Deposit Letters of Credit Sample Clauses

Deposit Letters of Credit. (3) Subject to and upon the terms and conditions herein set forth, at any time and from time to time on and after the Closing Date and prior to the Deposit L/C Maturity Date, the Deposit Letter of Credit Issuer agrees to issue upon the request of and for the account of the Borrower and the Restricted Subsidiaries and for the direct or indirect benefit of the Parent and its other Subsidiaries (excluding the Oncor Subsidiaries) so long as the aggregate Stated Amount of all Letters of Credit issued for the Parent and its other Subsidiaries’ (excluding the Oncor Subsidiaries) benefit does not exceed $250,000,000, a letter of credit or letters of credit (the “Deposit Letters of Credit” and each a “Deposit Letter of Credit”) in such form and with such Issuer Documents as may be approved by the Deposit Letter of Credit Issuer in its reasonable discretion; provided that the Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Deposit Letter of Credit issued for the account of the Parent and its other Subsidiaries, US Holdings or a Restricted Subsidiary.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Deposit Letters of Credit. (a) Within two business days after the date of this Agreement, the Buyers shall deposit with Chicago Title Insurance Company (the "ESCROW AGENT"), the sum of $20,000,000 (the "DEPOSIT") as follows: (i) EOP shall deposit with the Escrow Agent a letter of credit ("LETTER OF CREDIT") in the amount of $8,750,000 issued by NationsBank substantially in the form of Exhibit D hereto and expiring not sooner than December 31, 1998; and (ii) Weeks shall deposit with the Escrow Agent a Letter of Credit in the amount of $5,000,000 issued by Wachovia Bank, N.A. substantially in the form of Exhibit D hereto and expiring not sooner than December 31, 1998; and (iii) Duke shall deposit with the Escrow Agent the sum of $6,250,000 by wire transfer of immediately available funds to the Escrow Agent to such account as the Escrow Agent may specify. If any Buyer shall fail to deliver its share of the Deposit to the Escrow Agent within two business days after the date of this Agreement, Parent may terminate this Agreement in its entirety or (at Parent's election) with respect to the Buyer who failed to deliver its share of the Deposit, upon not less than two business days notice to the Buyers. If Parent gives such notice of termination, this Agreement shall terminate in its entirety or with respect to the Buyer who failed to deliver its share of the Deposit (as specified in such notice of termination) at the end of such notice period, unless by the end of such notice period the Buyer who failed to deliver its share of the Deposit (or the other Buyers) shall have delivered to the Escrow Agent immediately available funds for the amount of the Deposit that was to have been delivered by the Buyer who failed to deliver its share of the Deposit. If Parent terminates this Agreement in its entirety in accordance with the foregoing, Parent shall be entitled to receive and retain the entire Deposit Amount as liquidated damages; and, accordingly, Parent shall have the right to cause the Escrow Agent to draw the full amount of any Letters of Credit deposited with the Escrow Agent and instruct the Escrow Agent to deliver the amounts drawn thereunder and any other Deposit Amount received or held by the Escrow Agent (i.e., proceeds and Deposit Amounts attributable to Buyers who delivered their share of the Deposit) to Parent. The Escrow Agent's obligations to so deliver such Deposit Amount to Parent shall be in accordance with terms of the Escrow Agreement (defined below). The retention of such ...
Sample 1
Deposit Letters of Credit. Subject to the terms and conditions set forth herein, EnergySolutions may request the issuance of letters of credit (“Deposit Letters of Credit”) for its own account or, so long as EnergySolutions is a joint and several co-applicant with respect thereto, the account of any of its Subsidiaries, denominated in U.S. Dollars and, to the extent agreed to by the applicable Deposit Issuing Bank, any Available Foreign Currency, and in a form reasonably acceptable to the Administrative Agent and the applicable Deposit Issuing Bank, at any time and from time to time during the period from and including the Closing Date to but excluding the date on which the Deposit L/C Specified Amount is cancelled or permanently reduced to zero in accordance with Section 2.19. Each Existing Letter of Credit designated as a “Deposit Letter of Credit” on Schedule 2.6 shall be deemed, for all purposes of this Agreement (including paragraph (i) of this Section 2.6), to be a Deposit Letter of Credit issued hereunder. EnergySolutions unconditionally and irrevocably agrees that, in connection with any Deposit Letter of Credit issued for the account of any of its Subsidiaries as provided in the first sentence of this paragraph, it will be fully responsible for the reimbursement of Deposit L/C Disbursements, the payment of interest thereon and the payment of fees due under Section 2.9 to the same extent as if it were the sole account party in respect of such Deposit Letter of Credit. Notwithstanding anything contained in any letter of credit application furnished to any Deposit Issuing Bank in connection with the issuance of any Deposit Letter of Credit, (i) all provisions of such letter of credit application purporting to grant liens in favor of the Deposit Issuing Bank to secure obligations in respect of such Deposit Letter of Credit shall be disregarded, it being agreed that such obligations shall be secured to the extent provided in this Agreement and in the Security Documents and (ii) in the event of any inconsistency between the terms and conditions of such letter of credit application and the terms and conditions of this Agreement, the terms and conditions of this Agreement shall control.
Sample 1

