Form of Letter of Credit. The Letter of Credit shall be issued by a national bank acceptable to Landlord in its reasonable discretion with offices in the Denver Metropolitan Area that will accept and pay on any draw on the Letter of Credit. Tenant shall maintain the Letter of Credit for the entire Term, provided that Tenant may at any time substitute a cash Security Deposit for the Letter of Credit, and upon such substitution, Landlord shall return the Letter of Credit to Tenant. The Letter of Credit shall provide that it will be automatically renewed until 30 days after the Expiration Date unless the issuer provides Landlord with written notice of non-renewal at the notice address in the Lease at least 60 days prior to the expiration thereof. If, not later than 30 days prior to the expiration of the Letter of Credit, Tenant fails to furnish Landlord with a replacement Letter of Credit pursuant to this Section, Landlord shall have the right to draw the full amount of the Letter of Credit, and shall hold the proceeds of the Letter of Credit as a cash Security Deposit pursuant to Article 6 of the Existing Lease. The Letter of Credit shall expressly permit full and partial draws. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the Denver Metropolitan Area) of a sight draft(s), together with a written statement executed by Landlord stating that the amount requested is due Landlord under the Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant.
Form of Letter of Credit. The Letter of Credit shall: (i) be issued by (and at all times be drawable upon) a federally insured national bank approved by Landlord in writing in its reasonable discretion (and Landlord hereby approves of Xxxxx Fargo); (ii) be an irrevocable and unconditional standby Letter of Credit issued in the full amount of the required LOC Amount; (iii) be issued in the name of Landlord as beneficiary; (iv) have an initial term commencing on the date of issuance and ending no earlier than September 30, 2012; (v) state on its face that, notwithstanding the stated expiration date, the term of the Letter of Credit shall be automatically renewed for successive, additional one (1) year periods unless, at least sixty (60) days prior to any such date of expiration, the issuing bank shall have given written notice to Landlord, by certified mail, return receipt requested that the Letter of Credit will not be renewed; (vi) have a final expiration date of not less than sixty (60) days after the Expiration Date (as such may be adjusted for renewals and extensions); (vii) expressly provide that Landlord (and/or its successors and assigns) is entitled to make one or more draws under the Letter of Credit upon delivery to issuer of a sight draft (a “Draft”) in a banking office of issuer in Palo Alto, California (or such other location as is approved by Landlord in writing) and signed by a purported officer or authorized agent or representative of Landlord and certifying to the issuer that a Draw Event (hereinafter defined) has occurred and that Landlord is entitled to draw upon the Letter of Credit in the amount of the draft submitted therewith; (viii) allow partial draws by Landlord at its discretion from time to time subject to the other provisions of this Section 2; (ix) provide that the Letter of Credit will be honored by the issuing bank without inquiry as to the accuracy of the Draft or the authority of any person or party executing same and regardless of whether Tenant disputes the content of the Draft or the authority of any person or party executing same; (x) specifically provide that it may be transferred by Landlord, without cost to Landlord, to a subsequent owner of the Project (including a foreclosing mortgage lender) by written notice by the transferring Landlord/beneficiary to the issuer, at which time the issuer of the Letter of Credit must be obligated to issue a new Letter of Credit on the identical terms to the transferee (naming the transferee as beneficiary)...
Form of Letter of Credit. To: Storengy UK Limited Stublach Site Xxxx Xxxxxx Xxxxxxxxx Xxxxxxxx XX0 0XX (the Beneficiary) [INSERT DATE] Dear Sirs, Irrevocable Standby Letter of Credit No: [insert number of LoC] At the request of [Insert company name] a company registered in [Insert country] with number [Insert registration number] whose registered office is at [Insert address]), [Insert name of Issuing Bank], (the Issuing Bank) issues this irrevocable standby letter of credit (Letter of Credit) in your favour on the following terms and conditions:
Form of Letter of Credit. [On letterhead or L/C letterhead of Issuer.]
