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This excerpt taken from the CVS 8-K filed Mar 23, 2007. “Letters of Credit”)
during the Commitment Period for the account of the Borrower, provided
that immediately after the issuance of each
Letter of Credit (i) the Letter of Credit Exposure of all Lenders shall not
exceed the Letter of Credit Commitment, and (ii) the Aggregate Credit Exposure
shall not exceed the Aggregate Commitment Amount. Each Letter of Credit shall
have an expiration date which shall be not later than the earlier to occur
of
one year from the date of issuance thereof or 5 days prior to the Commitment
Termination Date. No Letter of Credit shall be issued if the Administrative
Agent, or any Lender by notice to the Administrative Agent and the Issuer no
later than 3:00 P.M. one Domestic Business Day prior to the requested date
of
issuance of such Letter of Credit, shall have determined that the conditions
set
forth in Sections 5 and/or 6, as applicable have not been
satisfied.
(b) Each Letter
of Credit shall be issued for
the account of the Borrower in support of an obligation of the Borrower in
favor
of a beneficiary who has requested the Issuance
25 of such Letter
of Credit
as a condition to a transaction entered into in connection with the Borrower’s
ordinary course of business. The Borrower shall give the Administrative Agent
a
Letter of Credit Request for the issuance of each Letter of Credit by 12:00
Noon
at least two Domestic Business Days prior to the requested date of issuance.
Such Letter of Credit Request shall be accompanied by the Issuer’s standard
Application and Agreement for Standby Letter of Credit (each a |
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