Substitution of Letter of Credit. The Contractor may at any time call for release of the remaining balance of the Holdback upon delivering to the Province an irrevocable, unconditional, on sight letter of credit in the amount of the remaining balance of the Holdback, presentable for payment at a bank in Canada and issued by a bank authorized under the Bank Act (Canada) to do business in Canada (or issued by such other financial institution approved in advance for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion), and having a senior, unsecured long-term issuer credit rating of not less than A+ (with a stable outlook) or equivalent from one of (and no rating less than A+ (with a stable outlook) or equivalent from any other of) Standard & Poor’s, DBRS (formerly known as Dominion Bond Rating Service) or Fitch Ratings (or any other major credit rating agency approved for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion). The Province may present the letter of credit for payment if:
(a) upon expiry of the Term, the Handback Requirements are not met;
(b) the letter of credit has an expiry date and the Contractor fails to deliver a renewal letter of credit at least 20 days in advance of the expiry of the letter of credit; or
(c) any of the senior, unsecured long-term credit ratings of the issuer of the letter of credit becomes less than A+ (with a stable outlook) or equivalent and the Contractor fails to deliver a replacement of the letter of credit no later than 21 days after being so requested by the Province; and in either case the amount received by the Province upon presentation of the letter of credit shall be dealt with by the Province in the same manner as the Holdback under Section 8.4. Subject to Section 8.4, as the work referenced in the second paragraph of Section 8.4 is done by the Contractor, the Province shall permit (but not more frequently than monthly), on written application by the Contractor, a corresponding reduction in the amount of the letter of credit.
Substitution of Letter of Credit. (a) At any time on or before three (3) Business Days prior to the Delivery Date, so long as no Default is then continuing, Lessee shall have the option to substitute (which once exercised shall be irrevocable) for the Commitment Fee a letter of credit (the “Letter of Credit”), as security for all of the Secured Liabilities, with a stated amount equal to the Commitment Fee. The Letter of Credit:
(i) shall be in the form set out in Exhibit F or such other form as Lessor may agree or require, acting reasonably;
(ii) shall be issued or confirmed by a first class international bank (or branch thereof) in New York or Los Angeles having at least the Letter of Credit Bank Minimum Rating; and
(iii) shall remain in full force and effect until the Letter of Credit Validity Date (or, if the Letter of Credit is at any time due to expire prior to the Letter of Credit Validity Date, then Lessee shall cause a valid renewal to be issued in a form satisfactory to Lessor not later than 30 days prior to such expiry date, each such renewal being for a period of not less than one year or, if less, until the Letter of Credit Validity Date). Upon valid substitution by Lessee of a Letter of Credit for the Commitment Fee in accordance with the provisions of this Section 5.15, Lessor shall apply that portion of the Commitment Fee which has not previously been applied or retained as provided for in any Operative Document, without interest, against the next payments of Basic Rent that may come due.
(b) In the event that at any time prior to the Letter of Credit Validity Date the bank issuing or confirming the Letter of Credit no longer has at least the Letter of Credit Bank Minimum Rating, Lessee shall within fourteen days of demand therefor by Lessor provide Lessor with a replacement “Letter of Credit” issued or confirmed by a first class international bank in New York or Los Angeles having at least the Letter of Credit Bank Minimum Rating and otherwise meeting the terms of this Agreement.
(c) If for any reason Lessor is paid under the Letter of Credit, then (a) Lessor may at any time as an agreed remedy, apply or retain all or any portion of the amounts so paid in full or partial payment for amounts constituting or corresponding to the Secured Liabilities and/or may retain all or any portion of the amounts so paid as security for the performance of the Secured Liabilities and any interest earned on the amounts so drawn shall be for Lessor’s sole account, and (b) Lessee shall cause a...
Substitution of Letter of Credit. In the event Buyer initially -------------------------------- funds the entire Escrowed Funds in cash, Buyer may thereafter elect to substitute up to $1.35 million of the Escrowed Funds with an unconditional and irrevocable standby letter of credit for the benefit of Debtor, which shall be presented upon terms reasonably acceptable to Debtor and the Committee, and shall deliver such letter of credit to the Escrow Agent, who shall treat such letter of credit as if it was the Letter of Credit and had been delivered to the Escrow Agent initially under the terms of this Agreement. Upon receipt of such letter of credit, the Escrow Agent shall release to Buyer cash from the Escrowed Funds in an amount equal to the face value of such letter of credit.
