Conditions to Each Letter of Credit Sample Clauses

Conditions to Each Letter of Credit. The obligations of any Issuer to issue any Letter of Credit, including the initial Letters of Credit, are subject to the satisfaction of the following conditions precedent that on the date of the issuance of such Letter of Credit (except that the condition set forth in Section 4.03(a) shall not apply to the deemed issuance on the Closing Date described in the last sentence of Section 2.03(a)): (a) the Agent and such Issuer have received a Letter of Credit Request with respect to such Letter of Credit in accordance with Section 2.03(d); (b) such Issuer has received a Letter of Credit Reimbursement Agreement and such other documents and items relating to such Letter of Credit as such Issuer reasonably may request; (c) the representations and warranties set forth in Article V are true and correct in all material respects (unless made as of a specific date as set forth therein) before and after giving effect to the issuance of such Letter of Credit; (d) no Default exists or would exist as a result of the issuance of such Letter of Credit; (e) the issuance of such Letter of Credit will not contravene any Governmental Requirement applicable to any Issuer or any Lender; and (f) the Agent and such Issuer are satisfied that such Letter of Credit is being issued for purposes not inconsistent with Section 5.13.
Sample 1
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Conditions to Each Letter of Credit. The obligation of the Issuer to issue ----------------------------------- any Letter of Credit, including the initial Letter of Credit, is subject to the satisfaction of the following conditions precedent that on the date of the issuance of such Letter of Credit: (a) the Agent and the Issuer have received a Letter of Credit Request with respect to such Letter of Credit in accordance with Section 2.03(d); (b) the Issuer has received a Letter of Credit Reimbursement Agreement and such other documents and items relating to such Letter of Credit as the Issuer reasonably may request; (c) the representations and warranties set forth in Article V (other than in Section 5.06(a)(ii)) are true and correct in all material respects (unless made as of a specific date as set forth therein); (d) no Default exists or would exist as a result of the issuance of such Letter of Credit; (e) the issuance of such Letter of Credit will not contravene any Governmental Requirement applicable to the Issuer or any Lender; and (f) satisfaction of the Agent and the Issuer that such Letter of Credit is being issued for purposes not inconsistent with Section 5.13.
Sample 1
Conditions to Each Letter of Credit. The obligation of the Bank to issue, amend, renew or extend any Letter of Credit hereunder is subject in each case to the satisfaction of the following conditions: (a) The Applicant's representations and warranties set forth in this Agreement shall be true and correct in all material respects on and as of the date of issuance, amendment, renewal or extension of such Letter of Credit, both before and after giving effect thereto (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be or have been true and correct as of such specific date). (b) On and as of the date of issuance, amendment, renewal or extension of such Letter of Credit, both before and after giving effect thereto, no Default or Event of Default under this Agreement shall have occurred and be continuing. (c) In the case of the issuance, amendment, renewal or extension of any Letter of Credit during the Availability Period, after giving effect to such issuance, amendment, renewal or extension, (i) the LC Exposure shall not exceed the LC Commitment at such time and (ii) (x) the product of (A) one hundred three percent (103%) multiplied by (B) the LC Exposure shall not exceed (y) the Collateral Amount at such time. (d) In the case of the amendment, renewal or extension of any Letter of Credit after the Availability Period, after giving effect to such amendment, renewal or extension, the product of (i) one hundred three percent (103%) multiplied by (ii) the LC Exposure shall not exceed the Collateral Amount at such time.
Sample 1
Conditions to Each Letter of Credit. On each Letter of Credit Issuance Date, both immediately before and after giving effect thereto and to the application of the proceeds therefrom and from any concurrent sale of Class A-1 Notes, the following statements shall be true to the satisfaction of the Agent (and each delivery of a Letter of Credit Request, and the acceptance by LTV Steel of the benefits of the requested Letter of Credit, shall constitute a representation and warranty by LTV Steel that on such date immediately before and after giving effect thereto and to the application of the proceeds therefrom and from any concurrent sale of Class A-1 Notes, such statements are true): (a) The representations and warranties of LTV Steel and its Affiliates contained in this Agreement and in each other Transaction Document are true and correct in all material respects on and as of such date as though made on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct on and as of such earlier date); (b) No event has occurred and is continuing, or would result from the proposed use of these facilities or the application of the proceeds thereof, which would constitute a Note Purchase Agreement Default or a Note Purchase Agreement Event of Default; (c) No change or development shall have occurred since the Effective Date which in any such case, has had or is reasonably expected to have a Material Adverse Collateral Effect, and shall be continuing; (d) As indicated on the most recent Sales and Valuation Report, the Company shall be in compliance with the Note Collateral Value Requirement; (e) The issuance of such Letter of Credit would not violate SECTION 3.1; and (f) The Administrative Agent and the respective Issuing Lender shall have received a Letter of Credit Request meeting the requirements of SECTION 3.
Sample 1

