No Extensions or Amendment. The L/C Issuer shall not be obligated to extend or amend any outstanding Letter of Credit unless the requirements of this Section 2.3(d) are met as though a new Letter of Credit were being requested and issued. With respect to any Letter of Credit which contains any "evergreen" or automatic renewal provision, each Lender shall be deemed to have consented to any such extension or renewal unless any such Lender shall have provided to the Agent and the L/C Issuer, not less than 30 days prior to the last date on which the L/C Issuer can in accordance with the terms of the applicable Letter of Credit decline to extend or renew such Letter of Credit, written notice that it declines to consent to any such extension or renewal, provided, that if all of the requirements of this Section 2.3 are met and no Default or Event of Default exists, no Lender shall decline to consent to any such extension or renewal.
Appears in 1 contract
Samples: Loan and Security Agreement (Consolidated Freightways Corp)
No Extensions or Amendment. The L/C Issuer Agent shall not be obligated to cause the Letter of Credit Issuer to extend or amend any outstanding Letter of Credit issued pursuant hereto unless the requirements of this Section 2.3(d) SECTION 2.4 are met as though a new Letter of Credit were being requested and issued. With respect to any Letter of Credit which contains any "evergreen" or automatic renewal provision, each Lender shall be deemed to have consented to any such extension or renewal unless any such Lender shall have provided to the Agent and the L/C IssuerAgent, not less than 30 thirty (30) days prior to the last date on which the L/C Issuer applicable issuer can in accordance with the terms of the applicable Letter of Credit decline to extend or renew such Letter of Credit, written notice that it declines to consent to any such extension or renewal, provided; PROVIDED, that if all of the requirements of this Section 2.3 SECTION 2.4 are met and no Default or Event of Default exists, no Lender shall decline to consent to any such extension or renewal.
Appears in 1 contract
No Extensions or Amendment. The L/C Issuer Agent shall not be obligated to cause the Letter of Credit Issuer to extend or amend any outstanding Letter of Credit issued pursuant hereto unless the requirements of this Section 2.3(d) SECTION 2.4 are met as though a new Letter of Credit were being requested and issued. With respect to any Letter of Credit which contains any "evergreen" or automatic renewal provision, each Lender shall be deemed to have consented to any such extension or renewal unless any such Lender shall have provided to the Agent and the L/C IssuerAgent, not less than 30 thirty-five (35) days prior to the last date on which the L/C Issuer applicable issuer can in accordance with the terms of the applicable Letter of Credit decline to extend or renew such Letter of Credit, written notice that it declines to consent to any such extension or renewal, ; provided, that if all of the requirements of this Section 2.3 SECTION 2.4 are met and no Default or Event of Default exists, no Lender shall decline to consent to any such extension or renewal.
Appears in 1 contract
Samples: Loan and Security Agreement (Fruit of the Loom LTD)
No Extensions or Amendment. The L/C Issuer Agent shall not be obligated to extend or amend cause any outstanding Letter of Credit to be extended or amended unless the requirements of this Section 2.3(dSECTION 2.4(d) are met as though a new Letter of Credit were being requested and issued. With respect to any Letter of Credit which contains any "evergreen" or automatic renewal provision, each Lender shall be deemed to have consented to any such extension or renewal unless any such Lender shall have provided to the Agent and the L/C IssuerAgent, not less than 30 thirty (30) days prior to the last date on which the L/C Issuer applicable issuer can in accordance with the terms of the applicable Letter of Credit decline to extend or renew such Letter of Credit, written notice that it declines to consent to any such extension or renewal, providedPROVIDED, that if all of the requirements of this Section 2.3 SECTION 2.4 are met and no Default or Event of Default exists, no Lender shall decline to consent to any such extension or renewal.
Appears in 1 contract
Samples: Loan and Security Agreement (Strategic Distribution Inc)