Common use of Procedures for Letters of Credit Clause in Contracts

Procedures for Letters of Credit. (a) Each request for a Letter of Credit shall be made by the Borrowers’ Agent in writing, by telex, facsimile transmission or electronic conveyance received by the Agent and the LC Bank by 2:00 P.M. (Minneapolis time) on a Business Day which is not less than one Business Day preceding the requested date of issuance (which shall also be a Business Day). Each request for a Letter of Credit shall be deemed a representation by the each Borrower that on the date of issuance of such Letter of Credit and after giving effect thereto the applicable conditions specified in Article III have been and will be satisfied. The LC Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the LC Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers’ Agent making such request. The LC Bank shall promptly, on the date of receipt thereof, notify the Agent and the other Banks of the receipt of the request and the matters specified therein. On the date of each issuance of a Letter of Credit the LC Bank shall send notice to the other Banks of such issuance, accompanied by a copy of the Letter or Letters of Credit so issued.

Appears in 2 contracts

Samples: Credit Agreement (Dolan Media CO), Credit Agreement (Dolan Media CO)

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Procedures for Letters of Credit. (a) Each request for a Letter of Credit shall be made by the Borrowers’ Agent in writing, by telex, facsimile transmission or electronic conveyance received by the Agent Letter of Credit Bank and the LC Bank Agent by 2:00 1:00 P.M. (Minneapolis time) ), on a Business Day which is not less than one Business Day preceding the requested date of issuance (which shall also be a Business Day). Each request for a Letter of Credit shall be deemed a representation by each Subsidiary Borrower and the each Borrower Company that on the date of issuance of such Letter of Credit and after giving effect thereto the applicable conditions specified in Article III have been and will be satisfied. The LC Letter of Credit Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the LC Letter of Credit Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers’ Agent making such request. The LC Letter of Credit Bank shall promptly, on the date of receipt thereof, promptly notify the Agent and the other Banks of the receipt of the request and the matters specified therein. On the date of each issuance of a Letter of Credit, the Letter of Credit the LC Bank shall send notice to the Agent and the other Banks of such issuance, accompanied by a copy of the Letter or Letters of Credit so issued.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Commercial Vehicle Group, Inc.)

Procedures for Letters of Credit. (a) Each request for a -------------------------------- Letter of Credit shall be made by the Borrowers’ Agent Borrower in writing, by telex, facsimile transmission or electronic conveyance received by the Agent and the LC Bank by 2:00 P.M. (Minneapolis 12:00 noon, Chicago time) , on a Business Day which is not less than one three Business Day Days preceding the requested date of issuance (which shall also be a Business Day). Each request for a Letter of Credit shall be deemed a representation by the each Borrower that on the date of issuance of such Letter of Credit Credit, and after giving effect thereto thereto, the applicable conditions specified in Article III have been and will be satisfied. The LC Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the LC Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers’ Agent Borrower making such request. The LC Bank Agent shall promptly, on the date of receipt thereof, promptly notify the Agent and the other Banks of the receipt of the request and the matters specified therein. On the date of each issuance of a Letter of Credit the LC Bank Agent shall send notice to the other Banks of such issuance, accompanied by a copy of the Letter or Letters of Credit so issued.

Appears in 1 contract

Samples: Credit Agreement (Buca Inc /Mn)

Procedures for Letters of Credit. (a) 1. Each request for a Letter of Credit shall be made by the Borrowers’ Agent in writing, by telex, facsimile transmission or electronic conveyance received by the Agent and the LC Bank by 2:00 P.M. (Minneapolis time) on a Business Day which is not less than one Business Day preceding the requested date of issuance (which shall also be a Business Day). Each request for a Letter of Credit shall be deemed a representation by the each Borrower that on the date of issuance of such Letter of Credit and after giving effect thereto the applicable conditions specified in Article III have been and will be satisfied. The LC Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the LC Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers’ Agent making such request. The LC Bank shall promptly, on the date of receipt thereof, notify the Agent and the other Banks of the receipt of the request and the matters specified therein. On the date of each issuance of a Letter of Credit the LC Bank shall send notice to the other Banks of such issuance, accompanied by a copy of the Letter or Letters of Credit so issued.

Appears in 1 contract

Samples: Credit Agreement (Dolan Media CO)

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Procedures for Letters of Credit. (a) Each request for a Letter of Credit shall be made by the Borrowers’ Agent in writing, by telex, facsimile transmission or electronic conveyance received by the Agent LC Bank and the LC Bank Administrative Agent by 2:00 P.M. 11:00 a.m. (Minneapolis time) on a Business Day which is not less than one Business Day preceding the requested date of issuance (which shall also be a Business Day). Each request for a Letter of Credit shall be deemed a representation by the each Borrower Borrowers that on the date of issuance of such Letter of Credit and after giving effect thereto the applicable conditions specified in Article III have been and will be satisfied. The LC Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the LC Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers’ Agent making such request. The LC Bank shall promptly, on the date of receipt thereof, promptly notify the Administrative Agent and the other Banks of the receipt of the request and the matters specified therein. On the date of each issuance of a Letter of Credit the LC Bank shall send notice to the other Banks of such issuance, accompanied by a copy of the Letter or Letters of Credit so issued.

Appears in 1 contract

Samples: Credit Agreement (Cabelas Inc)

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