Replacement of Letter of Credit. Tenant may, from time to time, replace any existing LOC with a new LOC if the new LOC (a) becomes effective at least thirty (30) days before expiration of the LOC that it replaces, (b) is in the required LOC amount; (c) is issued by an LOC bank acceptable to Landlord; and (d) otherwise complies with the requirements of the Paragraph 5(b)
Replacement of Letter of Credit. A. If the Letter of Credit held by Landlord expires or terminates before the Final LC Expiration Date (whether by reason of a stated expiration date or a notice of termination or non-renewal given by the issuing bank), Tenant shall deliver to Landlord, not later than 45 days before such expiration or termination, a new Letter of Credit, or a certificate of renewal or extension of the Letter of Credit held by Landlord, in an amount not less than the Letter of Credit Amount (less the amount of any unapplied Proceeds (defined in Section 5.3 below) then held by Landlord) and otherwise satisfying all of the requirements set forth in the first sentence of Section 5.1 above (the “LC Requirements”).
Replacement of Letter of Credit. 68. Where any payment is demanded or made under the Letter of Credit, the Subdivider shall forthwith cause a new Letter of Credit to be issued to reinstate the amount secured by such Letter of Credit in the same amount as was available under the Letter of Credit prior to the demand or making of the payment thereunder. LOT GRADES
Replacement of Letter of Credit. On any transfer pursuant to Clause 26.5 (Transfers by Banks) other than such a transfer upon the designation of a Substitute Bank in accordance with the provisions of Clause 4.6.1 (Substitute Bank) the Bank transferring all or any of its rights, benefits and/or obligations under the Finance Documents shall ensure that the Account Party will procure the release by Lloyd's of each Letter of Credit (an "Old Letter of Credit") with respect to which the transfer is to have effect and its replacement by a new Letter of Credit to be issued by the Transferee and all the other Banks in an amount equal to that of the Old Letter of Credit and having an Expiry Date which corresponds with the Expiry Date thereof.
Replacement of Letter of Credit. (a) Buyer may provide to Sellers for its approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of (i) an extension of the original Letter of Credit issued by the issuer of the then expiring Letter of Credit (with no modifications to the original Letter of Credit other than extending the expiration date for at least an additional ninety (90) days after the then expiration date of the Letter of Credit), or (ii) a substitute Letter of Credit in a form identical to Appendix A (with an expiration date of not less than ninety (90) days after the expiration date set forth in the then expiring Letter of Credit) issued by the issuer of the original Letter of Credit or by a United States bank having assets and a net worth (as established by the most recent public financial information of such bank, copies of which shall be provided by Buyer to Sellers) equal to or greater than the bank which issued the then expiring Letter of Credit, together with a statement signed by an officer of Buyer, in each case, certifying that such substitute Letter of Credit or extension will comply with the foregoing requirements. If Sellers approve such form of substitute Letter of Credit or extension in writing (such approval not to be unreasonably withheld, conditioned or delayed) and Buyer delivers to the Escrow Agent an original of such substitute Letter of Credit or extension (duly executed by the issuing bank) and the written approval of Sellers, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit (or such then expiring Letter of Credit as extended by the extension) shall thereafter be deemed the "Letter of Credit" for all purposes hereunder; and if a substitute Letter of Credit is being provided, the Escrow Agent shall simultaneously exchange the prior Letter of Credit for the substituted Letter of Credit and give receipts, if requested by Buyer, for the same.
Replacement of Letter of Credit. Tenant may, from time to time, replace any existing LOC with a new LOC if the new LOC (a) becomes effective at least thirty (30) days before expiration of the LOC that it replaces is in the required LOC amounts (c) is issued by an LOC bank acceptable to Landlord; and (d) otherwise compiles with the requirements of this Paragraph 39 B. Tenant agrees that Silicon Valley Bank is not an acceptable LOC bank. Notwithstanding the foregoing sentence concurrent with the execution of this Lease Landlord will accept an LOC from Silicon Valley Bank, which LOC must comply in all respects with the terms and conditions of this Paragraph 39.B under the expressed condition that Tenant shall use its best efforts to replace the LOC by a new LOC from an LOC bank acceptable to Landlord as soon as possible but in no event later than July 31, 2001. Failure to deliver the replacement LOC prior to July 31, 2001 shall constitute a default of the Lease without the benefit of any notice or cure period, notwithstanding anything to the contrary contained in this Lease.
Replacement of Letter of Credit. Notwithstanding any provisions of this Reimbursement Agreement to the contrary, the City agrees not to replace the Letter of Credit prior to the Stated Expiration Date, except upon (i) the payment by the City to the Bank of any fee, including any termination fee, required by the terms of this Reimbursement Agreement or the Fee Letter, (ii) the payment to the Bank of all other Payment Obligations payable hereunder, and (iii) the City providing the Bank and the Issuing and Paying Agent with fifteen (15) days prior written notice of its intent to replace the Letter of Credit. Any such replacement of the Letter of Credit shall be in compliance with the terms and conditions of the Indenture and the Issuing and Paying Agency Agreement. The City agrees that any replacement of the Letter of Credit as a result of the provision of any Alternate Subordinated Credit Support Instrument will require, as a condition thereto, that the City or the issuer of any Alternate Subordinated Credit Support Instrument will provide funds on the date of such replacement, which funds will be sufficient to pay in full at the time of replacement of the Letter of Credit all Payment Obligations due and owing to the Bank hereunder.
Replacement of Letter of Credit. If any portion of the Development Security or the Performance Security is in the form of a letter of credit, Seller shall provide, or cause to be provided, a replacement letter of credit from a Qualified Issuer or a guaranty from a Qualified Guarantor, in each case, in the required amount set forth in this Section 5.3 (less any amounts previously drawn by Buyer) within twenty (20) Business Days after the earlier of (i) a Downgrade Event, (ii) the date that Seller becomes aware of, or Buyer notifies Seller of, the occurrence of any one of the following events: (A) the failure of the issuer of the letter of credit to renew such letter of credit twenty (20) Business Days prior to the expiration of such letter of credit; or (B) the failure of the issuer of the letter of credit to honor Buyer’s properly documented request to draw on such letter of credit in accordance with its terms; or (iii) the issuer of the letter of credit is in Bankruptcy.
Replacement of Letter of Credit. Tenant may, from time to time, replace any existing LOC with a new LOC if the new LOC (a) becomes effective prior to the expiration of the LOC that it replaces; (b) is in the required LOC amount; (c) is issued by an LOC bank acceptable to Landlord; and (d) otherwise complies with the requirements of this Paragraph 22C.
Replacement of Letter of Credit. Tenant may, from time to time, replace any existing Letter of Credit with a new letter of Credit (which new Letter of Credit may reflect a reduced Letter of Credit amount contemplated by Section 4.8.1 above), if the new Letter of Credit:
