Common use of Request for Incurrence of Letter of Credit Obligations Clause in Contracts

Request for Incurrence of Letter of Credit Obligations. Borrower shall give Agent at least two (2) Business Days prior written notice requesting the incurrence of any Letter of Credit Obligation, specifying the date such Letter of Credit Obligation is to be incurred, identifying the beneficiary and describing the nature of the transactions proposed to be supported thereby; provided, however, that Borrower need not obtain approval and need not provide notice to Agent for the incurrence of a Letter of Credit Obligation if (i) the issuance of such Letter of Credit Obligation would not violate any provision of this Annex F, (ii) the amount of such Letter of Credit Obligation is less than $300,000 and (iii) the aggregate amount of all Letter of Credit Obligations issued in such week is less than $300,000. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer). For administrative purposes, by Monday of the following week, the L/C Issuer shall distribute a summary sheet to Agent stating the amount requested during such week and the date of all Letter of Credit Obligations issued during such week. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed application for Standby Letter of Credit or application for Documentary Letter of Credit, as applicable. Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower and approvals by Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among Borrower, Agent and the L/C Issuer.

Request for Incurrence of Letter of Credit Obligations. Borrower Representative shall give Administrative Agent at least two (2) Business Days prior written notice requesting the incurrence of any Letter of Credit Obligation, specifying the date such Letter of Credit Obligation is to be incurred, identifying the beneficiary and Borrower to which such Letter of Credit Obligation relates and describing the nature of the transactions proposed to be supported thereby; provided, however, that Borrower Representative need not obtain approval and need not provide notice to Administrative Agent for the incurrence of a Letter of Credit Obligation if (i) the issuance of such Letter of Credit Obligation would not violate any provision of this Annex FB, (ii) the amount of such Letter of Credit Obligation is less than $300,000 and (iii) the aggregate amount of all Letter of Credit Obligations issued in such week is less than $300,000. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer). For administrative purposes, by Monday of the following week, the L/C Issuer shall distribute a summary sheet to Administrative Agent stating the amount requested during such week and the date of all Letter of Credit Obligations issued during such week. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed application Application for Standby Letter of Credit or application Application for Documentary Letter of Credit, as applicable, in the form of Exhibit B-1 or Exhibit B-2 attached hereto. Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower Representative and approvals by Administrative Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among BorrowerBorrower Representative, Administrative Agent and the L/C Issuer.

Request for Incurrence of Letter of Credit Obligations. Borrower Representative shall give Administrative Agent at least two (2) Business Days prior written notice requesting the incurrence of any Letter of Credit Obligation, specifying the date such Letter of Credit Obligation is to be incurred, identifying the beneficiary and the Borrower to which such Letter of Credit Obligation relates and describing the nature of the transactions proposed to be supported thereby; provided, however, that Borrower Representative need not obtain approval and need not provide notice to Administrative Agent for the incurrence of a Letter of Credit Obligation if (i) the issuance of such Letter of Credit Obligation would not violate any provision of this Annex FB, (ii) the amount of such Letter of Credit Obligation is less than $300,000 and (iii) the aggregate amount of all Letter of Credit Obligations issued in such week is less than $300,000. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer). For administrative purposes, by Monday of the following week, the L/C Issuer shall distribute a summary sheet to Administrative Agent stating the amount requested during such week and the date of all Letter of Credit Obligations issued during such week. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed application Application for Standby Letter of Credit or application Application for Documentary Letter of Credit, as applicable, in the form of Exhibit B-1 or Exhibit B-2 attached hereto. Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower Representative and approvals by Administrative Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among BorrowerBorrower Representative, Administrative Agent and the L/C Issuer.