Common use of Issuance Procedures Clause in Contracts

Issuance Procedures. By delivering to the Issuer an Issuance ------------------- Request on a Business Day, the Borrower may, from time to time irrevocably request, on not less than two nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit, and not less than five Business Days' notice prior to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that such Letter of Credit will, by its terms, be extended or, if earlier, the date on which a notice from the Issuer is required to be delivered to the beneficiary of the Letter of Credit informing the beneficiary that the Letter of Credit will not be extended), in the case of a request for the extension of the Stated Expiry Date of a Letter of Credit, that the Issuer issue, or extend the Stated Expiry Date of, as the case may be, a Letter of Credit in such form as may be requested by the Borrower and approved by the Issuer, solely in support of obligations for the payment of goods and services and in support of financial obligations (including surety, bonding and performance obligations) arising in the ordinary course of the Borrower's and its Subsidiaries' business. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the Stated Maturity Date. The Issuer will make available to the beneficiary thereof the original of each Letter of Credit which it issues hereunder.

Appears in 1 contract

Sources: 364 Day Revolving Credit Agreement (Spiegel Inc)

Issuance Procedures. By delivering to the Issuer an ------------------- Issuance ------------------- Request on a Business Day, the Borrower may, from time to time irrevocably request, on not less than two nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit, and not less than five Business Days' notice prior to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that such Letter of Credit will, by its terms, be extended or, if earlier, the date on which a notice from the Issuer is required to be delivered to the beneficiary of the Letter of Credit informing the beneficiary that the Letter of Credit will not be extended), in the case of a request for the extension of the Stated Expiry Date of a Letter of Credit, that the Issuer issue, or extend the Stated Expiry Date of, as the case may be, a Letter of Credit in such form as may be requested by the Borrower and approved by the Issuer, solely in support of obligations for the payment of goods and services and in support of financial obligations (including surety, bonding and performance obligations) arising in the ordinary course of the Borrower's and its Subsidiaries' business. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the earlier to ------------------ occur of the Stated Maturity DateDate or one year from the date of its issuance. The Issuer will make available to the beneficiary thereof the original of each Letter of Credit which it issues hereunder.

Appears in 1 contract

Sources: Revolving Credit Agreement (Spiegel Inc)

Issuance Procedures. By delivering (A) The Borrower shall notify the Issuing Lender of any Letters of Credit to be issued by the delivery to the Issuer an Issuing Lender of a written request for issuance in the form attached as Exhibit B (each, a “Request for Issuance”), appropriately completed and signed by a Responsible Officer of the Borrower. Such Request for Issuance ------------------- Request (1) may not be delivered prior to the Closing Date, (2) must be received by the Issuing Lender not later than 5:00 p.m. Eastern Time on the tenth (10th) Business Day prior to the applicable Issuance Date (or such shorter time as the Issuing Lender may agree in a Business Day, the Borrower may, from time to time irrevocably request, on not less than two nor more than ten Business Days' noticeparticular instance in its sole discretion) and (3) shall specify, in form and detail reasonably satisfactory to the case Issuing Lender: (I) the proposed Issuance Date of an initial issuance of a the requested Letter of Credit, ; (II) the face amount thereof; (III) the name and not less than five Business Days' notice prior address of the Account Beneficiary to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that whom such Letter of Credit will, by its terms, is to be extended orissued; (IV) the documents, if earlierany, to be presented by the Account Beneficiary in case of any drawing thereunder; and (V) such other matters as the Issuing Lender may reasonably require. Additionally, the date on which a notice from the Issuer is required to be delivered Borrower shall furnish to the beneficiary of the Issuing Lender such other documents and information pertaining to such requested Letter of Credit informing issuance as the beneficiary Issuing Lender may reasonably require. (B) Unless the Issuing Lender has determined that one or more applicable conditions contained in Section 4.02 have not then been satisfied, then, subject to the terms and conditions hereof and of the other Transaction Documents, the Issuing Lender shall, on the requested Issuance Date, issue the applicable Letter of Credit will not be extended)to the applicable Account Beneficiary and for the account of the Borrower, in the case of a request for the extension of the Stated Expiry Date of a Letter of Credit, that the Issuer issue, or extend the Stated Expiry Date ofeach case, as the case may be, a Letter of Credit in such form as may be requested designated by the Borrower and approved by in accordance with the Issuer, solely in support terms of obligations for the payment of goods and services and in support of financial obligations (including surety, bonding and performance obligations) arising in the ordinary course of the Borrower's and its Subsidiaries' business. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the Stated Maturity Date. The Issuer will make available to the beneficiary thereof the original of each Letter of Credit which it issues hereunderthis Agreement.

