Qualifying Letter of Credit Sample Clauses

Qualifying Letter of Credit. PPL Montana shall have caused a Qualifying Letter of Credit to have been issued in favor of the Owner Lessor and the Owner Lessor shall have assigned such Qualifying Letter of Credit to the Lease Indenture Trustee.
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Qualifying Letter of Credit. (a) So long as the Certificates are outstanding, PPL Montana shall maintain for the benefit of the Owner Lessor a Qualifying Letter of Credit. Each Qualifying Letter of Credit shall (i) be issued in favor of the Owner Lessor by a Qualifying Letter of Credit Bank, (ii) have a drawing amount, as of the date of original issuance and as of each Rent Payment Date thereafter (after giving effect to the payment of Rent on such Rent Payment Date), equal to the greater of (x) the Rent scheduled to be paid on the next Rent Payment Date and (y) 50% of the Rent scheduled to be paid on the next two Rent Payment Dates, and (iii) have a stated expiration date not earlier than one year after the date of issuance of such Qualifying Letter of Credit.
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Qualifying Letter of Credit. A "Qualifying Letter of Credit" shall be in form and substance reasonably satisfactory to the Licensees and: (A) shall be an unconditional stand-by letter of credit issued by a bank organized under the laws of the United States or a State thereof, having capital, surplus and undivided profits of not less than $25,000,000,000, that is a member of the Federal Deposit Insurance Corporation and that has an issuer rating from Xxxxx'x Investors Service of A2 or better (a "Qualifying Bank"), (B) shall be in an amount equal to the net present value of the remaining EBS Economic Royalties for the balance of the period to December 31, 2016, discounted at 10% annually and recalculated on an annual basis on January 1st of each year in such period, and (C) shall be in form and substance reasonably acceptable to Licensee.
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Qualifying Letter of Credit. 27 SECTION 7.10. INFORMATION CONCERNING CLOVER UNIT 2.................................. 27 SECTION 7.11.
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Qualifying Letter of Credit. Old Dominion shall be permitted, from time to time, to replace any Qualifying Letter of Credit issued pursuant to Section 7.6 or 7.8 or this Section 7.9 with a replacement Qualifying Letter of Credit or a Qualifying Surety Bond satisfying the terms of the second sentence of this Section 7.9 as long as there shall be no interruption in the coverage provided by the Qualifying Letter of Credit or Qualifying Surety Bond in consequence of such optional replacement; PROVIDED that Old Dominion delivers
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Qualifying Letter of Credit. 33 Section 6.6. Limitation on Activities......................................................... 34 Section 6.7. Limitation on Transactions with Affiliates....................................... 34 Section 6.8. Designation of Core Subsidiaries and Additional Subsidiaries..................... 34 Section 6.9. Restrictions on Guarantees....................................................... 35 Section 6.10. Maintenance of Tax Status........................................................ 36 Section 6.11. Insurance........................................................................ 36 Section 6.12. Notice of Payment of Supplemental Lease Rent..................................... 36 SECTION 7. POST LEASE DEBT FINANCIAL COVENANTS OF PPL MONTANA...................................... 36 Section 7.1. Incurrence of Indebtedness After Payment of Lease Debt........................... 37 Section 7.2. Restricted Payments.............................................................. 38 SECTION 8. COVENANTS OF THE TRUST COMPANY, THE LESSOR MANAGER AND THE OWNER LESSOR................. 38 Section 8.1. Compliance with the LLC Agreement................................................ 38 Section 8.2. Owner Lessor's Liens............................................................. 38
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Qualifying Letter of Credit. If at any time during the Term of the Equipment Operating Lease or the Foundation Operating Lease Old Dominion’s Bonds are either (a) rated below the Minimum Credit Rating
