appears in 1 contract
Samples: Credit Agreement (CoreCivic, Inc.)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative (a) Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein a letter Agent's Lending Office an Application therefor, completed to the satisfaction of credit applicationthe Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request (which information shall include the Permitted Currency in which the Letter of Credit shall be denominated). Upon receipt of any letter of credit applicationApplication, the Issuing Lender will shall process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Syndicated Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.12A.01 and Article IV hereof, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the four (4) Business Day of Days after its receipt of the letter of credit applicationApplication 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall promptly furnish to Borrower a copy of such Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender's participation therein.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Either Account Party may from time to time give notice to the Administrative Agent that such Account Party or any Subsidiary desires to have a Letter of Credit issued for its account and specifying the proposed Issuing Bank with respect to such Letter of Credit. In the event that the proposed Issuing Bank is reasonably acceptable to the Administrative Agent, the applicable Account Party shall request that the such Issuing Lender Bank issue a Letter of Credit by delivering to the such Issuing Lender and Bank (with a copy of such Application to the Administrative Agent Agent, in the case of any Standby Letter of Credit) at their respective addresses its address for notices specified herein a letter an Application therefor, completed to the satisfaction of credit applicationthe Issuing Bank, and such other certificates, documents and other papers and information as the Issuing Bank may request. Upon receipt of any letter of credit applicationApplication, the Issuing Lender Bank will process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender 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 the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the Business Day of its receipt of the letter of credit application) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender Bank and the Borrowers’ Representativeapplicable Account Party; provided that the Issuing Bank shall in no event be required to issue any Letter of Credit earlier than one Business Day (or, in the case of Standby Letters of Credit, three Business Days) after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto. The In the event that the Letter of Credit to be issued is a Standby Letter of Credit, the Issuing Lender Bank shall furnish a copy of such Standby Letter of Credit to the Borrowers’ Representative and each of the Administrative Agent and the applicable Account Party promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lenders.
Appears in 1 contract
Samples: Credit and Guarantee Agreement (Reebok International LTD)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative U.S. Borrower or ------------------------------------------- the Canadian Borrower may from time to time request that the a U.S. Issuing Lender or a Canadian Issuing Lender, as the case may be, issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses its address for notices specified herein a letter an Application therefor, completed to the satisfaction of credit applicationsuch Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any letter of credit applicationApplication, the an Issuing Lender will process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender 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 the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the Business Day of its receipt of the letter of credit application) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the such Issuing Lender and the Borrowers’ Representativerelevant Borrower (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto). The Promptly after issuance by an Issuing Lender of a Letter of Credit, such Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative and relevant Borrower. Each Issuing Lender shall promptly furnish to the General Administrative Agent promptly following (and, in the case of a Canadian Letter of Credit, to the Canadian Administrative Agent), notice of the issuance of each Letter of Credit issued by it (including the amount thereof, and, thereafter, the Administrative ) and such Agent shall promptly furnish a copy thereof to the Lendersupon receipt of such notice notify each Lender.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Either Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering (a) to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein Agent's Office a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request (which information shall include the currency (Dollars or the Permitted Foreign L/C Currency) in which the Letter of Credit shall be denominated) and (b) the applicable L/C Deposit by the U.S. Borrower. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such a completed Letter of Credit will not contravene Section 3.1Application and the applicable L/C Deposit, the Issuing Lender shall promptly process such Letter of Credit Application and the certificates, documents and other papers and information delivered to it in connection therewith (the "L/C Support Documents") in accordance with its customary procedures and, so long as such Letter of Credit Application, the L/C Support Documents and any language necessary for the requested Letter of Credit are finalized in form and substance satisfactory to the Issuing Lender (in the sole discretion of the Issuing Lender), subject to Section 3.1 and Article VI, the Issuing Lender shall issue the Letter of Credit requested thereby within five (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the 5) Business Day of its receipt of the letter of credit application) Days by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers’ Representativeapplicable Borrower. The Issuing Lender shall promptly furnish to the applicable Borrower a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the LendersCredit.
