Common use of Issuances and Extensions Clause in Contracts

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (iA any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good faith deems material tx xx; (xxX one or more of the applicable conditions contained in Article VI is not then satisfied; (iiiA the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (ivA any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (vA any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (viA such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently published by the International Chamber of Commerce at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Future Petroleum Corp/Ut/)

AutoNDA by SimpleDocs

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI), the applicable Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof (and will promptly provide the Administrative Agent and each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: : (iA a) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good faith deems material tx xx; faitx xxxxx xxxerial to it; (xxX b) one or more of the applicable conditions contained in Article VI is not then satisfied; ; (iiiA c) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; ; (ivA d) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; ; (vA e) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or or (viA f) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently International Standby Practices as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Bargo Energy Co)

Issuances and Extensions. On (a) Subject to the terms and subject to the conditions of this Agreement (including Article VISection 11), the each Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, Credit in accordance with the Issuance Requests made therefor. The ; provided that no Letter of Credit shall be deemed to be issued under this Agreement unless the Issuer (other than Bank of America) notifies the Administrative Agent of the issuance of such Letter of Credit. (b) Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof (and will notify promptly provide the beneficiary under any Letter Administrative Agent with a copy of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any such Letter of Credit, the Borrower may re-use ). (c) An Issuer shall not be under any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (iA i) any order, judgment or decree of any Government Agency Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the such Issuer from issuing such Letter of Credit, or any requirement of Applicable Law law applicable to such Issuer or any request or directive (whether or not having the force of law) from any Government Agency Governmental Authority with jurisdiction over the such Issuer shall prohibit, or request that the such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the such Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon the such Issuer any unreimbursed loss, cost or expense which was not applicable on the Restatement Effective Date and which the such Issuer in good faith deems xxxxx xxxxx material tx xxto it; (xxX ii) the issuance of such Letter of Credit would violate one or more of the applicable conditions contained in Article VI is not then satisfied; (iiiA the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (ivA any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the such Issuer; (vA any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (viA iii) such Letter of Credit is in a face amount to be denominated in a currency other than Dollars. The Uniform Customs and Practice ; (iv) such Letter of Credit contains any provisions for Documentary Credits most recently published by automatic reinstatement of the International Chamber of Commerce at the time of issuance of stated amount after any drawing thereunder; (d) No Issuer shall amend any Letter of Credit if such Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. (e) No Issuer shall be under any obligation to amend any Letter of Credit if (unless otherwise expressly provided i) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the Letters terms hereof or (ii) the beneficiary of Credit) apply such Letter of Credit does not accept the proposed amendment to the Letters such Letter of Credit. (f) Each Issuer shall act on behalf of the Lenders with respect to any Letter of Credit issued by it and the documents associated therewith, and each Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Section 13 with respect to any acts taken or omissions suffered by such Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuance Requests and applications pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 13 included such Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuer.

Appears in 1 contract

Samples: Credit Agreement (Triton International LTD)

Issuances and Extensions. On (a) Subject to the terms and subject to the conditions of this Agreement (including Article VISection 11), the each Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, Credit in accordance with the Issuance Requests made therefor. The ; provided that no Letter of Credit shall be deemed to be issued under this Agreement unless the Issuer (other than Bank of America) notifies the Administrative Agent of the issuance of such Letter of Credit. (b) Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof (and will notify promptly provide the beneficiary under any Letter Administrative Agent with a copy of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any such Letter of Credit, the Borrower may re-use ). (c) An Issuer shall not be under any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (iA i) any order, judgment or decree of any Government Agency Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the such Issuer from issuing such Letter of Credit, or any requirement of Applicable Law law applicable to such Issuer or any request or directive (whether or not having the force of law) from any Government Agency Governmental Authority with jurisdiction over the such Issuer shall prohibit, or request that the such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the such Issuer is not otherwise compensated hereunder) not in effect on the First Amendment Effective Date, or shall impose upon the impose (d) No Issuer shall amend any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good faith deems material tx xx; (xxX one or more of the applicable conditions contained in Article VI is not then satisfied; (iiiA the expiry date of any requested Letter of Credit is prior if such Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the maturity date of terms hereof. (e) No Issuer shall be under any financial obligation to be supported by the requested amend any Letter of Credit; Credit if (ivA any requested i) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (ii) the beneficiary of such Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable accept the proposed amendment to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (vA any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (viA such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently published by Credit. (f) Each Issuer shall act on behalf of the International Chamber of Commerce at the time of issuance of Lenders with respect to any Letter of Credit issued by it and the documents associated therewith, and each Issuer shall have all of the benefits and immunities (unless otherwise expressly i) provided to the Administrative Agent in the Section 13 with respect to any acts taken or omissions suffered by such Issuer in connection with Letters of Credit) apply Credit issued by it or proposed to the be issued by it and Issuance Requests and applications pertaining to such Letters of CreditCredit as fully as if the term “Administrative Agent” as used in Section 13 included such Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuer.

Appears in 1 contract

Samples: Credit Agreement (Triton International LTD)

AutoNDA by SimpleDocs

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: : (iA i) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good faith deems xxxxx xxxxx material tx xx; to it; (xxX ii) one or more of the applicable conditions contained in Article VI is not then satisfied; ; (iiiA iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; ; (ivA iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; ; (vA v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or or (viA vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. 40 The Uniform Customs and Practice for Documentary Credits most recently published by the International Chamber of Commerce at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Esenjay Exploration Inc)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI), the Issuer Lender shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor. The Issuer Lender will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request therefor to the beneficiary thereof and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer Lender is under no obligation to issue any Letter of Credit if: : (iA i) any order, judgment or decree of any Government Governmental Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer Lender from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Governmental Agency with jurisdiction over the Issuer Lender shall prohibit, or request that the Issuer Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer Lender is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer Lender any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer Lender in good faith deems xxxxx xxxxx material tx xx; to it; (xxX ii) one or more of the applicable conditions contained in Article VI is not then satisfied; ; (iiiA iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; ; (ivA iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the IssuerLender, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; Lender; (vA v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or or (viA vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Samples: Credit Agreement (Alliance Resources PLC)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!