Delivery of Letters of Credit. The delivery of a Letter of Credit shall be effected for the purposes of this Agreement by (i) physical delivery of the original executed Letter of Credit or (ii) tested telex by the issuing, confirming or advising bank to the Trustee. Unless the Trustee otherwise agrees to same day delivery of a Letter of Credit, no such delivery shall be effective until one Business Day after the receipt of a Letter of Credit by the Trustee, during which period the Trustee may reject such Letter of Credit, by oral notice to the Borrower, if such Letter of Credit is not in the form approved by the Trustee.
Delivery of Letters of Credit. (a) The aggregate amount of any Letter of Credit and cash on deposit with respect to the Debt Service Reserve Funds at any time during the term of the Loan shall at all times be at least equal to the amount which Borrower would otherwise be required to have on deposit pursuant to Section 7.5 hereof if Borrower did not elect to deliver a Letter of Credit in lieu thereof. In the event that a Letter of Credit is delivered in lieu of any portion of the Debt Service Reserve Funds, Borrower shall be responsible for the direct payment of any Debt Service Shortfalls that would otherwise have been payable from such portion of the Debt Service Reserve Funds. Lender shall not draw on any Letter of Credit delivered in lieu of any portion of the Debt Service Reserve Funds unless (i) Borrower fails to pay any Debt Service Shortfall or (ii) an Event of Default has occurred and is continuing.
(b) Borrower shall give Lender not less than five (5) Business Days prior written notice of Borrower’s election to deliver a Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection therewith. Lender shall be the beneficiary of any Letter of Credit and Borrower shall not be entitled to draw down any such Letter of Credit for any reason whatsoever. Upon not less than five (5) Business Days prior written notice to Lender, Borrower may replace a Letter of Credit with a cash deposit to the Debt Service Reserve Fund. Prior to the return of a Letter of Credit, Borrower shall deposit with Lender cash in an amount that satisfies the Debt Service Reserve Fund deposit requirement.
Delivery of Letters of Credit. (a) In lieu of making the payments to any of the Reserve Funds, Borrower may deliver to Lender a Letter of Credit in accordance with the provisions of this Section 6.10.
Delivery of Letters of Credit. Where a Letter of Credit is provided by way of Collateral, the obligation to deliver Equivalent Collateral is satisfied by Lender delivering for cancellation the Letter of Credit so provided, or where the Letter of Credit is provided in respect of more than one Loan, by Lender consenting to a reduction in the value of the Letter of Credit.
Delivery of Letters of Credit. (a) Borrower may deliver a Letter of Credit to Agent as all or a portion of the Remargining Collateral, as necessary.
(b) Borrower shall pay to Agent all of Agent’s reasonable out-of-pocket costs and expenses in connection Agent’s review and approval of a Letter of Credit. Borrower shall not be entitled to draw from any such Letter of Credit. Upon thirty (30) days’ notice to Agent, Borrower may replace a Letter of Credit with a Cash deposit if a Letter of Credit has been outstanding for more than six (6) months. Prior to the return of a Letter of Credit, Borrower shall deposit an amount equal to required Remargining Collateral in accordance with this Agreement if such Letter of Credit had not been delivered.
Delivery of Letters of Credit. (a) In lieu of making the payments to any of the Reserve Funds (other than the Operating Expense Funds), Borrower may deliver to Lender a Letter of Credit in accordance with the provisions of this Section 6.10. Additionally, Borrower may deliver to Lender a Letter of Credit in accordance with the provisions of this Section 6.10 in lieu of deposits previously made to the Reserve Funds. The aggregate amount of any Letter of Credit and cash on deposit with respect to the Capital Expenditure/Leasing Funds and the Lease Termination Rollover Funds shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit in such Reserve Fund pursuant to this Agreement. The aggregate amount of any Letter of Credit and cash on deposit with respect to the Tax and Insurance Funds shall at all times be at least equal to the aggregate which Borrower would be required to deposit in such Reserve Fund over the next twelve (12) month period. The aggregate amount of any Letter of Credit and cash on deposit with respect to Debt Service Reserve Funds shall at all times be at least equal to the aggregate amount which Borrower is required to have on deposit in such Reserve Fund pursuant to this Agreement. In the event that a Letter of Credit is delivered in lieu of any portion of the Tax and Insurance Funds, Borrower shall be responsible for the payment of Taxes or Insurance Premiums, as applicable, and Lender shall not be responsible therefore. Provided no Event of Default has occurred and is continuing, and the amount of the Letter of Credit is greater than that required by Section 6.10.1, then Borrower may be permitted to amend the applicable Letter of Credit to reduce the amount of the Letter of Credit to the amount required hereunder or replace with cash. In the event Borrower is entitled to a disbursement from any of the Reserve Funds which are represented by a Letter of Credit and Borrower desires a reduction of any such Letter of Credit instead, Borrower may amend the applicable Letter of Credit to reduce the amount of the Letter of Credit in the amount of the disbursement and Lender will cooperate in obtaining such amendment.
(b) Borrower shall give Lender no less than twenty (20) days notice of Borrower’s election to deliver a Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable actual out-of-pocket costs and expenses in connection therewith. Borrower shall not be entitled to draw from any such Letter of Credit....
Delivery of Letters of Credit. (a) In lieu of making payments to the Escrow Fund for the purpose of paying Taxes, Borrower may deliver to Lender a Letter of Credit in accordance with the provisions of this Exhibit C. The aggregate amount of any such Letter of Credit and cash on deposit in the Escrow Fund shall at all times be equal to or greater than the aggregate amount that Borrower shall be required to deposit into the Escrow Fund pursuant to Section 3.4 of this Security Instrument for purposes of paying Taxes becoming due within the ensuing twelve (12) month period (the "Required Amount"). Within thirty (30) days of Borrower's delivery of a Letter of Credit to Lender in the Required Amount that complies with the requirements of this Exhibit C, Lender shall release to Borrower the amount by which the sum of the cash on the deposit in the Escrow Fund and the amount of such Letter of Credit exceeds the Required Amount. Thereafter, Borrower shall be responsible for making the direct payment of Taxes and Lender shall have no responsibility therefor.
(b) Borrower shall give Lender no less than thirty (30) days notice of Borrower’s election to deliver a Letter of Credit and Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection therewith. Borrower shall not be entitled to draw from any such Letter of Credit. If a Letter of Credit has been outstanding for more than three (3) months, upon ten (10) days notice to Lender Borrower may replace such Letter of Credit with a cash deposit to the Escrow Fund . Prior to the return of a Letter of Credit, Borrower shall deposit an amount equal to the amount that would have accumulated in the Escrow Fund.
(c) Borrower shall deposit cash with Lender, deliver to Lender an additional Letter of Credit or deliver to Lender a valid and binding amendment of any existing Letter of Credit to increase the undrawn amount thereof within ten (10) of notice from Lender that Borrower is not in compliance with its obligations under Section 2.1(a) above.
Delivery of Letters of Credit. Contemporaneously with the execution and delivery of this Agreement, each Debtor which is a beneficiary of a letter of credit shall deliver such letter of credit to the Collateral Agent in pledge hereunder.
Delivery of Letters of Credit. With respect to any Collateral supported by letters of credit, each of such letters of credit has been delivered to the Collateral Agent (provided that all letters of credit referred to in Section 1.02 shall be subject to the security interest created by this Agreement irrespective of whether or not such delivery shall have been made).
Delivery of Letters of Credit with its execution hereof, Tenant is delivering to BHT the Design Letter of Credit to be held by BHT subject to the terms of this agreement.
