Maintenance of Letter of Credit. The failure of Concessionaire to maintain and/or replenish the letter of credit required pursuant to Article 8 of this Agreement if not cured within ten (10) days after written notice of such failure.
Maintenance of Letter of Credit. Each time you shall draw ------------------------------- on the Letter of Credit, you shall provide the Company with a copy of such draft and the accompanying statement referred to above. The Company shall maintain the Letter of Credit in effect for a period of two (2) years from the date on which it shall be issued; provided, however, that if during any two (2) month period any event shall occur which, pursuant to this Section 6, would have required the Company to establish a Letter of Credit had none then existed, then the Company shall maintain the Letter of Credit in effect for a period of two (2) years following such event unless further extended pursuant to this Section. During the period in which a Letter of Credit is required to be maintained, the Company shall, at six-month intervals commencing with the date the Letter of Credit shall be established, calculate the amount which would be payable to you pursuant to Section 4 hereof as if you were immediately entitled to payment pursuant thereto. If the amount so calculated, plus $100,000, shall exceed the amount available to be drawn upon under the Letter of Credit then in effect, the Company shall promptly (and in no event later than seven (7) days thereafter) cause the amount payable under the Letter of Credit to be increased by the amount of such excess.
Maintenance of Letter of Credit. At all times prior to termination of the Loan Instruments and satisfaction in full of all of the Obligations, upon and after expiration of any Bond Letter of Credit, Borrower shall maintain a replacement letter of credit, in form and substance satisfactory to Agent and Institutional Agent, that satisfies all requirements of the Bond Documents for a letter of credit enhancement for the bonds issued thereunder. 167
Maintenance of Letter of Credit. The Company may not take any action, or omit to take -any action which results in the cancellation of the Letter of Credit prior to its Stated Expiration Date without first obtaining a Substitute Letter of Credit, except as provided in the Indenture with respect to the conversion of the Bonds to a Fixed Rate Mode so long as following such conversion, the Bonds have an Investment Grade Rating. The Company may not reduce the amount of the Letter of Credit or amend the Letter of Credit, except pursuant to its terms.
Maintenance of Letter of Credit. If requested by UPR, UPFUELS shall maintain the Letter of Credit at all times during the term of this Agreement, and shall give UPR not less than 60 Days' written notice prior to the expiration of any Letter of Credit. UPFUELS' failure to maintain the Letter of Credit in the amounts and on the terms required hereunder, or to provide UPR with any other credit enhancement required hereunder, shall be a UPFUELS Credit Default, and shall entitle UPR to exercise the remedies set forth hereunder, including but not limited to suspension of performance hereunder and the termination of this Agreement.
Maintenance of Letter of Credit. DETM shall maintain the Letter of Credit at all times during the term of this Agreement, and shall give UPR not less than sixty (60) Days' written notice by registered mail prior to the expiration of any Letter of Credit. DETM's failure to maintain the Letter of Credit in the amounts and on the terms required hereunder, or to provide UPR with any other credit enhancement required hereunder, shall be a DETM Credit Default, and shall entitle UPR to exercise the remedies set forth in Article XI, including but not limited to suspension of performance hereunder and the termination of this Agreement.
Maintenance of Letter of Credit. Tenant shall, at its sole expense: (a) keep the Letter of Credit in place for as long as a Security Deposit is required under the terms of this Lease; and (b) cause the Letter of Credit to be amended, replaced, or re-issued in substantially the same form if: (i) Landlord changes its notice address; (ii) Landlord collaterally assigns the Letter of Credit to the Landlord's Lender or transfers the Letter of Credit to a Successor; (iii) the original Letter of Credit is lost, stolen, mutilated, or destroyed; and (iv) each time, if ever, the Credit Amount changes.
