Replacement Letter of Credit. Any assignee within Article VIII of this Agreement shall, simultaneously with its assignment becoming effective, deliver to NYSERDA a replacement Letter of Credit meeting the requirements of this Article, and NYSERDA shall, within twenty (20) Business Days after receipt of a compliant replacement Letter of Credit, return the original Letter of Credit to Seller. Upon the failure of an assignee to deliver a compliant replacement Letter of Credit to NYSERDA simultaneously with its assignment becoming effective, NYSERDA shall be thereupon entitled to draw on the Letter of Credit for the full amount then outstanding and the funds received shall be held by NYSERDA for application against subsequent obligations of Seller and/or the assignee under this Agreement.
Replacement Letter of Credit. Tenant shall provide a replacement Letter of Credit which satisfies the requirements of §20.1 from an Issuer acceptable to Landlord within 30 days after the occurrence of any of the following: [i] Landlord’s receipt of notice from the Issuer that the Letter of Credit will not be extended for an additional one-year period; [ii] Landlord gives notice to Tenant that the Lace Financial Service Rating (or rating of a comparable rating service) of the Issuer is less than a “C+” (or the comparable rating of such other rating service); [iii] Landlord gives notice to Tenant of the admission by Issuer in writing of its inability to pay its debts generally as they become due, or Issuer’s filing of a petition in bankruptcy or petitions to take advantage of any insolvency act, making an assignment for the benefit of its creditors, consenting to the appointment of a receiver of itself or of the whole or any substantial part of its property, or filing a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law, regulation, or statute of the United States of America or any state thereof or [iv] Issuer is at any time determined not to be at least “adequately capitalized”, as that term is defined and used in the “Prompt Corrective Action” statute, 12 U.S.C. §1831, and implementing regulations. Tenant’s failure to comply with the requirements of this section shall be an immediate Event of Default without any notice (other than as provided for in this section), cure or grace period. Upon such Event of Default, Landlord shall be entitled to draw upon the Letter of Credit and Landlord may, solely at its option and without any obligation to do so, require Tenant to obtain a replacement Letter of Credit satisfactory to Landlord with the Letter of Credit proceeds made available to Tenant solely to secure Tenant’s reimbursement obligation for the replacement Letter of Credit.
Replacement Letter of Credit. The Administrative Agent shall present the Letter of Credit to the Letter of Credit Agent and receive the replacement Letter of Credit from the Letter of Credit Bank in a simultaneous exchange on the date requested by BAFC pursuant to subsection 2.01(c) of the Letter of Credit Reimbursement Agreement. In addition, if the Letter of Credit is to be replaced pursuant to subsection 2.01(e) of the Letter of Credit Reimbursement Agreement, the Administrative Agent shall present the Letter of Credit to the Letter of Credit Agent and receive the replacement Letter of Credit on the date specified in BAFC’s request to the Letter of Credit Agent in accordance with such subsection 2.01(e). Upon receipt of such replacement Letter of Credit, or upon receipt of an amended Letter of Credit pursuant to such subsection 2.01(e), the Administrative Agent shall notify BAFC, the Servicer and the Collateral Agent by telephone, and shall subsequently transmit a facsimile of such amended or replacement Letter of Credit to said parties.
Replacement Letter of Credit. Tenant shall provide a replacement Letter of Credit which satisfies the requirements of Section
20.1 from an Issuer acceptable to Landlord within 30 days after the occurrence of any of the following: [i] Landlord's receipt of notice from the Issuer that the Letter of Credit will not be extended for an additional one-year period; [ii] Landlord gives notice to Tenant that the Lace Financial Service Rating of the Issuer is less than a "C+"; or [iii] Landlord gives notice to Tenant of the admission by Issuer in writing of its inability to pay its debts generally as they become due, or Issuer's filing of a petition in bankruptcy or petitions to take advantage of any insolvency act, making an assignment for the benefit of its creditors, consenting to the appointment of a receiver of itself or of the whole or any substantial part of its property, or filing a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof. Tenant's failure to comply with the requirements of this Section shall be an immediate Event of Default without any notice (other than as provided for in the section), cure or grace period.
Replacement Letter of Credit. 25.4.1 The Borrower will cause SAVVIS, Inc. or an Affiliate of SAVVIS, Inc. to procure that a legally binding further Letter of Credit or Letters of Credit, in a form approved by the Lender, acting reasonably, and as completed in accordance with Clause 25.4 (the “Replacement Letter(s) of Credit”) is or are delivered to the Lender:
25.4.1.1 at any time during the Security Period, within five (5) Business Days of the current Letter of Credit Bank ceasing to have a Standard & Poor’s long term credit rating of at least A-; and/or
25.4.1.2 no later than thirty (30) days after the date on which the Lender or the advising bank receives notice from the Letter of Credit Bank that the Original Letter of Credit or the Interest Letter Credit, or any replacement thereof, is not being extended.
