Procedure for Issuance Sample Clauses
The "Procedure for Issuance" clause outlines the steps and requirements that must be followed to formally issue a document, instrument, or security under an agreement. Typically, this clause specifies the necessary approvals, documentation, and notifications that must be completed before issuance can occur, such as submitting a request, obtaining signatures, or meeting regulatory conditions. Its core practical function is to ensure a clear, standardized process for issuance, reducing the risk of errors or disputes by detailing exactly how and when issuance should take place.
Procedure for Issuance. Prior to the issuance of each Letter of Credit, and as a condition of such issuance, including, without limitation any Cash Collateralized Letter of Credit or Post-Termination Letter of Credit, Borrowers shall deliver to the Issuing Lender (with a copy to Agent) a Master Letter of Credit Agreement signed by the Borrowers, together with such other documents or items as may be required pursuant to the terms thereof, and the proposed form and content of such Letter of Credit shall be reasonably satisfactory to the Issuing Lender. Except as provided in Section 2.13(B), each Letter of Credit shall be issued no earlier than two (2) Business Days after delivery of the foregoing documents, which delivery may be by Borrowers to the Issuing Lender by facsimile transmission, telex or other electronic means followed by delivery of executed originals within five days thereafter. The documents so delivered shall be in compliance with the requirements set forth in Section 2.13(A) or Section 2.13(B), as the case may be, and shall specify therein (i) the stated amount of the Letter of Credit requested, (ii) the effective date of issuance of such requested Letter of Credit, which shall be a Business Day, (iii) the date on which such requested Letter of Credit is to expire, (iv) the entity for whose benefit the requested Letter of Credit is to be issued, which shall be a Borrower, (v) the aggregate amount of Letter of Credit Obligations which are outstanding and which will be outstanding after giving effect to the requested Letter of Credit issuance and (vi) that the requested Letter of Credit is to be a Cash Collateralized Letter of Credit, if applicable. The delivery of the foregoing documents and information shall constitute an “Issuance Request” for purposes of this Agreement. Subject to the terms and conditions of Section 2.13(A) or Section 2.13(B), as the case may be, and provided that the applicable conditions set forth in Section 2.11 hereof have been satisfied, the Issuing Lender shall, on the requested date, issue a Letter of Credit on behalf of Borrowers in accordance with the Issuing Lender’s usual and customary business practices. In addition, any amendment of an existing Letter of Credit shall be deemed to be an issuance of a new Letter of Credit and shall be subject to the requirements set forth above. The Issuing Lender shall give Agent prompt written notice of the issuance of any Letter of Credit.
Procedure for Issuance. The Borrower shall give the Issuing Bank notice at least three Business Days prior to the requested issuance of a Letter of Credit specifying the date such Letter of Credit is to be issued, specifying the currency in which such Letter of Credit is to be denominated (which shall be Dollars or an Alternative Currency) and the amount thereof, and describing the other terms of such Letter of Credit and the nature of the transactions to be supported thereby (such notice, including any such notice given in connection with the extension of a Letter of Credit, a "Notice of Issuance"). Upon receipt of a Notice of Issuance, the Issuing Bank shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each Lender of the contents thereof and of the amount of such Lender's participation in such Letter of Credit. The issuance by the Issuing Bank of each Letter of Credit shall, in addition to the conditions precedent set forth in Article IV, be subject to the conditions precedent that such Letter of Credit shall be in such form and contain such terms as shall be satisfactory to the Issuing Bank (consistent with its customary procedures and policies for the issuance of letters of credit generally) and that the Borrower and (if other than the Borrower) the Company shall have executed and delivered such other instruments and agreements relating to such Letter of Credit as the Issuing Bank shall have reasonably requested. The Borrower shall also pay to the Issuing Bank for its own account issuance, drawing, amendment and extension charges in the amounts and at the times agreed between the Borrower and the Issuing Bank. The extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. If any Letter of Credit contains a provision pursuant to which it is automatically extended unless notice of termination is given by the Issuing Bank, the Issuing Bank shall timely give such notice of termination if a Stop Issuance Notice is in effect. No Letter of Credit shall have a term extending or be so extendible beyond the fifth Business Day preceding the Termination Date.
