IRREVOCABLE LETTER OF CREDIT. In order to assure the Provider’s faithful adherence to the terms and conditions of this Agreement, the Provider shall submit an irrevocable letter of credit, acceptable to the Department, that is payable on demand. This letter of credit will be procured at the expense of the Provider, naming the Department as the beneficiary, in the entire Agreement amount. In lieu of this requirement, the Department will accept a commitment letter from a recognized financial institution or investment fund stating that the Provider has sufficient capital to fund the obligations, and has legally committed such capital to fund the obligations, in accordance with this Agreement. The letter of credit, or the equivalent commitment letter, shall specifically refer to this Agreement, and shall bind the parties to all the terms and conditions of this Agreement. The Provider shall have fifteen (15) calendar days from the date of execution of this Agreement to furnish the letter of credit or the equivalent commitment letter. Should the Provider fail to comply with this section, then the Department shall have the right to terminate this Agreement without liability. OR
IRREVOCABLE LETTER OF CREDIT. The Certificate Holder or any Transferee, as the case may be, shall provide financial security for the performance of its Site Restoration obligations through an irrevocable letter of credit payable to or at the direction of EFSEC, that is issued by an institution that has the authority to issue letters of credit and whose letter of credit operations are regulated and examined by a Federal or State agency. The letter of credit shall be in an amount equal to the Site Restoration costs. A standby trust fund for Site Restoration shall also be established by Certificate Holder or Transferee to receive any funds deposited by the issuing institution resulting from a draw on the letter of credit. The letter of credit shall be irrevocable and issued for a period of at least one year, and renewed annually, unless the issuing institution notifies the Certificate Holder or Transferee and EFSEC at least one hundred twenty days before the current expiration date. If the Certificate Holder or Transferee fails to perform Site Restoration, or if the Certificate Holder or Transferee fails to provide alternate financial assurance acceptable to EFSEC within ninety days after notification that the letter of credit will not be extended, EFSEC may require that the financial institution provide the funds from the letter of credit to be used to complete Site Restoration; or
IRREVOCABLE LETTER OF CREDIT. If the Performance Guarantee is in the form of an LOC, then it shall be issued by a financial institution in the Phoenix metropolitan area and Landlord must be able to draw upon the LOC at any of the financial institution’s counters in the Phoenix metropolitan area. If Tenant fails to provide Landlord with a written extension of the LOC, in a form acceptable to Landlord, at least sixty (60) Days before the end of the term of the LOC, then, without Notice to Tenant, Landlord may draw upon the full amount of the LOC and retain all proceeds as a cash Performance Guarantee.
IRREVOCABLE LETTER OF CREDIT. The Lessee agrees to maintain for the benefit of the Lessor an irrevocable letter of credit issued to the Administrative Agent, which letter of credit shall (i) have a face amount not less than the Minimum LC Amount, and (ii) be substantially in the form of Exhibit A hereto (the “Letter of Credit”). The “Minimum LC Amount” (x) as of the date hereof and on any date prior to the Amendment No. 2 Initial Funding Date shall mean $15,000,000 and (y) as of the Amendment No. 2 Initial Funding Date and on any date thereafter through (but excluding) the first anniversary of the Amendment No. 2 Initial Funding Date, shall mean $20,000,000; provided, that on the first anniversary of the Amendment No. 2 Initial Funding Date, the Minimum LC Amount shall mean $15,000,000; provided, further, that if, on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the sum of (a) all outstanding Loans, plus (b) all Commitments then available to be drawn, minus (c) the Required Reserve Amount (or, if less, the amount on deposit in the Reserve Account on such Payment Date), is equal to or less than $25,000,000, then the Minimum LC Amount shall mean $10,000,000 on such date and thereafter; provided, further, that if, on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the sum of (a) all outstanding Loans, plus (b) all Commitments then available to be drawn, minus (c) the Required Reserve Amount (or, if less, the amount on deposit in the Reserve Account on such Payment Date), is equal to or less than $10,000,000, then the Minimum LC Amount shall mean $5,000,000 on such date and thereafter. If on any Payment Date following the first anniversary of the Amendment No. 2 Initial Funding Date, the face amount of the Letter of Credit is greater than the Minimum LC Amount, the Lessee may request an adjustment to the face amount of the Letter of Credit in accordance with this Section 5.1.8.
