Common use of All Letters of Credit Clause in Contracts

All Letters of Credit. The obligations of the Issuing Lender to maintain the Existing Letters of Credit and issue additional Letters of Credit on the Effective Date, and the obligations to issue, amend, renew or extend Letters of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) after the Effective Date are subject to the following conditions precedent: (a) Each of the representations and warranties contained in Article VI shall be true and correct in all material respects on and as of the date of such issuance, amendment, renewal or extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date; provided that to the extent such representation and warranty is qualified as to materiality, such representation and warranty shall be true and correct in all respects. (b) On the Effective Date and at the time of and immediately after any such issuance, amendment, renewal or extension, no Default or Event of Default under or pursuant to this Agreement shall have occurred and be continuing. (c) Since December 31, 2010, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect; (d) The Account Party represents and warrants that each Letter of Credit shall be issued in the ordinary course of business. (e) After giving effect to such issuance, amendment, renewal or extension, the Outstanding Amount will not exceed the Letter of Credit Commitment and the balance in the Collateral Account will at least be equal to 103% of the Outstanding Amount. (f) The Account Party shall have delivered to the Issuing Lender the information contemplated by Section 3.2. Each issuance, amendment, renewal or extension of a Letter of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) shall be deemed to constitute a representation and warranty by the Account Party on the date of such issuance amendment, renewal or extension as to the matters specified in paragraphs (a), (b), (c), (d), (e) and (f) of this Section 5.1. The Issuing Lender shall have received a certificate signed by a Responsible Officer of the Account Party, dated the date of such issuance, amendment, renewal or extension stating that such statements are true (and which shall be deemed to be included as part of the Application).

All Letters of Credit. The obligations of the Issuing Lender to maintain issue Letters of Credit (including backstopping or replacing the Existing Letters of Credit and issue additional Letters of Credit Credit) on the Effective Date, and the obligations to issue, amend, renew or extend Letters of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) after the Effective Date are subject to the following conditions precedent: (a) Each of the representations and warranties contained in Article VI shall be true and correct in all material respects on and as of the date of such issuance, amendment, renewal or extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date; provided that to the extent such representation and warranty is qualified as to materiality, such representation and warranty shall be true and correct in all respects. (b) On the Effective Date and at the time of and immediately after any such issuance, amendment, renewal or extension, no Default or Event of Default under or pursuant to this Agreement shall have occurred and be continuing. (c) Since December 31, 2010, there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect; (d) The Account Party represents and warrants that each Letter of Credit shall be issued in the ordinary course of business. (e) After giving effect to such issuance, amendment, renewal or extension, the Outstanding Amount will not exceed the Letter of Credit Commitment and the balance in the Collateral Account will at least be equal to 103% of the Outstanding Amount. (f) The Account Party shall have delivered to the Issuing Lender the information contemplated by Section 3.2. (g) The Account Party shall not have requested the Issuing Party to issue any Letter of Credit in respect of any antecedent debt, as such phrase is used in the Bankruptcy Code, that is not secured. Each issuance, amendment, renewal or extension of a Letter of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) shall be deemed to constitute a representation and warranty by the Account Party on the date of such issuance amendment, renewal or extension as to the matters specified in paragraphs (a), (b), (c), (d), (e) and (f) of this Section 5.1. The Issuing Lender shall have received a certificate signed by a Responsible Officer of the Account Party, dated the date of such issuance, amendment, renewal or extension stating that such statements are true (and which shall be deemed to be included as part of the Application).

All Letters of Credit. The obligations of the Issuing Lender to maintain the Existing Letters of Credit and issue additional Letters of Credit on the Effective Date, and the obligations to issue, amend, renew or extend Letters of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) after the Effective Date are subject to the following conditions precedent: (a) Each of the representations and warranties contained in Article VI shall be true and correct in all material respects on and as of the date of such issuance, amendment, renewal or extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date; provided that to the extent such representation and warranty is qualified as to materiality, such representation and warranty shall be true and correct in all respects. (b) On the Effective Date and at the time of and immediately after any such issuance, amendment, renewal or extension, no Default or Event of Default under or pursuant to this Agreement shall have occurred and be continuing. (c) Since December 31, 20102010 (other than as disclosed in writing to the Issuing Lender prior to July 7, 2011), there has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have a Material Adverse Effect; (d) The Account Party represents and warrants that each Letter of Credit shall be issued in the ordinary course of business., and no Letter of Credit is being issued to support or fund any interest rate, currency, commodity or other hedging or derivative obligation of the Account Party, its Subsidiaries or Dynegy Inc. (e) After giving effect to such issuance, amendment, renewal or extension, the Outstanding Amount will not exceed the Letter of Credit Commitment and the balance in the Collateral Account will at least be equal to 103% of the Outstanding Amount. (f) The Account Party shall have delivered to the Issuing Lender the information contemplated by Section 3.2. Each issuance, amendment, renewal or extension of a Letter of Credit (other than an extension of the expiry date of any Letter of Credit (without increasing the amount thereof), or the renewal of any Letter of Credit (without increasing the amount thereof)) shall be deemed to constitute a representation and warranty by the Account Party on the date of such issuance amendment, renewal or extension as to the matters specified in paragraphs (a), (b), (c), (d), (e) and (f) of this Section 5.1. The Issuing Lender shall have received a certificate signed by a Responsible Officer of the Account Party, dated the date of such issuance, amendment, renewal or extension stating that such statements are true (and which shall be deemed to be included as part of the Application).