Related to Deposit Letters of Credit

  • New Letters of Credit So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • The Letters of Credit Prior to the Closing Date, the Existing Issuing Banks have issued the Existing Letters of Credit which from and after the Closing Date shall constitute Letters of Credit hereunder. Each Issuing Bank (other than the Existing Issuing Banks) severally agrees, on the terms and conditions hereinafter set forth, to issue letters of credit (the “Letters of Credit”) in U.S. Dollars for the account of the Borrower in support of obligations (including, without limitation, performance, bid and similar bonding obligations and credit enhancement) of the Borrower and its Affiliates, from time to time on any Business Day during the period from the Effective Date until the Business Day before the Termination Date in an aggregate Available Amount (i) for all Letters of Credit issued by such Issuing Bank not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) such Issuing Bank’s Letter of Credit Commitment at such time and (ii) for each such Letter of Credit not to exceed the Unused Revolving Credit Commitments of the Lenders at such time; provided, however, that in no event shall the aggregate Available Amount for all Letters of Credit exceed $200,000,000; provided, further, that neither Bank of America, National Association, nor SunTrust Bank shall be required, without the consent of such Issuing Bank, to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank. No Letter of Credit shall have an expiration date (including all rights of the Borrower or the beneficiary to require renewal) later than the Business Day before the Termination Date. Within the limits of the Letter of Credit Facility, and subject to the limits referred to above, the Borrower may request the issuance of Letters of Credit under this Section 2.01(b), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(c) and request the issuance of additional Letters of Credit under this Section 2.01(b); provided, however, that neither Bank of America, National Association, nor SunTrust Bank shall be required to issue Letters of Credit in excess of $100,000,000 outstanding for each such Issuing Bank.

  • Requesting Letters of Credit The Borrower must make written application for any Letter of Credit at least three Business Days (or such shorter period as may be agreed upon by the LC Issuer) before the date on which the Borrower desires for LC Issuer to issue such Letter of Credit. By making any such written application, unless otherwise expressly stated therein, the Borrower shall be deemed to have represented and warranted that the LC Conditions described in Section 2.07 will be met as of the date of issuance of such Letter of Credit. Each such written application for a Letter of Credit must be made in the form of the Letter of Credit Application. If all LC Conditions for a Letter of Credit have been met as described in Section 2.07 on any Business Day before 11:00 a.m., LC Issuer will issue such Letter of Credit on the same Business Day at LC Issuer’s Lending Office. If the LC Conditions are met as described in Section 2.07 on any Business Day on or after 11:00 a.m., LC Issuer will issue such Letter of Credit on the next succeeding Business Day at LC Issuer’s Lending Office. If any provisions of any LC Application conflict with any provisions of this Agreement, the provisions of this Agreement shall govern and control. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for any extension of an Auto-Extension Letter of Credit. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than five Business Days prior to the end of the Commitment Period; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof, or (B) it has received notice (which may be by telephone or in writing) from the Administrative Agent, any Lender or the Borrower on or before the day that is five Business Days before the last day in which notice of non-extension for such Letter of Credit may be given that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the L/C Issuer not to permit such extension.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • First Loans and Letters of Credit On the Closing Date:

  • Loans and Letters of Credit On the Closing Date:

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • New Swing Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Loans unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect to such Swing Loan and (ii) no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is reasonably satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Issuance of Letters of Credit (a) The Borrower may at any time prior to the Letter of Credit Maturity Date request the issuance of a letter of credit (each, a “Letter of Credit”), for its own account or the account of any of the Borrower’s Subsidiaries, or the amendment or extension of an existing Letter of Credit, by delivering or transmitting by facsimile or email (in “pdf,” “tif” or similar format), to an Issuing Lender selected by the Borrower (with a copy to the Revolving/TLA Administrative Agent) a completed application for letter of credit, or request for such amendment or extension, as applicable, signed by the Borrower (and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, also signed by such Subsidiary) and otherwise in such form as such Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five (5) Business Days, or such shorter period as may be agreed to by such Issuing Lender, in advance of the proposed date of issuance. The Borrower shall authorize and direct each Issuing Lender to name the Borrower as the “Applicant” or “Account Party” of each Letter of Credit and, in the case of a Letter of Credit issued for the account of any of the Borrower’s Subsidiaries, to name such Subsidiary as the “Co-Applicant” of such Letter of Credit. Promptly after receipt of any letter of credit application, such Issuing Lender shall confirm with the Revolving/TLA Administrative Agent (by telephone or in writing) that the Revolving/TLA Administrative Agent has received a copy of such Letter of Credit application and if not, such Issuing Lender will provide the Revolving/TLA Administrative Agent with a copy thereof. Letters of Credit may be issued in the form of a Standby Letter of Credit or a Commercial Letter of Credit; provided that the Specified Issuing Lenders shall not be required to issue any Commercial Letter of Credit. Letters of Credit shall be issued only in U.S. Dollars. For the avoidance of doubt, the Loan Parties acknowledge that each Letter of Credit issued for the account of Persons other than the Loan Parties shall constitute an Investment and Guaranty in an amount equal to the face amount of such Letter of Credit, without duplication, and shall be subject to the limitations set forth herein.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!