Conditions to Issuance of Letter of Credit. The Letter of Credit shall be issued on the Amendment Effective Date pursuant to Section 2.01(a), unless one of the following conditions precedent has not been satisfied (or waived by the Issuing Lender) or the Borrower has not delivered the officer’s certificate described in Section 2.01(a) on or prior to the Amendment Effective Date (the “Issuance Conditions”):
Conditions to Issuance of Letter of Credit. The Lender's obligation to issue or to cause any Letter of Credit to be issued by Norwest Minnesota shall be subject to satisfaction of the following conditions in a manner acceptable to the Lender prior to the issuance of such Letter of Credit:
(a) Receipt of the Letter of Credit Application in accordance with the provisions of Section 3.2(a) above.
(b) Receipt of the Letter of Credit fee in accordance with the provisions of Section 3.5 below.
(c) Satisfaction of all of the conditions set forth in Sections 4.1 AND 4.2, below.
(d) The outstanding principal amount of the Loan shall not exceed the Maximum Loan Amount (taking into account the face amount of the Letter of Credit being requested).
(e) Such other conditions as the Lender may reasonably require.
Conditions to Issuance of Letter of Credit. The obligation of the Bank to issue the Letter of Credit pursuant to Section 2.1.1 is subject to the following conditions precedent:
Conditions to Issuance of Letter of Credit. The obligation of Simplot to obtain the issuance of the letter of credit is subject to the following conditions precedent:
X. Xxxxxxx shall have received a resolution duly adopted by each Borrower's board of directors authorizing the execution, delivery, and performance of the Loan Documents and the transactions contemplated thereby.
X. Xxxxxxx shall have received copies of executed documents evidencing:
(i) the modification of that certain Loan and Security Agreement between Turf Partners and Coast Business Credit dated June 30, 1999 (the "Revolver") to increase the seasonal limit on the inventory loan by $2.5 million during the period April 2000-June 2000;
(ii) the modification of the Revolver to adjust the advance rate for inventory to 65% from 55%; and
(iii) an intercreditor agreement among Coast Business Credit and Simplot in form and substance satisfactory to Simplot under which Coast will partially assign its security interests in the collateral securing the Term Loan to Simplot to secure repayment of amounts advanced under the letter of credit.
C. There shall not have occurred any material adverse effect with respect to the financial condition or business operations (including the voluntary or involuntary filing of a petition in bankruptcy) of either Borrower.
D. All legal matters incident to the transactions hereby contemplated shall be reasonably satisfactory to Simplot.
X. Xxxxxxx shall have received such other approvals, opinions, or documents as Simplot may reasonably request.
Conditions to Issuance of Letter of Credit. The obligation of the Bank to issue the Letter of Credit on the Issuance Date is subject to the condition precedent that the Bank shall have received all of the following, each duly executed and delivered on or before the Issuance Date, in form and substance satisfactory to the Bank:
(a) A copy of this Agreement properly executed by the Borrower.
Conditions to Issuance of Letter of Credit. The issuance by the Issuing Lender of the Letter of Credit shall, in addition to the conditions precedent set forth elsewhere in this Agreement, be subject to the conditions precedent that (i) the Borrower shall have executed and delivered such other instruments and agreements relating to the Letter of Credit as the Issuing Lender shall have reasonably requested and (ii) the Issuing Lender shall have confirmed on the date of (and after giving effect to) such issuance that (A) the aggregate amount of all Letter of Credit Liabilities will not exceed the Letter of Credit Commitment and (B) the aggregate Outstandings will not exceed the aggregate amount of the Commitments. Notwithstanding any other provision of this Section 3.04, the Issuing Lender shall not be under any obligation to issue the Letter of Credit if: any order, judgment or decree of any governmental authority shall by its terms purport to enjoin or restrain the Issuing Lender from issuing the Letter of Credit, or any requirement of law applicable to the Issuing Lender or any request or directive (whether or not having the force of law) from any governmental authority with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular.
Conditions to Issuance of Letter of Credit. The obligation of Lender to issue the Letter of Credit hereunder on the Closing Date is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
Conditions to Issuance of Letter of Credit. 8.1 Conditions to Issuance of Letter of Credit. CoBank’s obligation to issue the Letter of Credit is subject to satisfaction, in CoBank’s sole discretion, of each of the following conditions precedent.
Conditions to Issuance of Letter of Credit. As conditions precedent to the issuance of any Letter of Credit:
Conditions to Issuance of Letter of Credit
