Common use of Responsibilities of the Agent; Issuance Clause in Contracts

Responsibilities of the Agent; Issuance. As of the Business Day immediately preceding the requested issuance date of the Letter of Credit, the Agent shall determine the amount of the applicable Unused Letter of Credit Subfacility and Availability. If (A) the face amount of the requested Letter of Credit is less than the Unused Letter of Credit Subfacility and (B) the amount of such requested Letter of Credit and all commissions, fees, and charges due from the Borrowers in connection with the opening thereof would not exceed Availability, the Agent shall notify the applicable Letter of Credit Issuer and such Letter of Credit Issuer shall issue the requested Letter of Credit on the requested issuance date so long as the other conditions hereof are met. No Letter of Credit Issuer shall issue any Letter of Credit without receiving prior notice or confirmation from the Agent that the foregoing clauses (A) and (B) are met.