Appears in 1 contract

Sources: Reimbursement Agreement (Hamilton Insurance Group, Ltd.)

Issuance Procedures. By delivering to the Administrative Agent and the relevant Issuer an Issuance ------------------- Request on or before 10:00 a.m. on a Business Day, the Borrower may, may from time to time irrevocably request, request on not less than two three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit, Credit and not less than five three Business Days' notice prior to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that such Letter of Credit will, by its terms, be extended or, if earlier, the date on which a notice from the Issuer is required to be delivered to the beneficiary of the Letter of Credit informing the beneficiary that the Letter of Credit will not be extended)notice, in the case of a request for the extension of the Stated Expiry Date of a Standby Letter of Credit (in each case, unless a shorter notice period is agreed to by the relevant Issuer, in its sole discretion), that an Issuer issue a Letter of Credit, that the Issuer issue, or extend the Stated Expiry Date of, as the case may be, of a Standby Letter of Credit Credit, in such form as may be requested by the Borrower and approved by the such Issuer, solely in support of obligations for the payment purposes described in Section 7.1.7. In connection with any Issuance Request the Borrower and/or applicable Subsidiary shall have executed and delivered such applications, agreements and other instruments relating to such Letter of goods Credit as such Issuer shall have reasonably requested consistent with its then current practices and services and in support procedures with respect to letters of financial obligations (including suretycredit of the same type, bonding and performance obligations) arising provided that in the ordinary course event of any conflict between any such application, agreement or other instrument and the Borrower's and its Subsidiaries' businessprovisions of this Agreement, the provisions of this Agreement shall control. Each Standby Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the Stated Maturity earlier to occur of (i) five Business Days prior to the Revolving Loan Commitment Termination Date or (ii) unless otherwise agreed to by an Issuer, in its sole discretion, one year from the date of its issuance (provided each Standby Letter of Credit may, with the consent of the Issuer thereof in its sole discretion, provide for automatic renewals for one year periods (which in no event shall extend beyond the Revolving Loan Commitment Termination Date)). The Each Commercial Letter of Credit shall by its terms be stated to expire on a date no later than the earlier to occur of (i) five Business Days prior to the Revolving Loan Commitment Termination Date or (ii) unless otherwise agreed to by an Issuer, in its sole discretion, 180 days from the date of its issuance. Each Issuer will make available to the beneficiary thereof the original of each the Letter of Credit which it issues hereunderissues. Each Issuer shall provide periodic reporting of Letters of Credit issued by such Issuer in a manner, and in time periods, mutually acceptable to the Administrative Agent and such Issuer. Unless notified by the Administrative Agent in writing prior to the issuance of a Letter of Credit, the applicable Issuer shall be entitled to assume that the conditions precedent to such issuance have been met.

Appears in 1 contract

Sources: First Lien Credit Agreement (Hanesbrands Inc.)

