Procedures for Issuance and Amendment of Sterling Letters of Credit; Auto-Renewal Sterling Letters of Credit. (i) Each Sterling Letter of Credit shall be issued or amended, as the case may be, upon the request of the UK Borrower delivered to the relevant Sterling L/C Issuer (with a copy to the Administrative Agent) in the form of a Sterling Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the UK Borrower. Such Sterling Letter of Credit Application must be received by the relevant Sterling L/C Issuer and the UK Administrative Agent not later than 11:00 a.m. at least two UK Business Days (or such later date and time as requested by the UK Borrower and as the relevant Sterling L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail satisfactory to the relevant Sterling L/C Issuer: (A) the proposed issuance date of the requested Sterling Letter of Credit (which shall be a UK Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the relevant Sterling L/C Issuer may require. In the case of a request for an amendment of any outstanding Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail satisfactory to the relevant Sterling L/C Issuer (1) the Sterling Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a UK Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant Sterling L/C Issuer may require. (ii) Promptly after receipt of any Sterling Letter of Credit Application, the relevant Sterling L/C Issuer will confirm with the UK Administrative Agent (by telephone or in writing) that the UK Administrative Agent has received a copy of such Sterling Letter of Credit Application from the UK Borrower and, if not, the relevant Sterling L/C Issuer will provide the UK Administrative Agent with a copy thereof. Upon receipt by the relevant Sterling L/C Issuer of confirmation from the UK Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the relevant Sterling L/C Issuer shall, on the requested date, issue a Sterling Letter of Credit for the account of the UK Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the relevant Sterling L/C Issuer's usual and customary business practices. Immediately upon the issuance of each Sterling Letter of Credit, each UK Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Sterling L/C Issuer a risk participation in such Sterling Letter of Credit in an amount equal to the product of such UK Bank's Sterling Pro Rata Share times the amount of such Sterling Letter of Credit. (iii) If the UK Borrower so requests in any applicable Sterling Letter of Credit Application, the relevant Sterling L/C Issuer may, in its sole and absolute discretion, agree to issue a Sterling Letter of Credit that has automatic renewal provisions (each, an "Auto-Renewal Sterling Letter of Credit"); provided that any such Auto-Renewal Sterling Letter of Credit must permit the relevant Sterling L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Sterling Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "Sterling Nonrenewal Notice Date") in each such twelve-month period to be agreed upon at the time such Sterling Letter of Credit is issued. Unless otherwise directed by the relevant Sterling L/C Issuer, the UK Borrower shall not be required to make a specific request to the relevant Sterling L/C Issuer for any such renewal. Once an Auto-Renewal Sterling Letter of Credit has been issued, the UK Banks shall be deemed to have authorized (but may not require) the relevant Sterling L/C Issuer to permit the renewal of such Sterling Letter of Credit at any time prior to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the relevant Sterling L/C Issuer shall not permit any such renewal if (A) the relevant Sterling L/C Issuer has determined that it would have no obligation at such time to issue such Sterling Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2B.8(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two UK Business Days before the Nonrenewal Notice Date (1) from the UK Administrative Agent that the UK Majority Banks have elected not to permit such renewal or (2) from the UK Administrative Agent, any UK Bank or the UK Borrower that one or more of the applicable conditions specified in Section 3B.2 is not then satisfied. (iv) Promptly after its delivery of any Sterling Letter of Credit or any amendment to a Sterling Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant Sterling L/C Issuer will also deliver to the UK Borrower and the UK Administrative Agent a true and complete copy of such Sterling Letter of Credit or amendment.
Appears in 1 contract
Procedures for Issuance and Amendment of Sterling Letters of Credit; Auto-Renewal Sterling Letters of Credit. (i) Each Sterling Letter of Credit shall be issued or amended, as the case may be, upon the request of the UK Borrower delivered to the relevant Sterling L/C Issuer (with a copy to the Administrative Agent) in the form of a Sterling Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the UK Borrower. Such Sterling Letter of Credit Application must be received by the relevant Sterling L/C Issuer and the UK Administrative Agent not later than 11:00 a.m. 12:00 Noon at least two UK Business Days (or such later date and time as requested by the UK Borrower and as the relevant Sterling L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant Sterling L/C Issuer: (A) the proposed issuance date of the requested Sterling Letter of Credit (which shall be a UK Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the relevant Sterling L/C Issuer may require. In the case of a request for an amendment of any outstanding Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant Sterling L/C Issuer (1) the Sterling Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a UK Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant Sterling L/C Issuer may require.
