Common use of Conditions to Letters of Credit Clause in Contracts

Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters 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 Section 2.10(c), an executed Notice of Issuance (or a facsimile copy thereof) in each case signed by a duly authorized officer of the Borrower requesting the Letter of Credit, together with all other information specified in Section 2.10(c) 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 Section 5.2 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 the date the Loan was funded.

Appears in 2 contracts

Samples: Credit Agreement (Owens-Illinois Group Inc), Credit Agreement (Owens-Illinois Group Inc)

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Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters 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) 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) B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of Section 2.10(c)subsection 2.8B, an originally executed Notice of Request for Issuance of Letter of Credit (or a facsimile copy thereof) in each case signed by a duly authorized officer of the Borrower requesting the Letter of Credit, together with all other information specified in Section 2.10(c) subsection 2.8B 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) C. On the date of issuance of such Letter of Credit, all conditions precedent described in Section 5.2 subsection 3.1 and subsection 3.2 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 the date the Loan was fundeda Funding Date.

Appears in 2 contracts

Samples: Quarterly Report, Secured Credit Agreement (Owens Illinois Inc /De/)

Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters 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) A. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the initial Delayed Draw Term Loans shall have been made. (b) B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of Section 2.10(csubsection 3.1B(i), an originally executed Notice of Issuance (or a facsimile copy thereof) of Letter of Credit, in each case signed by a duly authorized officer Officer of the Borrower requesting the Letter on behalf of CreditBorrower in a writing delivered to Administrative Agent, together with all other information specified in Section 2.10(csubsection 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) C. On the date of issuance of such Letter of Credit, all conditions precedent described in Section 5.2 subsection 4.4B shall be satisfied to the same extent as if the issuance of such Letter of Credit were the making of a Revolving Loan and the date of issuance of such Letter of Credit were the date the Loan was fundeda Funding Date.

Appears in 1 contract

Samples: Credit Agreement (Wellsford Real Properties Inc)

Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters 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) 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) B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of Section 2.10(c)subsection 2.8B, an originally executed Notice of Request for Issuance of Letter of Credit (or a facsimile copy thereof) in each case signed by a duly authorized officer of the Borrower requesting the Letter of Credit, together with all other information specified in Section 2.10(c) subsection 2.8B 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) C. On the date of issuance of such Letter of Credit, all conditions precedent described in Section 5.2 subsection 3.1 and subsection 3.4 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 the date the Loan was fundeda Funding Date.

Appears in 1 contract

Samples: Secured Credit Agreement (Owens Illinois Group Inc)

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Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters of Credit) hereunder (whether or not the applicable Issuing Lender Administrative Agent is obligated to issue obtain the issuance of such Letter of Credit) is subject to the following conditions precedent: (a) 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) B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of Section 2.10(csubsection 3.1B(i), an originally executed Notice of Request for Issuance (or a facsimile copy thereof) in each case signed by the chief financial officer of Company and a duly authorized officer Officer of the Borrower requesting the Letter of Creditissuance, together with all other information specified in Section 2.10(csubsection 3.1B(i) and such other documents or information as the applicable Issuing Lender Bank may reasonably require in connection with the issuance of such Letter of Credit. (c) C. On the date of issuance of such Letter of Credit, all conditions precedent described in Section 5.2 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 the date the Loan was fundeda Funding Date.

Appears in 1 contract

Samples: Credit Agreement (Arris Group Inc)

Conditions to Letters of Credit. The issuance of any Letter of Credit (other than Existing Letters of Credit) hereunder (whether or not the applicable Issuing Lender 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 apply on the Closing Date to the Existing Letter of Credit, and the Existing Letter of Credit shall, effective as of the Closing Date, be deemed to be Letters of Credit under this Agreement to the same extent as if initially issued hereunder: (a) A. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the initial Term Loans shall have been mademade pursuant to Section 2.1A(i). (b) B. On or before the date of issuance of such Letter of Credit, Administrative Agent shall have received, in accordance with the provisions of Section 2.10(csubsection 3.1B(i), an originally executed Notice of Issuance of Letter of Credit (or a facsimile copy thereof) ), in each case signed by a duly authorized officer Officer of the Borrower requesting the Letter of CreditBorrower, together with all other information specified in Section 2.10(csubsection 3.1B(i) and such other documents or information as the applicable Issuing Lender Bank may reasonably require in connection with the issuance of such Letter of Credit. (c) B. C. On the date of issuance of such Letter of Credit, all conditions precedent described in Section 5.2 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 the date the Loan was fundeda Funding Date.

Appears in 1 contract

Samples: Credit Agreement (Isle of Capri Casinos Inc)

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