Expiration of Letter of Credit. The Letter of Credit shall expire not earlier than 12 months after the date it is delivered to Lessor. The Letter of Credit shall provide that it shall be automatically renewed for successive 12 month periods through a date which is not earlier than 60 days after the time provided herein for completion of construction, or any renewal or extension thereof, unless written notice of nonrenewal has been given by the issuing bank to Landlord not less than 60 days prior to the expiration of the current period. If the 14056785v2 Scottsdale No. 2016-014-COS issuing bank does not renew the Letter of Credit, and if Xxxxxx does not deliver a substituteLetter of Credit at least 30 days prior to the expiration of the current period, then, in addition to its other rights under this Agreement, Lessor shall have the right to draw on the existing Letter of Credit.
Expiration of Letter of Credit. For avoidance of doubt, Landlord and Tenant hereby confirm that the Letter of Credit shall remain in effect for a period of at least sixty (60) days following the Term Expiration, which is now set to occur on August 31, 2021.
Expiration of Letter of Credit. The Letter of Credit shall expire not earlier than twelve (12) months after the date of delivery thereof to Landlord and shall provide that same shall be automatically renewed for successive twelve (12) month periods through a date which is not earlier than sixty (60) days after the Expiration Date of this Lease, or any renewal or extension thereof, unless written notice of nonrenewal has been given by the issuing bank to Landlord by registered or certified mail, return receipt requested, not less than sixty (60) days prior to the expiration of the current period. Notwithstanding the foregoing, the initial Letter of Credit shall have a final expiry date of May 19, 2009. If the issuing bank does not renew the initial Letter of Credit or if Tenant does not deliver a substitute Letter of Credit (to replace the initial Letter of Credit) at least thirty (30) days prior to the final expiry date, then, in addition to its rights granted under Section 7.1 above, Landlord shall have the right to draw on the existing Letter of Credit.
Expiration of Letter of Credit. If a Letter of Credit is serving as Seller Security, Seller shall replace, if more than five (5) days remain in the Term, such Letter of Credit with other Seller Security (which may be another Letter of Credit) more than five (5) Business Days before the expiration of the Letter of Credit. If Seller fails to provide such substitute Seller Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds in escrow until the end of the Term or such time as the Seller Security satisfying the requirements of this Agreement is provided by Seller to Buyer, at which time all such escrowed funds will be released to Buyer. Buyer may at any time thereafter apply such proceeds to satisfy any amounts owed by Seller to Buyer under this Agreement (other than disputed amounts) that are not satisfied within ten (10) Days following the date on which such amounts become due and owing pursuant to Article 7, or any amount Buyer is entitled to draw in the event a Seller Event of Default has occurred and is continuing.
Expiration of Letter of Credit. The Letter of Credit shall expire with respect to any Commercial Paper Note at the earlier of (i) payment of such Commercial Paper Note, or (ii) 5:00 P.M. New York time on the fifteenth day after the maturity date of such Commercial Paper Note, or if such day is not a Business Day, 5:00 P.M. New York time on the first Business Day thereafter. In no event shall the Letter of Credit remain in effect after 5:00 P.M. New York time on the Expiration Date, or if such day is not a Business Day, 5:00 P.M. New York time on the first Business Day thereafter.
Expiration of Letter of Credit. If a Letter of Credit is serving as Seller Security, Seller shall replace such Letter of Credit with other Seller Security (which may be another Letter of Credit) at least five (5) Business Days before the expiration of the Letter of Credit. If Seller fails to provide such substitute Seller Security at least five (5) Business Days before the expiration of the Letter of Credit, Buyer may draw the full amount of the Letter of Credit and hold the proceeds until Seller Security satisfying the requirements of this Agreement is provided to Buyer (and Buyer may at any time apply such proceeds to any amount due and owing from Seller to Buyer). 42
Expiration of Letter of Credit. If a Letter of Credit is serving as Fuel Manager Security, Fuel Manager shall replace such Letter of Credit with another Letter of Credit more than five (5) Business Days before the expiration of the Letter of Credit. If Fuel Manager fails to provide such substitute Fuel Manager Security more than five (5) Business Days before the expiration of the Letter of Credit, Buyer, following two (2) Days prior written notice to Fuel Manager, may draw the full amount of the Letter of Credit and hold the proceeds until Fuel Manager Security satisfying the requirements of this Agreement is provided to Buyer (and Buyer may at any time apply such proceeds to any amount due and owing from Fuel Manager to Buyer).
