Form, Content and Amount Sample Clauses

Form, Content and Amount. The Tenant shall, within five (5) days after the Tenant has taken possession of the Premises and in any case not later than the Commencement Date, deliver to the Landlord a letter of credit in the amount equal to Fifteen Thousand Dollars ($15,000.00) by the Tenant, plus GST. The letter of credit shall comply with the requirements for letters of credit from time to time prescribed by the Landlord. The Landlord may from time to time by notice given to the Tenant revise and add to these requirements. As of the date of this Lease, the requirements of the Landlord include the following: (i) the letter of credit shall state that it is subject to the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce (latest revision); (ii) the beneficiary shall be the Landlord; (iii) the issuer shall be a financial institution that is a member of the Canadian Payments Association, a credit union or caisse populaire that is a member of a central co-operative credit society having membership in the Canadian Payments Association, or any other financial institution approved by the Landlord; (iv) the letter of credit must be irrevocable until the date of expiry therein or, if extended, any extended date, whichever is the later; (v) the date of expiry shall be a minimum of one year after the date of issuance; (vi) the letter of credit must provide that the stated expiry date and every subsequent expiry date will be automatically extended on an annual basis without any formal amendment, unless at least sixty days prior to expiry (including any future expiry date as automatically extended) the issuer notifies the Landlord in writing that the issuer elects not to extend the letter of credit for any further period; (vii) partial drawings shall be permitted; (viii) the letter of credit shall be in Canadian dollars, or equivalent in U.S. dollars; (ix) the letter of credit shall state that it is unconditional and is available for drawing upon presentation by the Landlord of sight drafts in demand for payment, and state that the issuer shall forthwith pay such demand to the Landlord without: (A) inquiring about the validity or sufficiency of the demand or the right of the Landlord to make the demand; (B) recognizing a claim by any person;
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(ii) At any time that an Application Event has occurred and is continuing and except as otherwise provided herein with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: (A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent under the Loan Documents, until paid in full, (B) second, to pay any fees or premiums then due to Agent under the Loan Documents until paid in full, (C) third, to pay interest due in respect of all Protective Advances until paid in full, (D) fourth, to pay the principal of all Protective Advances until paid in full, (E) fifth, ratably, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to any of the Lenders under the Loan Documents, until paid in full, (F) sixth, ratably, to pay any fees or premiums then due to any of the Lenders under the Loan Documents until paid in full, (G) seventh, to pay interest accrued in respect of the Swing Loans until paid in full, (H) eighth, to pay the principal of all Swing Loans until paid in full, (I) ninth, ratably, to pay interest accrued in respect of the Revolving Loans (other than Protective Advances) and the Term Loan until paid in full, (J) tenth, ratably (i) to pay the principal of all Revolving Loans until paid in full, (ii) to Agent, to be held by Agent, for the benefit of Issuing Bank (and for the ratable benefit of each of the Lenders that have an obligation to pay to Agent, for the account of Issuing Bank, a share of each Letter of Credit Disbursement), as cash collateral in an amount up to 105% of the Letter of Credit Usage (to the extent permitted by applicable law, such cash collateral shall be applied to the reimbursement of any Letter of Credit Disbursement as and when such disbursement occurs and, if a Letter of Credit expires undrawn, the cash collateral held by Agent in respect of such Letter of Credit shall, to the extent permitted by applicable law, be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), (iii) ratably, to the Bank Product Providers based upon amounts then certified by the applicable Bank Product Provider to Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product Providers on account of Bank Product Obligations, and (iv) to pay the outstanding principal balance of the Term Loan (in the inverse order of the maturity of the installments due thereunder) until the Term Loan is paid in full, (K) eleventh, to pay any other Obligations other than Obligations owed to Defaulting Lenders, (L) twelfth, ratably to pay any Obligations owed to Defaulting Lenders; and (M) thirteenth, to Borrowers (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 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