Replacement of Letter of Credit. Sublessee may, from time to time, replace any existing LOC with a new LOC if the new LOC (i) becomes effective at least thirty (30) days before expiration of the LOC that it replaces; (ii) is in the required LOC amount; (iii) is issued by an LOC bank reasonably acceptable to Sublessor; and (iv) otherwise complies with the requirements of this Paragraph 6.
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”).
B. If, at any time before the Final LC Expiration Date, the financial institution that issued (or confirmed) the Letter of Credit held by Landlord does not meet the Minimum Financial Requirement, then Tenant, within 10 business days after Landlord’s written demand, shall deliver to Landlord, in replacement of such Letter of Credit, a new Letter of Credit that (i) is issued (or confirmed) by a financial institution that meets the Minimum Financial Requirement and is otherwise acceptable to Landlord in its reasonable discretion, and (ii) is in an amount not less than the Letter of Credit Amount (less the amount of any unapplied Proceeds then held by Landlord) and otherwise satisfies all of the LC Requirements, whereupon Landlord shall return to Tenant the Letter of Credit that is being replaced.
C. If, at any time before the Final LC Expiration Date, the amount of the Letter of Credit held by Landlord is less than the Letter of Credit Amount (less the amount of any unapplied Proceeds then held by Landlord), then Tenant, within 10 business days after Landlord’s demand, shall either (i) deliver to Landlord an additional Letter of Credit that is in an amount not less than the amount of such shortfall and otherwise satisfies all of the LC Requirements, or (ii) deliver to Landlord, in replacement of the Letter of Credit held by Landlord, a new Letter of Credit that is in an amount not less than the Letter of Credit Amount (less the amount of any unapplied Proceeds then held by Landlord) and otherwise satisfies all of the LC Requirements (whereupon, in the case of this clause (ii), Landlord shall return to Tenant the Letter of Credit that is being replaced).
Replacement of Letter of Credit. 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.
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. 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 5.
Replacement of Letter of Credit. Buyers may provide to Sellers' Representative for Sellers' approval at least forty-five (45) calendar days before the expiration of the Letter of Credit a form of a substitute Letter of Credit in a form substantially identical to Appendix A (with an identical expiration date to the then existing 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' Representative) equal to or greater than the bank which issued the then existing Letter of Credit, together with a statement signed by Buyer, in each case, certifying that such substitute Letter of Credit will comply with the foregoing requirements. If Sellers' Representative approves such form of substitute Letter of Credit in writing (such approval not to be unreasonably withheld, conditioned or delayed), and Buyer delivers to Escrow Agent an original of such substitute Letter of Credit (duly executed by the issuing bank) and Sellers' Representative's written approval, at least thirty (30) calendar days before the expiration of the Letter of Credit, such substitute Letter of Credit 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. 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 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. Tenant may, from time to time, replace any existing LC with a new LC if the new LC (a) becomes effective at least thirty (30) days before expiration of the LC that it replaces; (b) is in the required LC amount; (c) is issued by an LC bank reasonably acceptable to Landlord; and (d) otherwise complies with the requirements of this Paragraph 19.
