Seller Letter of Credit Sample Clauses

Seller Letter of Credit. (a) The Seller shall deliver the Seller Letter of Credit to the Purchaser within three (3) Business Days following Financial Closing. The Seller shall maintain in full force and effect the Seller Letter of Credit in the then-required amount, from the date of issuance of the Seller Letter of Credit until the date that is fifteen (15) Business Days following whichever shall first occur of:
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Seller Letter of Credit. (a) The Seller shall deliver the Seller Letter of Credit as required in Section 2.1(d) to the Purchaser prior to the delivery of the notice of Financial Closing by the Agent to AEDB whereupon the Purchaser shall notify AEDB of its receipt of the Seller Letter of Credit. Upon Financial Closing being declared by AEDB, AEDB shall return the original Performance Guarantee to the Seller. The Seller shall maintain in full force and effect the Seller Letter of Credit in the then-required amount from the Effective Date until the date that is fifteen (15) Business Days following whichever shall first occur of:
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Seller Letter of Credit. (a) Upon receipt of the notice by the AEDB (acting on behalf of the GOP) from the Agent of the occurrence of the financial closing (other than the delivery of the Seller Letter of Credit and issuance of the Guarantee), the Seller shall immediately deliver the Seller Letter of Credit to the Purchaser. The Seller shall maintain in full force and effect the Seller Letter of Credit in the then required amount from the date of issuance of the Seller Letter of Credit until the date that is fifteen (15) Business Days following whichever shall first occur of:
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Seller Letter of Credit. (a) NACC shall deliver the Letter of Credit at Closing and cause the Letter of Credit to remain outstanding until the later of (i) three hundred ninety-five (395) days following the Closing (consisting of the initial three hundred sixty-four (364) day period covered by the Letter of Credit originally issued at Closing and the thirty-one (31) day period covered by a replacement Letter of Credit or renewal of the original Letter of Credit) (the “Minimum Letter of Credit Period”) and (ii) the resolution and receipt by Purchaser Indemnitees of payment for any claims made under this ARTICLE X (“Claims”) and pending on the last day of the Minimum Letter of Credit Period (such Claims, the “Letter of Credit Claims”), including receipt of payment following a Final Order issued with respect to any such Claims (if applicable); provided, that, at all times after the Minimum Letter of Credit Period, the stated amount of the Letter of Credit may be reduced to an amount not to exceed one hundred fifty percent (150%) of the aggregate amount of all Damages claimed by Purchasers under Claims Notice(s) with respect to then pending Letter of Credit Claims. The Letter of Credit shall contain a provision for at least thirty (30) days’ advance notice to Purchasers of any non-renewal, expiration or earlier termination of the Letter of Credit so as to allow Purchasers sufficient time to exercise their rights thereunder if NACC fails to extend or replace the Letter of Credit. If any Claim or Claims Dispute exists on the date that is thirty (30) days prior to any expiration date of the Letter of Credit, no later than such thirtieth (30th) day prior to each expiration date of the Letter of Credit, NACC shall cause the renewal or extension of the Letter of Credit for an additional consecutive term of ninety (90) days. If the Letter of Credit is not renewed or extended as required herein, Purchasers shall have the right to make a drawing (a “Drawing”) immediately under the Letter of Credit (x) in the case of the required extension or renewal of the Letter of Credit originally issued at Closing for an additional consecutive term of thirty-one (31) days, equal to the full stated amount thereof, and (y) in the case an extension or renewal required by the immediately preceding sentence, in an amount equal to the lesser of (A) the full stated amount thereof and (B) one hundred fifty percent (150%) of the aggregate amount of all Damages claimed by Purchasers under the Claims Notice(s) with r...
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Seller Letter of Credit. (a) On the Effective Date, the Seller shall have delivered to the Purchaser the Seller Letter of Credit as required in Section 2.1(d) and the Purchaser shall notify AEDB of its receipt of the Seller Letter of Credit and request AEDB to return the Performance Guarantee to the Seller. The Seller shall maintain in full force and effect the Seller Letter of Credit in the then-required amount from the Effective Date until the date that is fifteen (15) Business Days following whichever shall first occur of:
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Seller Letter of Credit. (a) The Seller shall deliver the Seller Letter of Credit to the Purchaser at or prior to Financial Closing. The Seller Letter of Credit shall have a term of twelve (12) Months from the date of issuance and shall be substantially in the form set forth in Schedule 9. The Seller shall maintain in full force and effect the Seller Letter of Credit in the then-required amount, from the date of issuance of the Seller Letter of Credit until the date that is thirty (30) Business Days following whichever shall first occur of:
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Seller Letter of Credit. Sellers shall have caused the Seller Letter of Credit to be executed and delivered to Buyer.
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Related to Seller Letter of Credit

