ALTERNATE LETTER OF CREDIT Sample Clauses

ALTERNATE LETTER OF CREDIT. The Letter of Credit expires December 31, 2002, or earlier as provided therein. The Borrower may, at its option, provide for the delivery to the Trustee of an Alternate Letter of Credit to take effect on a date selected by the Borrower (the "Replacement Date"). If the Project Bonds are bearing interest at the Weekly Interest Rate or the Fixed Interest Rate, the Replacement Date may be any Interest Payment Date selected by the Borrower, provided, however, that such date allows the Trustee reasonable time to comply with the notice provisions 84 of Section 2.06 hereof. If the Project Bonds are bearing interest at the One Month Interest Rate, the Three Month Interest Rate, the Six Month Interest Rate, the One Year Interest Rate or the Five Year Interest Rate, the Replacement Date shall be (i) an Interest Rate Adjustment Date selected by the Borrower or (ii) the Fixed Interest Rate Commencement Date if the Bonds are to bear interest at the Fixed Interest Rate (provided, however, that such date allows the Trustee reasonable time to comply with the notice provisions of Section 2.06 hereof). The expiration date of the Alternate Letter of Credit shall be not earlier than the later of the expiration date of the Letter of Credit being replaced and the date which is fifteen (15) days after the end of the Interest Rate Period applicable or to be applicable to the Project Bonds, or if the Project Bonds bear or are to bear interest at the Fixed Interest Rate, the expiration date of the Alternate Letter of Credit shall be not earlier than fifteen (15) days after the First Optional Redemption Date. Prior to the replacement of a Letter of Credit with an Alternate Letter of Credit, the Trustee shall give notice to the Holders and, if the Project Bonds are then rated by a Rating Service, to each Rating Service which then has a rating on the Project Bonds of such event and shall have received the following not less than forty-five (45) days prior to the Replacement Date:
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ALTERNATE LETTER OF CREDIT. Lender has issued for the account of Borrower its letter of credit ("Alternate Letter of Credit") in substitution of the letter of credit issued by PNC Bank, Ohio, National Association ("PNC Letter of Credit") in connection with Borrower's $2,300,000 Variable Rate Demand Economic Development Revenue Bonds, Series 1986 (O'Gara Xxxx & Xisexxxxxx Xxxoring Company Limited Partnership Project) ("Bonds"), which Alternate Letter of Credit is in the amount of $1,600,375.
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ALTERNATE LETTER OF CREDIT. The City agrees to use its best efforts to obtain an Alternate Credit Facility for the Letter of Credit in the event that (i) the Bank decides not to extend the Stated Expiration Date (such replacement to occur on the then current Stated Expiration Date) or (ii) the Letter of Credit shall otherwise terminate in accordance with its terms.
Sample 1
ALTERNATE LETTER OF CREDIT. The Trustee shall hold and maintain any Alternate Letter of Credit for the benefit of the Noteholders whose Authority Notes are enhanced by such Alternate Letter of Credit until the Alternate Letter of Credit expires in accordance with its terms. The Trustee shall diligently enforce all terms, covenants and conditions of the Alternate Letter of Credit, including payment when due of any draws on the Alternate Letter of Credit, and the provisions relating to the payment of draws on, and reinstatement of amounts that may be drawn under, the Alternate Letter of Credit, and will not consent to, agree to or permit any amendment or modification of the Alternate Letter of Credit which would materially adversely affect the rights or security of the Holders of the Authority Notes enhanced by such Alternate Letter of Credit. If at any time during the term of the Alternate Letter of Credit any successor Trustee shall be appointed and qualified under this Indenture, the resigning or removed Trustee shall request that the Credit Bank transfer the Alternate Letter of Credit to the successor Trustee. If the resigning or removed Xxxxxxx fails to make this request, the successor Trustee shall do so before accepting appointment. When the Alternate Letter of Credit expires in accordance with its terms or is replaced by an additional Alternate Letter of Credit, the Trustee shall immediately surrender the Alternate Letter of Credit to the Credit Bank.
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ALTERNATE LETTER OF CREDIT. The Company may cause the Letter of Credit to be terminated by providing an Alternate Letter of Credit to the Trustee in accordance with the terms of the Indenture.
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ALTERNATE LETTER OF CREDIT. Subject to the conditions set forth in the Indenture, the Tenant may provide for the delivery to the Trustee of an Alternate Letter of Credit in accordance with the provisions of the Indenture. The Tenant shall furnish written notice to the Trustee, as described in the Indenture, notifying the Trustee of the Tenant's intention to exercise its option to provide for the delivery of an Alternate Letter of Credit to the Trustee and instructing the Trustee to furnish notice to the owners of Bonds regarding the proposed delivery of the Alternate Letter of Credit, as set forth in the Indenture. If at any time there shall have been delivered to the Trustee an Alternate Letter of Credit, together with the other documents and opinions required by the Indenture, then the Trustee shall accept such Alternate Letter of Credit and promptly surrender the previously held Letter of Credit to the issuer thereof for cancellation, in accordance with the terms of such Letter of Credit. If at any time there shall cease to be any Bonds Outstanding under the Indenture, or upon a Second Conversion Date if the Bonds will not thereafter be secured by a Letter of Credit, the Trustee shall promptly surrender the Letter of Credit to the issuer thereof, in accordance with the terms of such Letter of Credit, for cancellation. The Trustee shall comply with the procedures set forth in the Letter of Credit relating to the termination thereof.
Sample 1
ALTERNATE LETTER OF CREDIT. In consideration of the terms and conditions of this Agreement, Lender will issue for the account of Borrower its letter of credit
Sample 1
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ALTERNATE LETTER OF CREDIT. The Company may elect to replace any Letter of Credit with a new Letter of Credit conforming to the requirements of Section 5.01(a). In addition, if the method of determining interest on the Series 1997 Bonds is a Daily, Weekly or Commercial Paper Rate, the Company may elect to terminate the existing Letter of Credit (or elect not to replace an expiring Letter of Credit) by delivering to the Trustee at least 30 days before the end of the last full Interest Period before the termination or expiration of the Letter of Credit, a letter from each Rating Agency then rating the Series 1997 Bonds that the Series 1997 Bonds will be rated at least "A-1" or "P-1" (or its equivalent) after the termination or expiration of the Letter of Credit. If such election is made, the Series 1997 Bonds will be called for redemption as described under the caption "MANDATORY REDEMPTION UPON EXPIRATION OF LETTER OF CREDIT" in Section 8 of the Series 1997 Bonds. Notwithstanding anything to the contrary contained herein, (1) unless the requirements of the preceding paragraph are met, while the Series 1997 Bonds bear interest at a Daily, Weekly or Commercial Paper Rate, they shall be secured by a Letter of Credit, and (2) if the Series 1997 Bonds bear interest at a Long-Term Interest Rate, they shall not be secured or supported by a Letter of Credit or any other type of credit enhancement unless, immediately prior to the effective date of any change in the method of determining the interest rate on the Series 1997 Bonds from a Daily, Weekly or Commercial Paper Rate, the Remarketing Agent makes an objective determination in a certificate delivered to the Trustee that the present value of the cost of securing the Series 1997 Bonds with the Letter of Credit or any other type of credit enhancement (including the cost of paying interest on the Series 1997 Bonds at the expected interest rate and all fees associated with the Letter of Credit or any other type of credit enhancement) would be less than the cost of paying interest on the Series 1997 Bonds if it is not so secured (using as a discount rate the yield to maturity on the Series 1997 Bonds being converted to a Long-Term Interest Rate and treating the fees paid and to be paid for the credit enhancement as interest on the Series 1997 Bonds). The Remarketing Agent is required in the event of a change from a Daily, Weekly or Commercial Paper Rate to a Long-Term Interest Rate to perform such analysis and, if present value savings would re...
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Related to ALTERNATE LETTER OF CREDIT

