Common use of Limitations on Issuance Clause in Contracts

Limitations on Issuance. The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: (a) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Law applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally, or such Letter of Credit in particular, or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve, or capital requirement (for which the Issuing Bank is not otherwise compensated under this Agreement) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that the Issuing Bank in good xxxxx xxxxx material to it; (b) the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of credit; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (d) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 of this Agreement exists, or any Lender is at such time a Defaulting Lender under this Agreement, unless the Issuing Bank has entered into satisfactory arrangements with TIMET and either such Lender, or the other Lenders, to eliminate the Issuing Bank’s risk with respect to such Lender.

Limitations on Issuance. The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: (a) (i) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms shall purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or (ii) any Law applicable to the Issuing Bank Bank, or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank Bank, (A) shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally, or such Letter of Credit in particular, or (B) shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve, or capital requirement (for which the Issuing Bank is not otherwise compensated under this Agreement) not in effect on the Closing Date, or (C) shall impose upon the Issuing Bank any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that the Issuing Bank in good xxxxx xxxxx material to itthe Issuing Bank; (b) the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of credit; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (d) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunderunder the Letter of Credit; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 4.16 of this Agreement exists, or any Lender is at such time a Defaulting Lender or an Impacted Lender under this Agreement, unless the Issuing Bank has entered into satisfactory arrangements with TIMET Tripwire and either such Lender, or the other Lenders, to eliminate the Issuing Bank’s risk with respect to such Lender.

Limitations on Issuance. The Issuing Bank shall not be under any obligation to issue any Notwithstanding Section 5.1(1), (i) no Letter of Credit if: (a) any order, judgment, or decree shall be issued if the Face Amount of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, when added to the Face Amount of all other Letters of Credit outstanding under this Agreement at such time, would exceed the Letter of Credit Sublimit then in effect (or, with respect to any applicable Issuing Bank under the Revolving Facility, exceed such applicable Issuing Bank’s Letter of Credit Fronting Commitment); (ii) no Letter of Credit shall be issued under the Revolving Facility if the Face Amount thereof would cause the aggregate amount of the Principal Outstanding under the Revolving Facility at the time of (and giving effect to) the issuance thereof to exceed the Total Revolving Facility Commitments then in effect; (iii) no Letter of Credit shall be issued under the Operating Facility if the Face Amount thereof would cause the aggregate amount of the Principal Outstanding under the Operating Facility at the time of (and giving effect to) the issuance thereof to exceed the Operating Facility Commitment then in effect; (iv) Letters of Credit shall be denominated in Canadian Dollars, US Dollars or any other currency requested by the Borrower and agreed to by the applicable Issuing Bank; (v) no Letter of Credit shall be issued if it would be illegal under any applicable Law applicable for the beneficiary of the Letter of Credit to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally, or have such Letter of Credit issued in particular, or shall impose upon the Issuing Bank with respect to such its favor; and (vi) no Letter of Credit any restriction, reserve, or capital requirement (for which the shall be issued by an Issuing Bank after it has received a written notice from the Administrative Agent or the Borrower stating that a Default or Event of Default has occurred and is not otherwise compensated under this Agreement) not in effect on the Closing Date, or shall impose upon the continuing until such time as such applicable Issuing Bank any unreimbursed loss, cost, shall have received a written notice of (x) rescission of such notice from the Administrative Agent or expense that was not applicable on the Closing Date and that the Issuing Bank in good xxxxx xxxxx material to it; (by) the issuance waiver of such Letter Default or Event of Credit would violate one or more policies Default in accordance with the provisions of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of credit; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (d) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 of this Agreement exists, or any Lender is at such time a Defaulting Lender under this Agreement, unless the Issuing Bank has entered into satisfactory arrangements with TIMET and either such Lender, or the other Lenders, to eliminate the Issuing Bank’s risk with respect to such Lender14.2.

