Common use of L/C Applications Clause in Contracts

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity Date)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 2 contracts

Sources: Loan and Security Agreement (S&W Seed Co), Loan and Security Agreement (S&W Seed Co)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to Administrative the Agent and the L/C Issuer applicable Issuing Bank of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer Agent and Administrative Agent such Issuing Bank shall agree in any particular instance in their sole discretioninstance) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company (together with any Subsidiary for the account of which the related Letter of Credit is to be issued) and in all respects satisfactory to the L/C IssuerAgent and the applicable Issuing Bank, together with such other documentation as the L/C Issuer Agent or such Issuing Bank may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity Termination Date)) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the applicable Issuing Bank has not received written notice that the conditions precedent set forth in SECTION 11 with respect to the issuance of such Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer have not been satisfied, such Issuing Bank shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master issue such Letter of Credit Agreementon the requested issuance date. Each Issuing Bank shall promptly advise the Agent of the issuance of each Letter of Credit by such Issuing Bank and of any amendment thereto, any L/C Application and extension thereof or event or circumstance changing the terms of this Agreement, the terms of this Agreement shall controlamount available for drawing thereunder.

Appears in 2 contracts

Sources: Credit Agreement (U S Liquids Inc), Credit Agreement (U S Liquids Inc)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to the Administrative Agent and the L/C Issuer applicable Issuing Bank of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent and such Issuing Bank shall agree in any particular instance in their sole discretioninstance) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company (together with any Subsidiary for the account of which the related Letter of Credit is to be issued) and in all respects satisfactory to the L/C IssuerAdministrative Agent and the applicable Issuing Bank, together with such other documentation as the L/C Issuer Administrative Agent or such Issuing Bank may reasonably request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 seven days prior to the scheduled Maturity Revolving Termination Date)) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the applicable Issuing Bank has not received written notice that the conditions precedent set forth in Section 11 with respect to the issuance of such Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer have not been satisfied, such Issuing Bank shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master issue such Letter of Credit Agreementon the requested issuance date. Each Issuing Bank shall promptly advise the Administrative Agent of the issuance of each Letter of Credit by such Issuing Bank and of any amendment thereto, any L/C Application and extension thereof or event or circumstance changing the terms of this Agreement, the terms of this Agreement shall controlamount available for drawing thereunder.

Appears in 2 contracts

Sources: Credit Agreement (Synagro Technologies Inc), Credit Agreement (Synagro Technologies Inc)

L/C Applications. Each Borrower The Loan Parties shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to Administrative Agent and the L/C Issuer (with a copy to the Agent) of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their its sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the earlier of thirty (30) days prior to (i) one year after the date of issuance thereof and (ii) the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior Collateralized); provided, a Letter of Credit with an expiration date of one year may provide for renewal thereof in additional one-year periods, subject to the scheduled Maturity Datepreceding clause (ii)) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the L/C Issuer has not received written notice from Agent, any Lender or any Loan Party that the conditions precedent set forth in Section 12 with respect to the issuance of such Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of have not been satisfied, the L/C Issuer shall be issue such Letter of Credit on the sole responsibility of the L/C Issuerrequested issuance date. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 2 contracts

Sources: Credit Agreement (Winmark Corp), Revolving Credit Agreement (Winmark Corp)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers Borrower shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrower and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 2 contracts

Sources: Loan and Security Agreement (TPG Pace Holdings Corp.), Loan and Security Agreement (TPG Pace Holdings Corp.)

L/C Applications. Each Borrower Company shall execute and deliver to the L/C Issuer Issuing Lender the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company Representative shall give notice to the Administrative Agent and the L/C Issuer Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent and the Issuing Lender shall agree in any particular instance in their sole reasonable discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the applicable Company and in all respects satisfactory to the L/C IssuerAdministrative Agent and the Issuing Lender, together with such other documentation as the L/C Issuer Administrative Agent or the Issuing Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior Collateralized, in which case, such Letter of Credit expiration date may occur up to one year after the scheduled Maturity Termination Date)) and ), whether such Letter of Credit is to be transferable in whole or in part. Any , and whether such Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall to be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master a Standby Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.or a Trade Letter of

Appears in 1 contract

Sources: Credit Agreement (Westell Technologies Inc)

L/C Applications. Each Borrower Borrowers shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior Collateralized)), whether such Letter of Credit is to the scheduled Maturity Date)) be denominated in US Dollars or Canadian Dollars and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (WESTMORELAND COAL Co)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers Each Borrower shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Manitex International, Inc.)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer Lender the Master Letter of Credit Agreement from time to time in effect. Borrowers The Borrower Representative shall give notice to Administrative Agent and the L/C Issuer Lender of each request for the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their sole its reasonable discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Borrowers and in all respects reasonably satisfactory to the L/C IssuerLender, together with such other documentation as the L/C Issuer Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control. The Lender agrees it will promptly notify the Borrower Representative whether or not it agrees to issue any Letter of Credit requested under this Section 2.3.

Appears in 1 contract

Sources: Credit Agreement (Westell Technologies Inc)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers Each Borrower shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrower and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Broadwind Energy, Inc.)

