Common use of RESPONSIBILITIES OF THE ISSUING BANKS Clause in Contracts

RESPONSIBILITIES OF THE ISSUING BANKS. The Issuing Banks shall use the Platform or SWIFT as its primary communication channel with the Borrowers for handling L/Gs, subject to the provisions for handling L/Gs as set out in the Facility Agreement. The Issuing Banks shall access the Platform upon receipt of email notification that a new L/G request is available. Each Issuing Bank will use its best efforts to issue a new L/G or an amendment to an existing L/G soonest from the receipt of notification from the Platform or SWIFT providing there is no clarification required on the wording of the L/G. Once the L/G is legally issued an Issuing Bank shall promptly set the status of the L/G to “Issued” or send an issuance confirmation message via SWIFT. The Issuing Bank is obliged to notify the Platform Provider of any changes of its Commitments without unreasonable delay. Furthermore an Issuing Bank shall ensure to release L/Gs promptly within the Platform or via SWIFT. Any delay of more than 5 Business Days in releasing L/Gs which leads to a wrong fee calculation can be claimed by the Company from the respective Issuing Bank. For auditing reason the Company may request a reconciliation between the Issuing Bank´s records and balances shown within the Platform. Hxxxxxxxxxx Electronic Platform Agreement

Appears in 2 contracts

Samples: Agreement (Hillenbrand, Inc.), Agreement (Hillenbrand, Inc.)

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RESPONSIBILITIES OF THE ISSUING BANKS. The Issuing Banks shall use the Platform or SWIFT as its primary communication channel with the Borrowers for handling L/Gs, subject to the provisions for handling L/Gs as set out in the Facility Agreement. The Issuing Banks shall access the Platform upon receipt of email notification that a new L/G request is available. Each Issuing Bank will use its best efforts to issue a new L/G or an amendment to an existing L/G soonest from the receipt of notification from the Platform or SWIFT providing there is no clarification required on the wording of the L/G. Once the L/G is legally issued an Issuing Bank shall promptly set the status of the L/G to “Issued” or send an issuance confirmation message via SWIFT. The Issuing Bank is obliged to notify the Platform Provider of any changes of its Commitments without unreasonable delay. |EU-DOCS\29723125.9|| Furthermore an Issuing Bank shall ensure to release L/Gs promptly within the Platform or via SWIFTPlatform. Any delay of more than 5 Business Days in releasing L/Gs which leads to a wrong fee calculation can be claimed by the Company from the respective Issuing Bank. For auditing reason the Company may request a reconciliation between the Issuing Bank´s records and balances shown within the Platform. Hxxxxxxxxxx Electronic Platform AgreementSchedule 4. REPRESENTATIONS Each Party represents and warrants

Appears in 1 contract

Samples: Electronic Platform Agreement (Hillenbrand, Inc.)

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RESPONSIBILITIES OF THE ISSUING BANKS. The Issuing Banks shall use the Platform or SWIFT as its primary communication channel with the Borrowers for handling L/Gs, subject to the provisions for handling L/Gs as set out in the Facility Agreement. The Issuing Banks shall access the Platform upon receipt of email notification that a new L/G request is available. Each Issuing Bank will use its best efforts to issue a new L/G or an amendment to an existing L/G soonest from the receipt of notification from the Platform or SWIFT providing there is no clarification required on the wording of the L/G. Once the L/G is legally issued an Issuing Bank shall promptly set the status of the L/G to “Issued” or send an issuance confirmation message via SWIFT. The Issuing Bank is obliged to notify the Platform Provider of any changes of its Commitments without unreasonable delay. Furthermore an Issuing Bank shall ensure to release L/Gs promptly within the Platform or via SWIFTPlatform. Any delay of more than 5 Business Days in releasing L/Gs which leads to a wrong fee calculation can be claimed by the Company from the respective Issuing Bank. For auditing 158 |EU-DOCS\29723125.9|| reason the Company may request a reconciliation between the Issuing Bank´s records and balances shown within the Platform. Hxxxxxxxxxx Electronic Platform Agreement.

Appears in 1 contract

Samples: Electronic Platform Agreement (Hillenbrand, Inc.)

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