Common use of Letter of Credit Provider Clause in Contracts

Letter of Credit Provider. The Series 1999-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Trustee of written notice from the Series 1999-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 1999-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented to the Series 1999-1 Letter of Credit Provider at the Series 1999-1 Letter of Credit Provider's Office. If the Series 1999-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 1999-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 1999-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 1999-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 1999-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 1999-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 1999-1 Letter of Credit Provider, payment under this Series 1999-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. Upon the earliest of (i) the date on which the Series 1999-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 1999-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 1999-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 1999-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 1999-1 Letter of Credit shall automatically terminate and you shall surrender this Series 1999-1 Letter of Credit to the undersigned Series 1999-1 Letter of Credit Provider on such day. This Series 1999-1 Letter of Credit is transferable only in its entirety to any transferee(s) who you certify to the Series 1999-1 Letter of Credit Provider has succeeded you, as Trustee under the Series 1999-1 Supplement, and may be successively transferred only in its entirety. Transfer of this Series 1999-1 Letter of Credit to such transferee shall be effected by the presentation to the Series 1999-1 Letter of Credit Provider of this Series 1999-1 Letter of Credit accompanied by a certificate in substantially the form of Annex F attached hereto. Upon such presentation the Series 1999-1 Letter of Credit Provider shall forthwith transfer this Series 1999-1 Letter of Credit to the transferee and endorse this Series 1999-1 Letter of Credit in favor

Appears in 1 contract

Samples: Enhancement Letter of Credit Application and Agreement (Dollar Thrifty Automotive Group Inc)

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Letter of Credit Provider. The Series 19991997-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Trustee of written notice from the Series 19991997-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 19991997-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented to the Series 19991997-1 Letter of Credit Provider at the Series 19991997-1 Letter of Credit Provider's Office. If the Series 19991997-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19991997-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19991997-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 19991997-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19991997-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19991997-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 19991997-1 Letter of Credit Provider, payment under this Series 19991997-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. The Series 1997-1 Letter of Credit Provider will make payments under this Series 1997-1 Letter of Credit out of its own funds. Upon the earliest of (i) the date on which the Series 19991997-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 19991997-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 19991997-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 19991997-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 19991997-1 Letter of Credit shall automatically terminate and you shall surrender this Series 19991997-1 Letter of Credit to the undersigned Series 19991997-1 Letter of Credit Provider on such day. This Series 1999-1 Letter of Credit is transferable only in its entirety to any transferee(s) who you certify to the Series 1999-1 Letter of Credit Provider has succeeded you, as Trustee under the Series 1999-1 Supplement, and may be successively transferred only in its entirety. Transfer of this Series 1999-1 Letter of Credit to such transferee shall be effected by the presentation to the Series 1999-1 Letter of Credit Provider of this Series 1999-1 Letter of Credit accompanied by a certificate in substantially the form of Annex F attached hereto. Upon such presentation the Series 1999-1 Letter of Credit Provider shall forthwith transfer this Series 1999-1 Letter of Credit to the transferee and endorse this Series 1999-1 Letter of Credit in favor.

Appears in 1 contract

Samples: Letter of Credit Agreement (Dollar Thrifty Automotive Group Inc)

Letter of Credit Provider. The Series 19992004-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Trustee of written notice from the Series 19992004-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 19992004-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented to the Series 19992004-1 Letter of Credit Provider at the Series 19992004-1 Letter of Credit Provider's Office. If the Series 19992004-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19992004-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19992004-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 19992004-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19992004-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19992004-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 19992004-1 Letter of Credit Provider, payment under this Series 19992004-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. Upon the earliest of (i) the date on which the Series 19992004-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 19992004-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 19992004-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 19992004-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 19992004-1 Letter of Credit shall automatically terminate and you shall surrender this Series 19992004-1 Letter of Credit to the undersigned Series 19992004-1 Letter of Credit Provider on such day. This Series 1999-1 Letter of Credit is transferable only in its entirety to any transferee(s) who you certify to the Series 1999-1 Letter of Credit Provider has succeeded you, as Trustee under the Series 1999-1 Supplement, and may be successively transferred only in its entirety. Transfer of this Series 1999-1 Letter of Credit to such transferee shall be effected by the presentation to the Series 1999-1 Letter of Credit Provider of this Series 1999-1 Letter of Credit accompanied by a certificate in substantially the form of Annex F attached hereto. Upon such presentation the Series 1999-1 Letter of Credit Provider shall forthwith transfer this Series 1999-1 Letter of Credit to the transferee and endorse this Series 1999-1 Letter of Credit in favor.

