Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit (the “Issuing Bank”) gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto. Should any Letter of Credit contain a final expiration date, in addition to a current expiration date, such final expiration date shall be no earlier than 45 days following the Expiration Date of this Lease.
Renewal of Letter of Credit. Tenant shall, not later than --------------------------- thirty (30) days prior to the expiration date of any Letter of Credit provided by Tenant pursuant to this Section 3.3, either initially or as a replacement or extension of such Letter of Credit, cause the expiration date thereof to be extended or provide a replacement Letter of Credit complying with the terms of this Section 3.3, such that a Letter of Credit remains in existence in the amount and for the time required under this Lease. Landlord shall have the right to draw upon the Letter of Credit in the event Tenant fails to provide Landlord with an extension of such Letter of Credit or a replacement Letter of Credit substantially in the form attached as Exhibit F not less than thirty (30) days --------- prior to the expiration date thereof. In the event such Letter of Credit is drawn upon due solely to the failure of Tenant to provide Landlord with such amendment or replacement Letter of Credit as aforesaid, the amount drawn shall be held by Landlord, as part of the Security Deposit in a segregated account with interest thereon at the money market rate as determined from time to time and published in The Wall Street Journal. Such funds shall be retained, expended ----------------------- or disbursed by Landlord for any amounts or sums due under this Lease to which the proceeds of the Letter of Credit could have been applied pursuant to this Lease provided that in the event Tenant delivers to Landlord a replacement Letter of Credit in the amount and in the form required by this Lease, Landlord will substitute such Letter of Credit for such cash and return the cash to Tenant together with any interest accrued thereon.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto. Should any Letter of Credit contain a final expiration date, in addition to a current expiration date, such final expiration date shall be no earlier than 45 days following the Expiration Date of this Lease. If Tenant does not deliver a Substitute Letter of Credit 30 days prior to the expiration of the current Letter of Credit, Landlord shall be permitted to draw down the entire Letter of Credit Amount and hold the cash as “Security Proceeds” pursuant to Section 4.4.6 below.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a "Substitute Letter of Credit") satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto.
Renewal of Letter of Credit. If the Letter of Credit shall expire at a time when the Letter of Credit is still required under Section 21.1 or Section 21.2, Subtenant shall renew the Letter of Credit at least 30 days prior to its expiration. If Subtenant shall fail to renew the Letter of Credit prior to such time, Sublandlord may draw against the same and hold the proceeds thereof as a security deposit until such time as Subtenant shall renew the Letter of Credit. Sublandlord shall hold such security deposit in a separate account in trust for Subtenant and shall account to Subtenant for any interest earned thereon.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable for consecutive periods of one (1) year; provided, however, that if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit, then Tenant shall deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements of the Original Letter of Credit under Section 9.10(a) hereof on or before the date thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. If Tenant fails timely to deliver to Landlord a Substitute Letter of Credit in accordance with the foregoing provisions, then Landlord shall have the right, at any time thereafter, without giving any further notice to Tenant, to draw down the Letter of Credit and to hold the proceeds thereof in a segregated account in the name of Landlord, which proceeds may be withdrawn and applied by Landlord under the same circumstances and for the same purposes as if such proceeds were a Letter of Credit. Upon any such application of such proceeds by Landlord, Tenant shall, within thirty (30) days of written demand therefor, deliver to Landlord an Additional Letter of Credit in the amount of proceeds so applied.
Renewal of Letter of Credit. If Tenant fails to provide Landlord with a replacement Letter of Credit that complies with the requirements of this Article 23 on or prior to the thirtieth (30th) day before the expiration date of the Letter of Credit that is then expiring, then Landlord may present the Letter of Credit for payment and retain the proceeds thereof as security in lieu of the Letter of Credit (it being agreed that Landlord shall have the right to use, apply and transfer such proceeds in the manner described in this Article 23). Tenant shall reimburse Landlord for any reasonable costs that Landlord incurs in so presenting the Letter of Credit for payment within thirty (30) days after Landlord submits to Tenant an invoice therefor. Landlord also shall have the right to so present the Letter of Credit and so retain the proceeds thereof as security in lieu of the Letter of Credit at any time from and after the thirtieth (30th) day before the Expiration Date if the Letter of Credit expires earlier than the ninetieth (90th) day after the Expiration Date.
Renewal of Letter of Credit. Buyer agrees that the Letter of Credit shall either be renewed or converted to cash by Buyer at least sixty (60) days prior to any stated expiration date thereof, as the same may be amended from time to time. Failure of Buyer to do so shall be a material default of the Agreement, for which Sellers shall have the remedies provided under Article XIII of the Agreement; provided, however, that notwithstanding Section 13.01(c) of the Original Agreement, Buyer shall have eight (8) business days to cure any default by reason of failure to timely renew the Letter of Credit.
Renewal of Letter of Credit. If the Letter of Credit shall --------------------------- expire at a time when the Letter of Credit is still required under Section 25.1 ------------ or Section 25.2, Tenant shall renew the Letter of Credit at least 30 days prior ------------ to its expiration. If Tenant shall fail to renew the Letter of Credit prior to such time, Landlord may draw against the same and hold the proceeds thereof as a security deposit until such time as Tenant shall renew the Letter of Credit. Landlord shall hold such security deposit in a separate account in trust for Tenant and shall account to Tenant for any interest earned thereon.
Renewal of Letter of Credit. In the event any surety referred to herein is in the form of an irrevocable letter of credit, which by its terms may become null and void prior to the time at which all monetary or other obligations of the Developer are paid or satisfied, it is agreed that the Developer shall provide the County and Township with a new letter of credit or other surety, acceptable to the County and Township, at least forty-five (45) days prior to the expiration of the original letter of credit. If a new letter of credit is not received as required above, the County and Township may without notice to Developer declare a default in the terms of this Agreement and thence draw in part or in total, at the County and Township's discretion, upon the expiring letter of credit to avoid the loss of surety for the continued obligations. The County and Township Attorney shall approve the form of any irrevocable letter of credit or other surety.