Related to Conditions to Each Letter of Credit

  • Conditions to Each Extension of Credit The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each L/C Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • CONDITIONS OF EACH EXTENSION OF CREDIT The obligation of Bank to make each extension of credit requested by Borrower hereunder shall be subject to the fulfillment to Bank's satisfaction of each of the following conditions:

  • Conditions to Each Credit Extension The obligation of each Lender to make a Credit Extension after the Closing Date, is subject to the satisfaction, or waiver in accordance with Section 11.4, of the following conditions precedent: (a) the Administrative Agent shall have received a fully executed and delivered Funding Notice, together with the documentation and certifications required therein with respect to each Credit Extension; (b) after making the Credit Extension requested on such Credit Date, (i) the aggregate outstanding principal amount of the Revolving Loans shall not exceed the aggregate Revolving Commitments then in effect and (ii) the aggregate outstanding principal amount of the Term Loans shall not exceed the respective Term Loan Commitments then in effect (c) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) on and as of that Credit Date, except to the extent such representations and warranties relate to an earlier date, in which case they shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) as of such earlier date; (d) as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default. Notwithstanding the foregoing, the only representations the accuracy of which shall be a condition to the availability of any Incremental Facility, the proceeds of which are used to fund a Limited Condition Acquisition, on the date such Incremental Facility is funded shall be those certain “specified representations” approved by the lenders providing such Incremental Facility and the only Defaults the absence of which shall be a condition to the availability of any Incremental Facility, the proceeds of which are used to fund a Limited Condition Acquisition, on the date such Incremental Facility is funded shall be those Defaults set forth in Sections 9.1(a), (f) and (g).

  • Conditions to Each Credit Event The obligation of each Lender to make a Loan on the occasion of any Borrowing and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to Section 2.26(c) and the satisfaction of the following conditions: (a) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall exist; (b) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects, unless such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects); and (c) the Borrower shall have delivered the required Notice of Borrowing. Each Borrowing and each issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in subsections (a) and (b) of this Section. Notwithstanding the foregoing, the incurrence of Incremental Commitments and the initial borrowing of Incremental Term Loans (but not Revolving Loans) thereunder shall be subject solely to the conditions set forth in Section 2.23.

  • Conditions to Letters of Credit The issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Lender is obligated to issue such Letter of Credit) is subject to the following conditions precedent: A. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the initial Loans shall have been made. B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of subsection 3.1B(i), an originally executed Notice of Issuance of Letter of Credit, in each case signed by the chief executive officer, the chief financial officer or the treasurer of Company or by any executive officer of Company designated by any of the above-described officers on behalf of Company in a writing delivered to Administrative Agent, together with all other information specified in subsection 3.1B(i) and such other documents or information as the applicable Issuing Lender may reasonably require in connection with the issuance of such Letter of Credit. C. On the date of issuance of such Letter of Credit, all conditions precedent described in subsection 4.2B shall be satisfied to the same extent as if the issuance of such Letter of Credit were the making of a Loan and the date of issuance of such Letter of Credit were a Funding Date.

