Common use of Limitations on Issuance, Extension and Amendment Clause in Contracts

Limitations on Issuance, Extension and Amendment. (i) As between the Issuing Bank, on the one hand, and the Agents and the Banks, on the other hand, the Issuing Bank shall be justified and fully protected in issuing such Letter of Credit after receiving authorization from the Administrative Agent as provided in Section 2.03(a) hereof, notwithstanding any subsequent notices to the Issuing Bank, any knowledge of an Event of Default (unless the Issuing Bank shall have received a notice specifying that such Event of Default is an "Event of Default" under this Agreement) or Potential Default, any knowledge of failure of any condition specified in Section 4.02 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement Letters of Credit or Letter of Credit Applications, or waive compliance with any condition of issuance or payment, without the consent of, and without liability to, any Agent or any Bank, provided that any such amendment, modification or supplement that extends the expiration date or increases the Stated Amount of or the amount available to be drawn on an outstanding Letter of Credit shall be subject to Section 2.01.

Appears in 2 contracts

Samples: Credit Agreement (Alleghany Corp /De), Alleghany Corp /De

AutoNDA by SimpleDocs

Limitations on Issuance, Extension and Amendment. (i) As between the Issuing Bank, on the one hand, and the Agents Agent and the BanksLenders, on the other hand, the Issuing Bank shall be justified and fully protected in issuing such Letter of Credit after receiving authorization from the Administrative Agent as provided in Section 2.03(a2.18(a) hereof, notwithstanding any subsequent notices to the Issuing Bank, any knowledge of an Event of Default (unless the Issuing Bank shall have received a notice specifying that such Event of Default is an "Event of Default" under this Agreement) or Potential Default, any knowledge of failure of any condition specified in Section 4.02 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement Letters of Credit or Letter of Credit Applications, or waive compliance with to any condition of issuance or payment, without the consent of, and without liability to, any the Agent or any BankLender, provided that any such amendment, modification or supplement that extends the expiration date or increases the Stated Amount Letter of or the amount available to be drawn on Credit Undrawn Availability of an outstanding Letter of Credit shall be subject to Section 2.01Sections 2.17(a) and (b) hereof.

Appears in 1 contract

Samples: Credit Agreement (Steel Dynamics Inc)

Limitations on Issuance, Extension and Amendment. (i) As between the Issuing Bank, on the one hand, and the Agents Agent and the Banks, on the other hand, the Issuing Bank shall be justified and fully protected in issuing such a Participated Letter of Credit after receiving authorization from the Administrative Agent as provided in Section 2.03(a2.05(a) hereof, notwithstanding any subsequent notices to the Issuing Bank, any knowledge of an Event of Default (unless the Issuing Bank shall have received a notice specifying that such Event of Default is an "Event of Default" under this Agreement) or Potential Default, any knowledge of failure of any condition specified in Section 4.02 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement Participated Letters of Credit or Letter of Credit Applications, or waive compliance with any condition of issuance or payment, without the consent of, and without liability to, any the Agent or any Bank, provided that any such amendment, modification or supplement that extends the expiration date or increases the Stated Amount of or the amount available to be drawn on an outstanding Participated Letter of Credit shall be subject to Section 2.012.04.

Appears in 1 contract

Samples: Xl Capital LTD

Limitations on Issuance, Extension and Amendment. (i) As between the Issuing Bank, on the one hand, and the Agents Agent and the BanksLenders, on the other hand, the Issuing Bank shall be justified and fully protected in issuing such Letter of Credit after receiving authorization from the Administrative Agent as provided in Section 2.03(a2.18(a) hereof, notwithstanding any subsequent notices to the Issuing Bank, any knowledge of an Event of Default (unless the Issuing Bank shall have received a notice specifying that such Event of Default is an "Event of Default" under this Agreement) or Potential Default, any knowledge of failure of any condition specified in Section 4.02 4.03 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoeverwhatever. The Issuing Bank may amend, modify or supplement Letters of Credit or Letter of Credit Applications, or waive compliance with to any condition of issuance or payment, without the consent of, and without liability to, any the Agent or any BankLender, provided that any such amendment, modification or supplement that extends the expiration date or increases the Stated Amount Letter of or the amount available to be drawn on Credit Undrawn Availability of an outstanding Letter of Credit shall be subject to Section 2.01Sections 2.17(a) and (b) hereof.

Appears in 1 contract

Samples: Credit Agreement (Steel Dynamics Inc)

AutoNDA by SimpleDocs

Limitations on Issuance, Extension and Amendment. (i) As between the Issuing Bank, on the one hand, and the Agents Agent and the Banks, on the other hand, the Issuing Bank shall be justified and fully protected in issuing such a Letter of Credit after receiving authorization from the Administrative Agent as provided in Section 2.03(a) hereof, notwithstanding any subsequent notices to the Issuing Bank, any knowledge of an Event of Default (unless the Issuing Bank shall have received a notice specifying that such Event of Default is an "Event of Default" under this Agreement) or Potential Default, any knowledge of failure of any condition specified in Section 4.02 hereof to be satisfied, any other knowledge of the Issuing Bank, or any other event, condition or circumstance whatsoever. The Issuing Bank may amend, modify or supplement Letters of Credit or Letter of Credit Applications, or waive compliance with any condition of issuance or payment, without the consent of, and without liability to, any the Agent or any Bank, provided that any such amendment, modification or supplement that extends the expiration date or increases the Stated Amount of or the amount available to be drawn on an outstanding Letter of Credit shall be subject to Section 2.01.

Appears in 1 contract

Samples: Xl Capital LTD

Time is Money Join Law Insider Premium to draft better contracts faster.