Performance Letter of Credit Sample Clauses

Performance Letter of Credit. Any Letter of Credit issued to support contractual obligations for supply, service or construction contracts, including, but not limited to, bid, performance, advance payment, warranty, retention, availability and defects liability obligations. Permitted Liens. Liens permitted by §9.2.
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Performance Letter of Credit. A Letter of Credit which is not a Financial Letter of Credit.
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Performance Letter of Credit. (a) As security for Design-Builder’s warranty obligations during the Warranty Period, Design- Builder shall deliver, or cause to be delivered, to the City no later than Construction Completion, one or more irrevocable letters of credit (the “Performance Letter of Credit”) substantially in the form of Schedule 30 [Letter of Credit]. The Performance Letter of Credit shall be in an aggregate amount equal to thirty million dollars ($30,000,000) (the “Required Amount”). The Required Amount shall be reduced to an aggregate amount equal to $10 million dollars ($10,000,000) and the Performance Letter of Credit will be reduced accordingly after two years have passed from the Construction Completion Date. The City shall, upon receipt of a written request from Design-Builder, after two years have passed from the Construction Completion Date, provide written notice to Design-Builder and the institution issuing the Performance Letter of Credit to reduce the Performance Letter of Credit to such reduced Required Amount.
Sample 1
Performance Letter of Credit. (a) As security for Project Co’s warranty obligations during the Warranty Period following Construction Completion and for the successful completion of Infrastructure Performance Demonstration by the Infrastructure Performance Demonstration Longstop Date, Project Co shall deliver, or cause to be delivered, to the City no later than Construction Completion, one or more irrevocable letters of credit (the “Performance Letter of Credit”) substantially in the form of Schedule 30 [Letter of Credit]. The Performance Letter of Credit shall be in an aggregate amount equal to forty five million dollars ($45,000,000) (the “Required Amount”). Upon the issuance of the Certificate of Infrastructure Performance Demonstration Completion prior to: (i) the Infrastructure Performance Demonstration Longstop Date, and (ii) the expiry of all Warranty Periods, the Required Amount shall be reduced to an aggregate amount equal to thirty million dollars ($30,000,000) and the Performance Letter of Credit may be reduced accordingly.
Sample 1
Performance Letter of Credit. A Letter of Credit under which the event ---------------------------- which triggers payment is performance-related, such as failure to ship a product or provide a service, and not financial, such as the failure to pay money, as set forth in greater detail in the letter dated March 30, 1995 from the Board of Governors of the Federal Reserve System attached hereto as Exhibit J or in any applicable directive or letter ruling of the Board of Governors of the Federal Reserve System issued subsequent thereto.
Sample 1
Performance Letter of Credit. A Letter of Credit which is not a Financial Letter of Credit. Permitted Liens. See s. 8.2.
Sample 1
Performance Letter of Credit. At Financing/Construction Closing, Developer shall deliver to District an Acceptable Letter of Credit in the amount of One Hundred Thousand Dollars ($100,000) (the “Performance Letter of Credit”) to secure Developer’s performance of the obligations contained in the Construction and Use Covenant, whereupon the Project Deposit and the Acquisition Closing Letter of Credit shall be returned to Developer.‌
Sample 1
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Performance Letter of Credit. In addition to the Security Deposit, Lessee shall deliver to Lessor, on or before the Commencement Date, an additional amount to secure the performance of Lessee's obligations under the Lease, according to the following schedule for each Lease year (the "Additional Security"): Lease Year Amount 1 $ 180,000.00 2 $ 144,000.00 3 $ 108,000.00 4 $ 72,000.00 5 $ 36,000.00 The Additional Security may be in the form of cash or a letter of credit (the "Performance Letter of Credit"). If the Additional Security is in the form of the Performance Letter of Credit, the following terms and conditions shall apply: (a) such letter of credit shall be issued by a financial institution satisfactory to Lessor, and the Performance Letter of Credit shall otherwise be in form and substance satisfactory to Lessor, provided, without limiting the generality of the foregoing, payment under the Performance Letter of Credit shall be conditional only on Lessor's certification that a default has occurred under the Lease, including, without limitation, a failure of Lessee to deliver a replacement Performance Letter of Credit when required under this Section 5.1; (b) the term of the Performance Letter of Credit shall be twelve (12) months (the "Minimum Term") beginning on the Commencement Date, and Lessee shall, sixty (60) days prior to the expiration of the term of the relevant Performance Letter of Credit, replace the Performance Letter of Credit with a letter of credit meeting the requirements of this Section 5.1 that shall be for a term at least equal to the Minimum Term; and
Sample 1
Performance Letter of Credit. Within 30 days following the Effective Date, Contractor shall provide to Owner a Performance Letter of Credit (“Performance LOC”) substantially in the form of Exhibit U and in an amount equal to twenty percent (20%) of the Contract Price. The Performance LOC shall remain in full force and effect until Contractor has achieved Unit 2 Provisional Acceptance.
Sample 1

