Expiration of Letters of Credit. Unless the Bank shall otherwise agree, each commercial Letter of Credit issued under the provisions of this Agreement shall expire not later than six (6) months after its date of issuance, each standby Letter of Credit issued under the provisions of this Agreement shall expire not later than one (1) year after its date of issuance (exclusive of automatic renewal or "evergreen" features) and in any event all Letters of Credit shall expire on or before the Revolving Credit Termination Date.
Expiration of Letters of Credit. Not later than ten (10) Business Days prior to the expiration of a Letter of Credit, Virgin America shall (i) cause the Beneficiary to return such Letter of Credit to the Letter of Credit Issuer or (ii) (A) make all necessary arrangements with the Beneficiary to permit such Letter of Credit to expire without drawing on it and (B) deliver to VHL a certificate signed by a duly authorized officer of Virgin America describing such arrangements in reasonable detail.
Expiration of Letters of Credit. (b) of the Credit Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:
Expiration of Letters of Credit. The expiration of any Letter of Credit shall not be later than the earlier of (i) twelve (12) months after the date of issuance thereof and (ii) March 11, 2005."
Expiration of Letters of Credit. Notwithstanding the foregoing or anything contained herein or in the Loan Documents to the contrary a Letter of Credit may expire after the Maturity Date subject to the terms of Section 2.10 hereof, so long as there is: (x) no Event of Default under the Loan Documents; and (y) each such Letter of Credit is sufficiently collateralized with Collateral pursuant to the terms hereof and in Bank’s sole but reasonable discretion, provided however that Bank shall have no obligation whatsoever to issue any Letters of Credit following the Maturity Date.
Expiration of Letters of Credit. Each Letter of Credit shall be for a limited term (such term not to exceed forty-five (45) days from the date of issuance) and shall have an expiry date (the “Expiry Date”) that is specified by Borrower and agreed to by Administrative Agent and the Lenders as the LC Term in the Credit Request. Each Letter of Credit shall expire on the applicable Expiry Date thereof, which date shall, in no event, extend beyond the Termination Date. If any Letter of Credit, whether or not then due and payable, shall for any reason be outstanding on the Termination Date, Borrower shall either (A) provide cash collateral therefor, (B) cause such Letter of Credit to be canceled and returned, or (C) deliver a stand-by letter (or letters) of credit in guaranty of the Credit Note issued in respect thereof, which stand-by letter (or letters) of credit shall be of like duration (plus thirty (30) additional days) as, and in an amount equal to 105% of, the aggregate maximum amount then available to be drawn under such Letter of Credit and shall be issued by a financial institution, and shall be subject to such other terms and conditions, as are satisfactory to Administrative Agent and Lenders in their sole discretion.
Expiration of Letters of Credit. Unless the Bank shall ------------------------------- agree otherwise, all Letters of Credit shall expire on or before March 31, 2003.
Expiration of Letters of Credit. Subject to all the terms and conditions of this Seventh Amendment, the Existing Loan and Security Agreement that are not inconsistent with this Seventh Amendment, and all other documents and instruments issued in connection herewith, including, without limitation, the terms and conditions that provide to Bank the right not to renew the Existing Letters of Credit, the Existing Letters of Credit may remain outstanding through and including August 3, 2007 for so long as (a) is necessary to support the underlying obligations of Borrower to the beneficiaries of such Existing Letters of Credit and (b) there continues to exist, from and after July 3, 2006, either (i) a Safekeeping Account (as defined below) subject to the provisions of a Pledge Agreement (as defined below) and a Control Agreement (as defined below) that are in full force and effect, or (ii) a Pledged Account (as defined below) subject to the provisions of a Pledge Agreement that is in full force and effect. Borrower shall continue to be subject to the provisions of the Loan and Security Agreement, including, without limitation, Section 2.3 of the Loan and Security Agreement (as modified herein), with respect to the Existing Letters of Credit (and draws made thereon), until the Existing Letters of Credit are no longer outstanding and Bank has been reimbursed for any and all draws made on Letters of Credit and other amounts that Borrower is obligated to pay to Bank under the Loan and Security Agreement.
Expiration of Letters of Credit. In the event that any Letter of Credit expires without being fully drawn or is surrendered for cancellation without being fully drawn, the Purchaser shall promptly pay to the applicable Seller an amount equal to the undrawn balance of such Letter of Credit. The amount of such payment shall be paid in cash to the extent of Available Funds or, at the Purchaser’s election, by adding the amount to be paid to the outstanding balance under the note evidencing the Deferred Purchase Price payable to such Seller (provided the aggregate outstanding principal balance thereunder resulting from such addition does not exceed the maximum amount permitted under Section 2.02(c). Table of Contents
Expiration of Letters of Credit. To the extent the Trustee is still holding any letters of credit for the benefit of any subaccount of the Project Account within 45 days of their respective stated expiration dates and a final disbursement of Project Costs has not yet occurred in accordance with the terms of the Trust Agreement, then the Trustee shall provide written notice to the Corporation and the Club of the pending expiration of such letters of credit on a date which is at least thirty (30) days prior to the stated expiration dates of such letters of credit. Notwithstanding anything in this Section 6.02 to the contrary and in the event a substitute letter of credit has not been provided to the Trustee, the Corporation may, within five (5) Business Days prior to the stated expiration date of any such letter of credit, instruct the Trustee to draw on any such letter of credit held for the benefit of the Project Account in the event a final disbursement of Project Costs has not occurred in accordance with the terms of the Trust Agreement and the Trustee shall make such draw and deposit the funds in the applicable subaccount of the Project Account to pay Project Costs in accordance with the terms of the Trust Agreement.
