Common use of Letter of Credit Request Procedure Clause in Contracts

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. 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 Commitment 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.