Issuance Procedures. By delivering to the Issuer Administrative Agent an Issuance ------------------- Request on or before 12:00 noon on a Business Day, the Borrower may, Account Party may from time to time irrevocably request, request on not less than two three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit, Credit and not less than five three Business Days' notice prior to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that such Letter of Credit will, by its terms, be extended or, if earlier, the date on which a notice from the Issuer is required to be delivered to the beneficiary of the Letter of Credit informing the beneficiary that the Letter of Credit will not be extended)notice, in the case of a request for the renewal or extension of the Stated Expiry Date of a standby Letter of CreditCredit (in each case, unless a shorter notice period is agreed to by the Issuer, in its sole discretion), that the Issuer issue, or renew or extend the Stated Expiry Date of, as the case may be, a Letter of Credit in such form as may be requested by the Borrower Account Party and approved by the IssuerIssuer for general limited liability company purposes; provided, solely in support of obligations for however, the payment of goods and services and in support of financial obligations Issuer agrees that it will (including surety, bonding and performance obligationsa) arising in the ordinary course of the Borrower's and its Subsidiaries' business. Each issue a Letter of Credit shall the next Business Day so long as (i) the Issuance Request is received by its terms be stated the Administrative Agent prior to expire 12:00 noon on the Business Day before the proposed issuance of such Letter of Credit and (ii) the form of such Letter of Credit has either been previously reviewed and accepted by the Issuer and (b) amend or otherwise modify a date Letter of Credit on the same Business Day the applicable Issuance Request is received so long as (its "i) the Issuance Request is received by the Administrative Agent prior to 12:00 noon on the Business Day of the proposed amendment or modification of such Letter of Credit and (ii) such amendments or modifications are limited to an increase or decrease in the Stated Amount of such Letter of Credit or an extension of the Stated Expiry Date") no later than Date of such Letter of Credit. Notwithstanding the Stated Maturity Dateforegoing, in the event that the Account Party requests that the Issuer issue a Letter of Credit in a form that it has not had the opportunity to review or approve, the Issuer agrees it will issue such Letter of Credit one Business Day after the form of the Letter of Credit has been finalized among the Issuer, the Account Party and the beneficiary and is in form satisfactory to each of them. The Issuer will make available to the beneficiary thereof the original of each the Letter of Credit which it issues hereunderand a copy to the Account Party.

Appears in 1 contract

Sources: Reimbursement Agreement (PPL Energy Supply LLC)

Issuance Procedures. By delivering to the Issuer Revolving Loan Administrative Agent an Issuance ------------------- Request on or before 12:00 noon on a Business Day, the Borrower may, Borrowers may from time to time irrevocably request, request on not less than two three nor more than ten Business Days' notice, in the case of an initial issuance of a Letter of Credit, Credit and not less than five three Business Days' notice prior to the existing Stated Expiry Date (or, if a Letter of Credit has an automatic extension provision, at least five Business Days' notice prior to the date that such Letter of Credit will, by its terms, be extended or, if earlier, the date on which a notice from the Issuer is required to be delivered to the beneficiary of the Letter of Credit informing the beneficiary that the Letter of Credit will not be extended)notice, in the case of a request for the extension of the Stated Expiry Date of a standby Letter of CreditCredit (in each case, unless a shorter notice period is agreed to by the relevant Issuer, in its sole discretion), that the an Issuer issue, or extend the Stated Expiry Date of, as the case may be, a Letter of Credit in such form as may be requested by the Borrower Borrowers and approved by the such Issuer, solely in support of obligations for the payment of goods and services and purposes described in support of financial obligations (including surety, bonding and performance obligations) arising in the ordinary course of the Borrower's and its Subsidiaries' businessSection 7.1.7. Each Letter of Credit shall by its terms be stated to expire on a date (its "Stated Expiry Date") no later than the Stated Maturity Dateearlier to occur of (i) five Business Days prior to the Extended Revolving Loan Commitment Termination Date and (ii) (unless otherwise agreed to by an Issuer, in its sole discretion), one year from the date of its issuance; provided that any Letter of Credit may provide for renewal periods of up to one year so long as such renewal periods do not exceed the date set forth in clause (i). The Each Issuer will make available to the beneficiary thereof the original of each the Letter of Credit which it issues hereunderissues. Notwithstanding the foregoing, all Letters of Credit issued hereunder shall be subject to the customary procedures of the applicable Issuer.

Appears in 1 contract

Sources: Credit Agreement (Ferro Corp)