Common use of Conditions Precedent to Issuance, Modification and Addition Clause in Contracts

Conditions Precedent to Issuance, Modification and Addition. The obligation of any Issuing Bank to issue a Letter of Credit shall be subject to satisfaction of each of the conditions precedent set forth in Section 3.2, and shall further be subject to the conditions precedent that (i) such Letter of Credit shall be in such form and contain such terms as shall be reasonably satisfactory to such Issuing Bank consistent with its then current practices and procedures of general applicability with respect to letters of credit of the same type and (ii) the applicable Borrower shall have executed and delivered such applications, agreements and other instruments relating to such Letter of Credit as such Issuing Bank shall have reasonably requested consistent with its then current practices and procedures of general applicability with respect to letters of credit of the same type; provided that in the event of any conflict between any such application, agreement or other instrument and the provisions of this Agreement, the provisions of this Agreement shall control. The obligation of any Issuing Bank to make any amendment, modification or supplement to any Letter of Credit hereunder which increases the stated amount thereof shall be subject to the same conditions applicable under this Section 2.2 (including the conditions set forth in Section 3.2) to the issuance of new Letters of Credit, and no Issuing Bank shall be obligated to make any such amendment, modification or supplement unless the Letter of Credit affected thereby would have complied with such conditions had it originally been issued hereunder, on the date of such amendment, modification or supplement, in such amended, modified or supplemented form. The obligation of any Issuing Bank to add any letter of credit hereto as contemplated by Section 2.2(a)(2) shall be subject to the same conditions applicable under this Section 2.2 (including the conditions set forth in Section 3.2) to the issuance of new Letters of Credit, and no Issuing Bank shall be obligated to make any such addition unless the Added Letter of Credit would have complied with such conditions had it originally been issued hereunder on the date of such addition. In the event of any conflict between any application, agreement or other instrument relating to an Added Letter of Credit and the provisions of this Agreement, the provisions of this Agreement shall control.