L/C Applications. Each Borrower Borrowers shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior Collateralized)), whether such Letter of Credit is to the scheduled Maturity Date)) and be denominated in US Dollars or Canadian Dollars, whether such Letter of Credit is to be transferable in whole or in partpart and whether such Letter of Credit is to be issued under the US Revolving Loan Commitment or the Canadian Revolving Loan Commitment. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (WESTMORELAND COAL Co)

L/C Applications. Each Borrower Borrowers shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give notice to Administrative Agent Lender and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than Table of Contents the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (WESTMORELAND COAL Co)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to Administrative the Agent and the L/C Issuer Issuing Bank of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer Agent and Administrative Agent the Issuing Bank shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company and in all respects satisfactory to the L/C IssuerAgent and the Issuing Bank, together with such other documentation as the L/C Issuer Agent or the Issuing Bank may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date earlier to occur of (unless such Letter x) one year after the date of Credit is Cash Collateralized at least 30 issuance thereof and (y) thirty days prior to the scheduled Maturity Termination Date)) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the Issuing Bank has not received written notice that the conditions precedent set forth in Section 11 with respect to the issuance of such Letter of Credit outstanding after have not been satisfied, the scheduled Maturity Date which is Cash Collateralized for Issuing Bank shall issue such Letter of Credit on the benefit requested issuance date. The Issuing Bank shall promptly advise the Agent of the L/C Issuer shall be issuance of each Letter of Credit and of any amendment thereto, extension thereof or event or circumstance changing the sole responsibility of the L/C Issueramount available for drawing thereunder. In the event of any inconsistency between the terms of any L/C Application or the Master Letter of Credit Agreement, any L/C Application on the one hand, and the terms of this Agreement, on the other hand, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Credit Agreement (Fargo Electronics Inc)

L/C Applications. Each Borrower The Loan Parties shall execute and deliver to the L/C Issuer Lender the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to Administrative Agent and the L/C Issuer Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their its sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company and in all respects satisfactory to the L/C IssuerLender, together with such other documentation as the L/C Issuer Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the earlier of thirty (30) days prior to (i) one year after the date of issuance thereof and (ii) the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior Collateralized) provided, a Letter of Credit with an expiration date of one year may provide for renewal thereof in additional one-year periods, subject to the scheduled Maturity Datepreceding clause (ii)) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the Lender has not received written notice that the conditions precedent set forth in Section 12 with respect to the issuance of such Letter of Credit outstanding after have not been satisfied, the scheduled Maturity Date which is Cash Collateralized for Lender shall issue such Letter of Credit on the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuerrequested issuance date. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: 364 Day Revolving Credit Agreement (Winmark Corp)

L/C Applications. Each Borrower The Company shall execute and deliver to the L/C Issuer Issuing Lender the Master Letter of Credit Agreement from time to time in effect. Borrowers The Company shall give notice to the Administrative Agent and the L/C Issuer Issuing Lender of the proposed issuance of each Letter of Credit on a Business Day which is at least three two Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent and the Issuing Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the Company and in all respects satisfactory to the L/C IssuerAdministrative Agent and the Issuing Lender, together with such other documentation as the L/C Issuer Administrative Agent or the Issuing Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Termination Date which is Cash Collateralized for the benefit of the L/C Issuer Issuing Lender shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.Issuing

Appears in 1 contract

Sources: Loan and Security Agreement (Material Sciences Corp)

L/C Applications. Each Borrower Borrowers shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) ), and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Westmoreland Resource Partners, LP)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers shall give written notice to Administrative Agent and the L/C Issuer Issuing Lender in the form attached hereto as Exhibit F (“Notice of LOC”) of the proposed issuance of each Letter of Credit on a Business Day which is at least three seven (7) Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Issuing Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit, and such Notice of LOC shall set forth the type of Letter of Credit (trade, banker’s acceptance or stand-by) and the proposed use of proceeds of such Letter of Credit. Each such notice Notice of LOC shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrowers and in all respects satisfactory to the L/C IssuerIssuing Lender, together with such other documentation as the L/C Issuer Issuing Lender may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity Date)Termination) and whether such Letter of Credit is to be transferable in whole or in part. Any So long as the conditions precedent set forth in Section 12.2 with respect to the issuance of such Letter of Credit outstanding after have been satisfied, the scheduled Maturity Date which is Cash Collateralized for Issuing Lender shall issue such Letter of Credit on the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuerrequested issuance date. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Pernix Group, Inc.)

L/C Applications. Each Borrower Borrowers shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers Representative shall give notice to Administrative Agent Lender and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three (3) Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ the applicable Borrower and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Termination Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Lawson Products Inc/New/De/)

L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement from time to time in effect. Borrowers Each Borrower shall give notice to Administrative Agent Lender and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the L/C Issuer and Administrative Agent Lender shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by ▇▇▇▇▇▇▇▇▇ Borrower and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized at least 30 days prior to the scheduled Maturity DateCollateralized)) and whether such Letter of Credit is to be transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

Appears in 1 contract

Sources: Loan and Security Agreement (Broadwind Energy, Inc.)