Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 6 contracts
Samples: Credit Agreement (Lazydays Holdings, Inc.), Credit Agreement (Lazydays Holdings, Inc.), Credit Agreement (Lazydays Holdings, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) a LC Request to the applicable Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application substantially on the applicable Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that)), after giving effect to such issuance, amendment, renewal or extensionextension (A) the aggregate LC Exposure shall not exceed $25,000,000, (B) the provisos set forth in Section 2.05(atotal Revolving Exposures shall not exceed the total Revolving Commitments, (C) through (g) are satisfied. The the aggregate LC Exposure with respect to Letters of Credit issued by such Issuing Bank shall not be obligated exceed the LC Sublimit of such Issuing Bank, (D) the Revolving Exposure of such Issuing Bank does not exceed its Revolving Commitments and (E) if a Defaulting Lender exists, either such Revolving Lender or the Borrower has entered into arrangements satisfactory to amend any Letter of Credit if the Administrative Agent and the Issuing Bank would not be required at Banks to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 5 contracts
Samples: Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to both the Issuing Bank and the Administrative Agent). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank and the Administrative Agent: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank or the Administrative Agent may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank and the Administrative Agent (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank or the Administrative Agent may require. If requested by the Issuing Bank, Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $50.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments minus the Line Reserve and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $100,000.
Appears in 4 contracts
Samples: Credit Agreement (General Cable Corp /De/), Credit Agreement (General Cable Corp /De/), Credit Agreement (General Cable Corp /De/)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver Issuing Bank) an LC Request to the applicable Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting the extension (or such later date and time as is acceptable to such Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Restricted Subsidiaries (provided that the Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of its Restricted Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as such Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as such Issuing Bank may require. If requested by the applicable Issuing Bank, the date Borrower also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, ; provided that the name and address provisions of the beneficiary thereof and such other information as this Section 2.17 shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses apply in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article 4 in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $100,000.
Appears in 4 contracts
Samples: Credit Agreement (Surgery Partners, Inc.), Term Loan Amendment (Surgery Partners, Inc.), Credit Agreement (Surgery Partners, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent facsimile transmission (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimile, electronic communication if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the third (3rd) Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided, provided all fees that Borrower shall be a co-applicant, and expenses be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail reasonably satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the expiry date thereof (which shall not be later than the close of business on the certificates, documents and Letter of Credit Expiration Date); and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the Total Revolving Exposures shall not exceed the Total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $100,000.
Appears in 3 contracts
Samples: Credit Agreement (Edgen Group Inc.), Credit Agreement (Edgen Group Inc.), Credit Agreement (Edgen Group Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) a LC Request to the applicable Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended, (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application substantially on the applicable Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that)), after giving effect to such issuance, amendment, renewal or extensionextension (A) the aggregate LC Exposure shall not exceed $25,000,000, (B) the provisos set forth in Section 2.05(atotal Revolving Exposures shall not exceed the total Revolving Commitments, (C) through (g) are satisfied. The the aggregate LC Exposure with respect to Letters of Credit issued by such Issuing Bank shall not be obligated exceed the LC Sublimit of such Issuing Bank, (D) the Revolving Exposure of such Issuing Bank does not exceed its Revolving Commitments and (E) if a Defaulting Lender exists, either such Revolving Lender or the Borrower has entered into arrangements satisfactory to amend any Letter of Credit if the Administrative Agent and the Issuing Bank would not be required at Banks to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 3 contracts
Samples: Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.), Credit Agreement (Iridium Communications Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Lead Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $35,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or Lead Borrower has entered into arrangements reasonably satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender). The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than U.S. Dollars.
Appears in 3 contracts
Samples: Revolving Credit Agreement (VERRA MOBILITY Corp), Revolving Credit Agreement (VERRA MOBILITY Corp), Revolving Credit Agreement (VERRA MOBILITY Corp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Revolving Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of one if its Subsidiaries (provided that Borrower shall be a co-applicant, and therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may require. If requested therebyby the Issuing Bank, provided all fees and expenses Borrower also shall submit a letter of credit application on the Issuing Bank's standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $10.0 million and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 3 contracts
Samples: Credit Agreement (Norcraft Companies Lp), Credit Agreement (Norcraft Companies Lp), Credit Agreement (Norcraft Companies Lp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended, (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (andif, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $35,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 3 contracts
Samples: Ratification and Amendment Agreement (Cenveo, Inc), Credit Agreement (Cenveo, Inc), Abl Credit Agreement
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the U.S. Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that U.S. Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, U.S. Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers U.S. Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired be in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or been cancelled$500,000, in the Revolving Credit Commitment case of each Revolving Credit Lender shall be deemed a Standby Letter of Credit, or is to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 3 contracts
Samples: Credit Agreement (Ply Gem Holdings Inc), Credit Agreement (Ply Gem Holdings Inc), Credit Agreement (Ply Gem Holdings Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) (i) the LC Exposure shall not exceed the LC Sublimit, (ii) the provisos set forth in Section 2.05(aU.S. LC Exposure shall not exceed the U.S. LC Sublimit, (iii) through the Canadian LC Exposure shall not exceed the Canadian LC Sublimit and (giv) are satisfiedthe Dutch LC Exposure shall not exceed the Dutch LC Sublimit and (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Revolving Exposures shall not exceed the U.S. Line Cap, (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (iv) the total Dutch Revolving Exposures shall not exceed the Dutch Line Cap. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 2 contracts
Samples: Credit Agreement (SunOpta Inc.), Credit Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver Issuing Lender) to the Issuing Bank Lender and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit ApplicationApplication on the Issuing Lender’s then standard form, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer a duly authorized officer of the Borrower RepresentativeBorrower, the Issuing Bank Lender shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank Lender shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank Lender of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank Lender which relate thereto. The Issuing Bank Lender shall promptly furnish a copy of each Letter of Credit to the Administrative Agent Agent, the Borrower and to each of the Borrower RepresentativeLenders. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, extension the provisos set forth in proviso of Section 2.05(a2.03(a) through (g) are is satisfied. The Issuing Bank Lender shall not be obligated to amend any Letter of Credit if the Issuing Bank Lender would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 2 contracts
Samples: Credit Agreement (Lecroy Corp), Credit Agreement (Lecroy Corp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) (i) the LC Exposure shall not exceed the LC Sublimit, (ii) the provisos set forth in Section 2.05(aU.S. LC Exposure shall not exceed the U.S. LC Sublimit, (iii) through the Canadian LC Exposure shall not exceed the Canadian LC Sublimit and (giv) are satisfiedthe Dutch LC Exposure shall not exceed the Dutch LC Sublimit and (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Tranche A Revolving Exposures shall not exceed the U.S. Tranche A Line Cap, (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (iv) the total Dutch Revolving Exposures shall not exceed the Dutch Line Cap. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 2 contracts
Samples: Credit Agreement (SunOpta Inc.), Credit Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Lead Borrower or the Canadian Borrower, as applicable, shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by applicable Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension; and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Lead Borrower or the Canadian Borrower, as applicable, also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of CreditCredit the Lead Borrower or the Canadian Borrower, the Revolving Credit Borrowers as applicable, shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $50,000,000, (B) (i) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect, (ii) through the total U.S. Revolving Exposures shall not exceed the lesser of (g1) are satisfiedthe total U.S. Revolving Commitments and (2) the U.S. Borrowing Base then in effect or (iii) the total Canadian Revolving Exposures shall not exceed the lesser of (1) the total Canadian Revolving Commitments and (2) the Canadian Borrowing Base then in effect and (C) if a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelledin the case of Canadian Letters of Credit, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingCanadian Dollars.