Appears in 1 contract
Samples: Credit Agreement (Tekelec)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative (a) US Borrowers may from time to time request that the any Issuing Lender issue a US Letter of Credit and (b) Canadian Borrowers may from time to time request that any Issuing Lender issue a Canadian Letter of Credit, in each case, by delivering to the such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office) a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Xxxxxxx Xxxxxx or the Administrative Agent may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ Representativeapplicable Borrower. The applicable Issuing Lender shall promptly furnish to the applicable Borrowers and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Xxxxxx’s participation therein.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Each Borrower may from time to time request that the Issuing Lender issue (or amend, renew or extend) a Letter of Credit by delivering to the Issuing Lender and Lender, with a copy to the Administrative Agent Agent, in each case, at their respective addresses the applicable address for notices specified herein a letter herein, (i) an Application therefor, completed to the satisfaction of credit applicationthe Issuing Lender, and (ii) such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any letter of credit applicationApplication, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from confirm with the Administrative Agent (by telephone or in writing) that issuance of the limitations contained in Section 3.1(a) shall not be violated and shall then process such Letter of Credit will not contravene Section 3.1Application and the certificates, the Issuing Lender documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue (or amend, renew or extend) the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue (or amend, renew or extend) any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter of credit applicationApplication therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit (or amendment, renewal or extension) to the beneficiary thereof or as otherwise may be agreed by the Issuing Lender and the Borrowers’ Representativeapplicable Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative applicable Borrower and the Administrative Agent promptly following the issuance thereof, and, thereafter, and the Administrative Agent shall promptly furnish a copy thereof to notify the LendersLenders thereof.
Appears in 1 contract
Samples: Credit Agreement (Kimco Realty Corp)
Procedure for Issuance of Letters of Credit. The Guarantor, on behalf of the Borrowers’ Representative , may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein a letter Agent's Office an Application therefor, completed to the satisfaction of credit applicationthe Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may reasonably request. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1Application, the Issuing Lender shall 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, subject to Section 3.1 and Article V hereof, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter of credit applicationApplication 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 reasonably agreed by the Issuing Lender and the Guarantor, on behalf of the Borrowers’ Representative. The Issuing Lender shall promptly furnish to the Guarantor a copy of such Letter of Credit and promptly notify each Lender of the issuance and upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender's L/C Participation therein.
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Procedure for Issuance of Letters of Credit. The JLG, on behalf of the Borrowers’ Representative , may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein Agent's Office an Application therefore, completed to the reasonable satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may reasonably request; provided, that if no such certificate, documents or other papers are requested by Issuing Lender, then such delivery of an Application shall be deemed to be a letter representation and warranty by JLG to Issuing Lender that the matters set forth in Section 5.2 (a) and (b) are true and correct as of credit applicationthe date of such delivery. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1Application, the Issuing Lender shall process such Application and the certificates, documents and other papers and information delivered to it, if any, in connection therewith in accordance with its customary procedures and shall, subject to Section 3.1 and Article V hereof, promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter of credit applicationApplication 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 the Borrowers’ Representative. The Issuing Lender shall promptly furnish to the Borrowers a copy of such Letter of Credit and promptly notify each Lender of the issuance and, upon request by any Lender, furnish to the Borrowers’ Representative such Lender a copy of such Letter of Credit, and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender's participation therein.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative may from time to time request that the Issuing Lender issue a (a) Each Letter of Credit by delivering shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the applicable Issuing Lender (with a copy to the Administrative Agent) in the form of an Application, appropriately completed and signed by a Responsible Officer of such Borrower. Such Application may be sent by facsimile, by mail, by overnight courier, by electronic transmission using the system provided by the applicable Issuing Lender, by personal delivery or by any other means acceptable to the applicable Issuing Lender. Such Application must be received by the applicable Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter of credit application. Upon receipt of any letter of credit application, the Issuing Lender will process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no not later than 11:00 a.m. at least three Business Days (New York timeor such later date and time as the Administrative Agent and the applicable Issuing Lender may agree in a particular instance in their sole discretion) prior to the proposed issuance date or amendment date, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Application shall specify in form and detail satisfactory to the applicable Issuing Lender such information as required by such Issuing Lender for the proposed Letter of Credit. In the case of a request for an amendment of any outstanding Letter of Credit, such Application shall specify in form and detail satisfactory to the applicable Issuing Lender such information as required by such Issuing Lender for the proposed amendment of such outstanding Letter of Credit. Additionally, the applicable Borrower shall furnish to the applicable Issuing Lender and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Issuing Lender or the Administrative Agent may require.
(b) Promptly after receipt of any Application, the applicable Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Application from the applicable Borrower and, if not, the applicable Issuing Lender will provide the Administrative Agent with a copy thereof. Unless the applicable Issuing Lender has received written notice from the Administrative Agent, any Lender or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 4 shall not then be satisfied, then, subject to the terms and conditions hereof, such Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of such Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with such Issuing Lender’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable Issuing Lender a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Revolving Percentage times the amount of such Letter of Credit.
(c) If a Borrower so requests in any applicable Application, the applicable Issuing Lender agrees to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided, that, any such Auto-Extension Letter of Credit must permit the applicable Issuing Lender to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable Issuing Lender to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business DayDays prior to the Termination Date; provided, however, that, such Issuing Lender shall not permit any such extension if (i) such Issuing Lender has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.6(a) or Section 2.6(b) or otherwise), or (ii) it has received notice (which may be by telephone or in writing) on or before the first day that is seven Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by Days before the Issuing Lender of confirmation Non-Extension Notice Date (A) from the Administrative Agent that issuance the Required Lenders have elected not to permit such extension or (B) from the Administrative Agent, any Lender or any Loan Party that one or more of the applicable conditions specified in Section 4 is not then satisfied, and in each such Letter of Credit will not contravene Section 3.1, the case directing such Issuing Lender shall promptly issue the Letter not to permit such extension.
(d) Promptly after its delivery of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the Business Day of its receipt of the letter of credit application) by issuing the original of such or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof or as otherwise may be agreed by thereof, the applicable Issuing Lender will also deliver to the applicable Borrower and the Borrowers’ Representative. The Issuing Lender shall furnish Administrative Agent a true and complete copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersor amendment.
Appears in 1 contract
Samples: Credit Agreement (Kennametal Inc)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a commercial letter of credit applicationapplication in the Issuing Lender's then customary form (a "Trade L/C Application") or a standby letter of credit application in the Issuing Lender's then customary form (a "Standby L/C Application"), as the case may be, in each case completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as may be customary for letters of credit of the kind being requested and as the Issuing Lender may reasonably request. Upon receipt of any letter Letter of credit applicationCredit Application, the Issuing Lender will process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Daydocuments and other papers and information delivered to it in connection therewith in accordance with its customary procedures and, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 the Borrowers’ RepresentativeBorrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative Borrower and the Administrative Agent promptly following the issuance thereof, and, thereafter, thereof and to each Revolving Credit Lender promptly following the Administrative Agent shall promptly furnish a copy thereof to the Lendersend of each month.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender at such Issuing Lender's Lending Office and to the Administrative Agent at the Administrative Agent's Office a Letter of Credit Application therefor, completed to the reasonable satisfaction of the applicable Issuing Lender and the Administrative Agent, and such other certificates, documents and other papers and information as such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter of credit applicationmay reasonably request (the "L/C Supporting Documentation"). Upon receipt of any letter Letter of credit applicationCredit Application and the L/C Supporting Documentation, the applicable Issuing Lender will shall process such letter Letter of credit application on (i) Credit Application and the Business Day on which such letter of credit application is receivedL/C Supporting Documentation delivered to it in connection therewith in accordance with its customary procedures and shall, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) after approving the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of same and receiving confirmation from the Administrative Agent that sufficient availability exists under the Credit Facility for the issuance of such Letter of Credit will not contravene Credit, subject to Section 3.13.1 and Article V, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the applicable Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit Application therefor and the L/C Supporting Documentation relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the applicable Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Lender of the issuance of such Letter of Credit and, upon request by any Lender, furnish to such Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Lender's participation therein.