Common use of LOAN DISBURSEMENTS AND LETTERS OF CREDIT Clause in Contracts

LOAN DISBURSEMENTS AND LETTERS OF CREDIT. 4.1 Prior to the First Disbursement or Letter of Credit. Prior to requesting the first disbursement under the Loans or Letter of Credit hereunder, the Borrower shall deliver all of the following items to the Administrative Agent, in form and substance satisfactory to the Administrative Agent. The Administrative Agent and the Banks shall have no obligation to make the first disbursement hereunder and the Issuing Bank shall have no obligation to issue the first Letter of Credit hereunder until all of these items have been so executed and/or delivered to the Administrative Agent.

LOAN DISBURSEMENTS AND LETTERS OF CREDIT. 4.1 Prior to the First Disbursement or Letter of Credit. Prior to requesting the first disbursement under the Loans or Letter of Credit hereunder, the Borrower shall deliver all of the following items to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent. The Administrative Agent and the Banks Lenders shall have no obligation to make the first disbursement hereunder and the Issuing Bank no Letter of Credit Issuer shall have no any obligation to issue the first Letter of Credit hereunder until all of these items have been so executed and/or delivered to the Administrative Agent.