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. 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 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. 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 City time, on the fifteenth day after the maturity date of such Commercial Paper Note (or if such fifteenth day shall not be a New York Business Day, at 5:00 p.m., New York City time, on the first New York Business Day thereafter). In no event shall the Letter of Credit remain in effect after 5:00 p.m., New York City time, on the Credit Expiration Date (or if such day shall not be a New York Business Day, on the first New York Business Day thereafter).
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. 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 may expire no earlier than the date upon which the Bank receives notification from KIB stating that:
(1) This Contract has expired, has been terminated for a period of 180 days or other preference period provided under Applicable Law with respect to bankruptcy or insolvency, or Contractor has substituted an alternative Letter of Credit or other security instrument that KIB has deemed acceptable; and,
(2) Contractor does not owe KIB any money.
Expiration of Letter of Credit. If
(i) Subtenant fails to provide Sublandlord with a replacement Letter of Credit that complies with the requirements of this Paragraph 8 on or prior to the thirtieth (30th) day before the date that the Letter of Credit expires, and (ii) Subtenant’s failure continues for more than five (5) business days after the date that Sublandlord gives Subtenant notice thereof, then Sublandlord may present the Letter of Credit for payment and retain the proceeds thereof as security in lieu of the Letter of Credit (it being agreed that Sublandlord shall have the right to use, apply and transfer such proceeds in the manner described in this Paragraph 8). Subtenant shall reimburse Sublandlord for any reasonable costs that Sublandlord incurs in so presenting the Letter of Credit for payment within thirty (30) days after Sublandlord submit to Subtenant an invoice therefor.
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.
