Common use of Any Letter of Credit Clause in Contracts

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 2 contracts

Samples: Revolving Loan Agreement (Kb Home), Revolving Loan Agreement (Kb Home)

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Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit (including any issuance, renewal or increase in any Letter of Credit on the Restatement Date) are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 ) and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.18) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and[Intentionally Omitted]; (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; and (e) after giving effect to such Loan or Letter of Credit, the Total Outstandings shall be less than the Borrowing Base Availability as set forth on the Borrowing Base Certificate provided pursuant to Section 2.8. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Credit Agreement (WCI Communities, Inc.)

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit;; LA\4060806.14 (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.19) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit (including any issuance, renewal or increase in any Letter of Credit on the Closing Date) are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 ) and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.18) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and[Intentionally Omitted]; (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; and (e) after giving effect to such Loan or Letter of Credit, the Total Outstandings shall be less than the Borrowing Base Availability as set forth on the Borrowing Base Certificate provided pursuant to Section 2.8. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Credit Agreement (WCI Communities, Inc.)

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Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.19) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respects; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.6, 4.9, 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.19) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), ) and no event or circumstance that constitutes a Material Adverse Effect shall have occurred and be continuing since the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to date as of which the most recent Borrowing Base Compliance Certificate delivered pursuant to Section 2.8); it being understood and agreed that any representation or warranty that 7.2 is qualified as to materiality or “Material Adverse Effect” shall be true and correct in all respectsdated; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

Any Letter of Credit. The obligations of an Issuing Bank to issue, renew or increase issue any Letter of Credit are subject to the following conditions precedent: (a) the Administrative Agent and the Issuing Bank shall have received a Request for Letter of Credit; (b) the representations and warranties contained in Article IV (other than the representations and warranties contained in Sections 4.4(a), 4.6, 4.9, 4.18 and 4.19 and, if the Borrower holds an Investment Grade Credit Rating at such time, Section 4.7(b)4.19) shall be true and correct in all material respects on and as of the date of the issuance of the Letter of Credit as though made on and as of that date (except that the financial statements referred to in Section 4.5(a) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(b) and the financial statements referred to in Section 4.5(b) shall be deemed to refer to the most recent statements furnished pursuant to Section 7.1(a), ) and the Borrowing Base Certificate referred to in Section 4.7(b) shall be deemed to refer to the most recent Borrowing Base Certificate delivered pursuant to Section 2.8); it being understood and agreed no event or circumstance that any representation or warranty that is qualified as to materiality or “constitutes a Material Adverse Effect” Effect shall be true and correct in all respectshave occurred since the Closing Date; (c) the Administrative Agent shall have received such other information relating to any matters which are the subject of Section 8.3(b) or the compliance by Borrower with this Agreement as may reasonably be requested by the Administrative Agent on behalf of a Bank; and (d) at and after giving effect to the issuance, renewal or increase issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing. Each Request for Letter of Credit submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

Appears in 1 contract

Samples: Revolving Loan Agreement (Kb Home)

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