Appears in 2 contracts
Samples: Credit Agreement (Ryerson Holding Corp), Credit Agreement (Ryerson Holding Corp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank's standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) (i) the LC Exposure shall not exceed the LC Sublimit, (ii) the provisos set forth in Section 2.05(aU.S. LC Exposure shall not exceed the U.S. LC Sublimit, (iii) through the Canadian LC Exposure shall not exceed the Canadian LC Sublimit and (giv) are satisfiedthe Dutch LC Exposure shall not exceed the Dutch LC Sublimit and (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Tranche A Revolving Exposures shall not exceed the U.S. Tranche A Line Cap, (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (iv) the total Dutch Revolving Exposures shall not exceed the Dutch Line Cap. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 2 contracts
Samples: Restatement Agreement (SunOpta Inc.), Restatement Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Administrative Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by hand, email through a “pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic communication if arrangements for doing so have been approved in writing by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent prior to 1:00 p.m., New York City time, on the fifth (reasonably in advance of 5th) Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for the Administrative Borrower’s own account or for the account of one of its Co-Borrowers or other Wholly Owned Subsidiaries (provided, that, each Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or identifying a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension;
(iv) the expiry date thereof (which shall not be later than the close of business on which such the Letter of Credit is to expire Expiration Date); and
(which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and v) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Administrative Borrower also shall submit a letter of credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied andCredit; provided, provided furtherthat, the Issuing Bank provisions of this Section 2.17 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Administrative Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the Total Revolving Exposures shall not exceed the Total Availability at such time and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $10,000.
Appears in 2 contracts
Samples: Credit Agreement (Layne Christensen Co), Credit Agreement (Layne Christensen Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver, facsimile transmission or transmit by electronic communication an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Lender). Each such request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Lender). A request for an initial issuance of a Letter of Credit shall specify, in form and detail reasonably satisfactory to the Issuing Lender, the following:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) whether the Letter of Credit is to be issued as a Standby Letter of Credit or a Commercial Letter of Credit;
(vii) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(viii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(ix) such other matters as the Issuing Lender may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Lender:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the expiry date thereof (which shall not be later than the close of business on which such the Letter of Credit is to expire Expiration Date);
(which shall comply with Section 2.05.2), iv) the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(v) such other information matters as the Issuing Lender may require.] If requested by the Issuing Lender, Borrower also shall be necessary to prepare, amend, renew or extend such submit a letter of credit application on the Issuing Lender’s standard form in connection with any request for a Letter of Credit. Such written notice may be transmitted electronically Neither the Administrative Agent nor Issuing Lender shall have any obligation to cause the issuance, or by facsimilehave the Underlying Issuer issue, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the and Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to not request the issuance of Letters of Credit have been satisfied andof, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only at any time if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment(w) the LC Exposure would exceed the LC Commitment, renewal (x) the total Revolving Exposure would exceed the total Revolving Commitments, (y) the Revolving Exposure for all Lenders would then exceed the Borrowing Base, or extension(z) the expiry date of the proposed Letter of Credit is on or after than the close of business on the Letter of Credit Expiration Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by Borrower to, or entered into by Borrower with, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated Lender relating to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under Credit, the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes conditions of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall control.
Appears in 2 contracts
Samples: Credit Agreement (BioScrip, Inc.), Credit Agreement (BioScrip, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Administrative Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by hand, email through a “pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic communication if arrangements for doing so have been approved in writing by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the fifth Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency (which must be Dollars or an Alternative Currency) thereof;
(iii) the expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for the Administrative Borrower’s own account or identifying for the account of the Co-Borrower or other Wholly Owned Restricted Subsidiaries of the Administrative Borrower (provided, that each Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or a Wholly Owned Restricted Subsidiary of the Administrative Borrower);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension;
(iv) the expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on which such the Letter of Credit is to expire Expiration Date); and
(which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and v) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may reasonably require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Administrative Borrower also shall submit a letter of credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Administrative Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos Dollar Amount of the LC Exposure shall not exceed the LC Commitment, (ii) the Total Revolving Exposure shall not exceed the Total Revolving Commitments at such time and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Dollar Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding$50,000.
Appears in 2 contracts
Samples: Credit Agreement (International Seaways, Inc.), Credit Agreement (Overseas Shipholding Group Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank's standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired be in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or been cancelled$500,000, in the case of a Standby Letter of Credit, or is to be denominated in a currency other than dollars. If at any time the dollar equivalent of the LC Exposure exceeds the LC Commitment by more than 5% for more than 10 days, the Revolving Credit Commitment of each Revolving Credit Lender Borrower shall be deemed to be utilized for all purposes of this Agreement within 2 Business Days thereafter cash collaterize such amount in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (Amanner described in Section 2.18(i), any related Reimbursement Obligations then outstanding.
Appears in 2 contracts
Samples: Credit Agreement (Adesa Inc), Credit Agreement (Adesa Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or facsimile (or by other electronic communication) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the date set forth in Section 2.18(c));
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Restricted Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Restricted Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 2 contracts
Samples: Credit Agreement (Internap Corp), Credit Agreement (Internap Corp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and the LC Exposure shall not exceed $10.0 million, (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount total Revolving Commitments minus any Line Reserve and (B) the Borrowing Base then in effect and (iii) the conditions set forth in Article IV in respect of such issuance, amendments, renewal or extension shall have been satisfied. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $75,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $100,000, in the case of a Standby Letter of Credit.
Appears in 2 contracts
Samples: Credit Agreement (Harry & David Holdings, Inc.), Credit Agreement (Harry & David Holdings, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of shall hand deliver or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver Issuing Lender, to the Issuing Bank Lender and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.22.02.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower RepresentativeBorrower, the Issuing Bank Lender shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank Lender shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank Lender of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank Lender which relate thereto. The Issuing Bank Lender shall promptly furnish a copy of each Letter of Credit to the Administrative Agent Agent, the Borrower and to each of the Borrower RepresentativeLenders. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, extension the provisos proviso set forth in Section 2.05(a2.02(a) through (g) are is satisfied. The Issuing Bank Lender shall not be obligated to amend any Letter of Credit if the Issuing Bank Lender would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 2 contracts
Samples: Credit Agreement (Martek Biosciences Corp), Credit Agreement (Martek Biosciences Corp)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall hand deliver to the Issuing Bank and the Administrative Agent or telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrowers also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $150 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $100,000, in the case of a Standby Letter of Credit.
Appears in 2 contracts
Samples: Credit Agreement (Bearingpoint Inc), Credit Agreement (Bearingpoint Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf shall hand deliver or transmit by facsimile (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the LC Issuer) a Letter of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver Issuance Request to the Issuing Bank LC Issuer and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York, New York time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the LC Issuer). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency thereof, provided that no LC Issuer shall be required to issue a Letter of Credit in a currency other than Dollars;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) any documents to be presented by such beneficiary in connection with any drawing thereunder;
(vi) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(vii) such other matters as the LC Issuer may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the LC Issuer may require. If requested by the LC Issuer, the date Borrower also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply the LC Issuer’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the Letter of Credit Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Issuing Bank Unless the LC Issuer shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Cash America International Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended, (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (iv) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrowers also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $25.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the Revolving Borrowing Base then in effect. Unless the Issuing Bank shall otherwise agree, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be denominated in a currency other than Dollars.
Appears in 1 contract
Samples: Credit Agreement (Broder Bros., Co.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Lead Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by such Issuing Bank) a LC Request to an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting the extension (or such later date and time as is reasonably acceptable to such Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to such Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as such Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to such Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date nature of the proposed amendment, renewal or extension, and (z) such other matters as such Issuing Bank may reasonably require. If requested by such Issuing Bank, Lead Borrower also shall submit a letter of credit application substantially on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $30,000,000 (the “LC Sublimit”), (B) the provisos set forth total Revolving Exposures shall not exceed the Line Cap, (C) in Section 2.05(a) through (g) are satisfied. The no event shall the aggregate amount of LC Obligations with respect to Letters of Credit issued and outstanding by any Issuing Bank shall not be obligated to amend any exceed its Letter of Credit Issuing Bank Sublimit at any one time (unless otherwise agreed to by such Issuing Bank) and (D) if a Defaulting Lender exists, either such Lender or Lead Borrower has entered into arrangements reasonably satisfactory to the Administrative Agent and Issuing Banks to eliminate any Fronting Exposure associated with such Lender). Unless the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Banks shall otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than U.S. Dollars.
Appears in 1 contract
Samples: Revolving Credit Agreement (Interior Logic Group Holdings, LLC)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.22.03.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower RepresentativeBorrower, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit set forth in Section 4.02 have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information reasonably required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and Agent, to the Borrower Representativeand to each of the Lenders. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, extension the provisos set forth in Section 2.05(a2.03(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by certified mail or transmit by facsimile, electronic mail or other electronic communication acceptable to the Issuing Bank LC Issuer a Letter of Credit Issuance Request to the LC Issuer and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the LC Issuer). A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency thereof, provided that the LC Issuer shall not be required to issue a Letter of Credit in a currency other than Dollars unless the LC Issuer shall otherwise expressly agree to issue a Letter of Credit in another currency;
(iii) the expiry date thereof (which, except for the Closing Date Letter of Credit, shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) any documents to be presented by such beneficiary in connection with any drawing thereunder;
(vi) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(vii) such other matters as the LC Issuer may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the LC Issuer may require. If requested by the LC Issuer, the date Borrowers also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply the LC Issuer’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the Letter of Credit Sublimit, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Issuing Bank Unless the LC Issuer shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver, email through a “pdf” copy or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent transmit by facsimile transmission (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such transmit by other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, electronic communication if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m., New York City time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension or, in the case of an LC Request to MIHI LLC, not later than 1:00 p.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such Letter of Credit have been paid and all beneficiary in connection with any drawing thereunder; and
(viii) such other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, matters as the Issuing Bank shall not be required to issue any Letter of Credit earlier than three may reasonably require; and
(3ix) Business Days after receipt by the Issuing Bank of whether the Letter of Credit Application is a Standby Letter of Credit or a Commercial Letter of Credit. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and of all of the certificates, documents and other papers and information required by detail reasonably satisfactory to the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Bank:
(x) the Letter of Credit to be amended, renewed or extended;
(xi) the Administrative Agent and to proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(xii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(xiii) the nature of the proposed amendment, renewal or extension; and
(xiv) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, Borrower Representativealso shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Multicurrency Revolving Exposures shall not exceed the total Multicurrency Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than the product Dollar Equivalent of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding$100,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $100,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than U.S. Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Revolving Credit Agreement (PAE Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Revolving Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of a Subsidiary;
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may reasonably require. If requested therebyby the Issuing Bank, provided all fees and expenses Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $30.0 million and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents, if any, to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Samples: Credit Agreement (PHC Inc /Ma/)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or facsimile (or by other electronic communication) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the date set forth in Section 2.18(c));
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii)the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall hand deliver to the Issuing Bank and the Administrative Agent or telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. Subject to Section 2.17(b), any Letter of Credit with any expiry date one year from the date of issuance may provide for renewals of additional one year periods. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, the applicable Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $175 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments minus any Line Reserve and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Massey Energy Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 10:00 a.m. (Houston, Texas time) on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of a Subsidiary;
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may reasonably require. If requested therebyby the Issuing Bank, provided all fees and expenses Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $30.0 million and (ii) the sum of (A) total Exposures shall not exceed the Stated Amount of such total Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit, the Borrower shall hand deliver (if arrangements for doing so been approved by the applicable Issuing Bank), an Authorized Officer of the Borrower Representative on behalf of telecopy or transmit by electronic communication (if arrangements for doing so have been approved by applicable Issuing Bank) a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the third Business Day (reasonably or, in advance the case of any Letter of Credit denominated in an Alternative Currency, the fifth Business Day) preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require and shall attach the agreed form of the Letter of Credit. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank, (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day); (y) the nature of the proposed amendment, renewal or extension; and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the date Borrower also shall submit a letter of credit application substantially on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of clauses (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $50,000,000, (B) the provisos set forth in Section 2.05(a) through (g) Availability Conditions are satisfied. The , (C) the LC Exposure of any Issuing Bank shall not be obligated to amend any exceed its Letter of Credit Commitment (provided that this clause (C) shall not apply to the issuance of the Existing Letters of Credit on the Closing Date) and (D) if a Defaulting Lender exists, either such Lender or the Borrower has entered into arrangements reasonably satisfactory to the Administrative Agent and Issuing Bank would not be required at to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under the terms of this AgreementLender. Upon Each request for the issuance by the Issuing Bank of a Letter of Credit and until such Credit, or the amendment, renewal or extension of any outstanding Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal subject to the product of (i) applicable Issuing Bank’s authentication procedures with results reasonably satisfactory to such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingIssuing Bank.
Appears in 1 contract
Samples: Revolving Credit Agreement (Custom Truck One Source, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by certified mail or transmit by facsimile (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the LC Issuer) a Letter of Credit Issuance Request to the Issuing Bank LC Issuer and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York, New York time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the LC Issuer). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency thereof, provided that no LC Issuer shall be required to issue a Letter of Credit in a currency other than Dollars unless it shall otherwise expressly agree to issue a Letter of Credit in another currency;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) any documents to be presented by such beneficiary in connection with any drawing thereunder;
(vi) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(vii) such other matters as the LC Issuer may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the LC Issuer:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the LC Issuer may require. If requested by the LC Issuer, the date Borrowers also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply the LC Issuer’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the Letter of Credit Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Issuing Bank Unless the LC Issuer shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the a Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Revolving Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of one if its Subsidiaries (provided that the other Borrowers shall be co applicants, and jointly and severally liable, with respect to each Letter of Credit issued for the account of such Borrower);
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may reasonably require. If requested therebyby the Issuing Bank, provided all fees and expenses the relevant Borrower also shall submit a letter of credit application on the Issuing Bank's standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $20.0 million and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Lead Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the applicable Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers applicable Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extensionextension (C) the LC Exposure shall not exceed $25,000,000, (D) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (E) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the applicable Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than U.S. Dollars.
