Example ContractsClauseseach loan or letter of creditVariants
Each Loan or Letter of Credit
Each Loan or Letter of Credit contract clause examples

Letter of Credit Application. If a Letter of Credit is requested to be issued on the Effective Date, the Administrative Agent shall have received a properly completed letter of credit application (whether standalone or pursuant to a master agreement, as applicable). The Borrowers shall have executed the Issuing Bank’s master agreement for the issuance of commercial Letters of Credit.

Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the applicable L/C Issuer (with a copy to the applicable Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Borrowing Officer of the applicable Borrower. Such Letter of Credit Application must be received by the applicable L/C Issuer and the applicable Administrative Agent not later than 11:00 a.m. at least five (5) Business Days (or such later date and time as the applicable Administrative Agent and the applicable L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer: # the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); # the amount and currency thereof; # the expiry date thereof; # the name and address of the beneficiary thereof; # the documents to be presented by such beneficiary in case of any drawing thereunder; # the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; # the purpose and nature of the requested Letter of Credit and # such other matters as the applicable L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer # the Letter of Credit to be amended; # the proposed date of amendment thereof (which shall be a Business Day); # the nature of the proposed amendment; and # such other matters as the applicable L/C Issuer may reasonably require. Additionally, each Borrower shall furnish to the applicable L/C Issuer and the applicable Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or such Administrative Agent may reasonably require.

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