Common use of Tranche 2 Letters of Credit Clause in Contracts

Tranche 2 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Tranche 2/3 Borrower may request the Issuing Agent, at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders, for the account of such Tranche 2/3 Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations and, subject to and upon the terms and conditions set forth herein, the Issuing Agent agrees to issue on behalf of the Tranche 2 Lenders at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, one or more irrevocable standby letters of credit in such form as may be approved by the Issuing Agent (each such letter of credit, a “Tranche 2 Letter of Credit” and, collectively, the “Tranche 2 Letters of Credit”). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Tranche 2 Letter of Credit if at the time of such issuance:

Appears in 2 contracts

Samples: Credit Agreement (Arch Capital Group Ltd.), Credit Agreement (Arch Capital Group Ltd.)

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Tranche 2 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Tranche 2/3 Designated Subsidiary Borrower may request the Issuing Agent, at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders, for the account of such Tranche 2/3 Designated Subsidiary Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations and, subject to and upon the terms and conditions set forth herein, the Issuing Agent agrees to issue on behalf of the Tranche 2 Lenders at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, one or more irrevocable standby letters of credit in such form as may be approved by the Issuing Agent (each such letter of credit, a "Tranche 2 Letter of Credit" and, collectively, the "Tranche 2 Letters of Credit"). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Tranche 2 Letter of Credit if at the time of such issuance:

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Tranche 2 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Tranche 2/3 Designated Subsidiary Borrower may request the Issuing Agent, at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders, for the account of such Tranche 2/3 Designated Subsidiary Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations and, subject to and upon the terms and conditions set forth herein, the Issuing Agent agrees to issue on behalf of the Tranche 2 Lenders at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, one or more irrevocable standby letters of credit in such form as may be approved by the Issuing Agent (each such letter of credit, a "Tranche 2 Letter of Credit" and, collectively, the "Tranche 2 Letters of Credit"). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Tranche 2 Letter of Credit if at the time of such issuance:

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

Tranche 2 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Tranche 2/3 Designated Subsidiary Borrower may request the Issuing Agent, at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders, for the account of such Tranche 2/3 Designated Subsidiary Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations and, subject to and upon the terms and conditions set forth herein, the Issuing Agent agrees to issue on behalf of the Tranche 2 Lenders at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, one or more irrevocable standby letters of credit in such form as may be approved by the Issuing Agent (each such letter of credit, a “Tranche 2 Letter of Credit” and, collectively, the “Tranche 2 Letters of Credit”). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Tranche 2 Letter of Credit if at the time of such issuance:

Appears in 1 contract

Samples: Credit Agreement (Endurance Specialty Holdings LTD)

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Tranche 2 Letters of Credit. (a) Subject to and upon the terms and conditions set forth herein, each Tranche 2/3 Borrower may request the Issuing Agent, at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, to issue on behalf of the Tranche 2 Lenders, for the account of such Tranche 2/3 Borrower and in support of, on a standby basis, Letter of Credit Supportable Obligations and, subject to and upon the terms and conditions set forth herein, the Issuing Agent agrees to issue on behalf of the Tranche 2 Lenders at any time and from time to time after the Restatement Effective Date and prior to the date which is 30 days prior to the Commitment Expiration Date, one or more irrevocable standby letters of credit in such form as may be approved by the Issuing Agent (each such letter of credit, a “Tranche 2 Letter of Credit” and, collectively, the “Tranche 2 Letters of Credit”). Notwithstanding the foregoing, the Issuing Agent shall be under no obligation to issue any Tranche 2 Letter of Credit if at the time of such issuance:

Appears in 1 contract

Samples: Credit Agreement (Arch Capital Group LTD)

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