Conditions Precedent to Issuance of the Letters of Credit Sample Clauses

Conditions Precedent to Issuance of the Letters of Credit. The obligation of the Issuing Bank to issue any Letter of Credit is subject to the (i) fact that such Letter of Credit is first issued (as opposed to extended or renewed) on or prior to November 29, 1996 and (ii) the satisfaction of the following conditions: (a) receipt by the Agent of a Notice of Issuance as required by Section 2.02; (b) the fact that the aggregate amount of the Letter of Credit Liabilities immediately after such issuance will not exceed the Letter of Credit Commitment; (c) the fact that, immediately before and after such issuance, no Default shall have occurred and be continuing; (d) the fact that the representations and warranties of the Company contained in this Agreement and in each other Financing Document shall be true on and as of the date of such issuance, except representations and warranties which expressly refer to an earlier date in which case the same shall be true on and as of such earlier date; and (e) the fact that such Letter of Credit is being issued solely as security to support the Applicant's underwriting business at the Society and Corporation of Lloyd's provided in accordance with the requirements of the Society and Corporation of Lloyd's. Such issuance shall be deemed to be a representation and warranty by the Company on the date of such issuance as to the facts specified in clauses (b) through (e), inclusive, of this Section.
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Conditions Precedent to Issuance of the Letters of Credit. The obligation of the Bank to issue the Letters of Credit is subject to the condition precedent that the Bank shall have received, on or before the Date of Issuance of the initial Letter of Credit, the following, each in form and substance satisfactory to the Bank: (a) A copy of the articles of incorporation of the Company, certified as of a recent date by the Secretary of State of Oklahoma. (b) A good standing certificate for the Company, issued as of a current date by the Secretary of State of Oklahoma. (c) A certificate of the associate general counsel and assistant secretary of the Company certifying (i) that attached thereto is a true and complete copy of the bylaws of the Company as in effect on the date of such certification, (ii) that attached thereto is a true and complete copy of resolutions adopted by the board of directors of the Company authorizing the execution, delivery and performance of this Agreement, Certificates of Issuance and the other documents to be delivered by the Company in connection herewith and therewith, and (iii) as to the incumbency and genuineness of the signature of each officer of the Company executing this Agreement. (d) A Certificate of Issuance for the initial Letter of Credit containing the information specified in Section 2.2 and duly executed by an authorized officer of the Company.
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Conditions Precedent to Issuance of the Letters of Credit. The initial obligation of the Initial Bank to issue, and of the Banks to participate in, the Letters of Credit is subject to the following conditions precedent:
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Related to Conditions Precedent to Issuance of the Letters of Credit

  • Conditions Precedent to Loans and Letters of Credit 32 Section 3.1 Conditions To Effectiveness.................................................32 Section 3.2 Each Credit Event...........................................................33 Section 3.3 Delivery of Documents.......................................................34

  • Conditions Precedent to All Loans and Letters of Credit In addition to satisfaction or waiver of the conditions precedent contained in Section 6.1., the obligations of (i) the Lenders to make any Loans and (ii) the Issuing Banks to issue, extend or increase any Letters of Credit are each subject to the further conditions precedent that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance, extension or increase of such Letter of Credit or would exist immediately after giving effect thereto, and no violation of the limits described in Section 2.16. would occur after giving effect thereto; (b) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of the making of such Loan or date of issuance, extension or increase of such Letter of Credit with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and (c) in the case of the borrowing of Revolving Loans, the Administrative Agent shall have received a timely Notice of Borrowing, in the case of a Swingline Loan, the Swingline Lender shall have received a timely Notice of Swingline Borrowing, and in the case of the issuance, extension or increase of a Letter of Credit the applicable Issuing Bank and the Administrative Agent shall have received a timely request for the issuance, extension or increase of such Letter of Credit. Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Administrative Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders at the time any Loan is made or any Letter of Credit is issued, extended or increased that all conditions to the making of such Loan or issuing, extending or increasing of such Letter of Credit contained in this Article VI. have been satisfied. Unless set forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a certification by such Lender to the Administrative Agent for the benefit of the Administrative Agent and the Lenders that the conditions precedent for initial Loans set forth in Sections 6.1. and 6.2. that have not previously been waived by the Lenders in accordance with the terms of this Agreement have been satisfied.

  • Conditions Precedent to all Extensions of Credit The obligation of the Lender Group (or any member thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: (a) the representations and warranties of each Loan Party or its Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date); and (b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from the making thereof.

  • Conditions Precedent to Credit Extensions 50 4.01.... Conditions of Initial Credit Extension................................................................. 50 4.02.... Conditions to all Credit Extensions.................................................................... 54

  • Conditions Precedent to Initial Credit Extension Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: (a) duly executed original signatures to the Loan Documents; (b) the Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State (or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; (c) duly executed original signatures to the completed Borrowing Resolutions for Borrower; (d) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; (e) the Warrants; (f) the Perfection Certificate of Borrower, together with the duly executed original signature thereto; (g) the insurance policies and/or endorsements required pursuant to Section 6.7 hereof evidence satisfactory to Bank that the insurance policies and endorsements required by Section 6.7 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses and cancellation notice to Bank (or endorsements reflecting the same) in favor of Bank; and (h) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof.