Common use of Issuances and Extensions Clause in Contracts

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof.

Appears in 3 contracts

Sources: Credit Agreement (Dollar Thrifty Automotive Group Inc), Credit Agreement (Dollar Thrifty Automotive Group Inc), Amendment Agreement (Dollar Thrifty Automotive Group Inc)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agenttherefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide the Agent and each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. The Issuer is under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Governmental Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer or the Lenders with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) one or more of the applicable conditions contained in Article VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 2 contracts

Sources: Credit Agreement (Alliance Resources PLC), Credit Agreement (American Rivers Oil Co /De/)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders Administrative Agent with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. The Administrative Agent shall notify each of the Lenders of the issuance of any Letter of Credit and, upon the request of any Lender, shall provide such Lender with a copy of such Letter of Credit.

Appears in 1 contract

Sources: Credit Agreement (Dollar Thrifty Automotive Group Inc)

Issuances and Extensions. (a) On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credittherefor. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide the Revolving Borrower and each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date or other renewal thereof. (b) No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any Applicable Law with respect to the Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuer shall by its terms purport to direct the Issuer to refrain from the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Original Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it (unless the Revolving Borrower elects to pay such losses, costs and expenses); (ii) the Issuer has received written notice from any Lender, the Administrative Agent or the Revolving Borrower, on or prior to the Business Day prior to the requested date of issuance of such Letter of Credit, that one or more of the applicable conditions contained in ARTICLE VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit is not in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; or (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person.

Appears in 1 contract

Sources: Credit Agreement (Fibreboard Corp /De)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agenttherefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Availability Termination Date or the Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (iA any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good faith deems material t▇ ▇▇; (▇▇▇ one or more of the applicable conditions contained in Article VI is not then satisfied; (iiiA the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (ivA any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (vA any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (viA such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently published by the International Chamber of Commerce at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Sources: Credit Agreement (Future Petroleum Corp/Ut/)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the applicable Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credittherefor. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide the Administrative Agent and each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. The Issuer is under no obligation to issue any Letter of Credit if: (a) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good fait▇ ▇▇▇▇▇ ▇▇▇erial to it; (b) one or more of the applicable conditions contained in Article VI is not then satisfied; (c) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (d) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (e) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (f) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The International Standby Practices as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Sources: Credit Agreement (Bargo Energy Co)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agenttherefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) one or more of the applicable conditions contained in Article VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. 40 The Uniform Customs and Practice for Documentary Credits most recently published by the International Chamber of Commerce at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Sources: Credit Agreement (Esenjay Exploration Inc)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agenttherefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof.. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to the earlier to occur of the Tranche A Availability Termination Date or the Tranche A Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) one or more of the applicable conditions contained in ARTICLE VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or

Appears in 1 contract

Sources: Credit Agreement (Esenjay Exploration Inc)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agenttherefor. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof. Upon the expiration of any Letter of Credit, the Borrower may re-use any portion of the Letter of Credit Availability for the issuance of new Letters of Credit prior to Commitment Termination Date. The Issuer is under no obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Government Agency or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any requirement of Applicable Law or any request or directive (whether or not having the force of law) from any Government Agency with jurisdiction over the Issuer shall prohibit, or request that the Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) one or more of the applicable conditions contained in ARTICLE VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit does not provide for drafts, or is not otherwise in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person; or (vi) such Letter of Credit is in a face amount denominated in a currency other than Dollars. The Uniform Customs and Practice for Documentary Credits most recently published by the International Chamber of Commerce at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

Appears in 1 contract

Sources: Credit Agreement (Esenjay Exploration Inc)

Issuances and Extensions. (a) On the terms and subject to the conditions of this Agreement (including Article ARTICLE VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credittherefor. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide the Revolving Borrower and each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date or other renewal thereof. (b) No Issuer is under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuer from issuing such Letter of Credit, or any Applicable Law with respect to the Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuer shall by its terms purport to direct the Issuer to refrain from the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon the Issuer any unreimbursed loss, cost or expense which was not applicable on the Original Effective Date and which the Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it (unless the Revolving Borrower elects to pay such losses, costs and expenses); (ii) the Issuer has received written notice from any Lender, the Administrative Agent or the Revolving Borrower, on or prior to the Business Day prior to the requested date of issuance of such Letter of Credit, that one or more of the applicable conditions contained in ARTICLE VI is not then satisfied; (iii) the expiry date of any requested Letter of Credit is prior to the maturity date of any financial obligation to be supported by the requested Letter of Credit; (iv) any requested Letter of Credit is not in form and substance acceptable to the Issuer, or the issuance of a Letter of Credit shall violate any applicable policies of the Issuer; or (v) any standby Letter of Credit is for the purpose of supporting the issuance of any letter of credit by any other Person. (c) SCHEDULE IV hereto sets forth each irrevocable standby letter of credit issued pursuant to the Original Credit Agreement and outstanding on the date hereof. Each such irrevocable standby letter of credit listed on SCHEDULE IV hereto shall, as of the Restatement Effective Date and thereafter, be a Letter of Credit for all purposes hereunder.

