Procedure for Issue of notes --------------------------------------------------------------------------------
Procedure for Issue. (a) Each Issue shall be made on notice substantially in the form of Schedule 4 (an “Issue Notice”) given by the Borrower to the Agent not later than 1:00 p.m. (Toronto time) on three Business Day’s notice. The Issue Notice shall be in substantially the form of Schedule 4, shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the “Issue Date”), (ii) the Type of Documentary Credit, (iii) the currency and Face Amount of the Documentary Credit, (iv) the expiration date, and (v) the name and address of the Beneficiary. The Agent shall, upon receipt of an Issue Notice, provide a copy of the Issue Notice to the Documentary Credit Lender and to each other Lender.
(b) Not later than 1:00 p.m. (Toronto time) on the Issue Date, the Documentary Credit Lender shall issue a Documentary Credit completed in accordance with the LEGAL_1:81779606.19 BMO – BNS - Berkshire –Credit Agreement Issue Notice in the appropriate form. Upon receipt of the Documentary Credits and upon fulfilment of the conditions set forth in Article 11, the Agent shall deliver the Documentary Credits to or to the order of the Borrower.
(c) No Documentary Credit shall require that payment against a conforming draft be made on the same Business Day upon which the draft was presented, unless such presentation is made before 1:00 p.m. (Toronto time) on such Business Day.
(d) Prior to the Issue Date, the Borrower shall provide a precise description of the documents and the verbatim text of any certificates to be presented by the Beneficiary which, if presented by the Beneficiary, would require the Documentary Credit Lender, to make payment under the Documentary Credit. The Documentary Credit Lender may require reasonable changes in any such document or certificate.
Procedure for Issue. (a) Each Issue shall be made on notice substantially in the form of Schedule 4 (an “Issue Notice”) given by the Borrower to the Agent not later than 1:00 p.m. (Toronto time) on three (3) Business Day’s notice. The Issue Notice shall be in substantially the form of Schedule 4 shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the “Issue Date”), (ii) the Type of Documentary Credit, (iii) the Face Amount of the Documentary Credit, (iv) the expiration date, and (v) the name and address of the Beneficiary. The Agent shall, upon receipt of an Issue Notice, provide a copy of the Issue Notice to the Documentary Credit Lender and to each other Lender.
(b) Not later than 1:00 p.m. (Toronto time) on the Issue Date, the Documentary Credit Lender shall issue a Documentary Credit completed in accordance with the Issue Notice in the appropriate form. Upon receipt of the Documentary Credits and upon fulfilment of the conditions set forth in ARTICLE 11, the Agent shall deliver the Documentary Credits to or to the order of the Borrower.
(c) No Documentary Credit shall require that payment against a conforming draft be made on the same Business Day upon which the draft was presented, unless such presentation is made before 1:00 p.m. (Toronto time) on such Business Day.
Procedure for Issue. (a) Each Issue shall be made on notice substantially in the form of Schedule 4 (an “Issue Notice”) given by the Borrower to the Agent not later than 1:00 p.m. (Toronto time) on three (3) Business Day’s notice. The Issue Notice shall be in substantially the form of Schedule 4 shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the “Issue Date”), (ii) the Type of Documentary Credit, (iii) the Face Amount of the Documentary Credit, (iv) the expiration date, and (v) the name and address of the Beneficiary. The Agent shall, upon receipt of an Issue Notice, provide a copy of the Issue Notice to the Documentary Credit Lender and to each other Lender.
(b) Not later than 1:00 p.m. (Toronto time) on the Issue Date, the Documentary Credit Lender shall issue a Documentary Credit completed in accordance with the Issue Notice in the appropriate form. Upon receipt of the Documentary Credits and upon fulfilment of the conditions set forth in ARTICLE 11, the Agent shall deliver the Documentary Credits to or to the order of the Borrower.
(c) No Documentary Credit shall require that payment against a conforming draft be made on the same Business Day upon which the draft was presented, unless such presentation is made before 1:00 p.m. (Toronto time) on such Business Day.
(d) Prior to the Issue Date, the Borrower shall provide a precise description of the documents and the verbatim text of any certificates to be presented by the Beneficiary which, if presented by the Beneficiary, would require the Documentary Credit Lender, to make payment under the Documentary Credit. The Documentary Credit Lender may require reasonable changes in any such document or certificate.