Form of Letter of Credit. (Letterhead of a money center bank acceptable to the Landlord)
Form of Letter of Credit. SAMPLE (full address) DEAR SIRS, AT THE REQUEST OF [insert name of Buyer]. (“DEBTOR”) WE, (full name and address of issuing bank), HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. IN YOUR FAVOR TO GUARANTEE THE PAYMENT TO (“THE SELLER”) OF ALL AMOUNTS WHICH THE DEBTOR OWES OR MAY OWE TO THE SELLER PURSUANT TO THE GAS SALE AND PURCHASE AGREEMENT DATED BETWEEN THE DEBTOR, THE SELLER AND OTHERS (“GSPA”), UP TO THE TOTAL SUM OF [USD ] (US DOLLARS MILLION) IN THE AGGREGATE (“GUARANTEE AMOUNT”). ACCORDINGLY, WE (full name of issuing bank), HEREBY UNDERTAKE TO PAY THE SELLER WITHIN SEVEN (7) BANKING DAYS ANY AMOUNT, NOT EXCEEDING IN THE AGGREGATE THE GUARANTEE AMOUNT, WHICH THE SELLER CLAIMS FROM US FROM TIME TO TIME, BUT PRIOR TO THE EXPIRY DATE, BY WRITTEN DEMAND (“PAYMENT DEMAND”). THE ABOVE NOTWITHSTANDING, SELLERS’ DEMAND(S) UNDER THIS STANDBY LETTER OF CREDIT MAY ALSO BE MADE BY AUTHENTICATED SWIFT SENT ON SELLERS’ BEHALF BY SELLERS’ BANKERS IN ISRAEL, QUOTING THE FULL WORDING OF SELLERS’ DEMAND AND STATEMENT. THE ABOVE MENTIONED AUTHENTICATED SWIFT WILL BE CONSIDERED AS A STANDBY LETTER OF CREDIT. EXCEPT FOR THE PAYMENT DEMAND THE SELLER WILL NOT BE REQUIRED TO PROVIDE ANY PROOF OR OTHER JUSTIFICATION TO ITS CLAIM HEREUNDER OR TO SUBSTANTIATE ITS DEMAND IN ANY WAY NOR WILL IT BE REQUIRED TO FIRST SEEK PAYMENT OF THE AMOUNT CLAIMED FROM THE DEBTOR OR ANY OTHER PERSON. THIS STANDBY LETTER OF CREDIT IS NEITHER ASSIGNABLE NOR TRANSFERABLE. THIS STANDBY LETTER OF CREDIT IS AVAILABLE WITH US AND SHALL REMAIN IN FORCE FROM THE DATE HEREOF UNTIL NOON ON (insert validity date) (“EXPIRY DATE”), WHEREUPON THIS STANDBY LETTER OF CREDIT SHALL EXPIRE AND BECOME NULL AND VOID AND HAVE NO FURTHER FORCE OR EFFECT WHETHER OR NOT THIS INSTRUMENT HAS BEEN RETURNED TO US FOR CANCELLATION. ANY PAYMENT DEMAND MUST BE DELIVERED TO US AT THE ABOVE ADDRESS OF OUR BRANCH, BY NOT LATER THAN THE EXPIRY DATE. ANY PAYMENT DEMAND SUBMITTED TO US AFTER THE EXPIRY DATE WILL NOT BE ENTERTAINED. THIS STANDBY LETTER OF CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600. THIS MESSAGE IS THE ONLY OPERATIVE INSTRUMENT, NO MAIL CONFIRMATION WILL FOLLOW. MESSRS [THE GUARANTOR]
Form of Letter of Credit. Subject to 4.6.5, within five (5) business days after the Effective Date, Sub-Subtenant shall deliver to Sub-Sublandlord, as security for the faithful performance of all Sub-Subtenant’s obligations under this Sub-Sublease, an irrevocable standby letter of credit (the “Letter of Credit”) in the amount of $315,570.81 for the account of Sub-Subtenant and for the benefit of Sub-Sublandlord, and issued by a bank reasonably acceptable to Sub-Sublandlord (the “Issuer”). On or before the Delivery Date for Suite 100, Sub-Subtenant shall replace the existing Letter of Credit or amend the existing Letter of Credit to be in the amount of $594,681.15 for the remainder of the Sub-Sublease Term, and Sub-Sublandlord shall return the prior Letter of Credit. Sub-Sublandlord approves of Silicon Valley Bank as the issuer of the Letter of Credit. The Letter of Credit shall be substantially in the form attached hereto as Exhibit D. Sub-Subtenant shall maintain the Letter of Credit in effect until sixty (60) days after the later of (x) the expiration of the Sub-Sublease Term or earlier termination of this Sub-Sublease, or (y) vacation of the Sub-Sublease Premises by Sub-Subtenant. If the Letter of Credit shall expire prior to said date, Sub-Subtenant shall renew the Letter of Credit prior to its expiration or arrange for issuance of a new Letter of Credit in accordance with the terms hereof. If Sub-Subtenant fails to give Sub-Sublandlord evidence of renewal of the Letter of