Common use of Obligation to Issue Clause in Contracts

Obligation to Issue. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties of the Borrower set forth herein or in any other Loan Document, each Issuing Bank hereby severally agrees to issue, from time to time during the period commencing on the Closing Date and ending on the Business Day immediately prior to the Maturity Date, for the account of the Borrower through such of the Issuing Bank's branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance with this Section 3. Notwithstanding the foregoing, no Issuing Bank shall have any obligation to issue, and shall not issue, any Facility Letter of Credit at any time if: (a) the aggregate undrawn face amount of Facility Letters of Credit theretofore issued by such Issuing Bank, after giving effect to all requested but unissued Facility Letters of Credit, exceeds any limit imposed by law or regulation upon such Issuing Bank; (b) after taking into account the face amount of the requested Facility Letter of Credit the aggregate principal amount of Facility Letter of Credit Obligations with respect to Facility Letters of Credit issued by such Issuing Bank for the account of the Borrower (which amount shall be calculated without giving effect to the participation of the Banks pursuant to Section 3.5) would exceed such Issuing Bank's Letter of Credit Commitment; (c) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate Facility Letter of Credit Obligations would exceed the L/C Subfacility; (d) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate of outstanding Loans, would exceed the Banks' aggregate Commitments; or (e) such Facility Letter of Credit has an expiry date (i) more than one year after the date of issuance; or (ii) after the Business Day immediately preceding the Maturity Date.

Obligation to Issue. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties of the Borrower set forth herein or and in any the other Loan DocumentDocuments, each the Issuing Bank hereby severally agrees to issue, from time to time during the period commencing on the Closing Date and ending on the Business Day immediately prior to the Maturity Date, for the account of the Borrower through such of the Issuing Bank's ’s branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance with this Section 3Article III. Notwithstanding the foregoing, no the Issuing Bank shall not have any obligation to issue, and shall not issue, any Facility Letter of Credit at any time if: (a) the aggregate undrawn face amount of Facility Letters of Credit theretofore issued by such the Issuing Bank, after giving effect to all requested but unissued Facility Letters of Credit, exceeds any limit imposed by law or regulation upon such the Issuing Bank; (b) after taking into account the face amount of the requested Facility Letter of Credit Credit, the aggregate principal amount of Facility Letter of Credit Obligations with respect to Facility Letters of Credit issued by such the Issuing Bank for the account of the Borrower (which amount shall be calculated without giving effect to the participation of the Banks pursuant to Section 3.53.05) would exceed such the Issuing Bank's ’s Letter of Credit Commitment; (c) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate Facility Letter of Credit Obligations would exceed the L/C Subfacility; (d) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate of outstanding Loans, Credit Exposures would exceed the Banks' ’ aggregate Commitments; or (e) such Facility Letter of Credit has an expiry date (i) more than one year after the date of issuance; or (ii) after the that is within five (5) Business Day immediately preceding Days prior to the Maturity Date; provided that, notwithstanding the foregoing, any Facility Letter of Credit with a one-year tenor may provide for renewal thereof for an additional one year period (which shall in no event extend beyond the date referred to in clause (ii) above).

Obligation to Issue. Subject to the terms and conditions condi- ------------------- tions of this Agreement, and in reliance upon the representations and warranties of the Borrower set forth herein or in any other Loan Document, each Issuing Bank hereby severally agrees to issue, from time to time during the period commencing on the Closing Date and ending on the Business Day immediately prior to the Maturity Date, for the account of the Borrower through such of the Issuing Bank's branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance with this Section 3. Notwithstanding the foregoing, no Issuing Bank shall have any obligation to issue, and shall not issue, any Facility Letter of Credit at any time if: (a) the aggregate undrawn face amount of Facility Letters of Credit theretofore issued by such Issuing Bank, after giving effect to all requested but unissued Facility Letters of Credit, exceeds any limit imposed by law or regulation upon such Issuing Bank; (b) after taking into account the face amount of the requested Facility Letter of Credit the aggregate principal amount of Facility Letter of Credit Obligations with respect to Facility Letters of Credit issued by such Issuing Bank for the account of the Borrower (which amount shall be calculated without giving effect to the participation of the Banks pursuant to Section 3.5) would exceed such Issuing Bank's Letter of Credit Commitment; (c) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate Facility Letter of Credit Obligations would exceed the L/C Subfacility; (d) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate of outstanding Loans, would exceed the Banks' aggregate Commitments; or (e) such Facility Letter of Credit has an expiry date (i) more than one year after the date of issuance; or (ii) after the Business Day immediately preceding the Maturity Date.

Obligation to Issue. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties of the Borrower set forth herein or in any other Loan Document, each Issuing Bank hereby severally agrees to issue, from time to time during the period commencing on the Closing Date and ending on the Business Day immediately prior to the Maturity Date, for the account of the Borrower through such of the Issuing Bank's branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance with this Section 3. Notwithstanding the foregoing, no Issuing Bank shall have any obligation to issue, and shall not issue, any Facility Letter of Credit at any time if: (a) : the aggregate undrawn face amount of Facility Letters of Credit theretofore issued by such Issuing Bank, after giving effect to all requested but unissued Facility Letters of Credit, exceeds any limit imposed by law or regulation upon such Issuing Bank; (b) ; after taking into account the face amount of the requested Facility Letter of Credit the aggregate principal amount of Facility Letter of Credit Obligations with respect to Facility Letters of Credit issued by such Issuing Bank for the account of the Borrower (which amount shall be calculated without giving effect to the participation of the Banks pursuant to Section 3.5) would exceed such Issuing Bank's Letter of Credit Commitment; (c) ; immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate Facility Letter of Credit Obligations would exceed the L/C Subfacility; (d) ; immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate of outstanding Loans, would exceed the Banks' aggregate Commitments; or (e) or such Facility Letter of Credit has an expiry date (i) more than one year after the date of issuance; or (ii) after the Business Day immediately preceding the Maturity Date.

Obligation to Issue. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties of the Borrower set forth herein or and in any the other Loan DocumentDocuments, each the Issuing Bank hereby severally agrees to issue, from time to time during the period commencing on the Closing Date and ending on the Business Day immediately prior to the Maturity Date, for the account of the Borrower through such of the Issuing Bank's ’s branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit in accordance with this Section 3Article III. Notwithstanding the foregoing, no the Issuing Bank shall not have any obligation to issue, and shall not issue, any Facility Letter of Credit at any time if: (a) the aggregate undrawn face amount of Facility Letters of Credit theretofore issued by such the Issuing Bank, after giving effect to all requested but unissued Facility Letters of Credit, exceeds any limit imposed by law or regulation upon such the Issuing Bank; (b) after taking into account the face amount of the requested Facility Letter of Credit Credit, the aggregate principal amount of Facility Letter of Credit Obligations with respect to Facility Letters of Credit issued by such the Issuing Bank for the account of the Borrower (which amount shall be calculated without giving effect to the participation of the Banks pursuant to Section 3.53.05) would exceed such the Issuing Bank's ’s Letter of Credit Commitment; (c) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate Facility Letter of Credit Obligations would exceed the L/C Subfacility; (d) immediately after giving effect to the issuance of such Facility Letter of Credit, the aggregate of outstanding Loans, would exceed the Banks' ’ aggregate Commitments; or (e) such Facility Letter of Credit has an expiry date (i) more than one year after the date of issuance; or (ii) after the that is within five (5) Business Day immediately preceding Days prior to the Maturity Date; provided that, notwithstanding the foregoing, any Facility Letter of Credit with a one-year tenor may provide for renewal thereof for an additional one year period (which shall in no event extend beyond the date referred to in clause (ii) above).