Release of Letter of Credit. The Financing Letter of Credit must be maintained in effect by the Contractor until either of the following events has occurred:
Release of Letter of Credit. On or prior to Closing, Buyer shall replace or otherwise cause the Letter of Credit to be terminated and released and shall cause Seller to be fully released from all liabilities and obligations with respect thereto.
Release of Letter of Credit. Notwithstanding the foregoing, in the event that (i) Tenant shall provide Landlord with quarterly statements as required to be filed with the Securities and Exchange Commission ("SEC") which show that Tenant's most recent quarter of net income as established by generally accepted accounting principles excluding non-cash goodwill amortization and in-process research and development is greater than zero (the "Qualifying Quarterly Statement"), (ii) Tenant's most recent month-end Market Cap is greater than [*]; and (iii) Tenant, as of the date of each such reduction, is not in a state of monetary default under this Lease beyond the expiration of any applicable notice and cure periods, Tenant shall have the right to reduce the Letter of Credit as follows: (A) if the requirements of clauses (i) through (iii) above have been met, then, as to the next following [*] of the Lease Term, then Tenant shall have the right to reduce the Letter of Credit to One Million Two Hundred Thousand Dollars ($1,200,000) (the "First Reduction"); (B) after the First Reduction, if the requirements of clauses (i) through (iv) above have been met, then, as to the next following [*] of the Lease Term, then Tenant shall have the right to further reduce the Letter of Credit to Nine Hundred Thousand Dollars ($900,000) (the "Second Reduction"); and (C) after the Second Reduction, if the requirements of clauses (i) through (iv) above have been met, then, as to the next following [*] of the Lease Term, then Tenant shall have the right to further reduce the Letter of Credit to Six Hundred Thousand Dollars ($600,000) (the "Third Reduction"); and (C) following the Third Reduction, if the requirements of clauses (i) through (iv) above have been met, then, as to the next following [*] of the Lease Term, then Tenant shall have the right to further reduce the Letter of Credit to Five Hundred Thousand Dollars ($500,000) which will represent the base amount of the Letter of Credit. If the conditions which would qualify the reductions are not met with respect to the applicable [*], and are met in the subsequent [*] * Portions redacted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission.
Release of Letter of Credit. Provided there is no default or condition which but for the furnishing of notice or the passage of time would constitute a default under this Lease, Landlord shall release its rights in the Letter of Credit and surrender the Letter of Credit to the Issuer within sixty (60) days following the expiration or earlier termination of the Lease.
Release of Letter of Credit. Subject to satisfaction (or waiver) of the conditions to the Closing, as set forth in Sections 6 and 7 below, on the Closing Date the Trustee will deliver to Wxxxx Fargo Bank (“WFB”) the original copy of that certain letter of credit issued by WFB for the benefit of the Trustee (the “Letter of Credit”) and a letter from the Trustee in the form attached hereto as Exhibit D-1, requesting the early cancellation of the Letter of Credit, and the Company shall instruct WFB (the “WFB Instructions”) to immediately release cash in the amount of $549,117.33 in account number 10000000 in the name of the Company with WFB (the “Account”), which as of the date hereof holds an aggregate amount of approximately $597,000 (the “Letter of Credit Collateral”), to the Trustee who shall then (i) wire $514,117.33 of such funds to the Investors in accordance with the wire instructions set forth on Exhibit D-2, which amount to be wired to the Investor shall equal the Cash Interest Prepayment Amount set forth opposite the Investor’s name in column (3) of the Schedule of Investors; and (ii) apply the remaining $35,000.00 to the outstanding fees and expenses of The Bank of New York. On the Closing Date, the approximately $48,000 thereafter remaining under the Letter of Credit Collateral shall be distributed by WFB in accordance with the WFB Instructions and the Account shall be closed. Effective as of the Closing Date, the Investor hereby (i) authorizes the Trustee to request the early cancellation of the Letter of Credit and (ii) consents to the release of the Letter of Credit Collateral in accordance with this Section 1(g).