IRREVOCABLE LETTER OF CREDIT. TO: City of Arden Hills Dear Sir or Madam: No. Date: We hereby issue, for the account of (Name of Developer) and in your favor, our Irrevocable Letter of Credit in the amount of $ , available to you by your draft drawn on sight on the undersigned bank. The draft must:
IRREVOCABLE LETTER OF CREDIT. An ILC attachment A is required in the amount of $25,000 (twentyfive thousand dollars) prior to contract execution. The ILC shall be in the form of a written commitment from a federally insured financial institution to pay the entire amount of the contract until the expiration of the letter or upon presentation by the County (the beneficiary) of a written demand therefor. Neither the financial institution nor the contractor can revoke or condition the letter of credit. The letter of credit shall be irrevocable, shall require presentation of no document other than a written demand and the ILC shall be issued by an acceptable federally insured financial institution. Only federally insured financial institutions rated investment grade or higher shall issue the ILC. The contractor shall provide the County a credit rating that indicates the financial institution has the required rating as of the date of the issuance of the ILC. The ILC shall cover the entire period of the contract, including any extensions thereto, until completion of any warranty period. The ILC must be issued by a federally insured institution located in the State of Florida with a rating of AAA or higher by Xxxxxx Financial Reports. (form is attached)
IRREVOCABLE LETTER OF CREDIT. Provide to AURI/AIC a bank’s irrevocable letter of credit, or other documentation acceptable to AURI/AIC certifying the availability of cash committed to Project # AIC004.
IRREVOCABLE LETTER OF CREDIT. 14. The Lessee shall furnish a bond secured by an ILC for the protection of the United States in the amount of $100,000.00. This protection is for the construction period of the Hydroelectric Facility. The Lessee shall furnish this ILC to the Contracting Officer prior to commencing construction. The ILC shall remain in effect during the construction period and until the Hydroelectric Facility is determined in writing by the Contracting Officer as being complete and the transferred facilities per Subarticle 8.a. are transferred to the United States. The ILC shall be irrevocable, require presentation of no document other than a written demand by the Contracting Officer and the ILC, and be issued and confirmed by an acceptable federally insured financial institution. ILC means a written commitment by a federally insured financial institution to pay all or part of a stated amount of money, until the expiration date of the letter, upon presentation by the Contracting Officer (the beneficiary) of a written demand therefore. Neither the financial institution nor the Lessee can revoke or condition the letter of credit. The Lessee shall provide the ILC form only from federally insured financial institutions rated investment grade or higher. The Lessee shall provide the Contracting Officer a credit rating from a recognized commercial rating service as specified in Office of Federal Procurement Policy Pamphlet No. 7 that indicates the financial institution has the required rating as of the date of issuance of the ILC. If the Contracting Officer learns that a financial institution’s rating has dropped below the required level, the Contracting Officer shall give the Lessee 30 days to substitute an acceptable ILC or shall draw on the ILC. The ILC shall provide that, unless the issuer provides the Contracting Officer written notice of non-renewal at least 60 days in advance of the current expiration date, the ILC is automatically extended without amendment for one year from the expiration date, or any future expiration date, until the period of required coverage is completed and the Contracting Officer provides the financial institution with a written statement waiving the right to payment.
IRREVOCABLE LETTER OF CREDIT. 26.1 Within five (5) Business Days of Contract Execution, Contractor shall obtain and maintain in force and effect an irrevocable letter of credit in the amount representing one half of one month’s Net Capitation Payment associated with the actual GF lives in the Atlanta and Central Service Regions enrolled in Contractor’s plan. For SFY 2007-2012, on or before July 2 each year, Contractor shall modify the amount of the irrevocable letter of credit currently in force and effect to equal one-half of the average of the Net Capitation Payments paid to the Contractor for the months of January, February and March. For SFY 2013, Contractor shall modify the amount of the irrevocable letter of credit in force and effect as of June 30, 2012 to equal 12.5% of the average of the Net Capitation Payments paid to the Contractor for the months of January, February, and March of 2012. Contractor shall submit the SFY 2013 irrevocable letter of credit to the Department on or before August 1, 2012 and such instrument shall be in effect until June 30, 2013. Amendment #14 Contract #0654 WellCare of Georgia, Inc. Back to 10-Q Exhibit 10.12 For SFY 2014 and thereafter, on or before July 2 each following year, Contractor shall modify the amount of the irrevocable letter of credit in force and effect as of June 30 to equal 37.5% of the average of the incurred Capitation Payments calculated by the Department for the Contractor for the months of January, February and March. For each fiscal year, the irrevocable letter of credit shall be in effect for the duration of that fiscal year.
IRREVOCABLE LETTER OF CREDIT. A LOC is a letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase. Letters of credit (LofCs) are a time-honored means of payment for international shipment of goods. An irrevocable LOC is a letter of credit that can't be canceled. This guarantees that a buyer's payment to a seller will be received on time and for the correct amount Firm commitment by an issuing bank to pay an accepting bank a specified sum in a specified currency, provided the conditions included in the L/C document are met within a specified timeframe. This L/C cannot be canceled (or its terms amended) without the seller's (beneficiary's) prior written approval, and comes usually as a confirmed irrevocable letter of credit. Also called irrevocable credit. A standard, commercial letter of credit (LC[1]) is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking. The letter of credit can also be payment for a transaction, meaning that redeeming the letter of credit pays an exporter. Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another. In such cases, the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies (UCP 600 being the latest version). The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any.
