Letter of Credit Default. The Letter of Credit Issuer shall fail to honor a conforming draw under the Letter of Credit or Gabelli shall breach its obligations with respect to the Letter of Credit contained in Section 4.3 of the Purchase Agreement, and such failure continues for 5 days and time for payment has not been extended or deferred by the Holder; or
Letter of Credit Default. For purposes hereof, it shall be a “Letter of Credit Default” with respect to the Letter of Credit issued by the Qualified Institution on behalf of the Seller, upon the occurrence of any of the following events: (i) the Qualified Institution shall fail to maintain a Credit Rating of at least A- by S&P and A3 by Xxxxx’x, (ii) the Qualified Institution shall fail to comply with or perform its obligations under such Letter of Credit if such failure shall be continuing after the lapse of any applicable grace period; (iii) the Qualified Institution shall disaffirm, disclaim, repudiate or reject, in whole or in part, or challenge the validity of such Letter of Credit; (iv) such Letter of Credit shall fail or cease to be in full force and effect at any time during the Term of this Agreement; (v) any event analogous to an event specified in Section 11.1(b) of this Agreement shall occur with respect to the Qualified Institution; or (vi) the Seller or the Qualified Institution shall fail to cause the renewal or replacement of the Letter of Credit to be provided to Buyer at least thirty (30) days prior to the expiration of such Letter of Credit; provided, however, that no Letter of Credit Default shall occur in any event with respect to a Letter of Credit after the time such Letter of Credit is required to be canceled or returned to the Seller in accordance with the terms of this Agreement. If a Letter of Credit Default occurs, then the Seller shall have ten (10) Business Days to cure the event(s) causing the Letter of Credit Default.
Letter of Credit Default. If Interconnection Customer fails to maintain or renew the Letter of Credit in accordance with this GIP or the issuer of the Letter of Credit, at any time, fails to meet the requirements of Section 13.7.1, Transmission Provider shall deem the Interconnection Request to be withdrawn pursuant to Section 3.7.
Letter of Credit Default. Borrower defaults under any reimbursement obligation or other obligation of Borrower under the Standby Letter of Credit Application and Agreement or other standard form letter of credit application and reimbursement agreement as may be in effect from time to time.
Letter of Credit Default. A default or failure to perform by Borrower under any document or agreement executed or delivered in connection with any letter of credit issued by Lender on behalf of Borrower or any draw by a beneficiary under any such letter of credit.
Letter of Credit Default. By Purchaser if Seller’s Letter of Credit is subject to a Letter of Credit Default, and Seller does not cure the Letter of Default by delivering to Purchaser a replacement Letter of Credit that satisfies the requirements of this Agreement within three (3) Business Days after the Letter of Credit Default occurs.
Letter of Credit Default. Tampa Electric may terminate this Agreement upon the occurrence of a Letter of Credit Default if the Letter of Credit Default is not cured within seven (7) Business days after notice to United.
Letter of Credit Default. Upon the occurrence of a Letter of Credit Default, Xxxxxx agrees to deliver a substitute Letter of Credit or other Credit Support Security (in a form acceptable to Avista) to Avista in an amount at least equal to that of the Letter of Credit to be replaced on or before the second (2nd) Business Day after written demand by Avista.
Letter of Credit Default. Upon the occurrence of a Letter of Credit Default with respect to any Eligible Letter of Credit posted by Party B hereunder (such letter of credit, an “Ineligible Credit”), Party B shall deliver to Party A on or before the first (1st) Business Day after written demand therefor, a substitute Eligible Letter of Credit having a face amount equal to the remaining undrawn face amount of the Ineligible Credit and having the same or later maturity date as the Ineligible Letter of Credit that is being replaced.
Letter of Credit Default. Upon the occurrence of a Letter of Credit Default, Buyer agrees to deliver a substitute letter of credit or other collateral acceptable to Seller, in its sole discretion, not later than the next Business Day following the date on which the Letter of Credit Default occurred. The failure to deliver timely a substitute letter of credit or other collateral acceptable as required by Seller shall be an Event of Default under this Agreement.
