Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the Company in respect of a Letter of Credit, the Administrative Agent will promptly notify each Bank thereof. The relevant Issuing Bank will process such L/C Application, and the other certificates, documents and other papers delivered to such Issuing Bank in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Company and each of the other Banks, provided that no such Letter of Credit shall be issued if subsection 2.1 would be violated thereby.
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Sources: Credit Agreement (Commscope Inc), Credit Agreement (Nextlevel Systems Inc)
Procedure for Opening Letters of Credit. Upon receipt of any L/C Application from the Company in respect of a Letter of Credit, the Administrative Agent will promptly notify each Bank thereof. The relevant Issuing Bank will process such L/C Application, and the other certificates, documents and other papers delivered to such Issuing Bank in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Company and each of the other Banks, provided PROVIDED that no such Letter of Credit shall be issued if subsection 2.1 would be violated thereby.
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