Cancellation of Letter of Credit Sample Clauses

Cancellation of Letter of Credit. BORROWER FAILS TO OBTAIN OR ARRANGE FOR THE RETURN OR CANCELLATION OF THE EXISTING LETTER OF CREDIT NO. LC-017478-DY, IN THE AMOUNT OF $500,000.00 FROM THE BENEFICIARY ON OR BEFORE JANUARY 1, 1999.
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Cancellation of Letter of Credit. Concurrent with the execution and delivery of this Amendment, HOKU agrees to effect the cancellation of the Standby Letter of Credit that was issued in its favor by Citibank, N.A. (“Citibank”) by delivering to Citibank the fully executed notice of cancellation attached hereto as Exhibit A (the “Cancellation Notice”) via facsimile and courier to facsimile number (000) 000-0000, and the physical address stated on the Cancellation Notice. Within one business day after the Effective Date, HOKU shall forward to SOLARFUN via email PDF to xxxx.xxxxxxxxx@xxxxxxxx.xxx.xx, a copy of the facsimile confirmation and the courier tracking number for the Cancellation Notice.
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Cancellation of Letter of Credit. The obligations of Seller to effect the Closing will further be subject to Landlord’s cancellation and return of the $500,000 letter of credit security deposit provided by Seller to Landlord pursuant to the Prime Lease.
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Cancellation of Letter of Credit. The Senior Debtholders -------------------------------- shall have surrendered for cancellation the $3,000,000 Irrevocable Standby Letter of Credit issued on January 12, 1999 by ING (U.S.) Capital LLC in favor of the Senior Agent in respect of the Senior Debt.
Sample 1
Cancellation of Letter of Credit. Upon written request of the Company, and at the written direction of the Required Holders at any time following the indefeasible payment of the Notes (other than the Make-Whole Amount, if any, due in connection with a Par Letter of Credit Draw) and any amounts payable under Section 5.10 in full other than contingent obligations, the Collateral Trustee shall, without any further draw under the Letter of Credit, deliver the Letter of Credit to the Issuing Bank with instructions to cancel the Letter of Credit. Essendant Co. and Essendant Inc. Collateral Trust Agreement In Witness Whereof, intending to be legally bound hereby, the parties hereto have caused this Agreement to be executed by their respective duly authorized officers as of the date first written above. Wilmington Trust, National Association, not in its individual capacity but solely as Collateral Trustee for the Holders By: Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement THE PRUDENTIAL INSURANCE COMPANY OF AMERICA By: Name: Title: PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY By: PGIM, Inc. (as Investment Manager) By: Name: Title: THE PRUDENTIAL LIFE INSURANCE COMPANY, LTD. By: Prudential Investment Management (Japan), Inc. (as Investment Manager) By: PGIM, Inc. (as Sub-Adviser) By: Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement FARMERS INSURANCE EXCHANGE MID CENTURY INSURANCE COMPANY FARMERS NEW WORLD LIFE INSURANCE COMPANY PHYSICIANS MUTUAL INSURANCE COMPANY By: Prudential Private Placement Investors, L.P. (as Investment Advisor) By: Prudential Private Placement Investors, Inc. (as its General Partner) By: Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement METROPOLITAN LIFE INSURANCE COMPANY By Name: Title: METLIFE INSURANCE COMPANY USA f/k/a METLIFE INSURANCE COMPANY OF CONNECTICUT by MetLife Investment Advisors, LLC, its Investment Manager By Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY By: Barings LLC as Investment Adviser By: Name: Title: MASSMUTUAL ASIA LIMITED By: Barings LLC as Investment Adviser By: Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement WOODMEN OF THE WORLD LIFE INSURANCE SOCIETY By: Name: Title: Essendant Co. and Essendant Inc. Collateral Trust Agreement ESSENDANT CO. By: Name: Title: ESSENDANT INC. By: Name: Title: Schedule I Administrative and Payment Information Information Relating to Purchasers EXH...
Sample 1
Cancellation of Letter of Credit. Subject to the terms and conditions of this Agreement, including fulfillment of the conditions set forth in Section 5 below, at the Closing (as defined below) LC Beneficiary shall deliver to the Issuing Bank (i) the original LC Beneficiary Letter of Credit and all amendments, if any, and (ii) all such documentation required by the Issuing Bank, including but not limited to a signed statement by LC Beneficiary on its letterhead in the form set forth in Exhibit B required by the Issuing Bank to terminate the LC Beneficiary Letter of Credit without any further consideration from the Company.
Sample 1
Cancellation of Letter of Credit. On the Third Restatement Effective Date Irrevocable Letter of Credit No. Y275402 dated December 22, 1997 issued by Chase for the account of the Borrower and for the benefit of National Bank of Canada shall have been surrendered to Chase for cancellation.
Sample 1
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Cancellation of Letter of Credit. Subtenant shall keep the Letter -------------------------------- of Credit, at its expense, in full force and effect until the expiration date or other termination of this Sublease (subject to the Letter of Credit reduction provisions described in Section 5(b)(d) below), to insure the faithful performance by Subtenant of all of its obligations under this Sublease, including, without limitation, Subtenant's obligations to repair or maintain the Premises as required under this Sublease; provided, however, that Subtenant may cancel the Letter of Credit upon the commencement of the seventh (7th) calendar year of the Sublease Term, so long as Subtenant gives Sublandlord thirty (30) days' prior. written notice of the proposed cancellation, and no Event of Default, or uncured default for which notice has been given but the time period to cure has not yet elapsed, has occurred and is continuing under the Sublease either at the time the notice of cancellation is issued or on the date the Letter of Credit is cancelled. In addition, Subtenant's failure to so maintain the Letter of Credit in place shall not be deemed a default or breach under this Sublease if Sublandlord draws down the Letter of Credit prior to the expiration thereof as set forth in Section 5(b) above and either (x) Sublandlord holds the full face value of the Letter of Credit in cash as a security deposit, or (y) Subtenant promptly replaces the Letter of Credit at its face value amount existing immediately before the draw or pays to Sublandlord the cash difference as provided in Section 5(b) above to restore the full face value of the Letter of Credit to be held by Sublandlord as a cash Security Deposit.
Sample 1