Appears in 1 contract
Samples: Abl Credit Agreement (Performance Sports Group Ltd.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Lead Borrower Representative on behalf of shall deliver in writing a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date nature of the proposed amendment, renewal or extension; and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank or the Lead Borrower also shall submit a letter of credit application substantially on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $50,000,000, (B) the provisos set forth in Section 2.05(a) through (g) are satisfied. The LC Exposure of the applicable Issuing Bank shall not be obligated exceed its LC Commitment, (C) the Availability Conditions are satisfied and (D) if a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to amend any Letter of Credit if the Administrative Agent and Issuing Bank would not be required at to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under Lender. Unless the terms of this Agreement. Upon the issuance by the Administrative Agent and applicable Issuing Bank of a Letter of Credit and until such shall otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingCanadian Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail reasonably satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the proposed expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(v) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank's standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than $100,000, in the product case of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such a Commercial Letter of Credit plus (B) without duplication Credit, or $500,000, in the case of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Ionics Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent fax (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and the LC Exposure shall not exceed $8.0 million, (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount total Revolving Commitments minus any Line Reserve and (B) the Borrowing Base then in effect and (iii) the conditions set forth in Article IV in respect of such issuance, amendments, renewal or extension shall have been satisfied. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $75,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $100,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit, the Borrowers shall, except in the case of the Existing Letters of Credit listed on Part A of Schedule 1.01(a), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. Subject to Section 2.17(b), any Letter of Credit with any expiry date one year from the date of issuance may provide for renewals of additional one year periods. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, the applicable Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank's standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $100 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments minus any Line Reserve and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Massey Energy Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent facsimile transmission (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimile, electronic communication if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Restricted Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses in connection be jointly and severally liable, with such respect to each Letter of Credit have been paid and all other conditions precedent to issued for the issuance account of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three a Restricted Subsidiary);
(3vi) Business Days after receipt by the Issuing Bank of whether the Letter of Credit Application and is to be issued as a Standby Letter of all Credit or a Commercial Letter of Credit;
(vii) the certificates, documents and to be presented by such beneficiary in connection with any drawing thereunder;
(viii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(ix) such other papers and information required by matters as the Issuing Bank which relate theretomay require. The A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank shall promptly furnish a copy of each Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the Administrative Agent and to proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the nature of the proposed amendment, renewal or extension; and
(v) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrower Representativealso shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $100,000.
Appears in 1 contract
Samples: Credit Agreement (BioScrip, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (iv) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrowers also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $25.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall otherwise agree, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be denominated in a currency other than Dollars.
Appears in 1 contract
Samples: Credit Agreement (Broder Bros Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of clauses (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $200,000,000, (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Revolving Exposures shall not exceed the U.S. Line Cap (it being understood that for this purpose, the provisos set forth U.S. Borrowing Base shall deduct any Canadian Revolving Exposures borrowed in reliance on clause (d) of the definition of “Canadian Borrowing Base”) or (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (C) if a Defaulting Lender exists, either the LC Exposure of such Defaulting Lender has been reallocated pursuant to Section 2.05(a2.12(a) through (g) are satisfiedor such LC Exposure has been cash collateralizedCash Collateralized in accordance with the provisions of Section 2.13(j). The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelledbe denominated in a currency other than Dollars, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A)Canadian Dollars, any related Reimbursement Obligations then outstandingEuro xxxxx Xxxxxxxx.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall hand deliver to the Issuing Bank and the Administrative Agent or telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension, or such later date and time as is acceptable to the Issuing Bank. Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrowers also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $30.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the total Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by hand, facsimile or other electronic communication an LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of another Loan Party (provided that the Borrower shall be a co-applicant, and shall be jointly and severally liable, with respect to each Letter of Credit issued for the account of another Loan Party);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of , the Borrower Representative, also shall submit a letter of credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Administrative Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by hand, email through a “pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic communication if arrangements for doing so have been approved in writing by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the fifth Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency (which must be Dollars or an Alternative Currency) thereof;
(iii) the expiry date thereof (which shall not be, subject to Section 2.17(c), later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for the Administrative Borrower’s own account or identifying for the account of one of its Co-Borrowers or other Wholly Owned Restricted Subsidiaries of the Administrative Borrower (provided, that each Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or a Wholly Owned Restricted Subsidiary of the Administrative Borrower);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension;
(iv) the expiry date thereof (which shall not be, subject to Section 2.17(c), later than the close of business on which such the Letter of Credit is to expire Expiration Date); and
(which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and v) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may reasonably require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Administrative Borrower also shall submit a letter of credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.17 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Administrative Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos Dollar Amount of the LC Exposure shall not exceed the LC Commitment, (ii) the Total Revolving Exposure shall not exceed the Total Availability at such time and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Dollar Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding$50,000.
Appears in 1 contract
Samples: Abl Credit Agreement (Overseas Shipholding Group Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank's standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed the LC Sublimit, (B) the provisos set forth in Section 2.05(atotal Tranche A Revolving Exposures shall not exceed the Tranche A Line Cap and (C) through (g) are satisfiedthe total Revolving Exposures shall not exceed the Line Cap. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Credit Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) a LC Request to the applicable Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or 1:00 p.m. on the fifth preceding Business Day with respect to Letters of Credit denominated in Alternative Currencies) (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, (vii) the currency thereof and (viii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application substantially on the applicable Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that)), after giving effect to such issuance, amendment, renewal or extensionextension (A) the aggregate LC Exposure shall not exceed $50,000,000, (B) the provisos set forth in Section 2.05(atotal Revolving Exposures shall not exceed the total Revolving Commitments, (C) through (g) are satisfied. The the aggregate LC Exposure with respect to Letters of Credit issued by such Issuing Bank shall not be obligated exceed the LC Sublimit of such Issuing Bank, (D) the Revolving Exposure of such Issuing Bank does not exceed its Revolving Commitments, (E) if a Defaulting Lender exists, either such Revolving Lender or the Borrower has entered into arrangements satisfactory to amend the Administrative Agent and the Issuing Banks to eliminate any Letter Fronting Exposure associated with such Lender and (F) with respect to any Letters of Credit if denominated in Euros or Pounds Sterling, the aggregate Revolving Exposure of all Revolving Loans plus the Outstanding Amount of all LC Obligations, in each case denominated in Euros and Pounds Sterling, shall not exceed the Alternative Currency Sublimit. Unless the applicable Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such shall otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than U.S. Dollars.
