Standby Letter of Credit Sample Clauses
Standby Letter of Credit. To ensure payment by Seller of all costs and expenses incurred by Company (i) in excess of the Total Estimated Interconnection Cost paid in connection with the Company-Owned Interconnection Facilities to be provided and/or constructed by Company described in Section 3 (Seller Payment To Company for Company-Owned Interconnection Facilities and Review Of Facility) of this Attachment G (Company-Owned Interconnection Facilities), and (ii) if applicable, in excess of the Total Estimated Relocation Costs paid in connection with the relocation of the Company-Owned Interconnection Facilities as provided in Section 5 (Relocation of Company-Owned Interconnection Facilities) of this Attachment G (Company-Owned Interconnection Facilities), Seller shall obtain an Irrevocable Standby Letter of Credit with no Documentary Requirement ("Standby Letter of Credit") in accordance with the requirements of Section 6(b) (Requirements of the Standby Letter of Credit) of this Attachment G (Company-Owned Interconnection Facilities), wherein Company shall receive payment from the bank upon request by Company.
Standby Letter of Credit. (a) The amount of the Aggregate Protection which Servicer or Member may maintain pursuant to this Exposure Protection Schedule shall include the sum of (a) the amount remaining to be drawn upon any valid and outstanding Letter of Credit, in lieu of maintaining the amount of the Deposit in an amount equal to the Required Amount and (b) the proceeds of any previous draw on a Letter of Credit held by Servicer or Member and not applied. Any such letter of credit shall be in form and substance acceptable to Servicer and issued by a financial institution ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission. acceptable to Servicer, as determined by Servicer in its sole discretion. Notwithstanding any initial acceptance of a Letter of Credit, Servicer reserves the right at any time to either (i) demand delivery of a substitute Letter of Credit issued by different institution or (ii) withhold as Reserved Funds amounts necessary so that the Deposit equals the Required Amount if, in Servicer’s sole discretion, it determines that it cannot or will not continue to accept non-payment risk from the institution obligated on a Letter of Credit previously delivered to Servicer. At such time as the Servicer may no longer draw on a Letter of Credit, Servicer may require that the Deposit equal the Required Amount.
(b) At any time that (i) Net Activity under Section 6.2 of the MTOS is negative or (ii) any event gives rise to Member’s or Servicer’s right under this Agreement to make demand on Carrier for payment to Member or Servicer, in either case after (A) application of all amounts held as part of the Deposit (other than with respect to, or cash proceeds of any drawing under, the letter of credit) so long as such application is not stayed due to an Insolvency Event and (B) application of all amounts that would otherwise be payable to Carrier from Member or Servicer under the Agreement on such date, if any, then Servicer, at its option, may draw on any Letter of Credit issued for Servicer’s benefit (for itself and as agent for any other Secured Party) with respect to the Agreement in an amount that does not exceed the sum of (i) such negative Net Activity or the amount Member or Servicer has a right to demand that the Carrier pay Member or Servicer on such date plus (ii) all amounts that are expected to become due to Member and Servicer during the next one month period on the same basis. Servicer will e...
Standby Letter of Credit. (a) On the date of this Project Agreement, Project Co shall deliver, or cause to be delivered, to IO an irrevocable standby letter of credit (the “Standby Letter of Credit”) in the amount of $[REDACTED] substantially in the form of Schedule 29 - Standby Letter of Credit.
(b) Unless the Standby Letter of Credit is drawn by IO in accordance with the provisions of this Project Agreement, IO shall release and deliver the Standby Letter of Credit to Project Co on Financial Close.
(c) Project Co shall ensure that the Standby Letter of Credit (and any replacement therefor) is renewed prior to its expiry date if, as at such date, Financial Close will not, or may reasonably be expected not to, have occurred.
Standby Letter of Credit. (a) If Project Co has provided Contracting Authority with multiple standby letters of credit in accordance with Section 9.1(2) of the RFP, for purposes of this Section 2.2 each of the multiple irrevocable standby letters of credit is referred to as a Standby Letter of Credit for purposes of this Project Agreement.
