Initial Letters of Credit. The Agent shall have received with respect to each of the Initial Letters of Credit (i) a Letter of Credit Request executed by Borrower, and (ii) copies of all legal opinions and certificates delivered in connection with such replacement of letters of credit pursuant to the applicable IRB Documents.
Initial Letters of Credit. The obligation of the Issuing Bank to issue, amend, renew or extend any Initial Letter of Credit, is subject to the satisfaction of the following conditions:
(a) The representations and warranties of the Borrower and the MLP set forth in this Agreement shall be true and correct on and as of the date of such issuance, amendment, renewal or extension of such Initial Letter of Credit, as applicable (unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).
(b) At the time of and immediately after giving effect to the issuance, amendment, renewal or extension of such Initial Letter of Credit, as applicable, no Default shall have occurred and be continuing.
(c) The Administrative Agent shall have received each additional document, instrument, legal opinion or item of information reasonably requested by the Administrative Agent, including, without limitation, a copy of any debt instrument, security agreement or other material contract to which the MLP or any Restricted Subsidiary may be a party. Each issuance, amendment, renewal or extension of any Initial Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower and the MLP on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section 4.02.
Initial Letters of Credit. The Issuer shall not issue any Letter of Credit hereunder unless and until all loans and other amounts due and owing (including fees accrued with respect thereto) under the Existing Credit Agreement have been paid in full and the Borrower has furnished the following to the Agent with sufficient copies for the Lenders and the other conditions set forth below have been satisfied:
Initial Letters of Credit. (a) In the event that a Rig Distribution occurs prior to the Effective Time, then to secure the payment obligations of Offshore under Section 3.01, Section 4.01 (but only to the extent that an adjustment results in an increase in the amount of the Rig Tax) and Section
Initial Letters of Credit. The Initial Letters of Credit shall be deemed to be Letters of Credit for all purposes hereunder.
Initial Letters of Credit. The Borrower acknowledges that:
(a) the Letter of Credit in the initial face amount of US$11,440,000 issued on February 5, 1998 by BNP in favour of BNP (Los Angeles) under the BNP Acquisition Facility, a copy of which is set forth in SCHEDULE "Q",
(b) the Letter of Credit in the initial face amount of US$14,000,000 issued on February 5, 1998 by Royal in favour of BNP (Los Angeles) under the Royal Acquisition Facility, a copy of which is set forth in SCHEDULE "R", and
(c) the Letter of Credit in the initial face amount of US$7,000,000 to be issued by BNP in favour of BNP (Los Angeles) under the BNP Revolver Back-Up Facility, as any such Letter of Credit may be extended, amended, replaced or otherwise modified from time to time, shall constitute Letters of Credit requested to be issued by the Lenders hereunder and for which the Borrower shall be fully and irrevocably liable in accordance with the provisions of this Agreement, including more particularly the reimbursement and indemnity provisions of this Article VI.
Initial Letters of Credit. The Lenders shall not be required to issue any Letters of Credit unless, on or prior to the Closing Date, the Borrowers have furnished to the Administrative Agent each of the following, with sufficient copies (if applicable) for the Lenders, all in form and substance satisfactory to the Administrative Agent and the Lenders:
(i) Copies of the Certificate of Incorporation or comparable charter documents of each of the Borrowers as of the Closing Date, together with all amendments and a certificate of good standing, both certified as of a recent date by the appropriate governmental officer in its jurisdiction of incorporation;
(ii) Copies, certified by the Secretary or Assistant Secretary of each of the Borrowers of their respective By-Laws or comparable governance documents and of their respective Board of Directors' resolutions authorizing the execution of the Loan Documents entered into by it;
(iii) An incumbency certificate, executed by the Secretary or Assistant Secretary of each of the Borrowers, which shall identify by name and title and bear the signature of the officers of the applicable Borrower authorized to sign the Loan Documents and, of the applicable Borrower to make borrowings hereunder, upon which certificate the Lenders shall be entitled to rely until informed of any change in writing by the Company;
(iv) A certificate, in form and substance satisfactory to the Administrative Agent, signed by an Authorized Officer of the Company, certifying that on the date of this Agreement (a) all the representations in this Agreement are true and correct (unless such representation and warranty is made as of a specific date, in which case, such representation and warranty shall be true and correct as of such date), (b) no Default or Unmatured Default has occurred and is continuing, and (c) there exists no injunction or temporary restraining order which would prohibit the issuance of the Letters of Credit or the consummation of the other transactions contemplated by the Loan Documents or any litigation seeking such an injunction or restraining order;
(v) The written opinions of the Borrowers' and Guarantors' General Counsel, and of the Company's Dutch counsel, addressed to the Administrative Agent and the Lenders, in substantially the forms attached hereto as Exhibit E-1 and Exhibit E-2, respectively;
(vi) A duly executed copy of the Three-Year Credit Agreement and such other documents as the Administrative Agent or its counsel may have reasonably requeste...
Initial Letters of Credit. The Initial Letters of Credit for all purposes shall be deemed to be Letters of Credit for all purposes hereunder, except that no L/C Commission shall be due and payable by the Company on the Initial Letters of Credit hereunder until renewal, extension or replacement thereof.
Initial Letters of Credit. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the conditions set forth in subsection 4.1 for the making of the initial Loans shall have been satisfied.
Initial Letters of Credit