Appears in 1 contract
Samples: First Lien Credit Agreement
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Revolving Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of one if its Subsidiaries (provided that Borrower shall be a co-applicant, and therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may require. If requested therebyby the Issuing Bank, provided all fees and expenses Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $15.0 million and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of clauses (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $200,000,000, (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Revolving Exposures shall not exceed the U.S. Line Cap (it being understood that for this purpose, the provisos set forth U.S. Borrowing Base shall deduct any Canadian Revolving Exposures borrowed in reliance on clause (d) of the definition of “Canadian Borrowing Base”) or (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (C) if a Defaulting Lender exists, either the LC Exposure of such Defaulting Lender has been reallocated pursuant to Section 2.05(a2.12(a) through (g) are satisfiedor such LC Exposure has been Cash Collateralized in accordance with the provisions of Section 2.13(j). The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars, Canadian Dollars, Euro or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingSterling.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To Prior to the initial request for the issuance of a Letter of Credit, the LC Collateral Account shall have been established, the Issuing Bank shall have a perfected first priority Lien over the LC Collateral Account and the exclusive right of withdrawal, and the Borrower shall have received account payment instructions for the Issuance Fee. Thereafter, to request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to (i) pay the Issuing Bank and the Administrative Agent (reasonably Issuance Fee in advance cash in respect of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of each such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew (ii) hand deliver or extend such Letter of Credit. Such written notice may be transmitted electronically telecopy (or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Notice Parties not later than 12:00 p.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank), and (iii) enter into any LC Documents required in connection therewith. Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the currency in which the Letter of Credit Application executed by is being requested, which may only be Dollars or an Authorized Officer Alternate Currency, (iii) the amount thereof in Dollars or the Alternate Currency Equivalent thereof; (iv) the expiry date thereof; (v) the name and address of the Borrower Representative, beneficiary thereof; (vi) the documents to be presented by such beneficiary in case of any drawing thereunder; (vii) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (viii) such other matters as the Issuing Bank shall process such may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit to be amended, renewed or extended, (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the proposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested therebyby the Issuing Bank, provided all fees and expenses the Borrower also shall submit a letter of credit application substantially on the Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (andif, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed the LC Sublimit, and (B) the provisos set forth in Section 2.05(a) through (g) are satisfiedtotal principal amount of Term Loans outstanding shall not exceed the aggregate principal amount of the Commitment. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternate Currency.
Appears in 1 contract
Samples: Senior Secured Debtor in Possession Credit Agreement (Gulfmark Offshore Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver, email through a “pdf” copy or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent transmit by facsimile transmission (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such transmit by other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, electronic communication if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m., New York City time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension or, in the case of an LC Request to MIHI LLC, not later than 1:00 p.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such Letter of Credit have been paid and all beneficiary in connection with any drawing thereunder; and
(viii) such other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, matters as the Issuing Bank shall not be required to issue any Letter of Credit earlier than three may reasonably require; and
(3ix) Business Days after receipt by the Issuing Bank of whether the Letter of Credit Application is a Standby Letter of Credit or a Commercial Letter of Credit. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and of all of the certificates, documents and other papers and information required by detail reasonably satisfactory to the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the Administrative Agent and to proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the nature of the proposed amendment, renewal or extension; and
(v) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, Borrower Representativealso shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Multicurrency Revolving Exposures shall not exceed the total Multicurrency Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than the product Dollar Equivalent of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding$100,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Lead Borrower Representative on behalf of or the Canadian Borrower, as applicable, shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by applicable Issuing Bank) andeliver in writing a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date nature of the proposed amendment, renewal or extension; and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, or the Lead Borrower or the Canadian Borrower, as applicable, also shall submit a letter of credit application substantially on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of CreditCredit the Lead Borrower or the Canadian Borrower, the Revolving Credit Borrowers as applicable, shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $50,000,000, (B) (i) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect, (ii) through the total U.S. Revolving Exposures shall not exceed the lesser of (g1) are satisfied. The the total U.S. Revolving Commitments and (2) the U.S. Borrowing Base then in effect or (iii) the total Canadian Revolving Exposures shall not exceed the lesser of (1) the total Canadian Revolving Commitments and (2) the Canadian Borrowing Base then in effect andthe LC Exposure of the applicable Issuing Bank shall not be obligated exceed its LC Commitment, (C) the Availability Conditions are satisfied and (D) if a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to amend any Letter of Credit if the Administrative Agent and Issuing Bank would not be required at to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under Lender. Unless the terms of this Agreement. Upon the issuance by the Administrative Agent and applicable Issuing Bank of a Letter of Credit and until such shall otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelledin the case of Canadian Letters of Credit, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingCanadian Dollars.
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Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the applicable Issuing Bank) an LC Request to the applicable Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the applicable Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the applicable Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for the account of Borrower or for the account of one of its Subsidiaries; provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary;
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the applicable Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the applicable Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3ix) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(x) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(xi) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(xii) such other papers and information required matters as the applicable Issuing Bank may require. If requested by the applicable Issuing Bank which relate thereto. The Bank, the Borrower also shall submit a letter of credit application on the applicable Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The , and the applicable Issuing Bank shall not be obligated with respect to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall be entitled to assume that all such conditions have expired been satisfied unless it has received written notice from the Administrative Agent or the Required Lenders that they have not been cancelledsatisfied. Unless the applicable Issuing Bank shall agree otherwise, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $100,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business 15 days prior to the Revolving Maturity Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit Application executed is to be issued for its own account or for the account of a Subsidiary;
(vi) the documents to be presented by an Authorized Officer such beneficiary in connection with any drawing thereunder;
(vii) the full text of the Borrower Representative, any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank shall process such may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit Application shall specify in form and issue detail satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension; and
(iv) such other matters as the Issuing Bank may reasonably require. If requested therebyby the Issuing Bank, provided all fees and expenses Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $20.0 million and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
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Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Borrower also shall submit a letter of credit application substantially on such Issuing Bank's standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension, ) (A) the provisos set forth in Section 2.05(aLC Exposure shall not exceed the LC Sublimit and (B) through (g) are satisfiedthe total Revolving Exposures shall not exceed the total Revolving Commitments. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Credit Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall hand deliver to the Issuing Bank and the Administrative Agent or telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension, or such later date and time as is acceptable to the Issuing Bank. Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrowers also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $20.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the total Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the U.S. Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that U.S. Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3ix) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(x) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(xi) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(xii) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, U.S. Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers U.S. Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired be in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or been cancelled$500,000, in the Revolving Credit Commitment case of each Revolving Credit Lender shall be deemed a Standby Letter of Credit, or is to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Administrative Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver by hand, email through a “pdf” copy or telecopies, or facsimile transmission (or transmit by other electronic communication if arrangements for doing so have been approved in writing by the respective Issuing Bank) an LC Request to the respective Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the fifth Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the respective Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the respective Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount and currency (which must be Dollars or an Alternative Currency) thereof;
(iii) the expiry date thereof (which shall not be, subject to Section 2.18(c), later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for the Administrative Borrower’s own account or identifying for the account of the Co-Borrower or another Wholly Owned Restricted Subsidiary of the Administrative Borrower (provided, that each Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of any Borrower or a Wholly Owned Restricted Subsidiary of the Administrative Borrower);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the respective Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the respective Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the proposed amendment, renewal or extension;
