MODIFICATION OF CREDITS Sample Clauses

The "Modification of Credits" clause establishes the conditions and procedures under which the terms of a letter of credit or similar financial instrument can be changed after issuance. Typically, this clause outlines who must consent to modifications, such as the issuing bank, beneficiary, and applicant, and may specify the process for requesting and approving amendments, like changes to the amount, expiry date, or payment terms. Its core practical function is to provide a clear framework for altering credit arrangements, ensuring all parties are aware of and agree to any changes, thereby reducing the risk of disputes or misunderstandings.
MODIFICATION OF CREDITS. Any amendment to the terms of a Credit may be authorized by those persons purportedly authorized by any one of the Account Parties without notice to any other of the Account Parties, but any increase in the amount of a Credit or extension of the expiration date under a Credit for presentation of Drafts or Documents shall only be approved by those persons authorized by the Account Parties. Account Parties agree that if a Credit provides for automatic renewal or extension of the expiration date unless the beneficiary is notified to the contrary in advance of any then current expiration date, and Account Parties determine to instruct the Issuer not to allow such renewal or extension, Account Parties must notify Issuer in writing to such effect not later than 60 days prior to the latest then applicable date for notification of the beneficiary of non-renewal or non-extension under the terms of the Credit. If such notice by the Account Parties is not timely made, Issuer may automatically renew or extend the Credit and Account Parties will have no claim or cause of action against Issuer and will continue to be fully liable for all Reimbursement Obligations incurred and/or arising with respect to such Credit, including after giving effect to any such automatic renewal or extension. Issuer may, in its sole discretion, elect not to renew or extend any Credit and if Issuer does not renew or extend the Credit Account Parties will have no claim or cause of action against Issuer and will continue to be fully liable for all Reimbursement Obligations incurred and/or arising with respect to such Credit, including as a result of the non-renewal or non-extension thereof. This Agreement shall in all events be and remain binding upon all of the Account Parties with regard to the Credit, as increased, amended, extended or renewed, notwithstanding any refusal of Issuer to agree to any increase, amendment, renewal or extension, as to the form, content, action or inaction taken with respect to any Drafts, Documents and/or Property associated therewith and/or any action taken or not taken by Issuer and any of Issuer’s correspondents in connection therewith.
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MODIFICATION OF CREDITS. If the aquatic resource restoration, establishment, 2 enhancement, and/or preservation activities cannot be implemented in accordance with an 3 approved mitigation plan, the Corps and Ecology must consult with the Sponsor and the IRT to 4 consider modifications to the site mitigation plan, including adaptive management, revisions to 5 the credit release schedule, and alternatives for providing compensatory mitigation to satisfy 6 any credits that have already been sold (see 33 CFR 332.8(l)(2)). Once implemented, if the 7 Mitigation Site does not then achieve its performance‐based milestones, the Corps and Ecology 8 may modify the credit release schedule, including reducing the number of credits according to 9 the procedures described in the federal rule (see 33 CFR 332.8(o)(8)(iii)). Any such modification 10 to an approved mitigation plan or credit release schedule shall occur per Article VI.C. of this 11 Basic Agreement.
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Related to MODIFICATION OF CREDITS

  • Extension of Credit For the purposes hereof, each drawdown, rollover and conversion shall be deemed to be an extension of credit to the Borrower hereunder.

  • Application of credit balances Each Creditor Party may without prior notice: (a) apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower to that Creditor Party under any of the Finance Documents; and (b) for that purpose: (i) break, or alter the maturity of, all or any part of a deposit of the Borrower; (ii) convert or translate all or any part of a deposit or other credit balance into Dollars; (iii) enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

  • Initial Extension of Credit The obligation of Lenders to make the initial Credit Extension hereunder is subject to the condition precedent that Administrative Agent shall have received all of the following, each dated (unless otherwise indicated or otherwise specified by Administrative Agent) the Closing Date, in form and substance satisfactory to Administrative Agent:

  • Conditions to Each Extension of Credit The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

  • Ratification of Credit Agreement Each Loan Party acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents, as amended hereby. This Amendment is a Loan Document.