Letter of Credit Request Procedure Clause Samples
The Letter of Credit Request Procedure clause outlines the steps and requirements a party must follow to formally request the issuance of a letter of credit under a contract. Typically, this involves submitting a written request to the issuing bank or the counterparty, specifying details such as the amount, beneficiary, and terms of the letter of credit. The clause may also set deadlines for submission and detail any supporting documentation needed. Its core practical function is to ensure a clear, standardized process for requesting letters of credit, thereby reducing misunderstandings and facilitating smooth financial transactions between parties.
Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall be in the form of Exhibit B to this Fifth Supplement, have an expiration date that occurs on or before the Maturity Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement Fifth Supplement; provided that, in the event of any conflict between the terms of such Fifth Supplement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. Except for Letters of ---------------------------------- Credit issued on the Closing Date (including any thereof issued as a backup to Existing Letters of Credit), the Borrower shall give the Administrative Agent at least three (3) Business Days prior notice (effective upon receipt) specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Upon receipt of such notice the Administrative Agent shall promptly notify the Fronting Bank and each other Lender who holds a Revolving Commitment of the contents thereof and of such Lender's Commitment Percentage (calculated based on the Revolving Commitments only) of the amount of the proposed Letter of Credit. Each Letter of Credit shall be payable in Dollars, must support a transaction entered into in the ordinary course of business of the Borrower or its Subsidiaries, must be reasonably satisfactory in form and substance to the Administrative Agent and the Fronting Bank, and shall be issued pursuant to such documentation as the Administrative Agent and the Fronting Bank may reasonably require, including, without limitation, the Fronting Bank's standard form Letter of Credit Agreement; provided, that, in the event of any -------- conflict between the terms of such agreement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. The Borrower shall give the Agent at least five (5) Business Days irrevocable prior notice (effective upon receipt) specifying the date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Upon receipt of such notice the Agent shall promptly notify each other Revolving Bank of the contents thereof and of such Revolving Bank's Commitment Percentage of the amount of the proposed Letter of Credit. The Agent shall provide any Revolving Bank a copy of each Letter of Credit issued hereunder upon such Revolving Bank's request. Each Letter of Credit shall have an expiration date that does not extend beyond a date which is thirty (30) days prior to the Termination Date, shall be payable in Dollars, must support a transaction entered into in the ordinary course of the Borrower's or a Subsidiary's business, must be satisfactory in form and substance to the Agent, and shall be issued pursuant to such documentation as the Agent may require, including, without limitation, the Agent's standard form letter of credit request and reimbursement agreement; provided that, in the event of any conflict between the terms of such agreement and the other Loan Documents, the terms of the other Loan Documents shall control. Subject to the other terms and conditions herein, each standby Letter of Credit shall have an expiration date that does not extend beyond one (1) year, provided that any standby Letter of Credit may contain provisions whereby its expiration date is automatically extended for additional periods of one (1) year on any current or thereafter established expiration date unless the Agent provides notice to the beneficiary of the Letter of Credit that it will not be so extended. Each such standby Letter of Credit must permit the Agent to give such notice of nonextension at any time up to the date, which is no greater than ninety (90) days prior to the applicable expiration date.
Letter of Credit Request Procedure. The Borrower shall give the Lender irrevocable prior notice (effective upon receipt) on or before 3:00 P.M. (Minneapolis, Minnesota time) on the Business Day three Business Days prior to the date of the requested issuance of a Letter of Credit specifying the requested amount, expiry date and issuance date of each Letter of Credit to be issued and the nature of the transactions to be supported thereby. Any such notice received after 3:00 P.M. (Minneapolis, Minnesota time) on a Business Day shall be deemed to have been received and be effective on the next Business Day. Each Letter of Credit shall have an expiration date that occurs on or before the Term Revolving Loan Maturity Date, shall be payable in U.S. dollars, must be satisfactory in form and substance to the Lender, and shall be issued pursuant to such documentation as the Lender may require, including, without limitation, the Lender’s standard form letter of credit request and reimbursement agreement.