(iv) the expiry date on which such Letter of Credit is to expire thereof (which shall comply with not be, subject to Section 2.05.22.18(c), later than the amount close of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of business on the Letter of Credit Application executed Expiration Date); and
(v) such other matters as the respective Issuing Bank may reasonably require. If requested by an Authorized Officer of the Borrower RepresentativeIssuing Bank, the Administrative Borrower also shall submit a letter of credit application on such Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Administrative Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos Dollar Amount of the LC Exposure shall not exceed the LC Commitment, (ii) the Total Revolving Exposure shall not exceed the Total Revolving Commitments at such time, and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless an Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Dollar Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstanding$50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $45,000,000,100,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than U.S. Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Revolving Credit Agreement (PAE Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(ix) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(xi) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(xii) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Company shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one if its Subsidiaries (provided that the Borrowers shall be co-applicants, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary of a Borrower);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such Letter of Credit have been paid and all beneficiary in connection with any drawing thereunder; and
(viii) such other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, matters as the Issuing Bank shall not be required to issue any Letter of Credit earlier than three may require. CREDIT AND GUARANTY AGREEMENT EXECUTION
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents renewal or extension and if a renewal or extension, the new expiry date thereof (which shall not be later than the Letter of Credit Expiration Date); and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, the Borrowers also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank's standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extensionextension (i) the LC Exposure shall not exceed the Letter of Credit Sublimit, (ii) the provisos set forth total Revolving Exposures shall not exceed the Total Utilization of Revolving Commitments and (iii) the total principal amount of Term Loans outstanding as of such date plus the Total Utilization of Revolving Commitments shall not exceed the Borrowing Availability then in Section 2.05(a) through (g) are satisfiedeffect. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than $100,000, in the product case of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such a Commercial Letter of Credit plus (B) without duplication Credit, or $500,000, in the case of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga Standby Letter of Credit.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (International Steel Group Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit, the Borrower shall hand deliver (if arrangements for doing so been approved by the applicable Issuing Bank), an Authorized Officer of the Borrower Representative on behalf of telecopy or transmit by electronic communication (if arrangements for doing so have been approved by applicable Issuing Bank) a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the third Business Day (reasonably or, in advance the case of any Letter of Credit denominated in an Alternative Currency, the fifth Business Day) preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require and shall attach the agreed form of the Letter of Credit. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank,; (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day); (y) the nature of the proposed amendment, renewal or extension; and (z) such other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the date Borrower also shall submit a letter of credit application substantially on which such Letter of Credit is to expire (which shall comply Issuing Bank’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of clauses (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $50,000,000, (B) the provisos set forth in Section 2.05(a) through (g) Availability Conditions are satisfied. The , (C) the LC Exposure of any Issuing Bank shall not be obligated to amend any exceed its Letter of Credit Commitment (provided that this clause (C) shall not apply to the issuance of the Existing Letters of Credit on the Closing Date) and (D) if a Defaulting Lender exists, either such Lender or the Borrower has entered into arrangements reasonably satisfactory to the Administrative Agent and Issuing Bank would not be required at to eliminate any Fronting Exposure associated with such time to issue such Letter of Credit in its amended form under the terms of this AgreementLender. Upon Each request for the issuance by the Issuing Bank of a Letter of Credit and until such Credit, or the amendment, renewal or extension of any outstanding Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal subject to the product of (i) applicable Issuing Bank’s authentication procedures with results reasonably satisfactory to such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingIssuing Bank.
Appears in 1 contract
Samples: Revolving Credit Agreement (Custom Truck One Source, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the date set forth in Section 2.18(c));
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(ix) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(xi) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(xii) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representativecredit application or execute a reimbursement agreement, in each case, on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested therebyBank’s standard form, provided all fees and expenses in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank or the LC Facility Issuing Bank. Upon receipt of the Letter of Credit Application executed by , as applicable) an Authorized Officer of the Borrower Representative, LC Request to the Issuing Bank shall process such Letter of Credit Application or the LC Facility Issuing Bank, as applicable, and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to not later than 11:00 a.m. on the Borrower Representative. A Letter third Business Day preceding the requested date of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers shall be deemed (or such later date and time as is acceptable to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under or the terms of this AgreementLC Facility Issuing Bank, as applicable). Upon the A request for an initial issuance by the Issuing Bank of a Letter of Credit shall specify in form and until such detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender (which shall be deemed to be utilized for all purposes of this Agreement in an amount equal a Business Day) provided that with respect to the product LC Facility Letter of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and the issue date shall be the Closing Date;
(ii) the sum of (A) amount thereof provided that with respect to the Stated Amount of such LC Facility Letter of Credit plus the amount shall be $15.0 million;
(Biii) without duplication the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, and therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any amounts included under clause certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(A)viii) such other matters as the Issuing Bank or the LC Facility Issuing Bank, any related Reimbursement Obligations then outstandingas applicable, may reasonably require.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $250,000.
Appears in 1 contract
Samples: Credit and Security Agreement (Five Star Quality Care Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank's standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Tranche A-1 Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than $100,000, in the product case of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such a Commercial Letter of Credit plus (B) without duplication Credit, or $100,000, in the case of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (PGT, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and Lender not later than 12:00 p.m., Dallas, Texas time, on the Administrative Agent (reasonably in advance of third Business Day preceding the requested date of issuance, amendment, renewal or extension.
(i) a written notice requesting the A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Lender:
(A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the face amount thereof;
(C) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(D) the name and address of the beneficiary thereof;
(E) whether the Letter of Credit is to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(F) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(G) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(H) such other matters as the Lender may reasonably require.
(ii) A request for an amendment, renewal or identifying extension of anyoutstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Lender:
(A) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(B) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(C) the nature of the proposed amendment, renewal or extension; and
(D) such other matters as the date Lender may reasonably require. If requested by the Lender, Borrower also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply the Lender's standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit the LC Exposure shall not exceed the LC Commitment Percentage and (ii) the sum of (A) the Stated Amount of such total Revolving Credit Advances plus the LC Exposure shall not exceed the Revolving Credit Commitment. Unless the Lender shall agree otherwise, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $100,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to Credit; provided that the issuance provisions of Letters of Credit have been satisfied and, provided further, the Issuing Bank this Section 2.18 shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and apply in respect of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representativesuch applications. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $500,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail reasonably satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3ix) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(x) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(xi) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(xii) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit the LC Exposure shall not exceed the LC Commitment Percentage and (ii) the sum of (A) total Revolving Exposures shall not exceed the Stated Amount of such total Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $50,000.
Appears in 1 contract
Samples: First Lien Credit Agreement (Critical Homecare Solutions Holdings, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (iv) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $25.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall otherwise agree, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be denominated in a currency other than Dollars.
Appears in 1 contract
Samples: Revolving Credit Agreement (Keystone Automotive Operations Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent facsimile transmission (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimile, electronic communication if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses in connection be jointly and severally liable, with such respect to each Letter of Credit have been paid and all other conditions precedent to issued for the issuance account of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three a Subsidiary);
(3vi) Business Days after receipt by the Issuing Bank of whether the Letter of Credit Application and is to be issued as a Standby Letter of all Credit or a Commercial Letter of Credit;
(vii) the certificates, documents and to be presented by such beneficiary in connection with any drawing thereunder;
(viii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(ix) such other papers and information required by matters as the Issuing Bank which relate theretomay require. The A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank shall promptly furnish a copy of each Bank:
(i) the Letter of Credit to be amended, renewed or extended;
(ii) the Administrative Agent and to proposed date of amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the nature of the proposed amendment, renewal or extension; and
(v) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, Borrower Representativealso shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $100,000.