(b) Unless a Standby Letter of Credit is drawn by Contracting Authority in accordance with the provisions of this Project Agreement, Contracting Authority shall release and deliver the Standby Letter(s) of Credit to Project Co on Financial Close.
(c) Project Co shall ensure that the Standby Letter(s) of Credit (and any replacement therefor) is renewed prior to its expiry date if, as at such date, Financial Close will not, or may reasonably be expected not to, have occurred.
(d) If there are multiple Standby Letters of Credit, Project Co acknowledges and agrees that:
(i) Contracting Authority may draw upon any Standby Letter of Credit provided by any Letter of Credit Provider in any specified ratable amount;
(ii) Contracting Authority may draw on any Standby Letter of Credit provided by any Letter of Credit Provider in a disproportionate amount to such Letter of Credit Provider’s contribution to security;
(iii) Contracting Authority may draw upon any Standby Letter of Credit provided by any Letter of Credit Provider even in the event that such Letter of Credit Provider is no longer a Project Co Party; and
(iv) the provision of multiple Standby Letters of Credit shall not in any way prejudice or adversely affect the rights of Contracting Authority to draw on the Standby Letter(s) of Credit in accordance with this Project Agreement, including in a circumstance where the default giving rise to Contracting Authority’s right to draw on the Standby Letter(s) of Credit is not the result of any act or omission of the Letter of Credit Provider(s) whose Standby Letter of Credit is drawn upon.
Standby Letter of Credit. A. Reseller shall provide and at all times maintain an irrevocable standby letter of credit payable on demand ("SBLC"), to take effect from the Effective Date, from an affiliate of Citicorp or other lender ("Bank") selected by Gateway and on terms, including the aggregate amount payable thereon ("SBLC Amount"), satisfactory to Gateway. Upon the occurrence of designated events, Gateway shall be entitled to require immediate payment on first demand on the SBLC upon serving a written notice ("Demand Notice") on the Bank for an amount designated by Gateway to be drawn under the SBLC. Gateway shall be entitled to serve the Demand Notice on the Bank on the occurrence of any of the following events:
(i) Reseller fails to pay or perform any obligation owed to Gateway when due under this Agreement; Gateway Confidential
(ii) A change of control of the Reseller as provided in Section 11.1 of this Agreement or any other substantial change in the ownership of Reseller;
(iii) Termination of this Agreement for any reason whatsoever while amounts are owed to Gateway; or
(iv) Reseller files for or has instituted against it any proceedings as to its bankruptcy, insolvency, reorganization, judicial management, receivership, liquidation or dissolution, or there is an assignment for the benefit of creditors or there is granted against Reseller a writ of seizure and sale.
B. Upon the occurrence of any such event as determined by Gateway and following written notice to Reseller, Gateway shall be entitled to serve the Demand Notice on the Bank for immediate payment of the unpaid overdue balance in the case of (i) above, and for immediate payment of all outstanding obligations to Gateway under this Agreement upon the happening of an event described in (ii), (iii), or (iv) above.
C. During the First Year, the available SBLC Amount shall be US$4 million at all times until November 19, 2001 at which time the SBLC Amount shall be increased to maintain availability of US$5 million at all times during the rest of the First Year. During the Second Year and any Renewal Term, Gateway shall be entitled to determine the SBLC Amount on a quarterly basis and upon such determination, Reseller shall provide Gateway with an SBLC with the revised SBLC Amount determined by Gateway. Reseller shall not amend the terms of the SBLC without Gateway's prior written approval.
