Common use of Conditions Relating to Letters of Credit Clause in Contracts

Conditions Relating to Letters of Credit. In addition to the satisfaction of all other conditions precedent set forth in this Article VI, the issuance, renewal, extension or reissuance of the Letters of Credit referred to in Section 2.01(b) hereof is subject to the following conditions precedent: (a) At least three (3) Business Days prior to the date of the issuance, renewal, extension or reissuance of each Letter of Credit, the Agent shall have received a written request for a Letter of Credit. (b) Each of the Letters of Credit shall (i) be issued by the Agent, (ii) contain such terms and provisions as are reasonably required by the Agent, (iii) be for the account of the Borrower and (iv) expire not later than the earlier of one (1) year from the date of the issuance or renewal thereof or the Revolving Credit Termination Date. (c) The Borrower shall have duly and validly executed and delivered to the Agent a Letter of Credit Agreement pertaining to the Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Corrida Resources Inc), Credit Agreement (Queen Sand Resources Inc)

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Conditions Relating to Letters of Credit. In addition to the satisfaction of all other conditions precedent set forth in this Article VI, the issuance, renewal, extension or reissuance of the Letters of Credit referred to in Section 2.01(b) hereof is subject to the following conditions precedent: (a) At least three (3) Business Days prior to the date of the issuance, issuance and at least thirty (30) Business Days prior to the date of the renewal, extension or reissuance of each Letter of Credit, the Agent shall have received a written request for a Letter of Credit. (b) Each of the Letters of Credit shall (i) be issued by the Agent, (ii) contain such terms and provisions as are reasonably required by the Agent, (iii) be for the account of the Borrower and (ivv) expire not later than two (2) Business Days before the earlier of one (1) year from the date of the issuance or renewal thereof or the Revolving Credit Termination Date. (c) The Borrower shall have duly and validly executed and delivered to the Agent a Letter of Credit Agreement pertaining to the Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Ocean Energy Inc), Credit Agreement (Flores & Rucks Inc /De/)

Conditions Relating to Letters of Credit. In addition to the satisfaction of all other conditions precedent set forth in this Article VI, the issuance, renewal, extension or reissuance of the Letters of Credit referred to in Section 2.01(b) hereof is subject to the following conditions precedent: (a) At least three (3) Business Days prior to the date of the issuance, issuance and at least thirty (30) Business Days prior to the date of the renewal, extension or reissuance of each Letter of Credit, the Agent shall have received a written request for a Letter of Credit. (b) Each of the Letters of Credit shall (i) be issued by the Agent, (ii) contain such terms and provisions as are reasonably required by the Agent, (iii) be for the account of the Borrower and (iv) expire not later than two (2) days before the earlier of one (1) year from the date of the issuance or renewal thereof or the Revolving Credit Termination Date. (c) The Borrower shall have duly and validly executed and delivered to the Agent a Letter of Credit Agreement pertaining to the Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (DLB Oil & Gas Inc)

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Conditions Relating to Letters of Credit. In addition to the satisfaction of all other conditions precedent set forth in this Article VISection 3, the issuance, renewal, extension or reissuance of the Letters of Credit referred to in Section 2.01(b) 2.3 hereof is subject to the following conditions precedent: (a) At least three (3) Business Days prior to the date of the issuance, issuance and at least ten (10) Business Days prior to the date of the renewal, extension or reissuance of each Letter of Credit, the Agent shall have received a written request for a Letter of Credit. (b) Each of the Letters of Credit shall (i) be issued by the Agent, (ii) contain such terms and provisions as are reasonably required by the Agent, (iii) be for the account of the Borrower or a Subsidiary and (iv) expire not later than two (2) days before the earlier of one (1) year from the date of the issuance or renewal thereof or the Revolving Credit Termination Final Maturity Date. (c) The Borrower shall have duly and validly executed and delivered to the Agent a Letter of Credit Agreement pertaining to the Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Inland Resources Inc)

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