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Qualifying Letter of Credit. Oglethorpe shall be permitted, from time to time, to replace any Qualifying Head Lease Surety Bond, Qualifying Sublease Surety Bond or Qualifying Letter of Credit issued when required by Section 8.5 or 8.6 or this Section 8.7 with a replacement Qualifying Letter of Credit meeting the criteria of Section 8.5 or Section 8.6, as the case may be satisfying the terms of the second sentence of this Section 8.7, provided that, if such Qualifying Letter of Credit shall be maintained pursuant to Section 8.6, a valid and perfected first priority security interest in favor of the Facility Lessor and the Owner Participant in such Qualifying Sublease Surety Bond and the proceeds thereof or the proceeds of such Qualifying Letter of Credit, shall be provided by RMLC; provided, further, that (x) Oglethorpe delivers a favorable opinion of counsel (such counsel and the form and substance of such opinion to be reasonably satisfactory to RMLC and the Owner Participant) regarding the validity and enforceability of such replacement Qualifying Letter of Credit and such other customary matters as the Owner Participant may reasonably request and (y) RMLC delivers a favorable opinion of counsel (such counsel and the form and substance of such opinion to be reasonably satisfactory to the Owner Participant) regarding the existence of such valid and perfected security interest in favor of the Facility Lessor and the Owner Participant. If a Qualifying Letter of Credit issued pursuant to Section 8.5 or 8.6 or this Section 8.7 shall have an expiry date prior to the Expiration Date, Oglethorpe shall extend such Qualifying Letter of Credit no less than 60 days prior to its expiry date or replace such Qualifying Letter of Credit no less than 60 days prior to such expiry date with a (i) replacement Qualifying Letter of Credit having a maximum drawing amount from time to time equal to the maximum drawing amounts under the Qualifying Letter of Credit being replaced, (ii) a Qualifying Head Lease Surety Bond or a Qualifying Sublease Surety Bond, meeting the requirements of Sections 8.5 and 8.6 hereof as the case may be, having a maximum amount from time to time payable equal to the maximum drawing amount under the Qualifying Letter of Credit being replaced, (iii) other credit enhancement acceptable to the Owner Participant and RMLC in their sole discretion or (iv) a combination of (i), (ii) and (iii).
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Qualifying Letter of Credit. If at any time during the Term of the Equipment Operating Lease or the Foundation Operating Lease Old Dominion's Bonds are not rated (i) at least A- by S&P and A3 by Moody's or (ii) at least A by X&X xxx Baa1 by Moody's and, in the case of thxx xxxxse (ii), if rated A by S&P then S&P has not, and if rated Baa1 by Moody's then Moody's has not, xxxx xny publxx xxxouncement that any such organization has the rating of the Old Dominion's Bonds under surveillance or review with negative implications (such credit ratings under clause (i) or (ii) above are herein called the "Minimum Credit Ratings"), Old Dominion shall, within 90 days of the date on which the Old Dominion's Bonds are rated below the Minimum Credit Ratings, obtain for the benefit of the Owner Participant a Qualifying Letter of Credit. If at any time subsequent to such date, Old Dominion's Bonds satisfy the criteria in either clause (i) or (ii) of the preceding sentence, Old Dominion shall not be required to maintain a Qualifying Letter of Credit in accordance with this Section 7.7. If, at any time Old Dominion is required to maintain a Qualifying Letter of Credit pursuant to this Section 7.7, the bank issuing such Qualifying Letter of Credit shall cease to be a Qualifying Letter of Credit Bank, Old Dominion shall, within 90 days of the earlier of (i) having Actual Knowledge of such fact or (ii) receiving notice from the Owner Participant of such fact, replace such letter of credit with a Qualifying Letter of Credit.
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Related to Qualifying Letter of Credit