Release of Letter of Credit. Upon full execution and delivery of this First Amendment, Landlord shall return to Tenant that certain Letter of Credit issued by Comerica Bank in favor of Landlord (as beneficiary) in the amount of Two Hundred Sixteen Thousand Three Hundred Thirty-Eight and 88/100 Dollars ($216,338.88).
Release of Letter of Credit. The Company may at any time during a Daily Rate Mode or a Weekly Rate Mode or, subject to the limitations described below, during a CP Rate Mode or Adjustable Rate Mode, direct the Trustee to release an existing Letter of Credit and surrender such Letter of Credit to the Bank without substituting an Alternate Credit Facility therefor. If the bonds are then in the CP Rate Mode or Adjustable Rate Mode, the Company may direct such a release only on any date on which al Bonds may be optionally redeemed pursuant to this Indenture. In connection with any such release of the Letter of Credit, the Bonds shall be subject to mandatory tender; provided, however, that if the Bonds are then in the CP Rate Mode or the Adjustable Rate Mode, the mandatory tender price payable upon the mandatory tender of Bonds as a result of the release of the existing Letter of Credit shall include a premium equal to the redemption premium, if any, at the payable pursuant to the optional redemption provisions of the Indenture. After such mandatory tender and, subject to the limitations set forth above, the Trustee shall release the Letter of Credit and surrender it to the Bank. The Company shall notify the Trustee of its intention to release the existing Letter of Credit at least 25 days prior to the date of such release. Upon receipt of such notice, the Trustee shall promptly mail a notice of the anticipated release of the existing Letter of Credit by first-class mail to the Issuer, the Remarketing Agent and each Bondholder.
Release of Letter of Credit. The Company may at any time during a Daily Rate Mode or a Weekly Rate Mode or, subject to the limitations described below, during a CP Rate Mode or Adjustable Rate Mode, direct the Trustee to release an existing Letter of Credit and surrender such Letter of Credit to the Bank without substituting an Alternate Credit Facility therefor. If the Bonds are then in the CP Rate Mode or Adjustable Rate Mode, the Company may direct such a release only on a date on which all Bonds may be optionally redeemed pursuant to this Indenture. Upon any such direction, subject to the limitations set forth above, the Trustee shall release the Letter of Credit and surrender it to the Bank. Upon such release, the Bonds shall be subject to mandatory tender and, if the Bonds are then in the CP Rate Mode or the Adjustable Rate Mode, the mandatory tender price payable upon the mandatory tender of Bonds as a result of the release of the existing Letter of Credit shall include a premium equal to the redemption premium, if any, at the time payable pursuant to the optional redemption provisions of the Indenture. The Company shall notify the Trustee of its intention to release the existing Letter of Credit at least 25 days prior to the date of such release. Upon receipt of such notice, the Trustee shall promptly mail a notice of the anticipated release of the existing Letter of Credit by first class mail to the Issuer and the Remarketing Agent and shall mail notice to each Bondholder. Such notice shall specify that the Letter of Credit will not be replaced by any Alternate Credit Facility and, as a result thereof, the Bonds will be subject to mandatory tender on the 2nd Business Day prior to the date of such release.
Release of Letter of Credit. General Contractor shall release the letter of credit required under Section 9.1.1 upon the occurrence of any of the following events: (i) issuance of the Certificate of Final Completion: (ii) termination by the General Contractor pursuant to Section 15.3 of this Agreement; or (iii) within ten (10) days after termination by the Contractor pursuant to Section15.3 hereof. However, General Contractor's obligation under this Section 9.1.2 to release the letter of credit shall not prejudice the claims, if any, of General Contractor secured thereby which have accrued prior to Final Completion or termination, as the case may be, and the General Contractor shall remain entitled to draw down on the letter of credit in accordance with this Agreement to satisfy such claims at any time prior to release of the letter of credit to the contractor.
Release of Letter of Credit. The letter of credit shall provide that the Contractor may present a draw down draft after all remedies provided under this Agreement, specifically Section 13.2.3, have been complied with and the General Contractor has refused to pay any Application for Payment. Payment of any disputed amount pursuant to the letter of credit shall have no effect on the parties respective position with respect to such disputed amount and shall not limit the General Contractor's remedies for any breach of the provisions of this Agreement.
