Common use of Deposit or Letter of Credit Clause in Contracts

Deposit or Letter of Credit. Part I, point 7 of the Lease Agreement may specify that a deposit and/or letter of credit for the Engine, securing Xxxxxx's obligations hereunder, is required, and, if so, may specify the terms under which it may be utilised by Xxxxxx, and, thereafter, replenished or replaced by Xxxxxx, and for whose account interest thereon accrues. Provided no Event of Default is continuing, promptly following the date on which the last Use Fees are payable under 3.3, Lessor shall return (i) an amount equal to the deposit or that drawn under the letter of credit (and, where so specified, interest thereon), if any, in either case, less the part thereof applied in satisfaction of Lessee's obligations under this Agreement or (ii) the letter of credit, if not drawn in full.

Deposit or Letter of Credit. Part I, point 7 of the Lease Agreement may specify that a deposit and/or letter of credit for the Engine, securing XxxxxxLessee's obligations oxxxxxxions hereunder, is required, and, if so, may specify the terms under which it may be utilised by XxxxxxLessor, andanx, thereafterxxxreafter, replenished or replaced by XxxxxxLessee, and for anx xxx whose account interest thereon accrues. Provided no Event of Default is continuing, promptly following the date on which the last Use Fees are payable under 3.3, Lessor shall return (i) an amount equal to the deposit or that drawn under the letter of credit (and, where so specified, interest thereon), if any, in either case, less the part thereof applied in satisfaction of Lessee's obligations under this Agreement or (ii) the letter of credit, if not drawn in full.