  • Letter of Credit Facility Subject to the terms hereof, Issuing Lender will, from time to time and for its own account and not on behalf of the Lenders, upon request by Borrower, issue one or more Letters of Credit for the account of Borrower, provided that (i) the aggregate face amount of such Letters of Credit (including the amount of the requested Letter of Credit but exclusive of the SBID Letter of Credit) does not exceed $500,000, and (ii) each Letter of Credit shall have an expiration date no later than one year from issuance or the Maturity Date. If the requested Letter of Credit will be an extension of the SBID Letter of Credit, such SBID Letter of Credit shall not be in an amount greater than the lesser of (i) $1,105,743.00 or (ii) the Borrowing Base minus the aggregate principal amount of all Revolving Loans. As an additional condition to the issuance of any Letter of Credit, Borrower shall execute and deliver Issuing Lender's customary Letter of Credit application and shall pay to Issuing Lender for its account only a Letter of Credit fee, payable quarterly in advance, beginning with the date of issuance and each January 1, April 1, July 1 and October 1 thereafter, in an amount equal to the greater of (i) $500.00 or (ii) one and one-quarter percent (1.25%) per annum (pro-rated for periods of less than one year) of the unfunded face amount thereof. Such Letter of Credit shall be issued in form satisfactory to Issuing Lender. The amount, if any, from time to time drawn by the beneficiary of a Letter of Credit shall be reimbursed and paid by Borrower to Issuing Lender ON DEMAND, or, at Issuing Lender's option, charged as a Revolving Loan to Borrower pursuant to SECTION 2.1(a), whether or not Borrower would then be entitled to an Advance for such amount pursuant to SECTION 2.1(a); Lenders are authorized to make any such Loan on the request of Issuing Lender; provided, however, if such Loan would cause the aggregate amount of the Loans then outstanding (including the Loan to be made with respect to the reimbursement of the Letter of Credit) to exceed the Borrowing Base, the amount of such Loan equal to such excess shall be made solely by the Lender who is also the Issuing Lender. The reimbursement obligations and all other obligations of Borrower to Issuing Lender with respect to all Letters of Credit shall be secured by Liens in the Collateral that rank PARI PASSU with the Liens of the Lenders in the Collateral; accordingly each Dollar realized on the Collateral and the proceeds thereof shall be shared by the Lenders, on the one hand, and the Issuing Lender, on the other hand, in the proportion that the Obligations (determined without inclusion of any Letter of Credit Exposure) and the Letter of Credit Exposure bears to one another; provided, however, in determining the Letter of Credit Exposure of the Issuing Lender, all Letter of Credit Exposure, contingent or otherwise, shall be included in any calculation; provided, further, that if the Issuing Lender receives any proceeds of Collateral on account of any Letter of Credit which, at the time of receipt of the proceeds, may still be drawn upon and which thereafter expires without being drawn upon, then such proceeds shall be reallocated among the Lenders and the Issuing Lender on the basis of a new determination of Obligations and Letter of Credit Exposure. Prior to such reallocation or the application of such proceeds to unpaid reimbursement obligations of Borrower to Issuing Lender, Issuing Lender shall hold such proceeds in an interest bearing cash collateral account (the "CASH COLLATERAL ACCOUNT") which shall be in the name of and under the sole dominion and control of Issuing Lender for the benefit of itself and Lenders pursuant to the terms hererof. Borrower agrees to execute and deliver to Issuing Lender such documentation with respect to the Cash Collateral Account as Issuing Lender may request and hereby pledges and grants to Issuing Lender, for the benefit of Issuing Lender and Lenders, a security interest in all such proceeds and funds held in the Cash Collateral Account from time to time and all interest thereon, claims and choses in action in respect thereof, and the proceeds thereof, as additional security for the payment of all amounts due in respect of the Letter of Credit Exposure, whether or not then due, and all other Obligations.