Related to Cancellation of Letter of Credit

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

  • Delivery of Letter of Credit Tenant shall deliver to Landlord concurrent with Tenant’s execution of this Lease, as protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may suffer (including, without limitation, damages provided to Landlord pursuant to Section 1951.2 of the California Civil Code) as a result of any breach or default by Tenant under this Lease, an unconditional, clean, irrevocable negotiable standby letter of credit (the “L/C”) in the amount set forth in Section 10 of the Summary (the “L/C Amount”), in the form attached hereto as Exhibit I, payable in the City of San Francisco, California (or payable upon delivery of a draw request sent by Landlord by overnight courier delivery), running in favor of Landlord, drawn on a bank (the “Bank”) reasonably approved by Landlord and at a minimum having a long term issuer credit rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Xxxxx’x Professional Rating Service (the “Credit Rating Threshold”), and otherwise conforming in all material respects to the requirements of this Article 21, including, without limitation, all of the requirements of Section 21.2 below, all as set forth more particularly hereinbelow. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining and maintaining the L/C. In the event of an assignment by Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to Landlord’s prior written approval, in Landlord’s reasonable discretion, and the out-of-pocket attorney’s fees for outside counsel incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within ten (10) days of billing.

  • Transfer of Letter of Credit The Letter of Credit may be transferred and assigned in accordance with the terms of the Letter of Credit.

  • Procedure for Issuance of Letter of Credit The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering to the Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).

  • The Letter of Credit Subfacility (a) On the terms and conditions set forth herein: (i) the Issuing Lender agrees, (A) from time to time on any Business Day during the period from the Restatement Date to the Revolving Termination Date to issue Letters of Credit for the account of the Company, and to amend Letters of Credit previously issued by it, in accordance with subsections 3.2(c) and 3.2(d), and (B) to honor drawings which comply with the terms of the Letters of Credit Issued by it; and (ii) the Revolving Lenders severally agree to participate in Letters of Credit Issued for the account of the Company; provided that the Issuing Lender shall not be obligated to Issue, and no Revolving Lender shall be obligated to participate in, any Letter of Credit if as of the date of Issuance of such Letter of Credit (the "Issuance Date") (1) the sum of the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans plus the Effective Amount of all Swingline Loans exceeds the lesser of (x) the aggregate amount of all Revolving Commitments and (y) the Borrowing Base, (2) the Effective Amount of all L/C Obligations exceeds the amount of the L/C Commitment or (3) with respect to any particular Revolving Lender, the sum of the participation of such Revolving Lender in the Effective Amount of all L/C Obligations plus the outstanding principal amount of the Revolving Loans of such Revolving Lender shall exceed such Revolving Lender's Revolving Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.

