Letter of Credit Option. (i) At Tenant’s election, in lieu of the Security Deposit in the amounts indicated in Item lg for years 1-5 (i.e. through the fifth anniversary of the actual Commencement Date for Floor 2 and Floor 3), Tenant at any time simultaneously with, or following the execution of this Lease, shall deliver to Landlord an irrevocable letter of credit payable in Dearborn, Michigan running in favor of Landlord issued by a bank under the supervision of the State of Michigan or a National Banking Association, in the amounts indicated in lg. The letter of credit shall be irrevocable for the term thereof and shall provide that it is automatically renewed for successive 1- year periods without any action whatsoever on the part of Landlord; provided that the issuing bank shall have the right not to renew said letter of credit on written notice to Landlord not less than 60 days prior to the expiration of the then current term thereof (it being understood, however, that the privilege of the issuing bank not to renew said letter of credit shall not, in any event, diminish the obligation of Tenant to maintain such irrevocable letter of credit (or a Security Deposit) with Landlord through the expiration of the fifth (5th) year of the term hereof.
(ii) The form and terms of the letter of credit (and the bank issuing the same) shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:
(A) Landlord or its managing agent shall have the right to draw down an amount up to the face amount of the letter of credit upon the presentation to the issuing bank of Landlord’s statement that such amount is due to Landlord under the terms and conditions of this Lease, it being understood that if Landlord or its managing agent be a corporation, partnership or other entity, then such statement shall be signed by an officer (if a corporation), a general partner (if a partnership), or any authorized party (if another entity).
(B) The letter of credit will be honored by the issuing bank without inquiry as to the accuracy thereof and regardless of whether the Tenant disputes the content of such statement.
(C) In the event of a transfer of Landlord’s interest in the Building of which the Premises are a part, Landlord shall have the right to transfer the letter of credit to the transferee and thereupon the Landlord shall, without any further agreement between the parties, be released by Tenant from all liability therefor, and it is agreed that the provisions hereof s...
Letter of Credit Option. (A) The Facility may also be utilised by way of Letters of Credit at any time during the Availability Period.
(B) Letters of Credit may be issued under the Facility by any LC Issuing Bank or LC Issuing Banks as may be selected by the Original Borrower.
(C) The Original Borrower may at any time request any or all Lenders to agree to become a LC Issuing Bank. If any such Lender or Lenders so agree, the Original Borrower may in its absolute discretion decide which of those Lenders (if any) it wishes to appoint as a LC Issuing Bank.
(D) The Original Borrower may appoint any Lender as an LC Issuing Bank at any time by notice in writing to the Facility Agent (accompanied by a deed of accession in the form agreed between the Facility Agent and the Original Borrower, signed by the relevant Lender confirming its appointment as an LC Issuing Bank), following receipt of which the Facility Agent shall promptly countersign any such deed of accession on behalf of the Finance Parties (and in any event within 3 Business Days of receipt of the notice) and notify the Finance Parties (with a copy to the Original Borrower) that the relevant Lender has become an LC Issuing Bank.
Letter of Credit Option. If El Paso determines in its reasonable business judgment that it is necessary to delay the issuance of debt securities to fund all or a portion of the $243,229,464 second payment beyond the required deposit date of such second payment, then El Paso may, in lieu of the deposit of such second payment, deliver a Letter of Credit in favor of the Settlement Fund or its assignees that shall entitle the beneficiary to draw the amount of $243,229,464, plus interest thereon at the rate then applicable to 3- month U.S. Treasury bills, if
(i) the second payment funds have not been deposited in the Escrow Account on the Business Day immediately preceding the Effective Date, or (ii) such Letter of Credit will expire in thirty (30) days or less, and the El Paso Settling Parties have not replaced such expiring Letter of Credit with another Letter of Credit in the same amount and on the same terms. Such Letter of Credit shall be surrendered upon the deposit of the second payment together with interest thereon at the rate then applicable to 3- month U.S. Treasury bills from that date which is one hundred eighty (180) days after the date on which this Agreement is executed through and including the date on which the second payment funds are deposited in the Escrow Account.
Letter of Credit Option. Provided that Tenant is not then in default under the terms of this Lease, and has not previously been in default of the terms of this Lease, and subject to the terms hereof, Tenant shall have a one-time right, to be exercised by written notice to Landlord given no later than December 31, 2013, to exchange a Letter of Credit which satisfies the requirements listed below for the cash Security and Restoration Deposit deposited with Landlord upon execution of this Lease. At all times hereunder Landlord shall have either the Security and Restoration Deposit or a Letter of Credit in the full amount of the Security and Restoration Deposit set forth in Section 1.1 of this Lease. In the event that Tenant properly exercises the right to exchange a Letter of Credit for the Security and Restoration Deposit, Landlord shall return the Security and Restoration Deposit within three (3) business days following the date Tenant delivers the requisite substitute Letter of Credit.
