Common use of Requests for Letters of Credit Clause in Contracts

Requests for Letters of Credit. Letters of Credit shall be issued upon request given by the Borrower to the Agent not later than 12:00 noon (Cleveland, Ohio time) three (3) Business Days prior to the specified date for the issuance of the requested Letter of Credit. Each such request for a Letter of Credit shall be made in the form of a Credit Request transmitted by the Borrower to the Agent by telecopier, telex or cable (in the case of telex or cable, confirmed in writing prior to the date of the requested issuance of the Letter of Credit), specifying with respect to each Letter of Credit requested: (i) the face amount thereof, (ii) the beneficiary, (iii) the intended date of issuance, (iv) the terms of the Letter of Credit, and shall be promptly forwarded by the Agent to the Letter of Credit Bank. Concurrently with each Credit Request requesting a Letter of Credit, the Borrower shall execute and deliver to the Letter of Credit Bank a Reimbursement Agreement, in the Letter of Credit Bank's then standard form of application for and reimbursement agreement with respect to letters of credit (such documents being hereinafter collectively referred to as a "Reimbursement Agreement"); provided, however, that in the event of any conflict between the provisions of any such Reimbursement Agreement and this Agreement, the provisions of this Agreement shall govern.

Appears in 2 contracts

Samples: Credit Agreement (Om Group Inc), Credit Agreement (Om Group Inc)

AutoNDA by SimpleDocs

Requests for Letters of Credit. Letters of Credit shall be issued upon request given by the Borrower to the Agent not later than 12:00 noon (Cleveland, Ohio time) three (3) Business Days prior to the specified date for the issuance of the requested Letter of Credit. Each such request for a Letter of Credit shall be made in the form of a Credit Request transmitted by the Borrower to the Agent by telecopier, telex or cable (in the case of telex or cable, confirmed in writing prior to the date of the requested issuance of the Letter of Credit), specifying with respect to each Letter of Credit requested: (i) the face amount thereof, (ii) the beneficiary, (iii) the intended date of issuance, (iv) the terms of the Letter of Credit, and shall be promptly forwarded by the Agent to the Letter of Credit Bank. Concurrently with each Credit Request requesting a Letter of Credit, the Borrower shall execute and deliver to the Letter of Credit Bank a Reimbursement Agreement, in the Letter of Credit Bank's then standard form of application for and reimbursement agreement with respect to letters of credit (such documents being hereinafter collectively referred to as a "Reimbursement Agreement"); providedPROVIDED, howeverHOWEVER, that in the event of any conflict between the provisions of any such Reimbursement Agreement and this Agreement, the provisions of this Agreement shall govern.

Appears in 1 contract

Samples: Credit and Security Agreement (Curtis Sub Inc)

Requests for Letters of Credit. Letters of Credit shall be issued upon request given by the Borrower to the Letter of Credit Lender and the Agent not later than 12:00 noon 10:00 A.M. (Cleveland, Ohio time) three (3) Business Banking Days prior to the specified requested date for of the proposed issuance of the requested Letter of Credit. Each such request for a Letter of Credit shall be made in the form of a Credit Request transmitted by the Borrower to the Letter of Credit Lender and the Agent by via telecopier, telex or cable (in the case of telex or telex, cable, or the PRO TRADE automated letter of credit system (confirmed in writing prior to the date of the requested issuance of the Letter of Credit), specifying with respect to each Letter of Credit requested: (iA) the face amount thereof, (iiB) the beneficiary, (iiiC) the intended date of issuance, issuance and (ivD) the terms of the Letter of Credit, and shall be promptly forwarded by the Agent to the Letter of Credit Bank. Concurrently with each Credit Request requesting a Letter of Credit, the Borrower shall execute and deliver to the Letter of Credit Bank a Lender and the Agent an appropriate request and Reimbursement Agreement, Agreement in the Letter of Credit BankLender's then standard form of application for and reimbursement agreement with respect to letters of credit APPLICATION AND AGREEMENT FOR IRREVOCABLE STANDBY LETTER OF CREDIT or APPLICATION AND AGREEMENT FOR COMMERCIAL LETTER OF CREDIT, as the case may be (such documents being hereinafter collectively referred to as each a "Reimbursement Agreement"); providedPROVIDED, howeverHOWEVER, that in the event of any conflict between the provisions of any such Reimbursement Agreement and this Agreement, the provisions of this Agreement shall govern. The Agent shall give each Lender reasonably prompt notice of each such Letter of Credit Request by telex, telecopier or cable.

Appears in 1 contract

Samples: Asset Based Loan and Security Agreement (Mazel Stores Inc)

AutoNDA by SimpleDocs

Requests for Letters of Credit. Letters of Credit shall be issued upon request given by the Borrower to the Letter of Credit Bank and the Agent not later than 12:00 noon 10:00 a.m. (Cleveland, Ohio time) ), three (3) Business Days prior to the specified requested date for of the proposed issuance of the requested Letter of Credit. Each such request for a Letter of Credit shall be made in the form of a Credit Request transmitted by the Borrower to the Letter of Credit Bank and the Agent by telecopier, telex or cable (in the case of telex or cable, confirmed in writing prior to the date of the requested issuance of the Letter of or Credit), specifying with respect to each Letter of Credit requested: (i) the face amount thereof, (ii) the beneficiary, (iii) the intended date of issuance, issuance and (iv) the terms of the Letter of Credit, and shall be promptly forwarded by the Agent to the Letter of Credit Bank. Concurrently with each Credit Request requesting a Letter of Credit, the Borrower shall execute and deliver to the Letter of Credit Bank (with a copy to the Agent) an appropriate request and Reimbursement Agreement, Agreement in the Letter of Credit Bank's then standard form of application for and reimbursement agreement with respect to letters of credit (such documents being hereinafter collectively referred to as each a "Reimbursement Agreement"); provided, however, that in the event of any conflict between the provisions of any such Reimbursement Agreement and this Agreement, the provisions of this Agreement shall govern. The Agent shall give each Lender reasonably prompt notice of each such Letter of Credit Request by telex, telecopier or cable.

Appears in 1 contract

Samples: Credit and Security Agreement (Diy Home Warehouse Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!