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 PACC, on behalf of the Borrowers, in writing, by telex, facsimile transmission or electronic conveyance received by the 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 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 Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers making such request.

Procedures for Letters of Credit. Each request for a Letter of Credit shall be made by PACC, on behalf of the Borrowers, a Borrower in writing, by telex, facsimile transmission or electronic conveyance received by the Bank Lender 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 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 Bank Lender may require that such request be made on such letter of credit application and reimbursement agreement form as the Bank Lender may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers Borrower making such request.

Procedures for Letters of Credit. Each request for a Letter of Credit shall be made by PACC, on behalf of the Borrowers, a Corporate Borrower in writing, by telex, facsimile transmission or electronic conveyance received by the Bank Lender 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 Borrowers 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 Bank Lender may require that such request be made on such letter of credit application and reimbursement agreement form as the Bank Lender may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers Borrower making such request.

Procedures for Letters of Credit. Each request for a Letter of Credit shall be made by PACC, on behalf of the Borrowers, Borrower in writing, by telex, facsimile transmission or electronic conveyance received by the 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 Borrowers 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 Bank may require that such request be made on such letter of credit application and reimbursement agreement form as the Bank may from time to time specify, along with satisfactory evidence of the authority and incumbency of the officials of the Borrowers Borrower making such request.