Standby Letter of Credit. The Borrowers shall pay (i) to the Agent, for the ratable benefit of the Lenders, fees for each Letter of Credit, for the period from and excluding the date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each outstanding Letter of Credit multiplied by the Applicable Letter of Credit Fee Percentage, such fees to be payable monthly in arrears on the first day of each calendar month and on the Facility Termination Date, (ii) [reserved], and (iii) to the Issuer, for its own account, any and all fees and expenses as agreed upon by the Issuer and the Borrowers in connection with any Letter of Credit, including in connection with the opening, amendment or renewal of any such Letter of Credit and any acceptances created thereunder and shall reimburse the Agent for any and all fees and expenses, if any, paid by the Agent to the Issuer (all of the foregoing fees, the “Letter of Credit Fees”). All such charges shall be deemed earned in full on the date when the same are due and payable hereunder and shall not be subject to rebate or proration upon the termination of this Agreement for any reason. Any such charge in effect at the time of a particular transaction shall be the charge for that transaction, notwithstanding any subsequent change in the Issuer’s prevailing charges for that type of transaction.
Standby Letter of Credit. Reliance Infocomm Limited Reliance Centre, 00, Xxxxxxxx Xxxxxxxxx Marg, Xxxxxxx Estate, Mumbai — 400 001. Standby Letter of Credit No: Date: Amount: Re Purchase Order (“PO”) No._________________ between ___________ & ________________ dated ______________, Broadband Access Network General Terms And Conditions dated ___________________ and Broadband Access Equipment Agreement/ Broadband Access Software Agreement/ Broadband Access Services Agreement dated _________________ (hereinafter refer as “CONTRACT”) Dear Sirs,
Standby Letter of Credit. (i) Upon the Effective Date, Contractor shall obtain and provide to Owner an irrevocable standby letter of credit in an initial amount equal to $*** in favor of Owner in the form attached as Exhibit J-2 (as the same may be amended or replaced from time to time in accordance with this Section 16.2, the “Standby Letter of Credit”). The Standby Letter of Credit shall be issued by a U.S. commercial bank or a foreign bank with a U.S. branch with total assets of at least $5 billion having a general long-term senior unsecured debt rating of A - or higher (as rated by Standard & Poor’s Rating Group) or A3 or higher (as rated by Xxxxx’x Investor Services, Inc.) and shall permit presentation at a bank located in Charlotte, NC, Xxxxxxx, XX, xx Xxx Xxxx, XX. If at any time the Standby Letter of Credit fails to meet the foregoing conditions, Contractor shall replace the outstanding Standby Letter of Credit with a Standby Letter of Credit that meets the foregoing conditions. Contractor shall ensure that the Standby Letter of Credit shall be renewed or replaced on an annual basis and shall remain in full force and outstanding until the expiration of the Warranty Period, as such period may be extended pursuant to Section 13.3. If Contractor fails to renew or replace the Standby Letter of Credit at least thirty (30) Days prior to the expiration thereof, then, in the sole and absolute discretion of Owner, Owner shall be entitled to draw and retain until the end of the Warranty Period the full amount of such Standby Letter of Credit. Such retained amount, less any amount offset against such retained amount for claims, shall be returned to Contractor promptly upon expiration of the Warranty Period.
(ii) Contractor shall cause such Standby Letter of Credit to be amended or replaced as of each date set forth in the Letter of Credit Value Chart attached as Exhibit J-3 (the “Letter of Credit Value Chart”) so that the amount of such amended or replacement Standby Letter of Credit is revised to be equal to the amount set forth in the Letter of Credit Value Chart attached as Exhibit J-3. In the event of a Force Majuere or any other delay in completion of a payment Milestone in the Schedule, including a delay which results in a revision to the Cash Flow Plan or any component thereof, or in the event of a Change Order (or series of Change Orders) that increases or decreases, cumulatively, the Contract Price by more than ***, Owner, in its reasonable discretion, shall be entitled to ma...
Standby Letter of Credit. Each Obligor shall (and shall procure) that the necessary Security is given to Lender PRC Branch to enable Lender PRC Branch to issue the Standby Letter of Credit to Lender before the first Utilisation Date.
Standby Letter of Credit. The Bonds will have the benefit of the Standby Letter of Credit in favour