25.4.2 Any Replacement Letter of Credit shall, in the circumstances outlined in 25.4.1.1, have an Expiration Date which is the same as the current Letter of Credit it is replacing and, in the circumstances outlined in 25.4.1.2, will have an Expiration Date of one month after the last Repayment Date.
25.4.3 The maximum amount expressed to be payable in US Dollars under the Replacement Letter of Credit shall be the amount set out in the Letter of Credit it is replacing.
25.4.4 At any time prior to 31 January 2011, SAVVIS, Inc. shall deliver a certificate together with the Borrower’s Business Report for Slough based on the Borrower’s latest management report to the Lender, signed by one of its directors, certifying whether or not the Borrower has achieved £9,000,000 in cumulative EBITDA (as defined in the Borrower’s Business Forecast for Slough) less cash-funded capital expenditures (as defined in the Borrower’s Business Forecast for Slough) for the Slough Data Centre (the “LC Release Amount”), as tested against the unaudited consolidated financial statements for SAVVIS, Inc. for the applicable period.
25.4.5 If the Borrower does not achieve the LC Release Amount as specified in Clause 25.4.4, then SAVVIS, Inc. shall re-test the Borrower’s cumulative EBITDA (as defined in the Borrower’s Business Forecast for Slough) less cash-funded capital expenditures (as defined in the Borrower’s Business Forecast for Slough) on the last day of any month and shall certify to the Lender in the same way set out in accordance with Clause 25.4.4 (together with the Borrower’s Business Report for Slough dated the last day of such month) whether or not the Borrower has achieved the LC Release Amount. Un...
Replacement Letter of Credit. The term “Reissuance Date” shall mean a date thirty (30) days prior to the expiration date of the then issued and outstanding Letter of Credit. If a letter of credit is then required pursuant to the Lease, on or before each Reissuance Date, LC Party shall cause the Issuer to issue a replacement of the then issued and outstanding Letter of Credit, which replacement shall be in the form of Exhibit A hereto (the “Replacement Letter of Credit”).
Replacement Letter of Credit. The term "Reissuance Date" shall mean a date thirty (30) days prior to the expiration date of the then issued and outstanding Letter of Credit. On or before each Reissuance Date, LC Party, at LC Party's expense, shall cause the Issuer to issue a replacement of the then issued and outstanding Letter of Credit, which replacement shall be in the form of Exhibit A hereto, with such modifications as the Issuer may request that are acceptable to Beneficiary in its reasonable discretion (the "Replacement Letter of Credit"). The Replacement Letter of Credit shall be effective immediately as of the expiration of the then issued and outstanding Letter of Credit.
Replacement Letter of Credit. Prior to expiry date of the Existing Letter of Credit, Tenant shall cause an issuing bank acceptable to Landlord in accordance with the requirements of Section 5.2 to issue a replacement letter of credit satisfying the requirements of Section 5.2 in favor of Landlord (the “Letter of Credit”), in the same amount as the current “Amount of the Undertaking”, being $290,000.00, whereupon Landlord shall return the Existing Letter of Credit to the issuing bank. The Letter of Credit, and any proceeds thereof, shall be held as security for the faithful performance by Tenant of all of the provisions of this Lease to be performed or observed by Tenant. The cash proceeds of the Existing Letter of Credit (to the extent the proceeds are applied to secure Tenant’s obligations under this Lease) and the Letter of Credit, and any other funds held by Landlord in accordance with the terms of this Section 5, are referred to in this Lease as the “Security Deposit”.
Replacement Letter of Credit. As of the date of this First Amendment, Landlord is holding the Letter of Credit as set forth under the terms of Section I of Exhibit F of the Lease in the current amount of $875,000.00, which Letter of Credit shall (subject to the terms of this Section 9) be maintained in effect throughout the Substitute Premises Term as required in Section I of the Lease. However, notwithstanding the foregoing, or any contrary provisions set forth in the Lease, effective as of the date of this First Amendment, Tenant shall have the right to replace the existing Letter of Credit with a stand by unconditional and irrevocable letter of credit in the amount of $250,000.00 (the “Replacement Letter of Credit”) in form and content reasonably acceptable to Landlord and issued by a nationally recognized bank reasonably acceptable to Landlord The Replacement Letter of Credit shall be held by Landlord under the same terms and conditions set forth in the Lease with respect to the Letter of Credit, except as set forth herein. Provided that no event of Default then exists by Tenant under the terms of the Lease, Landlord shall return the existing Letter of Credit to Tenant within five (5) business days following Landlord’s receipt of the Replacement Letter of Credit.
Replacement Letter of Credit. Within thirty (30) days after the Effective Date, Tenant shall obtain and deliver to Landlord a replacement Letter of Credit issued by First Citizen’s Bank in the amount of $283,333.33, having an expiration date of August 31, 2033 and otherwise satisfying the requirements of Section 3.2 of the Lease. Landlord shall hold such replacement Letter of Credit as the Security Deposit under the Lease.
