Stand-by Letter of Credit. Kmart shall open, within ten (10) business days of the Execution Date, a transferable and assignable stand-by irrevocable letter of credit in the sum of $10,000,000 in favor of NewTech from a financial institution reasonably acceptable to NewTech ("Letter of Credit") which can only be drawn upon for Kmart's failure to pay for Direct NewTech Orders of conforming Products which are timely shipped f.o.b. Asia as further described in this Section and for no other reason (including, but not limited to, any NewTech Payment) NewTech shall have as its sole and exclusive remedy for Kmart's failure to pay for such Products, notwithstanding Section 10.3 herein, the right to draw on the Letter of Credit at any time and from time to time provided all of the following procedures are followed by NewTech and all of the following conditions are met: (i) Kmart has failed to pay for such Products as provided herein (ii) NewTech has provided Kmart with the required written notice and opportunity to cure pursuant to Section 10.3 herein and has submitted an affidavit signed by the Chief Financial Officer of NewTech as follows: "NewTech has timely delivered conforming Products f.o.b. Asia to Kmart, Kmart has taken deliveries of such Products and NewTech has invoiced Kmart therefor. Kmart Corporation owes NewTech $_______ pursuant to invoices [invoice numbers to be inserted] (iii) A copy of such invoices and the corresponding inspection certificates indicating that the Products have passed inspection and corresponding original bills of lading duly signed by an authorized officer of Kmart are annexed to the affidavit; (iv);Kmart has failed to pay the amount owing when due after receipt of an invoice therefor and a notice specifying such amount and describing the obligation including respective purchase order number(s),(v). Kmart has received such notice on __________, sixty (60) days have elapsed (for individual obligations of up to $2 million) or thirty (30) days have elapsed (for individual obligations of more than $2 million), and Kmart has failed to pay the amount owing or provide proof that the amount is not owing. NewTech shall provide Kmart with ten (10) days prior written notice of its intent to submit such affidavit to draw on the Letter of Credit and shall not be entitled to submit such affidavit if Kmart can prove payment of the amount claimed owing or that the goods were not conforming or timely delivered or otherwise resolve the dispute within such ten (10) day period...
Stand-by Letter of Credit. Each Application for a stand-by letter of credit to be issued by the Bank and the stand-by letter of credit issued pursuant thereto shall, unless otherwise expressly stated therein, be governed by the then most current version, as in effect on the date of issuance of such stand-by letter of credit, of the International Chamber of Commerce Publication, “International Standby Practices” (“ISP”) and, to the extent not inconsistent with the ISP, the laws and regulations of the Republic of China.
Stand-by Letter of Credit. Trustor hereby agrees to provide and maintain a $1.0 million stand-by letter of credit in a form reasonably acceptable to the Bank, in its capacity as Trustee.
Stand-by Letter of Credit. 4.3.1. Issuance of the Stand-by Letter of Credit The Buyer shall issue the Stand-by Letter of Credit within 15 (fifteen) calendar days from the Signing Date in strict accordance with the terms and conditions set out in Article I of the Purchase Order.
Stand-by Letter of Credit. VOC Brazos hereby agrees to provide and maintain a $1.0 million stand-by letter of credit in a form reasonably acceptable to the Bank, in its capacity as Trustee.
Stand-by Letter of Credit an obligation of the Bank defined in accordance with the rule and conditions established by the General Credit Line Agreement and the Stand-by Letter of Credit Agreement to secure fulfillment by the Customer of obligation assumed towards the Beneficiary, in exchange for which the Customer undertakes to: a) pay the Bank the cost and other payables stipulated by the Agreement; b) reimburse the Bank in a recourse mode an amount disbursed to the Beneficiary under the Stand-by Letter of Credit, including an amount disbursed to the Beneficiary against the conditions of the stand-by letter of credit or for violation of the Bank’s obligation towards the Beneficiary.
Stand-by Letter of Credit. The Company shall have received the SBLC, which shall be in full force and effect as of the Onshore Payment Date.
Stand-by Letter of Credit. To support Aegis’s working capital, following the Effective Date and no later than October 5, 2005, Essar agrees to use its commercially reasonable best efforts to post a stand-by letter of credit in favor of Aegis in the amount of $10 million with an international bank reasonably acceptable to Client (the “Essar LC”). The Essar LC will have a term of 1 year (the “Term”), and will have terms of draw reasonably acceptable to Client, including that the Aegis Chief Executive Officer and an Essar-designated member of the Board of Directors of Aegis must jointly obtain Client’s prior written consent before Aegis may make any particular draw on the Essar LC. Unless the Term has already expired, Aegis and Essar will be permitted to terminate the Essar LC before the expiration of the Term upon the date that is 30 days after the completion of the project described on Statement of Work No. 1. Additionally, Essar agrees to provide the commitments set forth in documentation reasonably satisfactory to Client, copies of which will be attached to this Agreement as Attachment 2, regarding (i) Essar’s efforts to implement the Essar LC; and (ii) Essar’s commitment and capacity to fund the working capital requirements and ramp-up expenses incurred by Aegis in connection with providing the Services to Client under this Agreement.
Stand-by Letter of Credit. If, at any time during the Term of this Agreement, Boston is late in its payments five or more times in any period of twelve consecutive months, Boston will immediately obtain and have issued to Mxxxxx a stand-by letter of credit in an amount equal to the monthly average, calculated over the last twelve months prior to issuance of the letter of credit, of Mxxxxx’x production expense and inventory exposure. Such letter of credit shall remain in force until Boston has had no late payments for a period of twelve consecutive months.
Stand-by Letter of Credit. 6.3.1. HOKU acknowledges that as of the date of this Agreement, SUNTECH has opened an irrevocable stand-by letter of credit with ABN AMRO NV that is attached hereto as Appendix 4 (the “Stand-by Letter of Credit”) in favor of HOKU in an amount equal to the Main Deposit against SUNTECH’s failure to pay the Main Deposit (as defined above).