Appears in 1 contract

Samples: Enhancement Letter of Credit Application and Agreement (Dollar Thrifty Automotive Group Inc)

Letter of Credit Provider. The Series 19992002-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Trustee of written notice from the Series 19992002-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 19992002-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented to the Series 19992002-1 Letter of Credit Provider at the Series 19992002-1 Letter of Credit Provider's Office. If the Series 19992002-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19992002-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19992002-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 19992002-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 19992002-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 19992002-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 19992002-1 Letter of Credit Provider, payment under this Series 19992002-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. Upon the earliest of (i) the date on which the Series 19992002-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 19992002-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 19992002-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 19992002-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 19992002-1 Letter of Credit shall automatically terminate and you shall surrender this Series 19992002-1 Letter of Credit to the undersigned Series 19992002-1 Letter of Credit Provider on such day. This Series 1999-1 Letter of Credit is transferable only in its entirety to any transferee(s) who you certify to the Series 1999-1 Letter of Credit Provider has succeeded you, as Trustee under the Series 1999-1 Supplement, and may be successively transferred only in its entirety. Transfer of this Series 1999-1 Letter of Credit to such transferee shall be effected by the presentation to the Series 1999-1 Letter of Credit Provider of this Series 1999-1 Letter of Credit accompanied by a certificate in substantially the form of Annex F attached hereto. Upon such presentation the Series 1999-1 Letter of Credit Provider shall forthwith transfer this Series 1999-1 Letter of Credit to the transferee and endorse this Series 1999-1 Letter of Credit in favor.

Appears in 1 contract

Samples: Enhancement Letter of Credit Application and Agreement (Dollar Thrifty Automotive Group Inc)

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Letter of Credit Provider. The In the event that (i) the Series 19991997-1 Letter of Credit Amount Provider shall have notified Republic or RFC (and shall not have retracted such notification) that its compliance with any of its material obligations hereunder or under the Series 1997-1 Letter of Credit would be unlawful, (ii) the Series 1997-1 Letter of Credit Provider fails to extend its Series 1997-1 Letter of Credit Commitment pursuant to Section 2.1(c), (iii) any of the Lessees, RFC or Republic is required pursuant to Section 2.6 or 2.7 to make any payment to or on behalf of the Series 1997-1 Letter of Credit Provider (or would be so required on or prior to the next following date on which a payment hereunder (other than pursuant to Sections 2.6 and 2.7) is required to be made to or for the Series 1997-1 Letter of Credit Provider) or (iv) the Series 1997-1 Letter of Credit Provider shall have failed to fund any Series 1997-1 LOC Disbursement under the Series 1997-1 Letter of Credit, then Republic shall have the right, at its own expense, upon notice to the Series 1997-1 Letter of Credit Provider and the Enhancement Agent, to require the Series 1997-1 Letter of Credit Provider, and the Series 1997-1 Letter of Credit Provider hereby agrees, to transfer and assign without recourse all the interests, rights and obligations of the Series 1997-1 Letter of Credit Provider to an Eligible Credit Enhancer provided by Republic on behalf of the Lessees and RFC; provided, however, that (w) no such assignment shall conflict with any law, rule, regulation or order of any Governmental Authority, (x) such assignment shall be automatically increased upon receipt without recourse, representation and warranty and shall be on terms and conditions reasonably satisfactory to such replaced Series 1997-1 Letter of Credit Provider and such replacement Eligible Credit Enhancer, (y) the purchase price paid by (such replacement Eligible Credit Enhancer shall be in an amount equal to the aggregate amount of all Series 1997-1 LOC Disbursements and written acknowledgment all other amounts owed by the Series 1997-1 Support Letter of Credit Providers and the Series 1997-1 GM Support Letter of Credit Provider to such replaced Series 1997-1 Letter of Credit Provider under the Series 1997-1 Support Letters of Credit and the GM Series 1997-1 Support Agreement, as applicable, as of the date of such receipt byassignment, and (z) Republic or such Eligible Credit Enhancer, as the Trustee of written notice from the case may be, shall pay to such replaced Series 19991997-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 1999-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated same day funds on the date of its presentation, such assignment all sums specified in clause (y) and shall be presented interest accrued to the date of payment on the Series 19991997-1 LOC Disbursements made by such replaced Series 1997-1 Letter of Credit Provider at the hereunder and all other amounts accrued for such replaced Series 19991997-1 Letter of Credit Provider's Office. If the Series 1999-1 Letter of Credit Provider receives any Credit Demand account or Termination Demand at such office, all in strict conformity with the terms owed to it hereunder and conditions of this Series 1999-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 1999-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 1999-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 1999-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 1999-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 1999-1 Letter of Credit Provider, payment under this Series 1999-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. Upon the earliest of (i) the date on which the Series 1999-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 1999-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 1999-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 1999-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 1999-1 Letter of Credit shall automatically terminate and you shall surrender this Series 1999-1 Letter of Credit to the undersigned Series 1999-1 Letter of Credit Provider on such day. This Series 1999-1 Letter of Credit is transferable only in its entirety to any transferee(s) who you certify to the Series 1999-1 Letter of Credit Provider has succeeded you, as Trustee under the Series 19991997-1 SupplementSupport Reimbursement Agreement, including those amounts owed pursuant to Sections 2.6 and may be successively transferred only in its entirety. Transfer of this Series 1999-1 Letter of Credit to such transferee shall be effected by the presentation to the Series 1999-1 Letter of Credit Provider of this Series 1999-1 Letter of Credit accompanied by a certificate in substantially the form of Annex F attached hereto. Upon such presentation the Series 1999-1 Letter of Credit Provider shall forthwith transfer this Series 1999-1 Letter of Credit to the transferee and endorse this Series 1999-1 Letter of Credit in favor2.7.

Appears in 1 contract

Samples: Letter of Credit Agreement (Republic Industries Inc)

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