Letter of Credit from the Shipper Sample Clauses

Letter of Credit from the Shipper. (a) Notwithstanding anything contained hereinafter under clause 7.9 (b) to (f), Shipper shall provide LC (unconditional, revolving, standby irrevocable Letter of Credit) as payment securitization mechanism unless agreed otherwise between transporter or the invoicing entity and shipper.
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Letter of Credit from the Shipper. (a) At all times during the period from the relevant CT Start Date until termination of this CT and for each CT, as support for the Shipper’s payment obligations under this Agreement, the Shipper shall cause a bank acceptable to the Transporter to issue, establish and maintain in favour of the Transporter and in a form acceptable to the Transporter on demand, unconditional, revolving, standby irrevocable Letter of Credit (a “Shipper LC”) of face value, determined in any Contract Year by reference to the first Day of such Contract Year, equivalent in aggregate to gas transported during two (2) fortnights (Value of one fortnight is Rupees 16 multiplied by the CT Redelivery Point MDQ multiplied by the Transmission Rate[and 16 days Spur Line charge] plus Fixed Monthly Spur Line charges for each CT). The aggregate liability of issuing bank under LC shall be equal to two times the face value of LC.
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Letter of Credit from the Shipper. (a) At all times during the period from the relevant CT Start Date until termination of this CT and for each CT, as support for the Shipper’s payment obligations under this Agreement, the Shipper shall cause a bank acceptable to the Transporter to issue, establish and maintain in favour of the Transporter and in a form acceptable to the Transporter on demand, unconditional, revolving, standby irrevocable Letter of Credit (a “Shipper LC”) with a face value equivalent to gas transported during two (2) fortnights where value of one fortnight is taken as 16 days transmission tariff of gas at Maximum Daily Quantity (MDQ) plus any other charges & taxes and duties thereon. The aggregate liability of issuing bank under LC shall be equal to two times the face value of LC as calculated above.
Sample 1
Letter of Credit from the Shipper. (a) At all times during the period from the relevant CT Start Date until termination of this CT and for each CT, as support for the Shipper’s payment obligations under this Agreement, the Shipper shall cause a bank acceptable to the Transporter to issue, establish and maintain in favour of the Transporter and in a form acceptable to the Transporter on demand, unconditional, revolving, standby irrevocable Letter of Credit (a “Shipper LC”) of an amount, determined in any Contract Year by reference to the first Day of such Contract Year, equivalent in aggregate to Rupees 16 multiplied by the CT Redelivery Point MDQ multiplied by the Transmission Rate [and 16 days Spur Line charge] plus Fixed Monthly Spur Line charges for each CT. Provided further, Shipper LC shall provide coverage of the value of 3 (Three) Fortnight Transmission charges in a Contract Year.
Sample 1

Related to Letter of Credit from the Shipper

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • Letter of Credit In lieu of providing a cash Security Deposit, simultaneously with the execution of this Lease, Tenant may deliver to Landlord an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of Landlord, with the Letter of Credit securing Tenant’s obligations hereunder subject to the terms and conditions set forth in the Lease. The terms of the Letter of Credit, which are subject to Landlord’s reasonable consent, shall strictly comply with the provisions of this Addendum #1. The Letter of Credit shall be issued by a bank acceptable to Landlord in Landlord’s reasonable discretion and under the supervision of the banking commission of the State of California or the Federal Deposit Insurance Corporation. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to Landlord in Landlord’s reasonable discretion, Tenant shall at its cost substitute another Letter of Credit from a bank that is acceptable to Landlord in Landlord’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. Tenant shall renew the Letter of Credit and maintain it for the period ending one hundred twenty (120) days after the end of the calendar year in which the Term expires, and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If Tenant fails to renew the Letter of Credit within ten (10) Business Days of its expiration, Landlord may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to Tenant on receipt by Landlord of a substitute Letter of Credit from Tenant meeting all requirements of this Addendum #1. The form and terms of the Letter of Credit shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Letters of Credit for Payment Bond Notwithstanding the provisions of B4.3, Purchaser may use letters of credit in lieu of a surety bond for payment bond purposes when approved by Contracting Officer.

  • Commitment Charge; Credit; Maturity Premium (a) The Borrower shall pay a commitment charge on the unwithdrawn amount of the Loan at the rate and on the terms specified in the Loan Agreement.

  • Commitment Charge; Credit (a) The Borrower shall pay a commitment charge on the unwithdrawn amount of the Loan at the rate and on the terms specified in the Loan Agreement.

  • Standby Letter of Credit To ensure payment by Seller of all costs and expenses incurred by Company (i) in excess of the Total Estimated Interconnection Cost paid in connection with the Company-Owned Interconnection Facilities to be provided and/or constructed by Company described in Section 3 (Seller Payment To Company for Company-Owned Interconnection Facilities and Review Of Facility) of this Attachment G (Company-Owned Interconnection Facilities), and (ii) if applicable, in excess of the Total Estimated Relocation Costs paid in connection with the relocation of the Company-Owned Interconnection Facilities as provided in Section 5 (Relocation of Company-Owned Interconnection Facilities) of this Attachment G (Company-Owned Interconnection Facilities), Seller shall obtain an Irrevocable Standby Letter of Credit with no Documentary Requirement ("Standby Letter of Credit") in accordance with the requirements of Section 6(b) (Requirements of the Standby Letter of Credit) of this Attachment G (Company-Owned Interconnection Facilities), wherein Company shall receive payment from the bank upon request by Company.

  • Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

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