Credit or issuance of a new Letter of Credit at least thirty (30) days prior to the expiration of the Letter of Credit then in effect, such failure shall not be a default hereunder, but Sub-Sublandlord shall be entitled to draw down the full amount of the Letter of Credit and the amount so drawn (“Draw Proceeds”), which shall be held and maintained by Sub-Sublandlord and may be applied in the same manner as set forth in Section 4.6.5 below with respect to a Security Deposit. The Letter of Credit shall be returned to Sub-Subtenant under the same terms as described for a Security Deposit in Section 4.6.5. Notwithstanding the foregoing, if Sub-Subtenant has elected to terminate the Sub-Sublease of Suite 200 as set forth in Section 2.2.5, Sub-Sublandlord shall return the Letter of Credit, if applicable, given for Suite 200 within five (5) business days of such termination, and the amount of the Letter of Credit to be provided at the Delivery Date for Suite 100 and required under this Sub-Sublease for the remainde...
Form of Letter of Credit. The Letter of Credit shall be issued by Comerica Bank or a national bank acceptable to Landlord in its reasonable discretion, with offices in the San Francisco Bay Area that will accept and pay on any draw on the Letter of Credit. The Letter of Credit shall be issued for a term of at least one year and shall be automatically renewable for one year successive periods (with a term during the last year of the Lease Term of at least 60 days following the expiration of the Lease Term) unless the issuing bank provides at least 30 days prior written notice to Landlord that the Letter of Credit will not be renewed, and shall be in a form and with such content acceptable to Landlord in its sole and absolute discretion. Any Letter of Credit that Tenant delivers to Landlord in replacement of an existing Letter of Credit shall be in an amount equal to the replaced Letter of Credit (prior to any draws) so that the cash and Letter of Credit together equal the amount of the Security Deposit specified in the Lease. Any such replacement Letter of Credit shall be delivered to and received by Landlord no later than thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. The Letter of Credit shall expressly permit full and partial draws. The Letter of Credit shall designate Landlord as beneficiary and shall be transferable by beneficiary to any transferee, successor, and assign (including any lender of Landlord) at no cost or expense to beneficiary. The Letter of Credit shall be held by Landlord as security for the faithful performance by Tenant of all the terms, covenants and conditions of this Lease to be kept and performed by Tenant during the Lease Term. The Letter of Credit shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord in its sole and absolute discretion.
Form of Letter of Credit. The Letter of Credit shall be in a form agreed to by the Company and the issuing bank (the "Bank") consistent with the terms of this Agreement. The Executive shall be entitled to draw on the Letter of Credit by presenting to the Bank a draft and a certificate in which the Executive certifies in writing that the requisite events have occurred under the Severance Agreement and/or the Deferred Compensation Agreement for payment to the Executive of amounts specified in Section 1.
Form of Letter of Credit. Each Standby Letter of Credit shall, among other things, (i) be in a form acceptable to Lender, and (ii) be governed by, and shall be construed in accordance with, the laws or rules designated in such Standby Letter of Credit, or if no such laws or rules are designated, the Uniform Customs and, as to matters not governed by the Uniform Customs, the laws of the State of Connecticut (without regard to its conflict of laws rules).