(ii) Promptly after receipt of any Sterling Letter of Credit Application, the relevant Sterling L/C Issuer will confirm with the UK Administrative Agent (by telephone or in writing) that the UK Administrative Agent has received a copy of such Sterling Letter of Credit Application from the UK Borrower and, if not, the relevant Sterling L/C Issuer will provide the UK Administrative Agent with a copy thereof. Upon receipt by the relevant Sterling L/C Issuer of confirmation from the UK Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the relevant Sterling L/C Issuer shall, on the requested date, issue a Sterling Letter of Credit for the account of the UK Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the relevant Sterling L/C Issuer's ’s usual and customary business practices. Immediately upon the issuance of each Sterling Letter of Credit, each UK Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Sterling L/C Issuer a risk participation in such Sterling Letter of Credit in an amount equal to the product of such UK Bank's ’s Sterling Pro Rata Share times the amount of such Sterling Letter of Credit.
(iii) If the UK Borrower so requests in any applicable Sterling Letter of Credit Application, the relevant Sterling L/C Issuer may, in its sole and absolute discretion, agree to issue a Sterling Letter of Credit that has automatic renewal provisions (each, an "“Auto-Renewal Sterling Letter of Credit"”); provided that any such Auto-Renewal Sterling Letter of Credit must permit the relevant Sterling L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Sterling Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "“Sterling Nonrenewal Notice Date"”) in each such twelve-month period to be agreed upon at the time such Sterling Letter of Credit is issued. Unless otherwise directed by the relevant Sterling L/C Issuer, the UK Borrower shall not be required to make a specific request to the relevant Sterling L/C Issuer for any such renewal. Once an Auto-Renewal Sterling Letter of Credit has been issued, the UK Banks shall be deemed to have authorized (but may not require) the relevant Sterling L/C Issuer to permit the renewal of such Sterling Letter of Credit at any time prior to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the relevant Sterling L/C Issuer shall not permit any such renewal if (A) the relevant Sterling L/C Issuer has determined that it would have no obligation at such time to issue such Sterling Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2B.8(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two UK Business Days before the Nonrenewal Notice Date (1) from the UK Administrative Agent that the UK Majority Banks have elected not to permit such renewal or (2) from the UK Administrative Agent, any UK Bank or the UK Borrower that one or more of the applicable conditions specified in Section 3B.2 is not then satisfied.
(iv) Promptly after its delivery of any Sterling Letter of Credit or any amendment to a Sterling Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant Sterling L/C Issuer will also deliver to the UK Borrower and the UK Administrative Agent a true and complete copy of such Sterling Letter of Credit or amendment.
Appears in 1 contract
Procedures for Issuance and Amendment of Sterling Letters of Credit; Auto-Renewal Sterling Letters of Credit. (i) Each Sterling Letter of Credit shall be issued or amended, as the case may be, upon the request of the UK Borrower delivered to the relevant Sterling L/C Issuer (with a copy to the Administrative Agent) in the form of a Sterling Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the UK Borrower. Such Sterling Letter of Credit Application must be received by the relevant Sterling L/C Issuer and the UK Administrative Agent not later than 11:00 a.m. A.M. at least two UK Business Days (or such later date and time as requested by the UK Borrower and as the relevant Sterling L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant Sterling L/C Issuer: (A) the proposed issuance date of the requested Sterling Letter of Credit (which shall be a UK Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the relevant Sterling L/C Issuer may require. In the case of a request for an amendment of any outstanding Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail reasonably satisfactory to the relevant Sterling L/C Issuer (1) the Sterling Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a UK Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant Sterling L/C Issuer may require.
(ii) Promptly after receipt of any Sterling Letter of Credit Application, the relevant Sterling L/C Issuer will confirm with the UK Administrative Agent (by telephone or in writing) that the UK Administrative Agent has received a copy of such Sterling Letter of Credit Application from the UK Borrower and, if not, the relevant Sterling L/C Issuer will provide the UK Administrative Agent with a copy thereof. Upon receipt by the relevant Sterling L/C Issuer of confirmation from the UK Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the relevant Sterling L/C Issuer shall, on the requested date, issue a Sterling Letter of Credit for the account of the UK Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the relevant Sterling L/C Issuer's ’s usual and customary business practices. Immediately upon the issuance of each Sterling Letter of Credit, each UK Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Sterling L/C Issuer a risk participation in such Sterling Letter of Credit in an amount equal to the product of such UK Bank's ’s Sterling Pro Rata Share times the amount of such Sterling Letter of Credit.