  • Effect of Letter of Credit Application To the extent that any provision of any Letter of Credit Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

  • Role of Letter of Credit Issuer Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuer shall be liable or responsible for any of the matters described in Section 3.3(e); provided that anything in such Section to the contrary notwithstanding, the Borrower may have a claim against the Letter of Credit Issuer, and the Letter of Credit Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by the Letter of Credit Issuer’s willful misconduct or gross negligence or the Letter of Credit Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

  • Request for Incurrence of Letter of Credit Obligations Borrower shall give Agent at least 2 Business Days' prior written notice requesting the incurrence of any Letter of Credit Obligation. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application for Standby Letter of Credit or Application and Documentary Letter of Credit or Application for Documentary Letter of Credit (as applicable). Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower and approvals by Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among Borrower, Agent and the L/C Issuer.

  • Letter of Credit Subfeature As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue commercial and standby letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Letters of Credit shall not at any time exceed Fifteen Million Dollars ($15,000,000.00). The form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term not to exceed three hundred sixty-five (365) days, as designated by Borrower; provided however, that no Letter of Credit shall have an expiration date more than one hundred twenty (120) days beyond the maturity date of the Line of Credit. The undrawn amount of all Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit agreements, applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit. In such event Borrower agrees that Bank, in its sole discretion, may debit any account maintained by Borrower with Bank for the amount of any such drawing.

  • Agreement to Repay Letter of Credit Drawings (a) The Borrower agrees to reimburse each Issuing Lender, by making payment to the Administrative Agent in immediately available funds at the Payment Office, for any payment or disbursement made by such Issuing Lender under any Letter of Credit issued by it (each such amount, so paid until reimbursed by the Borrower, an “Unpaid Drawing”), by making payment in Dollars (in the case of all Dollar Denominated Letters of Credit), Euros (in the case of Euro Denominated Letters of Credit) or Sterling (in the case of Sterling Denominated Letters of Credit) not later than one Business Day following receipt by the Borrower of notice of such payment or disbursement (provided that no such notice shall be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing, in which case the Unpaid Drawing shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by the Borrower)), with interest on the amount so paid or disbursed by such Issuing Lender, to the extent not reimbursed prior to 1:00 P.M. (New York City time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date such Issuing Lender was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin as in effect from time to time for Revolving Loans that are maintained as Base Rate Loans; provided, however, to the extent such amounts are not reimbursed prior to 1:00 P.M. (New York time) on the third Business Day following notice to the Borrower by the Administrative Agent or the respective Issuing Lender of such payment or disbursement, interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Lender (and until reimbursed by the respective Account Party) at a rate per annum which shall be (x) in the case of Dollar Denominated Letters of Credit, Sterling Denominated Letters of Credit, the Base Rate in effect from time to time plus the Applicable Margin for Revolving Loans in each case maintained as Base Rate Loans, as in effect from time to time plus 2% and (y) in the case of Euro Denominated Letters of Credit, the Overnight Euro Rate in effect from time to time plus the Applicable Margin for Euro Denominated Loans as in effect from time to time plus any Mandatory Costs plus 2%, in each such case, with interest to be payable on demand, provided further, that it is understood and agreed, however, that the notices referred to above in this clause (a) and in the immediately preceding proviso shall not be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing (in which case the Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by each Credit Party) and shall bear interest at the rate provided in the foregoing proviso on and after the third Business Day following the respective Drawing). The respective Issuing Lender shall give the Borrower prompt notice of each Drawing under any Letter of Credit, provided that the failure to give, or any delay in giving, any such notice shall in no way affect, impair or diminish the Borrower’s obligations under this Agreement.

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