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.
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 prior to the Amendment No. 3 Effective Date, shall mean $20,000,000; provided, that, as of the Amendment No. 3 Effective Date, the Minimum LC Amount shall mean $25,000,000; provided, that: (i) if on any Payment Date following the Amendment No. 3 Effective 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 $50,000,000, then the Minimum LC Amount shall mean $20,000,000 on such date and thereafter; (ii) if, on any Payment Date following the Amendment No. 3 Effective 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 $30,000,000, then the Minimum LC Amount shall mean $15,000,000 on such date and thereafter; (iii) if, on any Payment Date following the Amendment No. 3 Effective 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; (iv) if, on any Payment Date following the Amendment No. 3 Effective 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
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. In lieu of a construction bond or development bond or bonds, the City/Village will require an irrevocable letter of credit in form and substance reasonably satisfactory to the City/Village from a financial institution to guarantee construction and quality of all public facilities to be constructed in any stage or unit of development for which approval is sought. Said letter of credit shall be in the amount of one hundred percent (100%) of the contract costs of construction of all of the public facilities in the unit or stage or one hundred ten percent (110%) of Developer=s engineer=s contract estimate for the unit or stage as approved by the City/Village Engineer; and shall be reduced from time to time as work is certified by the City/Village Engineer to have been completed. Said letter of credit shall be payable to the City/Village.
IRREVOCABLE LETTER OF CREDIT. The Irrevocable Letter of Credit shall be in a form attached hereto as Exhibit "E" and shall be issued by a federally insured banking institution located in Broward County, Palm Beach County or Miami-Dade County, Florida, acceptable to Landlord (the "Approved Institution"). The Irrevocable Letter of Credit shall provide that Landlord shall have the absolute right, in the event Tenant is in default of the terms and conditions of this Lease after the giving of any required notice and beyond any applicable cure or grace period, and upon Landlord's demand to the Approved Institution, to receive disbursements pursuant to the Irrevocable Letter of Credit. Funds drawn under the Irrevocable Letter of Credit shall be treated as part of the Security Deposit and shall be applied as provided in Section 4.(a) above.
IRREVOCABLE LETTER OF CREDIT. An irrevocable letter of credit, substantially in the form attached as Exhibit K, payable upon presentation to a solvent bank or savings and loan in the initial principal amount equal to the amounts stated in Section 10.2, which shall be kept in full force and effect until the termination of this Agreement.