Appears in 1 contract
Samples: Credit Agreement (BioScrip, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than noon on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than $100,000, in the product case of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such a Commercial Letter of Credit plus (B) without duplication Credit, or $500,000, in the case of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga Standby Letter of Credit.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $30,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of extension (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage the LC Exposure shall not exceed $25.0 million and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount of such total Revolving Commitments and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit, or is to be denominated in a currency other than Dollars; provided that, if the Issuing Bank is not UBS AG, Stamford Branch, no Letter of Credit shall be in an amount less than $10,000.
Appears in 1 contract
Samples: Credit Agreement (Broder Bros Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and Lender not later than 12:00 p.m., Dallas, Texas time, on the Administrative Agent (reasonably in advance of third Business Day preceding the requested date of issuance, amendment, renewal or extension.
(i) a written notice requesting the A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Lender:
(A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(B) the face amount thereof;
(C) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(D) the name and address of the beneficiary thereof;
(E) whether the Letter of Credit is to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(F) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(G) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(H) such other matters as the Lender may reasonably require.
(ii) A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Lender:
(A) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(B) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day);
(C) the nature of the proposed amendment, renewal or extension; and
(D) such other matters as the date Lender may reasonably require. If requested by the Lender, Borrower also shall submit a letter of credit application on which such Letter of Credit is to expire (which shall comply the Lender’s standard form in connection with Section 2.05.2), the amount of such any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit the LC Exposure shall not exceed the LC Commitment Percentage and (ii) the sum of (A) the Stated Amount of such total Revolving Credit Advances plus the LC Exposure shall not exceed the Revolving Credit Commitment. Unless the Lender shall agree otherwise, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $100,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m., Local Time, on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank's standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed the LC Sublimit and, (B) the provisos set forth in Section 2.05(atotal Tranche A Revolving Exposures shall not exceed the Tranche A Line Cap and (C) through (g) are satisfiedthe total Revolving Exposures shall not exceed the Line Cap,. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Credit Agreement (SunOpta Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a request (in form and substance reasonably satisfactory to such Issuing Bank and the Agent) to the Issuing Bank and the Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the Letter of Credit Exposure shall not exceed $70,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., New York City time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents, if any, to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(ii) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(iii) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(iv) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and the LC Exposure shall not exceed the LC Commitment, (ii) the sum total Exposures shall not exceed the lesser of (A) the Stated Amount total Commitments and (B) the Borrowing Base then in effect and (iii) the conditions set forth in Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingshall be in an initial amount less than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire Lead Borrower shall hand deliver or telecopy (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Lead Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Lead Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $45,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than U.S. Dollars or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingAlternative Currency.
Appears in 1 contract
Samples: Revolving Credit Agreement (PAE Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the U.S. Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that U.S. Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, U.S. Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank's standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers U.S. Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired be in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or been cancelled$500,000, in the Revolving Credit Commitment case of each Revolving Credit Lender shall be deemed a Standby Letter of Credit, or is to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) a LC Request to the Issuing Bank and the Administrative Agent not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is reasonably acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder, and (vii) such other matters as the Issuing Bank may reasonably require. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank (w) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (x) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day), (y) the nature of the Borrower Representativeproposed amendment, renewal or extension, and (z) such other matters as the Issuing Bank may reasonably require. If requested by the Issuing Bank, the Borrower also shall process such Letter submit a letter of Credit Application and issue credit application substantially on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extensionextension (A) the LC Exposure shall not exceed $25,000,000, (B) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect and (C) through (g) are satisfiedif a Defaulting Lender exists, either such Lender or the Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement denominated in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga currency other than Dollars.
Appears in 1 contract
Samples: Revolving Credit Agreement (Keystone Automotive Operations Inc)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower shall hand deliver or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent telecopy (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Application executed by an Authorized Officer Expiration Date);
(iv) the name and address of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue beneficiary thereof;
(v) whether the Letter of Credit requested therebyis to be issued for its own account or for the account of one of its Subsidiaries (provided that Borrower shall be a co-applicant, provided all fees and expenses therefore jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or extension of any outstanding Letter of Credit have been paid shall specify in form and all other conditions precedent detail satisfactory to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three Bank:
(3i) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and to be amended, renewed or extended;
(ii) the proposed date of all amendment, renewal or extension thereof (which shall be a Business Day);
(iii) the nature of the certificatesproposed amendment, documents and renewal or extension; and
(iv) such other papers and information required matters as the Issuing Bank may require. If requested by the Issuing Bank which relate thereto. The Bank, Borrower also shall submit a letter of credit application on the Issuing Bank shall promptly furnish Bank’s standard form in connection with any request for a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Tranche A-1 Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to less than $100,000, in the product case of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such a Commercial Letter of Credit plus (B) without duplication Credit, or $100,000, in the case of any amounts included under clause (A), any related Reimbursement Obligations then outstandinga Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (PGT, Inc.)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Lead Borrower or the Canadian Borrower, as applicable, shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by applicable Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension; and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Lead Borrower or the Canadian Borrower, as applicable, also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of CreditCredit the Lead Borrower or the Canadian Borrower, the Revolving Credit Borrowers as applicable, shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $200,000,000, (B) (i) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect, (ii) through the total U.S. Revolving Exposures shall not exceed the lesser of (g1) are satisfiedthe total U.S. Revolving Commitments and (2) the U.S. Borrowing Base then in effect or (iii) the total Canadian Revolving Exposures shall not exceed the lesser of (1) the total Canadian Revolving Commitments and (2) the Canadian Borrowing Base then in effect and (C) if a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelledin the case of Canadian Letters of Credit, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingCanadian Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Lead Borrower or the Canadian Borrower, as applicable, shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by applicable Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended; (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension; and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Lead Borrower or the Canadian Borrower, as applicable, also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of CreditCredit the Lead Borrower or the Canadian Borrower, the Revolving Credit Borrowers as applicable, shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $200,000,000,50,000,000, (B) (i) the provisos set forth total Revolving Exposures shall not exceed the lesser of (1) the total Revolving Commitments and (2) the Borrowing Base then in Section 2.05(aeffect, (ii) through the total U.S. Revolving Exposures shall not exceed the lesser of (g1) are satisfiedthe total U.S. Revolving Commitments and (2) the U.S. Borrowing Base then in effect or (iii) the total Canadian Revolving Exposures shall not exceed the lesser of (1) the total Canadian Revolving Commitments and (2) the Canadian Borrowing Base then in effect and (C) if a Defaulting Lender exists, either such Lender or the Lead Borrower has entered into arrangements satisfactory to the Administrative Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired be denominated in a currency other than Dollars or been cancelledin the case of Canadian Letters of Credit, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingCanadian Dollars.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved in writing by the Issuing Bank) an Authorized Officer of the Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver LC Request to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 11:00 a.m., Cincinnati, Ohio time, on the third Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is acceptable to the Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day);
(ii) the face amount thereof;
(iii) the expiry date thereof (which shall not be later than the close of business on the Letter of Credit Expiration Date);
(iv) the name and address of the beneficiary thereof;
(v) whether the Letter of Credit is to be issued for its own account or for the account of one of its Wholly Owned Subsidiaries (provided that Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Wholly Owned Subsidiary);
(vi) the documents to be presented by such beneficiary in connection with any drawing thereunder;
(vii) the full text of any certificate to be presented by such beneficiary in connection with any drawing thereunder; and
(viii) such other matters as the Issuing Bank may require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the Issuing Bank:
(ix) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying extended;
(x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), ;
(xi) the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address nature of the beneficiary thereof and proposed amendment, renewal or extension; and
(xii) such other information matters as shall be necessary to prepare, amend, renew or extend such Letter of Creditthe Issuing Bank may require. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved If requested by the Issuing Bank. Upon receipt , Borrower also shall submit a letter of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, credit application on the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Revolving Credit Borrowers Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, (i) the provisos LC Exposure shall not exceed the LC Commitment, (ii) the total Revolving Exposures shall not exceed the total Revolving Commitments and (iii) the conditions set forth in Section 2.05(a) through (g) are Article IV in respect of such issuance, amendment, renewal or extension shall have been satisfied. The Unless the Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such agree otherwise, no Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an initial amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingless than $50,000.
