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.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Realty Trust, Inc.), Loan Agreement (Empire State Building Associates L.L.C.)
