Drawing of Credit Support Sample Clauses

Drawing of Credit Support. If an Event of Default has occurred and is continuing, Vitol will be entitled to draw upon the BKRF Credit Support for any damages arising from (a) such Event of Default or (b) any prior Event of Default to the extent that damages arising therefrom have not yet been paid in full to Vitol. In the case of Credit Support in the form of a Letter of Credit, Vitol may draw the full amount of such Letter of Credit (i) within 20 Business Days before the expiration of such Letter of Credit if, as of such date, Vitol has not received replacement Credit Support meeting the requirements of this Agreement or notice from the issues of such Letter of Credit of its extension, and (ii) if Vitol has not received replacement Credit Support meeting the requirements of this Agreement within two (2) Business Days following the occurrence of a Letter of Credit Default in respect of such Letter of Credit, and, in each case, the proceeds of any such draw will constitute collateral provided to Vitol in the form of cash and will be deemed to constitute Credit Support provided by BKRF.
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Drawing of Credit Support. 19 Section 8.5. Release Upon Termination 19 Section 8.6. Uniform Commercial Code Waiver 20
Sample 1
Drawing of Credit Support. If an Event of Default occurred and is continuing, the Credit Support Beneficiary is entitled to draw upon Credit Support for any damages arising from (i) such Event of Default or (ii) any Event of Default to the extent that damages arising from the Event of Default have not been paid in full to the Credit Support Beneficiary. In the case of Credit Support in the form of a Letter of Credit, the Credit Support Beneficiary may draw the full amount of such Letter of Credit within 30 Business Days before the expiration of such Letter of Credit if, as of the date of such draw, the Credit Support Beneficiary has not received replacement Credit Support meeting the requirements of this Agreement.
Sample 1

Related to Drawing of Credit Support

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • Letter of Credit In lieu of providing a cash Security Deposit, simultaneously with the execution of this Lease, Tenant may deliver to Landlord an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of Landlord, with the Letter of Credit securing Tenant’s obligations hereunder subject to the terms and conditions set forth in the Lease. The terms of the Letter of Credit, which are subject to Landlord’s reasonable consent, shall strictly comply with the provisions of this Addendum #1. The Letter of Credit shall be issued by a bank acceptable to Landlord in Landlord’s reasonable discretion and under the supervision of the banking commission of the State of California or the Federal Deposit Insurance Corporation. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to Landlord in Landlord’s reasonable discretion, Tenant shall at its cost substitute another Letter of Credit from a bank that is acceptable to Landlord in Landlord’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. Tenant shall renew the Letter of Credit and maintain it for the period ending one hundred twenty (120) days after the end of the calendar year in which the Term expires, and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If Tenant fails to renew the Letter of Credit within ten (10) Business Days of its expiration, Landlord may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to Tenant on receipt by Landlord of a substitute Letter of Credit from Tenant meeting all requirements of this Addendum #1. The form and terms of the Letter of Credit shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:

  • Advance of Credits 33.3.1 When an employee has insufficient credits to cover the granting of sick leave with pay under the provisions of clause 33.2, sick leave with pay may, at the discretion of the Council, be granted

  • Drawing One (1) Prize Winner will be chosen in a random drawing on or about February 1, 2023 from all eligible entries received. Odds of winning depend on the number of eligible entries received prior to the drawing. Return of prize notification as undeliverable or no response from the winner within seven (7) consecutive days after date of notification will result in disqualification and an alternate winner will be selected. If a prize winner is disqualified, Sponsor in its sole discretion will select a new winner. Sponsor reserves the right in its sole discretion to disqualify any individual it finds to be have tampered with the entry process or the operation of the promotion; to have acted in violation of the Official Rules; to have acted in violation of the terms of the website, or to have acted in an unsportsmanlike or disruptive manner, or with intent to annoy, abuse, threaten or harass any other person.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

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