Appears in 1 contract
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Administrative Borrower Representative on behalf of the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal via telecopy or extension) a written notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Application, and specifying the proposed date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with Section 2.05.2), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or transmit by facsimileelectronic communication, if arrangements for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to the Issuing Bank). Upon receipt A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the Issuing Bank may require. Subject to Section 2.17(b), any Letter of Credit with any expiry date one year from the date of issuance may provide for renewals of additional one year periods. A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form and detail satisfactory to the Issuing Bank (i) the Letter of Credit Application executed by an Authorized Officer to be amended, renewed or extended; (ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); (iii) the nature of the Borrower Representativeproposed amendment, renewal or extension; and (iv) such other matters as the Issuing Bank may require. If requested by the Issuing Bank, the applicable Borrower also shall process such Letter submit a letter of Credit Application and issue credit application on the Letter of Credit requested thereby, provided all fees and expenses Issuing Bank’s standard form in connection with such any request for a Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower RepresentativeCredit. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the provisos set forth in Section 2.05(a) through (g) are satisfied. The Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such Letter of Credit shall have expired or been cancelled, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such the LC Exposure shall not exceed the aggregate amount of the Revolving Credit Lender’s Revolving Credit Commitment Percentage Commitments and (ii) the sum total Revolving Exposures shall not exceed the lesser of (A) the Stated Amount aggregate amount of such the Revolving Commitments and (B) the Borrowing Base then in effect. Unless the Issuing Bank shall agree otherwise, no Letter of Credit plus (B) without duplication shall be in an initial amount less than $100,000, in the case of any amounts included under clause (A)a Commercial Letter of Credit, any related Reimbursement Obligations then outstandingor $500,000, in the case of a Standby Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Massey Energy Co)
Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), an Authorized Officer of the Relevant Borrower Representative on behalf of shall hand deliver or telecopy or transmit by electronic communication a LC Request to the applicable Revolving Credit Borrower or Revolving Credit Borrowers shall deliver to the Issuing Bank and the Administrative Agent (reasonably in advance of not later than 1:00 p.m. on the second Business Day preceding the requested date of issuance, amendment, renewal or extension) a written notice requesting extension (or such later date and time as is reasonably acceptable to the applicable Issuing Bank). A request for an initial issuance of a Letter of CreditCredit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (ii) the amount and currency thereof; (iii) the expiry date thereof; (iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (vii) such other matters as the applicable Issuing Bank may reasonably require. A request for an amendment, renewal or identifying extension of any outstanding Letter of Credit shall specify in form and detail reasonably satisfactory to the applicable Issuing Bank (w) the Letter of Credit to be amended, renewed or extended together with a Letter of Credit Applicationextended, and specifying (x) the proposed date of issuance, amendment, renewal or extension thereof (which shall be a Business Day), (y) the date on which nature of the proposed amendment, renewal or extension and (z) such Letter of Credit is to expire (which shall comply with Section 2.05.2)other matters as the applicable Issuing Bank may reasonably require. If requested by the applicable Issuing Bank, the amount Relevant Borrower also shall submit a letter of credit application substantially on such Issuing Bank’s standard form in connection with any request for a Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. Such written notice may be transmitted electronically or by facsimile, if arrangements for doing so have been approved by the Issuing Bank. Upon receipt of the Letter of Credit Application executed by an Authorized Officer of the Borrower Representative, the Issuing Bank shall process such Letter of Credit Application and issue the Letter of Credit requested thereby, provided all fees and expenses in connection with such Letter of Credit have been paid and all other conditions precedent to the issuance of Letters of Credit have been satisfied and, provided further, the Issuing Bank shall not be required to issue any Letter of Credit earlier than three (3) Business Days after receipt by the Issuing Bank of the Letter of Credit Application and of all of the certificates, documents and other papers and information required by the Issuing Bank which relate thereto. The Issuing Bank shall promptly furnish a copy of each Letter of Credit to the Administrative Agent and to the Borrower Representative. A Letter of Credit shall be issued, amended, renewed or extended only if (and, and upon issuance, amendment, renewal or extension of each Letter of Credit, Credit the Revolving Credit Borrowers Relevant Borrower shall be deemed to represent and warrant (solely in the case of (w) and (x)) that), after giving effect to such issuance, amendment, renewal or extension) (A) the LC Exposure shall not exceed $200,000,000, (B) (i) the total Revolving Exposures shall not exceed the Line Cap, (ii) the total U.S. Revolving Exposures shall not exceed the U.S. Line Cap (it being understood that for this purpose, the provisos set forth U.S. Borrowing Base shall deduct any Canadian Revolving Exposures borrowed in reliance on clause (d) of the definition of “Canadian Borrowing Base”) or (iii) the total Canadian Revolving Exposures shall not exceed the Canadian Line Cap and (C) if a Defaulting Lender exists, either the LC Exposure of such Defaulting Lender has been reallocated pursuant to Section 2.05(a2.12(a) through (g) are satisfiedor such LC Exposure has been cash collateralized in accordance with the provisions of Section 2.13(j). The Unless the Administrative Agent and applicable Issuing Bank shall not be obligated to amend any Letter of Credit if the Issuing Bank would not be required at such time to issue such Letter of Credit in its amended form under the terms of this Agreement. Upon the issuance by the Issuing Bank of a Letter of Credit and until such otherwise agree, no Letter of Credit shall have expired or been cancelledbe denominated in a currency other than Dollars, the Revolving Credit Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of (i) such Revolving Credit Lender’s Revolving Credit Commitment Percentage Canadian Dollars, Euro and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) without duplication of any amounts included under clause (A), any related Reimbursement Obligations then outstandingSterling.
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