  • The Letter of Credit Facility (a) On the terms and conditions set forth herein (i) the Issuing Bank agrees, in reliance upon the agreements of the other Lenders set forth in this SECTION 3.01, (A) from time to time on any Business Day during the period from the Execution Date to the Termination Date to issue Letters of Credit for the account of the Company, and to amend or renew Letters of Credit previously issued by it, in accordance with SUBSECTIONS 3.02(c) and 3.02(e), and (B) to honor drafts under the Letters of Credit; and (ii) the Lenders severally agree to participate in Letters of Credit Issued for the account of the Company; provided, that the Issuing Bank shall not be obligated to Issue, and no Lender shall be obligated to participate in, any Letter of Credit if, as of the date of Issuance of such Letter of Credit (the "ISSUANCE DATE"), after giving effect to such Issuance, (1) the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans would exceed the lesser of (x) the combined Commitments and (y) the Borrowing Base, or (2) the Effective Amount of the L/C Obligations would exceed the L/C Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.

  • Supporting Letter of Credit; Cash Collateral If, notwithstanding the provisions of this Section 2.18 and any other provision of this Agreement, any Letter of Credit is outstanding upon the termination of this Agreement, then upon such termination the Borrowers shall deposit with the Agent, for the ratable benefit of the Agent and the Lenders, with respect to each Letter of Credit then outstanding, as the Majority Lenders, in their discretion, shall specify, either (A) a standby letter of credit (a “Supporting Letter of Credit”) in form and substance satisfactory to the Agent, issued by an issuer satisfactory to the Agent in an amount equal to the greatest amount for which such Letter of Credit may be drawn plus any fees and expenses associated with such Letter of Credit, under which Supporting Letter of Credit the Agent is entitled to draw amounts necessary to reimburse the Agent and the Lenders for payments made by the Agent and the Lenders under such Letter of Credit or under any credit support or enhancement provided through the Agent with respect thereto and any fees and expenses associated with such Letter of Credit or credit support, or (B) cash in amounts necessary to reimburse the Agent and the Lenders for payments made by the Agent or the Lenders under such Letter of Credit or under any credit support or enhancement provided through the Agent and any fees and expenses associated with such Letter of Credit or credit support. Such Supporting Letter of Credit or deposit of cash shall be held by the Agent, for the ratable benefit of the Agent and the Lenders, as security for, and to provide for the payment of, the aggregate undrawn amount of such Letters of Credit or such credit support remaining outstanding. At Agent’s or Letter of Credit Issuer’s request, Borrowers shall cash collateralize in a manner satisfactory to Agent the Fronting Exposure of any Defaulting Lender.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Letter of Credit Upon execution of this Lease, Tenant shall deliver to Landlord a clean, irrevocable letter of credit (the “Letter of Credit”) established in Landlord’s (and its successors’ and assigns’) favor in the Letter of Credit Amount, issued by a federally insured banking or lending institution (i.e., insured by the FDIC) with a retail banking branch located within the continental United States reasonably acceptable to Landlord and in other form and substance reasonably acceptable to Landlord. The Letter of Credit shall specifically provide for partial draws, shall be self-renewing annually as an “Evergreen” letter of credit, without amendment, for additional one-year periods, shall have a term that is self-renewing until sixty (60) days after the expiration of the Term of the Lease and shall by its terms be transferable by the beneficiary thereunder for a transfer fee not to exceed $250.00 payable by Tenant. If Tenant fails to make any payment of rent or other charges due to Landlord under the terms of the Lease, or otherwise defaults hereunder, beyond any applicable notice and cure period, Landlord, at Landlord’s option, may make a demand for payment under the Letter of Credit in an amount equal to the amounts then due and owing to Landlord under the Lease. In the event that Landlord draws upon the Letter of Credit, Tenant shall present to Landlord a replacement Letter of Credit in the full Letter of Credit Amount satisfying all of the terms and conditions of this Section within ten (10) days after receipt of notice from Landlord of such draw. Tenant’s failure to do so within such 10-day period will constitute a default hereunder (Tenant hereby waiving any additional notice and grace or cure period), and upon such default Landlord shall be entitled to immediately exercise all rights and remedies available to it hereunder, at law or in equity. In the event that the Letter of Credit is terminated by the issuer thereof prior to the date that is sixty (60) days after the expiration date of this Lease, as set forth above, and Tenant has not presented to Landlord a replacement Letter of Credit which complies with the terms and conditions of the Lease on or before thirty (30) days prior to the expiration date of any such Letter of Credit then held by Landlord, then Tenant shall