(iii) If the UK Borrower so requests in any applicable Sterling Letter of Credit Application, the relevant Sterling L/C Issuer may, in its sole and absolute discretion, agree to issue a Sterling Letter of Credit that has automatic renewal provisions (each, an "“Auto-Renewal Sterling Letter of Credit"”); provided that any such Auto-Renewal Sterling Letter of Credit must permit the relevant Sterling L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Sterling Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "“Sterling Nonrenewal Notice Date"”) in each such twelve-month period to be agreed upon at the time such Sterling Letter of Credit is issued. Unless otherwise directed by the relevant Sterling L/C Issuer, the UK Borrower shall not be required to make a specific request to the relevant Sterling L/C Issuer for any such renewal. Once an Auto-Renewal Sterling Letter of Credit has been issued, the UK Banks shall be deemed to have authorized (but may not require) the relevant Sterling L/C Issuer to permit the renewal of such Sterling Letter of Credit at any time prior to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the relevant Sterling L/C Issuer shall not permit any such renewal if (A) the relevant Sterling L/C Issuer has determined that it would have no obligation at such time to issue such Sterling Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2B.8(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two UK Business Days before the Nonrenewal Notice Date (1) from the UK Administrative Agent that the UK Majority Banks have elected not to permit such renewal or (2) from the UK Administrative Agent, any UK Bank or the UK Borrower that one or more of the applicable conditions specified in Section 3B.2 is not then satisfied.
(iv) Promptly after its delivery of any Sterling Letter of Credit or any amendment to a Sterling Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant Sterling L/C Issuer will also deliver to the UK Borrower and the UK Administrative Agent a true and complete copy of such Sterling Letter of Credit or amendment.
Appears in 1 contract
Procedures for Issuance and Amendment of Sterling Letters of Credit; Auto-Renewal Sterling Letters of Credit. (i) Each Sterling Letter of Credit shall be issued or amended, as the case may be, upon the request of the UK Borrower delivered to the relevant Sterling L/C Issuer (with a copy to the Administrative Agent) in the form of a Sterling Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the UK Borrower. Such Sterling Letter of Credit Application must be received by the relevant Sterling L/C Issuer and the UK Administrative Agent not later than 11:00 a.m. at least two UK Business Days (or such later date and time as requested by the UK Borrower and as the relevant Sterling L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail satisfactory to the relevant Sterling L/C Issuer: (A) the proposed issuance date of the requested Sterling Letter of Credit (which shall be a UK Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the relevant Sterling L/C Issuer may require. In the case of a request for an amendment of any outstanding Sterling Letter of Credit, such Sterling Letter of Credit Application shall specify in form and detail satisfactory to the relevant Sterling L/C Issuer (1) the Sterling Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a UK Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the relevant Sterling L/C Issuer may require.
(ii) Promptly after receipt of any Sterling Letter of Credit Application, the relevant Sterling L/C Issuer will confirm with the UK Administrative Agent (by telephone or in writing) that the UK Administrative Agent has received a copy of such Sterling Letter of Credit Application from the UK Borrower and, if not, the relevant Sterling L/C Issuer will provide the UK Administrative Agent with a copy thereof. Upon receipt by the relevant Sterling L/C Issuer of confirmation from the UK Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the relevant Sterling L/C Issuer shall, on the requested date, issue a Sterling Letter of Credit for the account of the UK Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with the relevant Sterling L/C Issuer's ’s usual and customary business practices. Immediately upon the issuance of each Sterling Letter of Credit, each UK Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Sterling L/C Issuer a risk participation in such Sterling Letter of Credit in an amount equal to the product of such UK Bank's ’s Sterling Pro Rata Share times the amount of such Sterling Letter of Credit.
(iii) If the UK Borrower so requests in any applicable Sterling Letter of Credit Application, the relevant Sterling L/C Issuer may, in its sole and absolute discretion, agree to issue a Sterling Letter of Credit that has automatic renewal provisions (each, an "“Auto-Renewal Sterling Letter of Credit"”); provided that any such Auto-Renewal Sterling Letter of Credit must permit the relevant Sterling L/C Issuer to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Sterling Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "“Sterling Nonrenewal Notice Date"”) in each such twelve-month period to be agreed upon at the time such Sterling Letter of Credit is issued. Unless otherwise directed by the relevant Sterling L/C Issuer, the UK Borrower shall not be required to make a specific request to the relevant Sterling L/C Issuer for any such renewal. Once an Auto-Renewal Sterling Letter of Credit has been issued, the UK Banks shall be deemed to have authorized (but may not require) the relevant Sterling L/C Issuer to permit the renewal of such Sterling Letter of Credit at any time prior to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the relevant Sterling L/C Issuer shall not permit any such renewal if (A) the relevant Sterling L/C Issuer has determined that it would have no obligation at such time to issue such Sterling Letter of Credit in its renewed form under the terms hereof (by reason of the provisions of Section 2B.8(a)(ii) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two UK Business Days before the Nonrenewal Notice Date (1) from the UK Administrative Agent that the UK Majority Banks have elected not to permit such renewal or (2) from the UK Administrative Agent, any UK Bank or the UK Borrower that one or more of the applicable conditions specified in Section 3B.2 is not then satisfied.
(iv) Promptly after its delivery of any Sterling Letter of Credit or any amendment to a Sterling Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the relevant Sterling L/C Issuer will also deliver to the UK Borrower and the UK Administrative Agent a true and complete copy of such Sterling Letter of Credit or amendment.
Appears in 1 contract