Appears in 1 contract

Sources: Credit Agreement (Fibreboard Corp /De)

Issuances and Extensions. On (a) Subject to the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereofSection 11), the each Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, Credit in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement therefor; provided that no Letter of Credit Application and shall be deemed to be issued under this Agreement relating thereto; provided, however, that unless the Issuer (other than Bank of America) notifies the Administrative Agent of the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement such Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, . (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders Administrative Agent with a copy of such Letter of Credit). (c) and will notify the beneficiary An Issuer shall not be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any extension Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any law applicable to such Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the First Amendment Effective Date, or shall impose (d) No Issuer shall amend any Letter of Credit if such Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. (e) No Issuer shall be under any obligation to amend any Letter of Credit if (i) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. (f) Each Issuer shall act on behalf of the Stated Expiry Date thereofLenders with respect to any Letter of Credit issued by it and the documents associated therewith, and each Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Section 13 with respect to any acts taken or omissions suffered by such Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuance Requests and applications pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 13 included such Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuer.

Appears in 1 contract

Sources: Credit Agreement (Triton International LTD)

Issuances and Extensions. On the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereof), the Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement Letter of Credit Application and Agreement relating thereto; provided, however, that the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders with a copy of such Letter of Credit) and will notify the beneficiary under any Letter of Credit of any extension of the Stated Expiry Date thereof.

Appears in 1 contract

Sources: Credit Agreement (Dollar Thrifty Automotive Group Inc)

Issuances and Extensions. On (a) Subject to the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereofSection 11), the each Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, Credit in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement therefor; provided that no Letter of Credit Application and shall be deemed to be issued under this Agreement relating thereto; provided, however, that unless the Issuer (other than Bank of America) notifies the Administrative Agent of the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement such Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, . (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders Administrative Agent with a copy of such Letter of Credit). (c) and will notify the beneficiary An Issuer shall not be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any extension Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any law applicable to such Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the Restatement Effective Date and which such Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) the issuance of such Letter of Credit would violate one or more policies of such Issuer; (iii) such Letter of Credit is to be denominated in a currency other than Dollars; (iv) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Expiry Date thereofstated amount after any drawing thereunder; (d) No Issuer shall amend any Letter of Credit if such Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. (e) No Issuer shall be under any obligation to amend any Letter of Credit if (i) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. (f) Each Issuer shall act on behalf of the Lenders with respect to any Letter of Credit issued by it and the documents associated therewith, and each Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Section 13 with respect to any acts taken or omissions suffered by such Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuance Requests and applications pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 13 included such Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuer.

Appears in 1 contract

Sources: Credit Agreement (Triton International LTD)

Issuances and Extensions. On (a) Subject to the terms and subject to the conditions of this Agreement (including Article VI) and the terms of the Amendment Agreement (including Article III thereofSection 11), the each Issuer shall issue Letters of Credit, and extend the Stated Expiry Dates of outstanding Letters of Credit, Credit in accordance with the Issuance Requests made therefor and, if applicable, the Enhancement therefor; provided that no Letter of Credit Application and shall be deemed to be issued under this Agreement relating thereto; provided, however, that unless the Issuer (other than Bank of America) notifies the Administrative Agent of the issuance of an Enhancement Letter of Credit (a "Replacement Enhancement such Letter of Credit") to replace another outstanding Enhancement Letter of Credit (an "Outstanding Enhancement Letter of Credit") shall not require the satisfaction of the terms and conditions set forth in Section 6.2.1 so long as (a) the issuance of the Replacement Enhancement Letter of Credit is required under the Enhancement Letter of Credit Application and Agreement relating to the Outstanding Enhancement Letter of Credit, . (b) the Replacement Letter of Credit has terms substantially identical to those of the Outstanding Enhancement Letter of Credit, and (c) the Outstanding Enhancement Letter of Credit is terminated contemporaneously with the issuance of the Replacement Enhancement Letter of Credit. The Issuer shall promptly confirm any such issuance or extension (including the date of such issuance or extension), as the case may be, to the Administrative Agent. The Each Issuer will make available the original of each Letter of Credit which it issues in accordance with the Issuance Request and the Enhancement Letter of Credit Application and Agreement, if applicable, therefor to the beneficiary thereof (and will promptly provide each of the Lenders Administrative Agent with a copy of such Letter of Credit). (c) and will notify the beneficiary An Issuer shall not be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any extension Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuer from issuing such Letter of Credit, or any law applicable to such Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuer shall prohibit, or request that such Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuer is not otherwise compensated hereunder) not in effect on the Restatement Effective Date, or shall impose upon such Issuer any unreimbursed loss, cost or expense which was not applicable on the Restatement Effective Date and which such Issuer in good ▇▇▇▇▇ ▇▇▇▇▇ material to it; (ii) the issuance of such Letter of Credit would violate one or more policies of such Issuer; (iii) such Letter of Credit is to be denominated in a currency other than Dollars; (iv) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Expiry Date thereofstated amount after any drawing thereunder; (v) any Lender is at such time a Defaulting Lender, unless such Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such Issuer (in its sole discretion) with the Borrowers or such (d) No Issuer shall amend any Letter of Credit if such Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. (e) No Issuer shall be under any obligation to amend any Letter of Credit if (i) such Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. (f) Each Issuer shall act on behalf of the Lenders with respect to any Letter of Credit issued by it and the documents associated therewith, and each Issuer shall have all of the benefits and immunities (i) provided to the Administrative Agent in Section 13 with respect to any acts taken or omissions suffered by such Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuance Requests and applications pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Section 13 included such Issuer with respect to such acts or omissions, and (ii) as additionally provided herein with respect to such Issuer.

Appears in 1 contract

Sources: Credit Agreement (Triton International LTD)