Substitution of Letter of Credit. At any time prior to five days prior to the Scheduled Delivery Date, Lessee shall have the option to substitute for the Security Deposit a letter of credit (a "Letter of Credit"), in respect of all of the Secured Obligations, with a stated amount equal to * . The Letter of Credit shall (1) be in the form of Exhibit G, (2) shall be issued or confirmed by a bank satisfactory to Lessor and (3) shall have an expiry date of no earlier than the date one month after the Scheduled Return Date. In the event that at any time during the Lease Term the bank issuing or confirming a Letter of Credit becomes unacceptable to Lessor, in its reasonable judgment, Lessee shall within fourteen days of demand therefor by Lessor provide Lessor with a replacement letter of credit issued or confirmed, as the case may be, by a bank that is acceptable to Lessor, in its reasonable judgment. The Letter of Credit may be assigned or pledged by Lessor to any Person. If for any reason Lessor or such other Person is paid under the Letter of Credit, then in addition to any other rights Lessor may have under applicable Law, or under this Lease Agreement or any other Transaction Document, Lessor or such Person, as the case may be, (1) may at any time as an agreed remedy set off against, use, apply or retain all or any portion of the amounts so paid in full or partial payment for amounts constituting or corresponding to the Secured Obligations (including to compensate Lessor or such Person, as the case may be, for any amount it may in its reasonable discretion advance as a result of the occurrence of any Default (hereunder or under any of the Other Leases), or to apply toward Expenses arising as a result of the occurrence of any Default (hereunder or under any of the Other Leases) or otherwise) and/or (2) may retain all or any portion of the amounts so paid as security for the performance the Secured Obligations (and Lessee hereby grants Lessor a security interest in all such amounts). Any such use or application shall not, however, be deemed a cure by Lessee, or waiver by Lessor, of any Default (hereunder or under any of the Other Leases). Any interest earned on the amounts so drawn shall be for Lessor's sole account. If for any reason, Lessor is paid under a Letter of Credit, then Lessee shall cause an additional Letter of Credit to be issued so that the Lessor shall at all times have the benefit of a Letter of Credit for the full Security Deposit.
Substitution of Letter of Credit. From time to time, Subtenant may substitute the letter of credit then in effect with a substitute letter of credit meeting the requirements of this Paragraph 8 and otherwise in substantially the form of the letter of credit then in effect.
Substitution of Letter of Credit. The Contractor may at any time call for release of the remaining balance of the Holdback upon delivering to the Province an irrevocable, unconditional, on sight letter of credit in the amount of the remaining balance of the Holdback, presentable for payment at a bank in Canada and issued by a bank authorized under the Bank Act (Canada) to do business in Canada (or issued by such other financial institution approved in advance for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion), and having a senior, long-term issuer credit rating of not less than A+ (with a stable outlook) or equivalent from Standard & Poor’s, DBRS (formerly known as Dominion Bond Rating Service) or Fitch Ratings (or any other major credit rating agency approved for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion). The Province may present the letter of credit for payment if:
(a) upon expiry of the Term, the Handback Requirements are not met; or
(b) the Contractor fails to deliver a renewal letter of credit at least 20 days in advance of the expiry of the letter of credit; and in either case the amount received by the Province upon presentation of the letter of credit shall be dealt with by the Province in the same manner as the Holdback under Section 8.4.
Substitution of Letter of Credit. Parent agrees that prior -------------------------------- to the Completion of the Offer it shall either (a) provide a letter of credit securing the Company's obligations under its bank credit facility with Silicon Valley Bank (the "Credit Facility") on substantially similar terms as the letter of credit provided by Securicor Communications Limited or an affiliate thereof to Silicon Valley Bank, which letter of credit shall remain in effect until the earlier of (i) the Closing of the Merger or (ii) December 31, 2000, or (b) provide substitute financing in amounts and on terms at least as favorable to the Company as the Credit Facility.
Substitution of Letter of Credit. Within three (3) days of the Effective Date, Xxxxxxx shall deliver to the City the Xxxxxxx XXX. Within three (3) days of receipt of the Xxxxxxx XXX, the City shall notify Xxxxxxx if the lender or terms of the Xxxxxxx XXX are unacceptable. If approved, the City shall accept the Xxxxxxx XXX in substitution for the CASCO Letter of Credit, and the Xxxxxxx XXX will be held by the City pursuant to Section 11 of the Development Agreement. The City agrees that the Xxxxxxx LOC’s secured amount shall be reduced pursuant Section 11(b) of the Development Agreement. Upon approval of the Xxxxxxx XXX by the City, the City will release the CASCO Letter of Credit and return the original CASCO Letter of Credit to the Bank.
Substitution of Letter of Credit. If Tenant initially provides the Security Deposit to Landlord in the form of a Cash Payment, it may substitute for such Cash Payment a Letter of Credit pursuant to the requirements of this Section 4.6 prior to the final six (6) months of the Term provided that no Event of Default has occurred and is continuing after the delivery of any default notice and the expiration of any cure periods expressly provided by the terms of this Lease. In the event of such a substitution (but subject to the delivery of a Letter of Credit in conformity with the requirements of Subsection 4.6.3), Tenant shall deliver to Landlord the Letter of Credit for its prior review and approval at least seven (7) business days prior to the scheduled date of such substitution. Landlord shall return the Cash Security Deposit to Tenant not later than five (5) business days following Landlord's receipt of a Letter of Credit satisfying the requirements of this Section 4.6 in substitution of the Cash Payment.
Substitution of Letter of Credit. The Buyer shall have furnished to the landlord under the Company's lease of the premises located at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, a letter of credit satisfying the applicable requirements of such lease in connection herewith.