  • Security Deposit Letter of Credit (a) On or before the Consent Date, Sub-Subtenant shall deliver to Sub-Sublandlord a security deposit (the “Security Deposit”) in the amount of One Million, Five Hundred Thousand Dollars ($1,500,000) to assure the full and faithful performance by Sub-Subtenant of its obligations under this Sub-Sublease. The Security Deposit shall be in the form of an irrevocable stand-by letter of credit (the “Letter of Credit”) in the initial amount of One Million, Five Hundred Thousand Dollars ($1,500,000). If, at any time, all or any part of the Security Deposit is at any time in the form of cash (including any Deposited Funds as hereinafter defined and any amounts drawn under any Letter of Credit), Sub-Sublandlord agrees that such funds shall be the property of Sub-Subtenant, subject, however, to the right of the Sub-Sublandlord to hold, draw upon, use and/or apply such funds in accordance with this Sub-Sublease. If all or any portion of the Security Deposit is in the form of cash, Sub-Subtenant shall use its commercially reasonable efforts to cause a new or revised Letter or Letters of Credit to be issued within fifteen (15) days from any draw such that the full amount of the Security Deposit required hereunder is posted by Letter of Credit, but failure to cause such Letter(s) of Credit to be issued, after such efforts, shall not constitute a default under this Sub-Sublease. Any interest which shall accrue each year on the Security Deposit (if in the form of cash), shall not constitute a part of the Security Deposit, shall be the property of Sub-Subtenant and shall be paid to Sub-Subtenant annually on the last day of each year during the Sub-Sublease, and on termination of this Sub-Sublease, and until paid over to Sub-Subtenant, Sub-Sublandlord shall hold such interest in trust for the benefit of Sub-Subtenant. Except as provided below, the Security Deposit (whether temporarily in the form of cash or a Letter of Credit) shall be maintained in effect until the date (the “SD Expiration Date”) which is thirty (30) days after the expiration or termination this Sub-Sublease. The Security Deposit held by Sub-Sublandlord shall be returned to Sub-Subtenant on the date which is thirty (30) days after the expiration or termination of this Sub-Sublease, less any portion of the Security Deposit which Sub-Sublandlord has drawn upon and/or utilized in accordance with the provisions of Section 6. Notwithstanding anything to the contrary in this Section 6, Sub-Sublandlord shall accept a Letter of Credit from Xxxxx Fargo Bank substantially in the form of Exhibit D attached hereto.

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

  • Letter of Credit In addition to the Security Deposit and as security hereunder, Tenant shall deliver to Landlord, concurrently with Tenant’s execution of this Lease, an irrevocable stand-by letter of credit in the amount of One Hundred Sixty Six Thousand Two Hundred Twenty-Nine Dollars ($166,229.00). Said letter of credit shall be in form and with the substance of Exhibit F attached hereto, and issued by Silicon Valley Bank or by another financial institution located in Orange County and which is acceptable to Landlord. The letter of credit shall either: (i) be issued with a fixed expiration date of December 31, 2005, or (ii) shall provide for automatic annual renewals through that date which is sixty (60) days after the Expiration Date of the Term of this Lease. In the event the letter of credit is issued with an annual renewal obligation and the letter of credit is not renewed by the issuing financial institution on or before twenty (20) days prior to the then-scheduled expiration date of the letter of credit, then Landlord shall have the right to draw the full amount of such letter of credit and to hold such amount as part of the Security Deposit pursuant to Section 4.3 of this Lease. Upon any default by Tenant, including specifically Tenant’s failure to pay rent or to abide by its obligations under Sections 7.1 and 15.3 below and Tenant’s failure to cure the same within any applicable cure period, Landlord shall be entitled to draw upon said letter of credit by the issuance of Landlord’s sole written demand to the issuing financial institution. Such draw shall be in an amount necessary to cure the default in question and to compensate Landlord for all damages incurred thereby, as determined by Landlord in its sole and absolute discretion, and if such amount cannot be readily determined by Landlord, then the full amount of the letter of credit can be drawn by Landlord pending determination of said amount. Notwithstanding the foregoing, while the amount of any such draw shall be determined in Landlord’s sole and absolute discretion as provided in the foregoing, if the amount of any such draw(s) shall ultimately exceed the amount of damages actually incurred by Landlord as the result of Tenant’s default (as determined pursuant to the applicable provisions of Article XIV of this Lease), then Landlord shall promptly refund any such excess to Tenant. Any such draw shall be without waiver or any rights Landlord may have under this Lease or at law or in equity as a result of the default, as a setoff for full or partial compensation for the default. If any portion of the letter of credit is drawn after a default by Tenant, Tenant shall within five (5) days after written demand by Landlord restore the letter of credit. Failure to so restore said letter of credit within said five (5) days shall be a default by Tenant under this Lease. Partial drawings upon said letter of credit shall be permitted. In the event that Tenant has not been in default under the Lease (beyond the expiration of any applicable cure period) at any time during the Term hereof, and provided further that Tenant has not at any time been more than five (5) days late more than once during the applicable previous twelve (12)-month period with respect to any payments of rent due under the Lease, then upon the written request of Tenant, Landlord shall authorize in writing consecutive reductions to the principal amount of the letter of credit in the amount of Thirty Three Thousand Two Hundred Forty-Six Dollars ($33,246.00) each upon the expiration of the twelfth (12th), twenty-fourth (24th), thirty-sixth (36th), and forty-eighth (48th) months of the Term.

  • The Letter of Credit Commitment (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that after giving effect to such proposed L/C Credit Extension (x) the Total Outstandings shall not exceed the Aggregate Commitments, and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be subject to and governed by the terms and conditions hereof.

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