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

Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the Company in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof and the Administrative Agent will notify each Revolving Credit Lender. The Issuing Lender will process such L/C Application, and the other certificates, documents and other papers delivered to the Issuing Lender in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Company; provided that no such Letter of Credit shall be issued (i) if the Dollar Equivalent of the amount of such requested Letter of Credit, together with the sum of (A) the Dollar Equivalent of the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (B) the Dollar Equivalent of the maximum aggregate amount available to be drawn under all Letters of Credit outstanding at such time, would exceed $50,000,000 or (ii) if Section 2.1 would be violated thereby.

Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the Company Borrower in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof and the Administrative Agent will notify each Revolving Credit Lenderthereof. The Issuing Lender will process such L/C Application, and the other certificates, documents and other papers delivered to the Issuing Lender in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the CompanyBorrower; provided PROVIDED that no such Letter of Credit shall be issued (ia) if the Dollar Equivalent of the amount of such requested Letter of Credit, together with the sum of (Ai) the Dollar Equivalent of the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (Bii) the Dollar Equivalent of the maximum aggregate amount available to be drawn under all Letters of Credit outstanding at such time, would exceed $50,000,000 100,000,000 or (iib) if Section 2.1 subsection 3.1 would be violated therebythereby (and each Issuing Lender shall be responsible for confirming the same with the Administrative Agent).

Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the Company in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof and the Administrative Agent will notify each Revolving Credit Lender. The Issuing Lender will process such L/C Application, and the other certificates, documents and other papers delivered to the Issuing Lender in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Company; provided that no such Letter of Credit shall be issued (i) if the Dollar Equivalent of the amount of such requested Letter of Credit, together with the sum of (A) the Dollar Equivalent of the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (B) the Dollar Equivalent of the maximum aggregate amount available to be drawn under all Letters of Credit outstanding at such time, would exceed $50,000,000 20,000,000 or (ii) if Section 2.1 would be violated thereby.