Letter of Credit Option. Tenant shall have the right to reduce the amount of the Security Deposit to $423,712.50 by delivering to Landlord an irrevocable and unconditional letter of credit (“Letter of Credit”) in the amount of $5,000,000 (which amount shall be subject to reduction in accordance with Exhibit E, Section 42.4) and issued by a bank or other financial institution that is acceptable to Landlord in its reasonable discretion (“Bank”). The Letter of Credit, in a form that is agreed upon by and among Landlord, Tenant, and Bank, shall be delivered to Landlord upon issuance by the Bank. Within five (5) business days of the date that the Letter of Credit has been delivered to Landlord, Landlord shall return $5,000,000 of the Security Deposit (as the same may have been reduced in accordance with Exhibit E, Section 42.5) to Tenant, and Landlord shall have the right to draw upon the Letter of Credit or any renewal or extension thereof, in whole or in part, as set forth in Exhibit E.
Letter of Credit Option. The Facility may also be utilised by way of Letters of Credit at any time during the Availability Period.
Letter of Credit Option. The Borrower shall have the option of procuring the issue and Delivery to the Agent (acting on behalf of the Lenders) by the Letter of Credit Issuer of the Letter of Credit (thereby avoiding a reduction in the Eligible Amount as a result of the Letter of Credit not being issued), such option to be exercised by fulfilling the following conditions:
(a) the Letter of Credit shall be delivered to the Agent not later than the Letter of Credit Issue Date; and
(b) unless the Letter of Credit has been issued to the Agent, acting on behalf of the Lenders, in the form of an MT 760 SWIFT message, a Certified Copy of an extract from the relevant corporate documentation of the Letter of Credit Issuer evidencing the signing provisions of the Letter of Credit Issuer together with a certificate of a competent officer of the Letter of Credit Issuer containing specimen signatures of the persons authorised to sign the Letter of Credit on behalf of the Letter of Credit Issuer shall be delivered to the Agent simultaneously with the Letter of Credit.
Letter of Credit Option. Mr. German is hereby granted an option (the "L/C OPTION"), which may be exercised any time following the Closing Date through December 31, 2002, to require Buyer to obtain one or more letters of credit containing such terms and conditions and issued by such federally insured banking and/or savings and loan institutions as are reasonably satisfactory to Mr. German (the "LETTERS OF CREDIT"), to secure the payment obligations of Buyer to the Shareholders upon the exercise of the Put Options. The amount(s) to be secured by such Letter(s) of Credit would not exceed the aggregate redemption price (determined in accordance with Sections 2.4.1, 2.4.2, 2.4.3 and 2.
Letter of Credit Option. In lieu of posting the Deposit, Tenant may deliver to Landlord an irrevocable, unconditional commercial bank letter of credit, payable upon sight in the amount of the Deposit (the “Letter of Credit”) in such form as is attached hereto as Exhibit G and issued by a federally-insured national bank having offices in the Metropolitan Area of Washington, DC. The Letter of Credit shall be for an initial period of at least one (1) year from the Commencement Date, and Tenant will deliver to Landlord at least thirty (30) days before the expiration of each Letter of Credit a new Letter of Credit, or a renewal of the prior Letter of Credit, renewing the Letter of Credit in the required sum for successive periods of at least one (1) year each (or such shorter period which will be identical to the then-remaining term of the Lease plus an additional thirty (30) days thereafter). The Letter of Credit shall include a provision for assignment thereof to any mortgagee with a collateral assignment of this Lease. If the Letter of Credit has not been renewed or replaced with a new letter of credit or cash in the full amount of the Deposit within ten (10) days prior to the expiration of the existing Letter of Credit, Landlord may draw upon the Letter of Credit to the extent necessary to fulfill Tenant’s deposit requirement under this Article VII.
Letter of Credit Option. (A) The Senior Facilities may also be utilised by way of Letters of Credit after the Satisfaction Date.
(B) The Borrower may at any time request any or all Senior Lenders to agree to become a LC Issuing Bank. If any such Senior Lender or Senior Lenders so agree, the Borrower may in its absolute discretion decide which of those Senior Lenders (if any) it wishes to appoint as a LC Issuing Bank.
(C) All LC Issuing Banks shall be appointed in accordance with a procedure to be agreed between the Borrower and the Senior Lenders (acting reasonably) from time to time.