Expiration of Letter of Credit. The Letter of Credit shall expire not earlier than twelve (12) months after the date of delivery thereof to Landlord and shall provide that same shall be automatically renewed for successive twelve (12) month periods through a date which is not earlier than sixty (60) days after the expiration date of this Lease, or any renewal or extension thereof, unless written notice of nonrenewal has been given by the issuing bank to Landlord by certified mail, return receipt requested, not less than sixty (60) days prior to the expiration of the current period. If the issuing bank does not renew the Letter of Credit, and if Tenant does not deliver a substitute Letter of Credit at least thirty (30) days prior to the expiration of the current period, then, in addition to its rights granted under this Section, Landlord shall have the right to draw on the existing Letter of Credit. If Landlord fails to timely draw on a Letter of Credit and the Letter of Credit expires, Tenant shall, within five (5) days after notice from Landlord, replace the Letter of Credit in the form required in this Section, or deposit with Landlord cash in the amount of such Letter of Credit; Landlord shall have the right to hold the cash proceeds as the Security Deposit or use the cash proceeds to obtain a substitute Letter of Credit in the form provided for in this Section, and the substitute Letter of Credit shall constitute the Security Deposit, provided that any issuance and maintenance fees shall be the obligation of Tenant and immediately payable by Tenant upon notice from Landlord. (f)
Expiration of Letter of Credit. If Tenant shall allow the Letter of Credit to expire at any time when it is required to be maintained hereunder, this shall constitute an independent Event of Tenant’s Default, without Landlord being required to give any notice or formal opportunity to cure (but reserving the Tenant’s right, prior to the time Landlord takes action on the Event of Tenant’s Default, to cure it by putting up some combination of letter of credit and cash sufficient to restore the Security Deposit to the amount set forth herein as required at that time). E.
Expiration of Letter of Credit. The Series 1998A Bonds are subject to mandatory redemption by the Issuer in whole (except to the extent purchased in lieu of redemption as provided below) on the Interest Payment Date immediately preceding the expiration date of the Letter of Credit at the principal amount thereof, without premium, if the Lessee fails to provide a Substitute Letter of Credit in accordance with the provisions of the Lease Agreement to the Trustee or obtain a renewal or amendment which extends the term of the Letter of Credit on or before the 46th day prior to the Interest Payment Date which precedes such expiration date. Redemption Upon a Default Under the Letter of Credit Provider Documents. The Series 1998A Bonds shall be subject to mandatory redemption by the Issuer in whole (except to the extent purchased in lieu of redemption as provided in the paragraph below) as soon as practicable (but in no event later than seven calendar days) after (i) the Trustee has received a written notice from the Letter of Credit Provider stating that an Event of Default has occurred under the Letter of Credit Provider Documents and that the Letter of Credit will expire pursuant to the terms of such written notice or (ii) the Trustee has received a written notice from the Letter of Credit Provider stating that the interest portion of the Letter of Credit will not be reinstated. The Series 1998A Bonds redeemed pursuant to this paragraph shall be redeemed at the principal amount thereof, without premium Purchase of Series 1998A Bonds in Lieu of Certain Redemptions. The Series 1998A Bonds, upon being called for redemption pursuant to Optional Redemption, Redemption Upon Expiration of Letter of Credit or Redemption Upon a Default Under the Letter of Credit Provider Documents above, may be purchased, in lieu of redemption, in whole but not in part by the Lessee or its designee or the Letter of Credit Provider or its designee in accordance with the terms of the Indenture. Any Series 1998A Bond to be purchased in lieu of such redemption that is not presented to the Trustee on or before the date scheduled for redemption shall become an Undelivered Bond and shall be deemed to have been purchased on such date. The purchase price of any Undelivered Bond described in this paragraph shall be paid by the Trustee when it is surrendered for payment at the principal corporate trust office of the Trustee. The Owner of such Undelivered Bond shall not be entitled to receive any further interest thereon and sha...