Related to Performance Letter of Credit

  • Letter of Credit In addition to the Security Deposit and as security hereunder, Tenant shall deliver to Landlord, concurrently with Tenant’s execution of this Lease, an irrevocable stand-by letter of credit in the amount of One Hundred Sixty Six Thousand Two Hundred Twenty-Nine Dollars ($166,229.00). Said letter of credit shall be in form and with the substance of Exhibit F attached hereto, and issued by Silicon Valley Bank or by another financial institution located in Orange County and which is acceptable to Landlord. The letter of credit shall either: (i) be issued with a fixed expiration date of December 31, 2005, or (ii) shall provide for automatic annual renewals through that date which is sixty (60) days after the Expiration Date of the Term of this Lease. In the event the letter of credit is issued with an annual renewal obligation and the letter of credit is not renewed by the issuing financial institution on or before twenty (20) days prior to the then-scheduled expiration date of the letter of credit, then Landlord shall have the right to draw the full amount of such letter of credit and to hold such amount as part of the Security Deposit pursuant to Section 4.3 of this Lease. Upon any default by Tenant, including specifically Tenant’s failure to pay rent or to abide by its obligations under Sections 7.1 and 15.3 below and Tenant’s failure to cure the same within any applicable cure period, Landlord shall be entitled to draw upon said letter of credit by the issuance of Landlord’s sole written demand to the issuing financial institution. Such draw shall be in an amount necessary to cure the default in question and to compensate Landlord for all damages incurred thereby, as determined by Landlord in its sole and absolute discretion, and if such amount cannot be readily determined by Landlord, then the full amount of the letter of credit can be drawn by Landlord pending determination of said amount. Notwithstanding the foregoing, while the amount of any such draw shall be determined in Landlord’s sole and absolute discretion as provided in the foregoing, if the amount of any such draw(s) shall ultimately exceed the amount of damages actually incurred by Landlord as the result of Tenant’s default (as determined pursuant to the applicable provisions of Article XIV of this Lease), then Landlord shall promptly refund any such excess to Tenant. Any such draw shall be without waiver or any rights Landlord may have under this Lease or at law or in equity as a result of the default, as a setoff for full or partial compensation for the default. If any portion of the letter of credit is drawn after a default by Tenant, Tenant shall within five (5) days after written demand by Landlord restore the letter of credit. Failure to so restore said letter of credit within said five (5) days shall be a default by Tenant under this Lease. Partial drawings upon said letter of credit shall be permitted. In the event that Tenant has not been in default under the Lease (beyond the expiration of any applicable cure period) at any time during the Term hereof, and provided further that Tenant has not at any time been more than five (5) days late more than once during the applicable previous twelve (12)-month period with respect to any payments of rent due under the Lease, then upon the written request of Tenant, Landlord shall authorize in writing consecutive reductions to the principal amount of the letter of credit in the amount of Thirty Three Thousand Two Hundred Forty-Six Dollars ($33,246.00) each upon the expiration of the twelfth (12th), twenty-fourth (24th), thirty-sixth (36th), and forty-eighth (48th) months of the Term.

  • Letter of Credit Payments If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

  • Security Deposit Letter of Credit (a) On or before the Consent Date, Sub-Subtenant shall deliver to Sub-Sublandlord a security deposit (the “Security Deposit”) in the amount of One Million, Five Hundred Thousand Dollars ($1,500,000) to assure the full and faithful performance by Sub-Subtenant of its obligations under this Sub-Sublease. The Security Deposit shall be in the form of an irrevocable stand-by letter of credit (the “Letter of Credit”) in the initial amount of One Million, Five Hundred Thousand Dollars ($1,500,000). If, at any time, all or any part of the Security Deposit is at any time in the form of cash (including any Deposited Funds as hereinafter defined and any amounts drawn under any Letter of Credit), Sub-Sublandlord agrees that such funds shall be the property of Sub-Subtenant, subject, however, to the right of the Sub-Sublandlord to hold, draw upon, use and/or apply such funds in accordance with this Sub-Sublease. If all or any portion of the Security Deposit is in the form of cash, Sub-Subtenant shall use its commercially reasonable efforts to cause a new or revised Letter or Letters of Credit to be issued within fifteen (15) days from any draw such that the full amount of the Security Deposit required hereunder is posted by Letter of Credit, but failure to cause such Letter(s) of Credit to be issued, after such efforts, shall not constitute a default under this Sub-Sublease. Any interest which shall accrue each year on the Security Deposit (if in the form of cash), shall not constitute a part of the Security Deposit, shall be the property of Sub-Subtenant and shall be paid to Sub-Subtenant annually on the last day of each year during the Sub-Sublease, and on termination of this Sub-Sublease, and until paid over to Sub-Subtenant, Sub-Sublandlord shall hold such interest in trust for the benefit of Sub-Subtenant. Except as provided below, the Security Deposit (whether temporarily in the form of cash or a Letter of Credit) shall be maintained in effect until the date (the “SD Expiration Date”) which is thirty (30) days after the expiration or termination this Sub-Sublease. The Security Deposit held by Sub-Sublandlord shall be returned to Sub-Subtenant on the date which is thirty (30) days after the expiration or termination of this Sub-Sublease, less any portion of the Security Deposit which Sub-Sublandlord has drawn upon and/or utilized in accordance with the provisions of Section 6. Notwithstanding anything to the contrary in this Section 6, Sub-Sublandlord shall accept a Letter of Credit from Xxxxx Fargo Bank substantially in the form of Exhibit D attached hereto.

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