Common use of Conditions to Letters of Credit Clause in Contracts

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit shall not cause a Default; (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of the date of issuance of such Letter of Credit, except that all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Agent (on behalf of the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to the issuance of such Letter of Credit; and (f) such other information and documentation as Agent or the Issuing Lender shall reasonably deem necessary or desirable in connection with the issuance of such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Loan Agreement (Amresco Inc), Loan Agreement (Amresco Inc)

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Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers Borrower of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Administrative Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit shall not cause a Default; (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of the date of issuance of such Letter of Credit, except that all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Administrative Agent (on behalf of the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to the issuance of such Letter of Credit; and (f) such other information and documentation as Administrative Agent or the Issuing Lender shall reasonably deem necessary or desirable in connection with the issuance of such Letter of Credit.. ARTICLE V

Appears in 2 contracts

Samples: Credit Agreement (Amresco Inc), Credit Agreement (Amresco Inc)

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Lender is obligated to issue such Letter of Credit), other than the Existing Letters 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 not cause a Default;have been made. (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of B. On or before the date of issuance of such Letter of Credit, except that Administrative Agent shall have received, in accordance with the provisions of subsection 3.1B(i), an originally executed Request for Issuance (or a facsimile copy thereof) in each case signed by a duly authorized Officer of Borrower, together with all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct other information specified in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; subsection 3.1B(i) and, (ei) timely receipt by Agent (on behalf of if Xxxxx Fargo is the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to , Borrower shall have completed and delivered Xxxxx Fargo’s standard application forms for the issuance of such Letter of Credit; and Credit and (fii) if another Lender is the Issuing Lender, Borrower shall have completed such other documents or provided such other information and documentation as Agent or the Issuing Lender shall may reasonably deem necessary or desirable 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.

Appears in 1 contract

Samples: Credit Agreement (Unified Grocers, Inc.)

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit hereunder (whether or not 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 Revolving Loans shall not cause a Default;have been made. (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of B. On or before the date of issuance of such Letter of Credit, except that all representations and warranties that speak as Administrative Agent shall have received, in accordance with the provisions of a particular date shall only be required on the date subsection 3.1B(i), an originally executed Notice of issuance Issuance of each such Letter of Credit to be true and correct Credit, in all material respects as each case signed by the chief executive officer, the president, the chief financial officer or the treasurer of Borrower or by any executive officer of Borrower designated by any of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Agent (above-described officers on behalf of the Issuing LenderBorrower in a writing delivered to Administrative Agent, together with all other information specified in subsection 3.1B(i) of the issuance fee required to be paid by the and such other documents or information as Issuing Lender related to the issuance of such Letter of Credit; and (f) such other information and documentation as Agent or the Issuing Lender shall may reasonably deem necessary or desirable require in connection with the issuance of such Letter of Credit. Each delivery of a Notice of Issuance of Letter of Credit and the acceptance by Borrower of the issuance of any Letter of Credit shall constitute a representation and warranty by Borrower that on the date of the issuance of such Letter of Credit (both immediately before and immediately after such Letter of Credit is issued and delivered to the beneficiary thereof) the statements made in subsection 4.2C are true and correct in all material respects. C. On the date of issuance of such Letter of Credit, all conditions precedent described in subsections 4.2C 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.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Prime Succession Inc)

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers Borrower of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Administrative Agent of a Request For for Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit shall not cause a Default; (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of the date of issuance of such Letter of Credit, except that all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Administrative Agent (on behalf of Lenders) of the Letter of Credit Fee and (on behalf of the Issuing Lender) of the issuance fee required to be paid usual and customary administrative fees charged by the Issuing Lender related to for the issuance of such Letter letters of Creditcredit; and (f) such other information and documentation as Administrative Agent or the Issuing Lender shall reasonably deem necessary or desirable in connection with the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Loan Agreement (Monarch Dental Corp)

