Common use of Responsibilities of the Agent; Issuance Clause in Contracts

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower pursuant to SECTION 2.3(d)(1), (i) the amount of the applicable Unused Letter of Credit Subfacility and (ii) the Combined Availability as of such date. If (i) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility and (ii) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower in connection with the opening thereof would not exceed the Combined Availability, the Agent shall, subject to the terms and conditions hereof, take reasonable steps to cause the intended issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 2 contracts

Samples: Loan and Security Agreement (Hills Stores Co /De/), Loan and Security Agreement (Hills Stores Co /De/)

AutoNDA by SimpleDocs

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower Parent on behalf of the Borrowers pursuant to SECTION Section 2.3(d)(1), (i) the amount of the applicable Unused Letter of Credit Subfacility and (ii) the Combined Availability as of such date. If (i) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility and (ii) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower Borrowers in connection with the opening thereof would not exceed the Combined Availability, the Agent shall, subject to the terms and conditions hereof, take reasonable steps to cause the intended issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 1 contract

Samples: Loan and Security Agreement (Acme Metals Inc /De/)

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower pursuant to SECTION 2.3(d)(1Section 2.4(d)(i), (iA) the amount of the applicable Unused Letter of Credit Subfacility at such time and (iiB) the Combined Availability as of such date. If (ix) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility at such time and (iiy) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower in connection with the opening thereof would not exceed the Combined AvailabilityAvailability at such time, the Agent shall, subject to the terms and conditions hereof, shall take reasonable steps to cause the intended such issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 1 contract

Samples: Loan and Security Agreement (Manhattan Bagel Co Inc)

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower pursuant to SECTION 2.3(d)(1Section 2.4(d)(i), (ix) the amount of the applicable Unused Letter of Credit Subfacility and (iiy) the Combined Revolver Availability of the Borrower as of such date. If (ix) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility and (iiy) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower in connection with the opening thereof would not exceed the Combined AvailabilityRevolver Availability of the Borrower, the Agent shall, subject to the terms and conditions hereof, shall take reasonable steps to cause the intended such issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 1 contract

Samples: Loan and Security Agreement (LDM Technologies Inc)

AutoNDA by SimpleDocs

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower pursuant to SECTION 2.3(d)(12.4(d)(1), (i) the amount of the applicable Unused Letter of Credit Subfacility and (ii) the Combined Availability of the Borrower as of such date. If (i) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility and (ii) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower in connection with the opening thereof would not exceed the Combined AvailabilityAvailability of the Borrower, the Agent shall, subject to the terms and conditions hereof, shall take reasonable steps to cause the intended such issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Distribution Inc)

Responsibilities of the Agent; Issuance. The Agent shall determine, as of the Business Day immediately preceding the requested effective date of issuance of the Letter of Credit set forth in the notice from the applicable Borrower Consumer pursuant to SECTION 2.3(d)(12.4(D)(1), (i) the amount of the applicable Unused Letter of Credit Subfacility and (ii) the Combined Availability of the applicable Borrower as of such date. If (i) the undrawn amount of the requested Letter of Credit is not greater than the applicable Unused Letter of Credit Subfacility and (ii) the issuance of such requested Letter of Credit and all commissions, fees, and charges due from the applicable Borrower in connection with the opening thereof would not exceed the Combined AvailabilityAvailability of the applicable Borrower, the Agent shall, subject to the terms and conditions hereof, shall take reasonable steps to cause the intended such issuer of the Letter of Credit to issue the requested Letter of Credit on such requested effective date of issuance.

Appears in 1 contract

Samples: Loan and Security Agreement (Waxman Industries Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!