Limitations on Issuance. The Issuing Bank Lender shall not at any time be under any obligation obligated to issue (and shall not issue) any Letter of Credit if: : (ai) such issuance would conflict with, or cause the Issuing Lender or any L/C Lender to exceed any limits imposed by, any applicable Requirement of Law; (ii) any order, judgment, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank Lender from issuing issuing, amending or reinstating such Letter of Credit, or any Law law, rule or regulation applicable to the Issuing Bank Lender or any request request, guideline or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank Lender shall prohibit, or request that the Issuing Bank Lender refrain from, the issuance issuance, amendment, renewal or reinstatement of letters of credit generally, generally or such Letter of Credit in particular, particular or shall impose upon the Issuing Bank Lender with respect to such Letter of Credit any restriction, reserve, reserve or capital requirement (for which the Issuing Bank Lender is not otherwise compensated under this Agreementcompensated) not in effect on the Closing Second Amendment Effective Date, or shall impose upon the Issuing Bank Lender any unreimbursed loss, cost, cost or expense that which was not applicable on the Closing Date and that Second Amendment Effective Date, which the Issuing Bank Lender in good xxxxx xxxxx material to it; it and not subject to reimbursement by the Borrower in accordance with this Section 2.1.3; (biii) the issuance Issuing Lender has received written notice from any Lender, the Administrative Agent or the Borrower, at least one (1) Business Day prior to the requested date of issuance, amendment, renewal or reinstatement of such Letter of Credit would violate Credit, that one or more of the applicable conditions contained in Section 3.2 shall not then be satisfied; (iv) any requested Letter of Credit is not in form and substance acceptable to the Issuing Lender, or the issuance, amendment or renewal of a Letter of Credit shall violate any applicable laws or regulations or any applicable policies of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of credit; Lender; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (dv) such Letter of Credit contains any provisions providing for automatic reinstatement of the stated amount after any drawing thereunder; or (evi) a default except as otherwise agreed by the Administrative Agent and the Issuing Lender, such Letter of any Lender’s obligations to fund its participation under Section 3.16 Credit is in an initial face amount less than the Dollar Equivalent of this Agreement exists, Five Hundred Thousand Dollars ($500,000.00); or (vii) any Lender is at such that time a Defaulting Lender under this AgreementLender, unless the Issuing Bank Lender has entered into arrangements, including the delivery of Cash Collateral pursuant to Section 2.1.3(g), satisfactory arrangements to the Issuing Lender (in its sole discretion) with TIMET and either the Borrower or such Lender, or the other Lenders, Defaulting Lender to eliminate the Issuing BankLender’s risk actual or potential Fronting Exposure with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such LenderLetter of Credit and all other L/C Exposure as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect in its sole discretion.

Limitations on Issuance. The Notwithstanding Section 5.1(1), (i) no Letter of Credit shall be issued if the Face Amount of such Letter of Credit, when added to the Face Amount of all other Letters of Credit outstanding under this Agreement at such time, would exceed the Letter of Credit Sublimit then in effect (or, with respect to any applicable Issuing Bank under the Revolving Facility, exceed such applicable Issuing Bank’s Letter of Credit Fronting Commitment); (ii) no Letter of Credit shall be issued under the Revolving Facility if the Face Amount thereof would cause the aggregate amount of the Principal Outstanding under the Revolving Facility at the time of (and giving effect to) the issuance thereof to exceed the Total Revolving Facility Commitments then in effect; (iii) no Issuing Bank shall not be under any obligation required to issue any Letter of Credit if: (a) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such other than a standby Letter of Credit; (iv) Letters of Credit shall be denominated in Canadian Dollars, US Dollars or any other currency requested by the Borrower and agreed to by the applicable Issuing Bank; (v) no Letter of Credit shall be issued if it would be illegal under any applicable Law applicable for the beneficiary of the Letter of Credit to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally, or have such Letter of Credit issued in particular, or shall impose upon the its favor; (vi) no Issuing Bank with respect shall be required to such issue any Letter of Credit any restriction, reserve, or capital requirement (for which the Issuing Bank is not otherwise compensated under this Agreement) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that the Issuing Bank in good xxxxx xxxxx material to it; (b) if the issuance of such Letter of Credit thereof would violate one or more policies of the such Issuing Bank applicable generally to requests letters of credit generally; (vii) no Letter of Credit shall be issued by customers or potential customers of the an Issuing Bank for issuance after it has received a written notice from the Administrative Agent or the Borrower stating that a Default or Event of stand-by letters Default has occurred and is continuing until such time as such applicable Issuing Bank shall have received a written notice of credit; (cx) rescission of such notice from the Administrative Agent or (y) the waiver of such Default or Event of Default in accordance with the provisions of Section 14.2; and (viii) no Issuing Bank shall be under any obligation to amend any Letter of Credit if (A) such Issuing Bank would have no obligation at such time to issue such Letter of Credit is to be denominated in a currency other than Dollars; its amended form under the terms hereof, or (dB) the beneficiary of such Letter of Credit contains any provisions for automatic reinstatement of does not accept the stated amount after any drawing thereunder; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 of this Agreement exists, or any Lender is at such time a Defaulting Lender under this Agreement, unless the Issuing Bank has entered into satisfactory arrangements with TIMET and either such Lender, or the other Lenders, to eliminate the Issuing Bank’s risk with respect proposed amendment to such LenderLetter of Credit.