  • The Letter of Credit Commitment (i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings properly drawn under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (y) the Total Outstandings shall not exceed the Aggregate Commitments and (z) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. The Borrower agrees to promptly notify the Administrative Agent of the designation of any Lender or Affiliate of a Lender as an L/C Issuer.

  • Letter of Credit In lieu of providing a cash Security Deposit, simultaneously with the execution of this Lease, Tenant may deliver to Landlord an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of Landlord, with the Letter of Credit securing Tenant’s obligations hereunder subject to the terms and conditions set forth in the Lease. The terms of the Letter of Credit, which are subject to Landlord’s reasonable consent, shall strictly comply with the provisions of this Addendum #1. The Letter of Credit shall be issued by a bank acceptable to Landlord in Landlord’s reasonable discretion and under the supervision of the banking commission of the State of California or the Federal Deposit Insurance Corporation. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to Landlord in Landlord’s reasonable discretion, Tenant shall at its cost substitute another Letter of Credit from a bank that is acceptable to Landlord in Landlord’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. Tenant shall renew the Letter of Credit and maintain it for the period ending one hundred twenty (120) days after the end of the calendar year in which the Term expires, and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If Tenant fails to renew the Letter of Credit within ten (10) Business Days of its expiration, Landlord may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to Tenant on receipt by Landlord of a substitute Letter of Credit from Tenant meeting all requirements of this Addendum #1. The form and terms of the Letter of Credit shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

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