Procedure for Issuance. 11 Section 2.03 Conditions Precedent to Effectiveness. ...................................... 12 Section 2.04 Fees ........................................................................ 15
Procedure for Issuance. Borrower shall give Agent at least three (3) Business Days' irrevocable prior notice (effective upon receipt) specifying the Business Day (which shall be no later than thirty (30) days preceding the Maturity Date) each Letter of Credit is to be issued and describing in reasonable detail the proposed terms of such Letter of Credit (including its beneficiary) and the nature of the transactions or obligations proposed to be supported. Borrower shall be the account party for each Letter of Credit, including Letters of Credit issuable to a beneficiary having a claim or potential claim against a Subsidiary of Borrower.
Procedure for Issuance. Not later than 5:00 p.m. on the last day of the Offering Period the Trust shall deliver to the Insurer a notice specifying the expected Inception Date. On the Inception Date, the Trust shall deliver to the Insurer a notice showing the following, in each case as of the close of business on the Business Day immediately prior to the Inception Date: (i) the NAV for each Class of Shares, and (ii) the number of issued and outstanding shares of each Class of Shares. The notice also shall certify that the conditions precedent in Sections 2.03(b)(i) and (ii) have been satisfied. The Insurer shall promptly (and in any event on the Inception Date) issue and deliver the Policy to the Custodian.
Procedure for Issuance. In order to effect the issuance of each Letter of Credit, the Company shall deliver to the Agent (which delivery may be by facsimile transmission) a letter of credit application in substantially the form attached hereto as Exhibit O (the "Letter of Credit Application") not later than 10:00 A.M., Houston time, two (2) Business Days prior to the proposed date of issuance of the Letter of Credit. The letter of credit application shall be duly executed by a Responsible Officer of the Company, shall be irrevocable and shall (i) specify the day on which such Letter of Credit is to be issued (which shall be a Business Day), and (ii) set forth calculations evidencing availability for the Letter of Credit, as required pursuant to Section 4.1 hereof; provided that, in no event shall the Letter of Credit have an expiry date on or after a date which occurs (A) more than twelve (12) months after its date of issuance or (B) later than ten (10) days prior to the Termination Date.
Procedure for Issuance. 30 2.18.5 Nature of the Lenders' Obligations........................... 30 2.18.6 Facility Letter of Credit Fees............................... 31
Procedure for Issuance. Not later than three Business Days prior to the last day of the Offering Period, the Fund shall deliver to the Warranty Provider a notice specifying the expected Inception Date and the projected amount of the Financial Warranty (which shall be in the amount of the Aggregate Protected Amount as of the close of business on the Transition Date and shall not exceed the Financial Warranty Amount Limit). Prior to 11:00 a.m. (Eastern time) on the Inception Date, the Fund shall deliver to the Warranty Provider a notice showing the following, in each case as of the close of business on the Transition Date:
(i) the NAV Per Share for each Class of Shares, and (ii) the Shares Outstanding of each Class of Shares. The notice also shall certify that the conditions precedent in SECTIONS 2.3(B)(I) through and including (VI) and 2.3(C) have been satisfied. Upon receipt of such notice and the fulfillment of the applicable conditions set forth in SECTION 2.3 hereof, the Warranty Provider will issue the Financial Warranty to the Fund in the amount specified in the parenthetical in the first sentence of this SECTION 2.2 (the "ISSUED FINANCIAL WARRANTY AMOUNT"). The Warranty Provider shall not incur any obligation or liability hereunder or under any transaction contemplated by any other Transaction Document during the Offering Period.
Procedure for Issuance. Subject to the satisfaction of the conditions set forth in this Section 2.4, the relevant Issuer shall, on the requested date, Issue a Letter of Credit on behalf of the Borrower in accordance with such Issuer's usual and customary business practices. No Issuer shall Issue any Letter of Credit in the period commencing on the first Business Day after it receives written notice from any Lender that one or more of the conditions precedent contained in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) shall not on such date be satisfied and ending when such conditions are satisfied. The relevant Issuer shall not otherwise be required to determine that, or take notice whether, the conditions precedent set forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) have been satisfied in connection with the Issuance of any Letter of Credit.
Procedure for Issuance. MPF shall notify BANA of the projected amount of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Warranty promptly after receipt of the notice specifying such amount under Section 2.2 of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Warranty Agreement. MPF shall further notify BANA of the issuance by MPF of the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Financial Warranty and the amount thereof, and upon receipt of such notice (the "Issuance Date"), BANA will issue the BANA Financial Warranty to MPF in an amount equal to the Issued BANA Financial Warranty Amount. BANA shall not incur any obligation or liability hereunder prior to the issuance of the BANA Financial Warranty.