Common use of Procedures for Letters of Credit Clause in Contracts

Procedures for Letters of Credit. Each request for a Letter of Credit shall be made by the Borrower, in writing, by telex, facsimile transmission or electronic conveyance received by the Agent by 2:00 p.m. (Central time) on a Business Day which is not less than five (5) Business Days preceding the requested date of issuance (which shall also be a Business Day) and shall be accompanied by a certificate executed by the Borrower in the form of Exhibit B-7. Each request for a Letter of Credit shall specify (i) the date of issuance of the requested Letter of Credit, (ii) the amount of the requested Letter of Credit, (iii) the name of the account party on such Letter of Credit, and (iv) the beneficiary of such Letter of Credit. The Agent may require that such request be made on such letter of credit application and reimbursement agreement form as the Agent may from time to time specify, along with satisfactory evidence of the authority and incumbency of the representative of the Borrower making such request. Each request for a Letter of Credit shall be deemed a representation by the 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. Unless the Agent determines that any applicable condition specified in Article III has not been satisfied, the Agent will issue the requested Letter of Credit at its principal office in Minneapolis, Minnesota not later than 3:00 p.m. on the requested date of issuance.

Procedures for Letters of Credit. Each request for a Letter of -------------------------------- Credit shall be made by the Borrower, in writing, by telex, facsimile transmission or electronic conveyance received by the Agent by 2:00 p.m. (Central p.m., Minneapolis time) , on a Business Day which is not less than five (5) Business Days preceding the requested date of issuance (which shall also be a Business Day) and shall be accompanied by a certificate executed by the Borrower in the form of Exhibit B-7. Each request for a Letter of Credit shall specify (i) the ----------- date of issuance of the requested Letter of Credit, (ii) the amount of the requested Letter of Credit, (iii) the name of the account party on such Letter of Credit, and (iv) the beneficiary of such Letter of Credit. The Agent may require that such request be made on such letter of credit application and reimbursement agreement form as the Agent may from time to time specify, along with satisfactory evidence of the authority and incumbency of the representative of the Borrower making such request. Each request for a Letter of Credit shall be deemed a representation by the Borrower that, that on the date of issuance of such Letter of Credit and after giving effect thereto, thereto the applicable conditions specified in Article ARTICLE III have been and will be satisfied. Unless the Agent determines that any applicable condition specified in Article ARTICLE III has not been satisfied, the Agent will issue the requested Letter of Credit at its principal office in Minneapolis, Minnesota not later than 3:00 p.m. on the requested date of issuance.