Conditions to Letters of Credit. The obligation of the ------------------------------- Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by the applicable Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit shall not cause a Default; (dc) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of the date of issuance of such Letter of Credit, except that all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (ed) timely receipt by Agent (on behalf of Lenders) of the Letter of Credit Fee and (on behalf of the Issuing Lender) of the issuance fee required to be paid usual and customary administrative fees charged by the Issuing Lender related to for the issuance of such Letter letters of Creditcredit; and (fe) such other information and documentation as Agent or the Issuing Lender shall reasonably deem necessary or desirable in connection with the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Travis Boats & Motors Inc)

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Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit hereunder (whether or not the applicable Issuing Bank is obligated to issue such Letter of Credit) and any renewal of any Letter of Credit is subject to the following conditions precedent; provided that no such condition shall not cause a Default; (d) apply on the representations Closing Date to the Existing Letter of Credit, and warranties contained in the Existing Letter of Credit shall, effective as of the Closing Date, be deemed to be Letters of Credit under this Agreement and in to the other Loan Documents same extent as if initially issued hereunder: A. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the Term Loans shall be true in all material respects on and as of have been made pursuant to Section 2.1A(i). B. On or before the date of issuance of such Letter of Credit, except that all representations and warranties that speak as Administrative Agent shall have received, in accordance with the provisions of a particular date shall only be required on the date subsection 3.1B(i), an originally executed Notice of issuance Issuance of each such Letter of Credit to be true (or a facsimile copy thereof), in each case signed by a duly authorized Officer of Borrower, together with all other information specified in subsection 3.1B(i) and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Agent (on behalf of the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to the issuance of such Letter of Credit; and (f) such other documents or information and documentation as Agent or the applicable Issuing Lender shall Bank may reasonably deem necessary or desirable 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.

Appears in 1 contract

Samples: Credit Agreement (Isle of Capri Casinos Inc)

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit hereunder (whether or not 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 not cause a Default;have been made. (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of B. On or before the date of issuance of such Letter of Credit, except that all representations and warranties that speak as Administrative Agent shall have received, in accordance with the provisions of a particular date shall only be required on the date subsection 3.1B(i), an originally executed Notice of issuance Issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Agent (on behalf of the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to the issuance of such Letter of Credit; and (f, in each case signed by an Authorized Officer of Borrower, together with all other information specified in subsection 3.1B(i) and such other documents or information and documentation as Agent or the Issuing Lender shall may reasonably deem necessary or desirable require in connection with the issuance of such Letter of Credit. Each delivery of a Notice of Issuance of Letter of Credit and the acceptance by Borrower of the issuance of any Letter of Credit shall constitute a representation and warranty by Borrower that on the date of the issuance of such Letter of Credit (both immediately before and immediately after such Letter of Credit is issued and delivered to the beneficiary thereof) the statements made in subsection 4.2C are true and correct in all material respects. C. On the date of issuance of such Letter of Credit, all conditions precedent described in subsection 4.2C 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.

Appears in 1 contract

Samples: Credit Agreement (Prime Succession Inc)

Conditions to Letters of Credit. The obligation of the Issuing Lender to issue any Letter of Credit as provided herein is subject to the satisfaction by Borrowers Borrower of the following conditions and requirements: (a) timely receipt by the Issuing Lender of a fully completed LOC Application; (b) timely receipt by Agent of a Request For Advance; (c) immediately before and after the issuance of such Letter of Credit, no Default shall have occurred and be continuing and the issuance of any Letter of Credit shall not cause a Default; (d) the representations and warranties contained in this Agreement and in the other Loan Documents shall be true in all material respects on and as of the date of issuance of such Letter of Credit, except that all representations and warranties that speak as of a particular date shall only be required on the date of issuance of each such Letter of Credit to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; (e) timely receipt by Agent (on behalf of the Issuing Lender) of the issuance fee required to be paid by the Issuing Lender related to the issuance of such Letter of Credit; and (f) such other information and documentation as Agent or the Issuing Lender shall reasonably deem necessary or desirable in connection with the issuance of such Letter of Credit.

Appears in 1 contract

Samples: Loan Agreement (Amresco Inc)

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