Common use of CONDITIONS TO LETTERS OF CREDIT /EFFECTIVE DATE Clause in Contracts

CONDITIONS TO LETTERS OF CREDIT /EFFECTIVE DATE. The obligations of each Lender to issue or participate in Letters of Credit (including the Existing Letters of Credit) and the obligation of the Issuer to issue Letters of Credit (or continue the Existing Letters of Credit, as applicable) for the account of the Company is subject to the satisfaction of the following conditions (the date by which each such condition is satisfied being the "Effective Date"):