Procedure for Issue. 14 Section 5.3 Form of Documentary Credits..................................15 Section 5.4 Use of Documentary Credits...................................15 Section 5.5 Reimbursements of Amounts Drawn; Exchange Rate Fluctuations..15 Section 5.6 Risk of Documentary Credits..................................15 Section 5.7 Fees.........................................................16 Section 5.8 Repayments...................................................16
Procedure for Issue. 34 Section 5.3. Form of Letters of Credit. 35 Section 5.4 Use of Letters of Credit. 35 Section 5.5 Reimbursements of Amounts Drawn. 35 Section 5.6 Risk of Letters of Credit. 35 Section 5.7 Fees. 36 Section 5.8 Repayments. 37
Procedure for Issue. 50 Section 5.3 Form of Letters of Credit................................... 51 Section 5.4 Revolving Credit Lenders' Participation..................... 51 Section 5.5 Reimbursements of Amounts Drawn............................. 51 Section 5.6 Payment by Lenders.......................................... 52 Section 5.7 Risk of Letters of Credit................................... 52 Section 5.8 Fees........................................................ 53 Section 5.9 Repayments.................................................. 54
Procedure for Issue. (1) Each Issue shall be made on notice (an "ISSUE NOTICE") given by the Borrower to the Agent not later than 11:00 a.m. (Toronto time) on the number of days notice specified in Exhibit N. The Issue Notice shall be in substantially the form of Exhibit N shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the "ISSUE DATE"), (ii) the Face Amount of the Letter of Credit, (iii) the expiration date, and (iv) the name and address of the Beneficiary. The Borrower shall not request any maturity date for any Letter of Credit which would be later than 5 Business Days prior to the Relevant Repayment Date. The Agent shall, upon receipt of an Issue Notice, provide a copy of the Issue Notice to the Issue Lender.
(2) Not later than 11:00 a.m. (Toronto time) on the Issue Date, the Issue Lender shall issue a Letter of Credit completed in accordance with the Issue Notice in the appropriate form. Upon receipt of the Letter of Credit and upon fulfilment of the conditions set forth in Article 6, the Agent shall deliver the Letter of Credit to or to the order of the Borrower.
(3) No Letters of Credit shall require that payment against a conforming draft is to be made on the same Business Day upon which the draft was presented, unless such presentation is made before 11:00 a.m. (Toronto time) on such Business Day.
Procedure for Issue. (1) Each Issue under the Credit Facility shall be made on notice (an "ISSUE NOTICE") given by the Borrower to the Lender not later than 11:00 a.m. (Toronto time) on three Business Days notice. The Issue Notice shall be in substantially the form of Schedule 5.2(1), shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the "ISSUE DATE"), (ii) the Type of Documentary Credit, (iii) the Face Amount of each Documentary Credit, (iv) the expiration date, and (v) the name and address of the Beneficiary. The Borrower shall not request a maturity date for a Documentary Credit which would be after the Maturity Date.
(2) Not later than 11:00 a.m. (Toronto time) on the Issue Date, the Lender shall issue a Documentary Credit completed in accordance with the Issue Notice in the appropriate form. Upon fulfilment of the conditions set forth in Article 6, the Lender shall deliver the Documentary Credits to or to the order of the Borrower.
(3) No Documentary Credit shall require that payment against a conforming draft be made on the same Business Day upon which the draft was presented, unless such presentation is made before 11:00 a.m. (Toronto time) on such Business Day.
Procedure for Issue. (1) Each Issue shall be made on notice (an “Issue Notice”) given by a Borrower to the Agent not later than 12:00 noon (local time at the place of Issue) at least 5 Business Days prior to the Issue Date. The Issue Notice shall be in substantially the form of Schedule J hereto (or shall be made by telephone promptly confirmed in writing, providing the same information as would be contained in Schedule J hereto), and shall specify: (i) the requested date of Issue (the “Issue Date”); (ii) the Type of Letter; (iii) the aggregate Face Amount and currency of the Letter; (iv) the expiration date of the Letter; (v) the name and address of the Beneficiary; and (vi) the purpose of the Letter. No Letter shall be issued in favour of a Beneficiary that is a bank, trust company or other financial institution without the consent of the Issuing Lender if the Letter is to be used for a purpose that is not otherwise permitted by the terms of this Agreement.
(2) Upon receipt of an Issue Notice, the Agent shall forthwith notify the Issuing Lender of the proposed Issue Date and shall otherwise deal with such Issue Notice in the manner specified in this Article 5.
(3) A Borrower shall not request in the Issue Notice a maturity date for a Letter which would: (i) be subsequent to the Maturity Date; or (ii) conflict, in the opinion of the Agent, with the repayments provided for in Sections 2.5 or 2.6.
