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. 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. Prior to execution of this Agreement, Operator shall provide the District, and shall maintain in effect throughout the term hereof, an Irrevocable Letter of Credit in the amount of Two Hundred and Fifty Thousand and no/100 ($250,000.00) Dollars or a Performance Bond in the same amount. Such Irrevocable Letter of Credit shall be a demand instrument and in a format acceptable to the District, shall be obtained from a banking institution acceptable to the District, and must be presentable at a bank acceptable to the District, located in South Carolina. Said Irrevocable Letter of Credit or Performance Bond shall be conditioned to ensure the faithful and full performance by Operator of all covenants, terms and conditions of this Agreement, and to stand as security for payment by Operator of all valid claims by the District against Operator. If at any time this Agreement terminates or is terminated and there is due and owing to the District any sum payable under the terms hereof, or if the District has any claim against Operator arising out of this Agreement, then said Two Hundred and Fifty Thousand and no/100 ($250,000.00) Dollars or any part thereof shall be applied in payment of the amount due or in settlement of the claim or claims of the District against Operator.
Irrevocable Letter of Credit. Subject to governing body approval, the subdivider shall provide the governing body a letter of credit from a bank or other reputable institution or individual certifying the following:
Irrevocable Letter of Credit. Section 3 of the Second Implementation Agreement added provisions relating to an irrevocable letter of credit. Section 3.c. of such provisions is hereby deleted in its entirety and replaced with the following:
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.