be deemed in default hereunder and Landlord, in addition to all other rights and remedies provided for hereunder, shall have the right to draw upon the Letter of Credit then held by Landlord and any such amount paid to Landlord by the issuer of the Letter of Credit shall be held in a segregated account by Landlord as security for the performance of Tenant’s obligations hereunder. Any interest earned on such amounts shall be the property of Landlord. Landlord’s election to draw under the Letter of Credit and to hold the proceeds of the drawing under the Letter of Credit in a segregated account shall not be deemed a cure of any default by Tenant hereunder and shall not relieve Tenant from its obligation to present to Landlord a replacement Letter of Credit which complies with the terms and conditions of this Lease. Tenant acknowledges that any proceeds of a draw made under the Letter of Credit and thereafter held in a segregated account by Landlord may be used by Landlord to cure or satisfy any obligation of Tenant hereunder as if such proceeds were instead proceeds of a draw made under a Letter of Credit that remained outstanding and in full force and effect at the time such amounts are applied by Landlord to cure or satisfy any such obligation of Tenant. Tenant hereby affirmatively disclaims any interest Tenant has, may have, claims to have, or may claim to have in any proceeds drawn by Landlord under the Letter of Credit and held in accordance with the terms hereof. Without limiting the generality of the foregoing, Tenant expressly acknowledges and agrees that at the end of the Term of the Lease (whether by expiration or earlier termination hereof), and if Tenant is not then in default under this Lease, Landlord shall return to the issuer of the Letter of Credit or its successor (or as such issuer may direct in writing) any remaining and unapplied proceeds of any prior draws made under the Letter of Credit, and Tenant shall have no rights, residual or otherwise, in or to such proceeds. In addition to the foregoing, Landlord will have the right to require Tenant to have a new Letter of Credit issued in accordance with the above requirements from a different Issuer if either the original Issuer is placed on an FDIC “watch list”, if the FDIC or similar state or federal banking regulatory agency is appointed as receiver or conservator for such Issuer or if Landlord analyzes such Issuer’s capitalization, asset quality, earnings, and/or liquidity and in Landlord’s sole and absolute discretion, disapproves of such Issuer’s financial wherewithal and ability to remain as the issuer of the Letter of Credit. Such new Letter of Credit must comply with the foregoing requirements and must be issued within thirty (30) days of Landlord’s demand therefor. Provided Tenant is not then in default (regardless of any notice and cure periods) and has not been in default under this Lease beyond any applicable notice and cure periods during the prior twelve (12) months, the Letter of Credit Amount shall reduce during the Term of this Lease on the first date of the respective Lease Year as set forth below: Date of Reduction Amount of Reduction of Letter of Credit Remaining Letter of Credit Amount after Reduction First day of the 2nd Lease Year of the Term $ 13,148.44 $ 52,593.76 First day of the 3rd Lease Year of the Term $ 13,148.44 $ 39,445.32 First day of the 4th Lease Year of the Term $ 13,148.44 $ 26,296.88 First day of the 5th Lease Year of the Term $ 13,148.44 $ 13,148.44 Should Tenant be in default (regardless of any notice and cure periods) as of the specified reduction date, or if Tenant otherwise has been in default as specified above beyond any applicable notice and/or cure periods, no reduction shall occur as of such applicable date. The Letter of Credit shall specifically provide that the Letter of Credit is subject to reduction in accordance with the terms of the Lease. If Tenant is then or has been in default and the Letter of Credit balance is not or was not reduced, then at the first date of the next scheduled reduction Lease Year, the Letter of Credit Amount will only be reduced by the next scheduled reduction amount and will not skip to the otherwise applicable Lease Year.

  • Letter of Credit Draws The Servicer shall take all steps necessary to make draws under any Letter of Credit in accordance with the provisions thereof. The Servicer shall notify the Master Servicer promptly in writing if the Pledge Holder does not renew a Letter of Credit. Upon receipt of any amounts as a result of a draw on a Letter of Credit because of the nonrenewal of such Letter of Credit, the Servicer shall deposit such amounts in the appropriate Custodial P&I Account and such amount shall be treated as a prepayment of principal. Upon receipt of any amounts as a result of a draw on a Letter of Credit for a reason other than the nonrenewal of such Letter of Credit, the Servicer shall deposit such amounts in the appropriate Custodial P&I Account for application in accordance with the provisions of the applicable Administration Disclosure.

  • Outstanding Letters of Credit On the effective date of such increase, each Increasing Lender and each New Lender (i) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

  • Letter of Credit Request See §2.10(a).

  • Letter of Credit Draw If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

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