Letter of Credit payment Sample Clauses

Letter of Credit payment a) direct payment of the Letter of Credit Amount to the Remittee; b) deferred payment of the Letter of Credit Amount to the Remittee, or (c) acceptance of the bill of exchange, by the Bank in accordance with the terms and conditions set forth in the Agreement.
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Letter of Credit payment. Cause to be issued by a bank acceptable to Transmeta, and confirmed by a bank designated by Transmeta, one or more irrevocable letters of credit to be equal to the aggregate prices and license fees of the Transmeta Products ordered (plus any applicable taxes, shipping and other charges) and to provide for payment at sight upon presentation of Transmeta's invoices and receipted shipping documents evidencing delivery of the invoiced Transmeta Products to the carrier or freight forwarder.
Sample 1
Letter of Credit payment. Cause to be issued by a bank reasonably acceptable to the Company, and confirmed by a bank designated by the Company, one or more irrevocable letters of credit to be equal to the aggregate prices of the Products ordered (plus any applicable taxes, shipping and other charges) and to provide for payment at sight [ ** ] after the Invoice Date upon presentation of the Company's invoice and received shipping documents (which BSC will timely deliver or cause to be delivered to the Company in each case) evidencing delivery of the invoiced the Products to the carrier or freight forwarder.
Sample 1
Letter of Credit payment. In consideration of the releases contemplated in Section 3.1(e), the termination by mutual agreement of the Management Agreement, the rejection of the Rejected Contracts, the assignment of the Designated Contracts, the transfer of the Transferred Assets and the Covanta Parties' performance of their obligations under this Agreement, at the Closing, the City shall make a payment (the "Reimbursement Payment") to CSFB, as partial reimbursement for the draw on the COPS Letter of Credit referred to in Sections 3.1(e) and 4.6 herein, pursuant to the City's rights and obligations under Article III of the Bank Agreement, equal to (x) the Reimbursement Amount minus (y) an amount of $1,000,000 (the "Escrow") which shall be deposited with an escrow agent selected by the Parties' mutual agreement, and which shall be reserved exclusively for the true-up of the Reimbursement Amount pursuant to Section 2.3 herein.
Sample 1

Related to Letter of Credit payment

  • Letter of Credit The Security Deposit may be made in the form of a letter of credit if the issuer thereof is approved by Landlord in advance and the form thereof (i) is approved in advance by the Landlord; (ii) provides that it is automatically renewable for a term of no less than one (1) year unless the issuer gives Landlord at least 45 days advance prior notice of non-renewal; (iii) provides that it is expressly transferable and assignable by the then current beneficiary without the consent or joinder of Tenant and without payment of a transfer fee; (iv) has as an attachment all required transfer and assignment documentation; and (v) provides that the sole condition to the draw is the presentation of the letter of credit (which may be by overnight delivery and can be made via a copy thereof in lieu of the original in the event of a partial draw) and an affidavit to the effect that “default has occurred under this Lease and the person requesting the draw is authorized on behalf of the then current beneficiary to make the draw and receive the proceeds.” If the Security Deposit is made in the form of a letter of credit, it shall be an immediate default hereunder with no notice or cure period required, if less than thirty (30) days shall remain until the expiry date (or until the expiration of the initial or renewal term of the letter of credit) of any letter of credit posted hereunder, and Tenant shall not have renewed or replaced (in accordance with the foregoing) such letter of credit for the longer period of (x) the resolution of any then pending litigation, injunctive action or proceeding (including without limitation, bankruptcy proceeding) having the effect of prohibiting a draw on the Security Deposit letter of credit, plus two months, or (y) an additional one (1)-year period. In such event, Landlord may immediately draw down on the letter of credit, and hold the proceeds thereof as a cash security deposit or apply in accordance with the terms hereof. In the event that the letter of credit Security Deposit is lost or destroyed, Tenant shall upon request by the then current beneficiary, cause a replacement letter of credit to be issued (provided proper affidavit by the beneficiary is made regarding the loss or destruction of the letter of credit).

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

  • Letter of Credit Facility (i) Subject to the terms and conditions of this Agreement, the Issuing Lender agrees to issue letters of credit for the account of Borrowers (each, an “L/C”) or to purchase participations or execute indemnities, guarantees or reimbursement obligations (each such undertaking, an “L/C Undertaking”) with respect to letters of credit issued by an Underlying Issuer (as of the Closing Date, the prospective Underlying Issuer will be Wxxxx Fargo) for the account of Borrowers. To request the issuance of an L/C or an L/C Undertaking (or the amendment, renewal, or extension of an outstanding L/C or L/C Undertaking), the Borrower Representative, on behalf of the Borrowers, shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Lender) to the Issuing Lender and Collateral Agent (reasonably in advance of the requested date of issuance, amendment, renewal, or extension) a notice requesting the issuance of an L/C or L/C Undertaking, or identifying the L/C or L/C Undertaking to be amended, renewed, or extended, the date of issuance, amendment, renewal, or extension, the date on which such L/C or L/C Undertaking is to expire, the amount of such L/C or L/C Undertaking, the name and address of the beneficiary thereof (or of the Underlying Letter of Credit, as applicable), and such other information as shall be necessary to prepare, amend, renew, or extend such L/C or L/C Undertaking. If requested by the Issuing Lender, the Borrowers also shall be applicants under the application with respect to any Underlying Letter of Credit that is to be the subject of an L/C Undertaking. The Issuing Lender shall have no obligation to issue a Letter of Credit if any of the following would result after giving effect to the requested Letter of Credit:

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