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

Procedure for Opening Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the Issuing Lender (with a copy to the Administrative Agent) in the form of a L/C Application. Promptly after receipt of any L/C Application, the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such L/C Application from the Borrower and, if not, the Issuing Lender will provide the Administrative Agent with a copy thereof. Unless the Issuing Lender has received written notice from the Administrative Agent or the Borrower 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 herein have not been satisfied, then, subject to the terms and conditions hereof, the Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the Issuing Lender’s usual and customary business practices.

Procedure for Opening Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower Borrowers on behalf of Holdings, the Borrowers or any Qualified Subsidiaries delivered to the Issuing Lender (with a copy to the Administrative Agent) in the form of a L/C Application. Promptly after receipt of any L/C Application, the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such L/C Application from the Borrower Borrowers and, if not, the Issuing Lender will provide the Administrative Agent with a copy thereof. Unless the Issuing Lender has received written notice from the Administrative Agent or the Borrower Borrowers 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 herein Table of Contents have not been satisfied, then, subject to the terms and conditions hereof, the Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower Borrowers on behalf of Holdings, the Borrowers or any Qualified Subsidiaries or enter into the applicable amendment, as the case may be, in each case in accordance with the Issuing Lender’s usual and customary business practices.

Procedure for Opening Letters of Credit. Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower Borrowers on behalf of Holdings, the Borrowers or any Qualified Subsidiaries delivered to the Issuing Lender (with a copy to the Administrative Agent) in the form of a L/C Application. Promptly after receipt of any L/C Application, the Issuing Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such L/C Application from the Borrower Borrowers and, if not, the Issuing Lender will provide the Administrative Agent with a copy thereof. Unless the Issuing Lender has received written notice from the Administrative Agent or the Borrower Borrowers 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 herein have not been satisfied, then, subject to the terms and conditions hereof, the Issuing Lender shall, on the requested date, issue a Letter of Credit for the account of the Borrower Borrowers on behalf of Holdings, the Borrowers or any Qualified Subsidiaries or enter into the applicable amendment, as the case may be, in each case in accordance with the Issuing Lender’s usual and customary business practices.