Initial Letters of Credit. The obligation of the Issuing Bank to issue, amend, renew or extend any Initial Letter of Credit, is subject to the satisfaction of the following conditions:
Initial Letters of Credit. The Agent shall have received with respect to each of the Initial Letters of Credit (i) a Letter of Credit Request executed by Borrower, and (ii) copies of all legal opinions and certificates delivered in connection with such replacement of letters of credit pursuant to the applicable IRB Documents.
Initial Letters of Credit. (a) In the event that a Rig Distribution occurs prior to the Effective Time, then to secure the payment obligations of Offshore under Section 3.01, Section 4.01 (but only to the extent that an adjustment results in an increase in the amount of the Rig Tax) and Section 4.03, Offshore shall deliver to Company simultaneously with the execution of this Agreement an initial letter of credit in the amount of $7.5 million (the "Offshore Letter of Credit"). The initial Offshore Letter of Credit shall, except as otherwise provided in the Offshore Letter of Credit, expire one year from the date hereof.
Initial Letters of Credit. The Initial Letters of Credit shall be deemed to be Letters of Credit for all purposes hereunder.
Initial Letters of Credit. The Issuer shall not issue any Letter of Credit hereunder unless and until all loans and other amounts due and owing (including fees accrued with respect thereto) under the Existing Credit Agreement have been paid in full and the Borrower has furnished the following to the Agent with sufficient copies for the Lenders and the other conditions set forth below have been satisfied:
Initial Letters of Credit. The Borrower acknowledges that:
Initial Letters of Credit. The Lenders shall not be required to issue any Letters of Credit unless, on or prior to the Closing Date, the Borrowers have furnished to the Administrative Agent each of the following, with sufficient copies (if applicable) for the Lenders, all in form and substance satisfactory to the Administrative Agent and the Lenders:
Initial Letters of Credit. On or before the date of issuance of the initial Letter of Credit pursuant to this Agreement, the conditions set forth in subsection 4.1 for the making of the initial Loans shall have been satisfied.
Initial Letters of Credit. The Initial Letters of Credit for all purposes shall be deemed to be Letters of Credit for all purposes hereunder, except that no L/C Commission shall be due and payable by the Company on the Initial Letters of Credit hereunder until renewal, extension or replacement thereof.
Initial Letters of Credit