Limitations on Issuance. The Issuing Bank L/C Issuer shall not be under any obligation to issue any Letter of Credit if: (a) any order, judgment, or decree of any Governmental Authority or arbitrator shall by its terms shall purport to enjoin or restrain the Issuing Bank L/C Issuer from issuing such Letter of Credit, or any Law applicable to the Issuing Bank L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank L/C Issuer shall prohibit, or request that the Issuing Bank L/C Issuer refrain from, the issuance of letters of credit generally, or such Letter of Credit in particular, or shall impose upon the Issuing Bank L/C Issuer with respect to such Letter of Credit any restriction, reserve, or capital requirement (for which the Issuing Bank L/C Issuer is not otherwise compensated under this Agreement) not in effect on the Closing Date, or shall impose upon the Issuing Bank L/C Issuer any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that the Issuing Bank L/C Issuer in good xxxxx fxxxx xxxxx material to it; (b) the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of creditL/C Issuer; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (d) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 3.17 of this Agreement exists, or any Lender is at such time a Defaulting Lender or an Impacted Lender under this Agreement, unless the Issuing Bank L/C Issuer has entered into satisfactory arrangements with TIMET and either Contran, or such Lender, or the other Lenders, to eliminate the Issuing BankL/C Issuer’s risk with respect to such Lender. Furthermore, the L/C Issuer shall be under no obligation to amend any Letter of Credit if (y) the L/C Issuer would have no obligation at the time in question to issue such Letter of Credit in its amended form under the terms of this Agreement, or (z) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

Limitations on Issuance. Extension and Amendment. ------------------------------------------------ (i) As between the Issuing Bank, on the one hand, and the Agent 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 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, 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. (ii) As between the Agent, on the one hand, and the Banks, on the other hand, the Agent shall not be under any obligation to issue authorize issuance of any Letter of Credit if: (a) if the Agent shall have received, at least two Business Days before authorizing such issuance, from the Required Banks an unrevoked written notice that any order, judgment, or decree condition precedent set forth in Section 4.02 will not be satisfied as of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the time of such issuance and expressly requesting that the Agent direct the Issuing Bank from issuing to cease to issue Letters of Credit. Absent such notice, or unless the Agent determines that the applicable limitations set forth in Section 2.01 hereof are not satisfied, the Agent shall be justified and fully protected, as against the Banks, in authorizing the Issuing Bank to issue such Letter of Credit, or notwithstanding any Law applicable subsequent notices to the Issuing Bank Agent, any knowledge of an Event of Default or Potential Default, any request or directive (whether or not having the force knowledge of law) from failure of any Governmental Authority with jurisdiction over the Issuing Bank shall prohibitcondition specified in Section 4.02 hereof to be satisfied, or request that the Issuing Bank refrain from, the issuance of letters of credit generally, or such Letter of Credit in particular, or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve, or capital requirement (for which the Issuing Bank is not otherwise compensated under this Agreement) not in effect on the Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost, or expense that was not applicable on the Closing Date and that the Issuing Bank in good xxxxx xxxxx material to it; (b) the issuance of such Letter of Credit would violate one or more policies other knowledge of the Issuing Bank applicable generally to requests by customers or potential customers of the Issuing Bank for issuance of stand-by letters of credit; (c) such Letter of Credit is to be denominated in a currency other than Dollars; (d) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or (e) a default of any Lender’s obligations to fund its participation under Section 3.16 of this Agreement existsAgent, or any Lender is at such time a Defaulting Lender under this Agreementother event, unless the Issuing Bank has entered into satisfactory arrangements with TIMET and either such Lender, condition or the other Lenders, to eliminate the Issuing Bank’s risk with respect to such Lendercircumstance whatsoever.