Notice of LC Issuance. Each LC Issuer shall, on the date of each LC Issuance by it, give the Administrative Agent, each applicable Revolving Lender and the Borrower written notice of such LC Issuance, accompanied by a copy to the Administrative Agent of the Letter of Credit or Letters of Credit issued by it. Each LC Issuer shall provide to the Administrative Agent a quarterly (or monthly if requested by any applicable Revolving Lender) summary describing each Letter of Credit issued by such LC Issuer and then outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented by Letters of Credit issued by such LC Issuer.
Reporting. To the extent that any Letters of LC Issuance. Each LCCredit are issued by an L/C Issuer shall, on the date of each LC Issuance by it, giveother than the Administrative Agent, each applicablesuch L/C Issuer shall furnish to the Administrative Agent a report detailing the daily L/C Obligations outstanding under all Letters of Credit issued by it under any Revolving LenderFacility, such report to be in a form and at reporting intervals as shall be agreed between the Borrower writtenAdministrative Agent and such L/C Issuer; provided that in no event shall such reports be furnished at intervals greater than 31 days. In addition, each L/C Issuer shall provide notice of such LC Issuance, accompanied by a copy to the Administrative Agent of the Letter of Creditits L/C Commitment, or Letters of Credit issued by it. Each LCany change thereto, promptly upon it becoming an L/C Issuer shall provideor making any change to the Administrative Agent a quarterly (or monthly if requested by any applicable Revolving Lender) summary describing each Letter of Credit issued by such LC Issuer and then outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented by Letters of Credit issued by such LC Issuer.its L/C Commitment.
Agent (if so requested by it, give the Administrative Agent, each applicable Revolving LenderAgent) a true and the Borrower written noticecomplete copy of such LC Issuance, accompanied by a copy to the Administrative Agent of the Letter of Credit or Lettersamendment. Upon receipt of such Letter of Credit issuedor amendment, the Administrative Agent shall notify the Revolving , in writing, of such Letter of Credit or amendment, and if so requested by it. Each LC Issuera Revolving Lender, the Administrative Agent will provide such Revolving Lender with copies of such Letter of Credit or amendment. Not later than the third Business Day following the last day of each month (or at such other intervals as the Administrative Agent and the applicable Issuing Bank shall agree), each Issuing Bank shall provide to the Administrative Agent a quarterly (or monthly if requested by any applicable Revolving Lender) summary describing each Letterschedule of Credit issued by such LC Issuer and thenall outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented by Letters of Credit issued by such LC Issuer.Issuing Bank, in form and substance reasonably satisfactory to the Administrative Agent, showing the date of issuance, the account party, the original face amount (if any), the expiration date and the reference number, in each case, of each such Letter of Credit, and showing the aggregate amount (if any) payable by the Borrower to such Issuing Bank during such month.
Promptly after receipt of LC Issuance. Each LCany Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in [Article IV] shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the date of each LC Issuance by it, give the Administrative Agent, each applicable Revolving Lender and the Borrower written notice of such LC Issuance, accompanied byrequested date, issue a copy to the Administrative Agent of the Letter of Credit for the account of the Borrower or Lettersenter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of Credit issued by it. Each LC Issuer shall provide to the Administrative Agent a quarterly (or monthly if requested by any applicable Revolving Lender) summary describing each Letter of Credit, each Revolving Credit issued byLender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such LC Issuer and then outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented by LettersLetter of Credit issued byin an amount equal to the product of such LC Issuer.Revolving Credit Lender’s Applicable Revolving Credit Percentage times the amount of such Letter of Credit.
Promptly after receipt of LC Issuance. Each LCany Letter of Credit Application, L/C Issuer will confirm with Administrative Agent (by telephone or in writing) that Administrative Agent has received a copy of such Letter of Credit Application from Borrower and, if not, L/C Issuer will provide Administrative Agent with a copy thereof. Unless L/C Issuer has received written notice from any Revolving Credit Lender, Administrative Agent or any Obligated Party, at least one (1) Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in [Article 5] shall not then be satisfied, then, subject to the terms and conditions hereof, L/C Issuer shall, on the date of each LC Issuance by it, give the Administrative Agent, each applicable Revolving Lender and the Borrower written notice of such LC Issuance, accompanied byrequested date, issue a copy to the Administrative Agent of the Letter of Credit for the account of Borrower or Lettersenter into the applicable amendment, as the case may be, in each case in accordance with L/C Issuer’s usual and customary business practices. Immediately upon the issuance of Credit issued by it. Each LC Issuer shall provide to the Administrative Agent a quarterly (or monthly if requested by any applicable Revolving Lender) summary describing each Letter of Credit, each Revolving Credit issued byLender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from L/C Issuer a risk participation in such LC Issuer and then outstanding and an identification for the relevant period of the daily aggregate LC Outstandings represented by LettersLetter of Credit issued byin an amount equal to the product of such LC Issuer.Revolving Credit Lender’s Applicable Percentage times the amount of such Letter of Credit.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.