Letter of Credit Request Procedure. The Borrower shall give the Administrative Agent at least five (5) Business Days irrevocable prior notice (effective upon receipt) specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Upon receipt of such notice the Administrative Agent shall promptly notify each other Bank of the contents thereof and of such Bank's Commitment Percentage of the amount of the proposed Letter of Credit in accordance with Section 4.6. Each Letter of Credit shall have an expiration date that does not extend beyond the date thirty (30) days prior to the Revolving Termination Date. Each Letter of Credit shall be payable in Dollars, must support a transaction entered into in the ordinary course of the Borrower's business, must be satisfactory in form and substance to the Administrative Agent, and shall be issued pursuant to such documentation as the Administrative Agent may require, including, without limitation, the Administrative Agent's standard form letter of credit request and reimbursement agreement; PROVIDED, that, in the event of any conflict between the terms of such agreement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. The Company shall give the Agent at least two Business Days’ irrevocable prior notice (effective upon receipt) specifying the Business Day (which shall be no later than 30 days preceding the Revolving Credit Line Termination Date) each Letter of Credit is to be issued, the name of the applicable Issuing Bank, and the account party or parties therefor and describing in reasonable detail the proposed terms of such Letter of Credit (including the beneficiary thereof) and the nature of the transactions or obligations proposed to be supported thereby (including whether such Letter of Credit is to be a commercial Letter of Credit or a standby Letter of Credit). Upon receipt by the applicable Issuing Bank of confirmation from the Agent in writing that the requested Letter of Credit is permitted in accordance with the terms hereof, such Issuing Bank shall, on the requested date, issue a Letter Credit for the account of the Company in accordance with this Agreement.
Letter of Credit Request Procedure. Except for Letters of Credit issued on the Closing Date, the Borrower shall give the Agent at least three (3) Business Days irrevocable prior notice (effective upon receipt) specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Upon receipt of such notice the Agent shall promptly notify each other Bank of the contents thereof and of such Bank's Commitment Percentage of the amount of the proposed Letter of Credit. Each Letter of Credit shall have an expiration date that does not extend beyond a date which is thirty (30) days prior to the Termination Date, shall be payable in Dollars, must support a transaction entered into in the ordinary course of the Borrower's business, must be satisfactory in form and substance to the Agent, and shall be issued pursuant to such documentation as the Agent may require, including, without limitation, the Agent's standard form letter of credit request and reimbursement agreement; PROVIDED, that, in the event of any conflict between the terms of such agreement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. Borrower shall give Agent not less than three (3) Business Days prior notice (effective upon receipt) specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Upon receipt of such notice Agent shall notify the Issuing Bank and each Lender who holds a Revolving Commitment of the contents thereof and of such Lender's Commitment Percentage of the amount of the proposed Letter of Credit. Each Letter of Credit (i) shall have an expiration date that does not extend beyond a date which is the lesser of (A) one (1) year from the date of issuance (or in the case of commercial documentary letters of credit ninety (90) days) or (B) thirty (30) days prior to the Revolving Maturity Date, (ii) shall be payable in Dollars, (iii) must support a transaction entered into or obligation arising in the ordinary course of business, (iv) must be satisfactory in form and substance to Agent and the Issuing Bank, and (v) shall be issued pursuant to such documentation as Agent and the Issuing Bank may require, including, without limitation, the Issuing Bank's standard form Letter of Credit Agreement; provided, that, in the event of any conflict between the terms of such agreement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. Except for Letters of Credit issued on the Closing Date, Borrowers shall give Lender not less than three (3) Business Days' (or such shorter period as is acceptable to Lender) prior notice (effective upon receipt) specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Each Letter of Credit shall have a term which does not exceed one (1) year and an expiration date that does not extend beyond a date which is thirty (30) days prior to the Maturity Date, shall be payable in U.S. Dollars, must support a transaction entered into in the ordinary course of business of Borrowers, must be reasonably satisfactory in form and substance to Lender, and shall be issued pursuant to such documentation as Lender may reasonably require, including, without limitation, the Lender's standard form Letter of Credit Agreement executed by an authorized signer of the Borrowers for the account of which the Letter of Credit is to be issued; provided, that, in the event of any conflict between the terms of such Letter of Credit Agreement and the other Loan Documents, the terms of the other Loan Documents shall control.
Letter of Credit Request Procedure. Except for Letters of Credit issued on the Closing Date, the Borrower shall give the Agent at least five (5) Business Days prior notice specifying the date of each Letter of Credit and the nature of the transactions to be supported thereby. Any such notice received by the Agent after 10:00 a.m. on a Business Day shall be deemed to be received and shall be effective on the next Business Day. Upon receipt of such notice the Agent shall promptly notify each other Bank of the contents thereof and of such Bank's Commitment Percentage of the amount of the proposed Letter of Credit by no later than the next Business Day. Each Letter of Credit shall have an expiration date that does not extend beyond a date which is thirty (30) days prior to the Revolving Termination Date, shall be payable in Dollars, must support a transaction entered into in the ordinary course of the