Maintenance of Letter of Credit. Transferor hereby agrees that the $17,400,000 of letters of credit issued to Transferor by Columbus Bank and Trust Company to satisfy the reserve requirement under the Xxxxxxx Mac loss sharing program under the Agency Contract with Xxxxxxx Mac (the “Letters of Credit”) will remain in full force and effect until the earlier of (a) the one year anniversary of the Closing Date) and (b) such time as Acquiror establishes a reserve account to satisfy the Xxxxxxx Mac reserve requirement for such loss sharing program; provided, however, that if the Letters of Credit are terminated prior to the one year anniversary of the Closing Date, then Transferor will, and will cause its Affiliates to, permit Acquiror to use the property of Transferor or its Affiliates that secures the Letters of Credit (the “Letter of Credit Collateral”) as security for a new letter of credit obtained by the Acquiror until the one year anniversary of the Closing Date. Transferor and its Affiliates that own Letter of Credit Collateral shall, as of the Closing, grant a security interest in the Letter of Credit Collateral to Acquiror, subordinate to the security interest of Columbus Bank and Trust Company, as security for the obligation of Transferor and its Affiliates to make such Letter of Credit Collateral available to Acquiror to secure a new letter of credit until the earlier of (a) and (b) above, and the Transferor and its Affiliates shall enter into at the Closing a Security Agreement in a form reasonably satisfactory both to the Transferor and to Acquiror granting that security interest. The Acquiror will be responsible for any interest and other fees due and payable on such Letters of Credit from and after the Closing, which are listed in Schedule 8.08, until the earlier of (a) and (b) above. In accordance with Section 4.6 of the LLC Agreement (for no consideration other than satisfaction of the requirements set forth in this Section 8.08), automatic redemption of the number of Series B Preferred Units that have a cumulative Liquidation Preference (as defined in the LLC Agreement) equal to Two Million Dollars ($2,000,000) will occur upon the termination of the Letters of Credit and release of the Lien on the Letter of Credit Collateral securing the reimbursement obligation relating to the Letters of Credit (or any new letter of credit that is secured by the Letter of Credit Collateral as permitted by this Section). Transferor and Acquiror agree to treat the redemption of the Series B Pr...
Maintenance of Letter of Credit. Tenant will cause the Letter of Credit to remain in full force and effect during the entire Term and thereafter until the earlier of the date Landlord acknowledges Tenant has completed all restoration obligations under the lease or 60 days after expiration or earlier termination of the Lease. The specific requirements for the Letter of Credit and the rights of Landlord to make draws thereon will be as set forth in this Section 6. Subject to this Section 6, but anything else in this Lease to the contrary notwithstanding, all of Tenant's rights and all of Landlord's obligations under this Lease are strictly contingent on Tenant's causing the Letter of Credit to remain in full force and effect during the entire Term.
Maintenance of Letter of Credit. (a) Contemporaneously with the delivery of this Indenture, the Company has obtained the Initial Letter of Credit from the Initial Bank, and has caused it to be issued to the Letter of Credit Custodian. The Company is required to maintain a Letter of Credit meeting the requirements of subsection (b) below throughout the Letter of Credit Period.
(b) Each Letter of Credit shall be a letter of credit, the terms of which shall in all material respects be the same as the Initial Letter of Credit, representing the obligation of the provider thereof to pay to the Trustee amounts necessary to pay the principal of, interest on, and Purchase Price of the Bonds. Each Letter of Credit must be in an amount at least equal to the aggregate principal amount of Bonds then Outstanding, plus 51 days' interest thereon calculated at the Maximum Rate if the Bonds are in the Variable Rate Mode (or such lesser or greater amount as is necessary to maintain the rating on the Bonds in connection with a change in the Interest Rate Determination Method) plus Discharge Expenses, or plus 210 days' interest thereon if the Bonds are in the Fixed Rate Mode plus Discharge Expenses. In order for a letter of credit to qualify as a Letter of Credit hereunder, the Company shall deliver to the Tender Agent and the Trustee (a) a copy of the related Reimbursement Agreement pursuant to which the Bank is issuing the Letter of Credit, and (b) an Opinion of Counsel stating that such proposed Letter of Credit qualifies as a Letter of Credit under this Indenture and complies with the terms hereof.
(c) The Company may not take any action, or omit to take any action which results in the cancellation of a Letter of Credit prior to its Stated Expiration Date without first obtaining a Substitute Letter of Credit, except in connection with a Conversion Date. The Company may not reduce the amount of the Letter of Credit to an amount less than the aggregate principal amount of Outstanding Bonds, plus the interest coverage described in subsection (b) above.