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the Bank of America, as Issuing Lender issue a Letter of Credit by delivering to the Bank of America, as Issuing Lender and the Administrative Agent at their respective addresses its address for notices specified herein a letter an Application therefor, completed to the reasonable satisfaction of credit applicationBank of America, as Issuing Lender, and such other certificates, documents and other papers and information as Bank of America, as Issuing Lender may reasonably request. Upon receipt of any letter Application, Bank of credit applicationAmerica, the as Issuing Lender will process such letter of credit application on (i) Application and the Business Day on which such letter of credit application is receivedcertificates, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Section 3.1, the Issuing Lender 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 the Bank of America, as Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three Business Day of Days after its receipt of the letter of credit applicationApplication 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 Bank of America, as Issuing Lender and the Borrowers’ RepresentativeBorrower. The Bank of America, as Issuing Lender shall furnish a copy of such Letter of Credit to the Borrowers’ Representative Borrower promptly following the issuance thereof and Bank of America, as Issuing Lender shall notify the Administrative Agent of the issuance of such Letter of Credit and the Administrative Agent promptly following will in turn provide notice to each L/C Participant indicating the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof amount of such Letter of Credit to the Lendersbe allocated to such L/C Participant.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the any Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and the Administrative Agent at their respective addresses for notices specified herein a letter Letter of credit applicationCredit Application therefor, completed to the reasonable satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may reasonably request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and promptly notify the Administrative Agent promptly following and each Revolving Credit Lender of the issuance thereof, of such Letter of Credit and, thereafterupon request by any Revolving Credit Lender, the Administrative Agent shall promptly furnish to such Lender a copy thereof of such Letter of Credit and the amount of such Revolving Credit Lender’s participation therein. Upon the effectiveness of this Agreement, each Existing Letter of Credit shall, without any further action by any party, be deemed to have been issued as a Letter of Credit hereunder on the Lendersdate of such effectiveness and shall for all purposes hereof be treated as a Letter of Credit under this Agreement.
Appears in 1 contract
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the any Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and at its applicable office (with a copy to the Administrative Agent at their respective addresses for notices specified herein the Administrative Agent’s Office) a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall, process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Article VI, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 Isxxxxx Xxxxxx xnd the Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative Agent a copy of such Letter of Credit to the Borrowers’ Representative and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance and upon request by any Lender, furnish to such Revolving Credit Lender a copy thereof to of such Letter of Credit and the Lendersamount of such Revolving Credit Xxxxxx’s participation therein.
Appears in 1 contract
Samples: Credit Agreement (Fidelity National Financial, Inc.)
Procedure for Issuance of Letters of Credit. The Borrowers’ Representative Borrower may from time to time request that the an Issuing Lender issue a Letter of Credit by delivering to the such Issuing Lender and at the Administrative Agent at their respective addresses for notices specified herein Agent’s Office a letter Letter of credit applicationCredit Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing CHAR2\1566724v8 Lender may request. Upon receipt of any letter Letter of credit applicationCredit Application, the applicable Issuing Lender will shall process such letter of credit application on (i) the Business Day on which such letter of credit application is received, provided that such letter of credit application is received no later than 11:00 a.m. (New York time) on such Business Day, or (ii) the first Business Day next succeeding receipt of such letter of credit application if received after such time. Upon receipt by the Issuing Lender of confirmation from the Administrative Agent that issuance of such Letter of Credit will not contravene Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to Section 3.13.1 and Section 5.2, the Issuing Lender shall promptly issue the Letter of Credit requested thereby (but in no event shall the such Issuing Lender be required to issue any Letter of Credit earlier than noon New York time on the three (3) Business Day of Days after its receipt of the letter Letter of credit applicationCredit 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 such Issuing Lender and the Borrowers’ RepresentativeBorrower. The applicable Issuing Lender shall promptly furnish to the Borrower a copy of such Letter of Credit and promptly notify each Revolving Credit Lender under the applicable Tranche of the issuance and upon request by any Revolving Credit Lender under such Tranche, furnish to the Borrowers’ Representative such Revolving Credit Lender a copy of such Letter of Credit and the Administrative Agent promptly following the issuance thereof, and, thereafter, the Administrative Agent shall promptly furnish a copy thereof to the Lendersamount of such Lender’s participation therein.
Appears in 1 contract
Samples: Credit Agreement (Blackbaud Inc)