  • Conditions Precedent to Each Extension of Credit The obligation of each Lender, the Swingline Bank and each LC Issuing Bank, as applicable, to make each Extension of Credit to be made by it hereunder (other than in connection with any Borrowing that would not increase the aggregate principal amount of Advances outstanding immediately prior to the making of such Borrowing) shall be subject to the satisfaction of the conditions precedent set forth in Section 3.01 and on the date of such Borrowing: (a) The following statements shall be true (and each of the giving of the applicable Notice of Borrowing and the acceptance by the applicable Borrower of the proceeds of any such Extension of Credit shall constitute a representation and warranty by such Borrower that on the date of such Extension of Credit such statements are true): (i) The representations and warranties of such Borrower contained in Section 4.01 (other than the representation and warranty in Section 4.01(e) and the representation and warranty set forth in the last sentence of Section 4.01(f)) are true and correct in all material respects on and as of the date of such Extension of Credit, before and after giving effect to such Extension of Credit and to the application of the proceeds therefrom, as though made on and as of such date, and (ii) No event has occurred and is continuing with respect to such Borrower, or would result from such Extension of Credit or from the application of the proceeds therefrom, that constitutes a Default. (b) The Administrative Agent shall have received such other approvals, opinions or documents as any Lender or LC Issuing Bank through the Administrative Agent may reasonably request.

  • Conditions to Each Advance The agreement of Lenders to make any Advance requested to be made on any date (including the initial Advance), is subject to the satisfaction of the following conditions precedent as of the date such Advance is made:

  • Additional Conditions to Letters of Credit If the issuance of a Letter of Credit is requested, all conditions set forth in Section 2.3 shall have been satisfied.

  • Agreement to Repay Letter of Credit Drawings (a) The Borrower agrees to reimburse each Issuing Lender, by making payment to the Administrative Agent in immediately available funds at the Payment Office, for any payment or disbursement made by such Issuing Lender under any Letter of Credit issued by it (each such amount, so paid until reimbursed by the Borrower, an “Unpaid Drawing”), not later than one Business Day following receipt by the Borrower of notice of such payment or disbursement (provided that no such notice shall be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing, in which case the Unpaid Drawing shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by the Borrower)), with interest on the amount so paid or disbursed by such Issuing Lender, to the extent not reimbursed prior to 12:00 Noon (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date such Issuing Lender was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin as in effect from time to time for Revolving Loans that are maintained as Base Rate Loans; provided, however, to the extent such amounts are not reimbursed prior to 12:00 Noon (New York time) on the third Business Day following the receipt by the Borrower of notice of such payment or disbursement or following the occurrence of a Default or an Event of Default under Section 11.05, interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Lender (and until reimbursed by the Borrower) at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Revolving Loans that are maintained as Base Rate Loans as in effect from time to time plus 2%, with such interest to be payable on demand. Each Issuing Lender shall give the Borrower prompt written notice of each Drawing under any Letter of Credit issued by it, provided that the failure to give any such notice shall in no way affect, impair or diminish the Borrower’s obligations hereunder. (b) The obligations of the Borrower under this Section 3.05 to reimburse each Issuing Lender with respect to drafts, demands and other presentations for payment under Letters of Credit issued by it (each, a “Drawing”) (including, in each case, interest thereon) shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any Subsidiary of the Borrower may have or have had against any Lender (including in its capacity as an Issuing Lender or as a Participant), including, without limitation, any defense based upon the failure of any drawing under a Letter of Credit to conform to the terms of the Letter of Credit or any nonapplication or misapplication by the beneficiary of the proceeds of such Drawing; provided, however, that the Borrower shall not be obligated to reimburse any Issuing Lender for any wrongful payment made by such Issuing Lender under a Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of such Issuing Lender (as determined by a court of competent jurisdiction in a final and non-appealable decision).

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