Term of Letter of Credit Sample Clauses

Term of Letter of Credit. Once the Corporation has obtained the Letter of Credit, the Corporation shall maintain and renew the Letter of Credit or a substitute letter of credit meeting the criteria of Section 3(b) during the term of this Agreement so that the Letter of Credit shall have an initial term of five (5) years, be renewed for successive five-year terms, and always have at least one (1) year of its term remaining.
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Term of Letter of Credit. Once the Company has obtained the Letter ------------------------ of Credit required by Section 3(b) hereof, the Company shall maintain and renew the Letter of Credit or a substitute letter of credit meeting the criteria of Section 3(b) hereof during the term of this Agreement in a manner such that the Letter of Credit shall have an initial term of five years, be renewed for successive five-year terms, and shall always have at least one year of its term remaining.
Term of Letter of Credit. The letter of credit will terminate upon the earlier of (i) one year from the date of issuance or (ii) a Change of Control. PURPOSE OF LETTER OF CREDIT: To provide credit support for borrowing from a third party lender. LOAN DOCUMENTS: Loan documents between the Company and an institutional lender ("Loan Documents") shall be subject to the approval of Mr. Xxxxxxx. --------------------------- * These Proposed Terms and Conditions are subject to the provisions of an accompanying letter agreement dated July 30, 2001.
Term of Letter of Credit. The term of the Letter of Credit shall end on the Termination Date.
Term of Letter of Credit. Once the Company has obtained the Letter of Credit, the Company shall maintain and renew the Letter of Credit or a substitute letter of credit meeting the criteria of Section 6(c) during the term of this Agreement so that the Letter of Credit shall have an initial term of five years, be renewed for successive five-year terms, and always have at least one year of its term remaining.] e. The Indemnitee will repay any Expenses that are advanced under this Section 6 if so required by the FDIC Rules or if it is ultimately determined, in a final, nonappealable judgment rendered by the court of last resort (or by a lower court if not timely appealed) that the Indemnitee is not entitled to be indemnified against such Expenses and repayment is required. 7. Defense of Claim. a. With respect to any Covered Matter for which indemnification is requested, the Company, jointly with any other indemnifying party, will be entitled to assume the defense thereof; provided, however, the Company shall not be entitled to assume such defense if there has been a Change in Control or the Indemnitee is entitled herein to employ the Indemnitee's own counsel, in which case both parties shall be entitled to participate in the defense. b. Counsel selected by the Company to defend any Covered Matter will be subject to the Indemnitee's advance written approval. c. Neither the Company nor the Indemnitee will settle any Covered Matter without the other's written consent, which will not be unreasonably withheld. d. If the Indemnitee is required to testify (in court proceedings, depositions, informal interviews or otherwise), consult with counsel, furnish documents or take any other reasonable action in connection with a Covered Matter, the Company will reimburse the Indemnitee's reasonable expenses in connection therewith and also pay the Indemnitee reasonable compensation for time spent by the Indemnitee for which the Indemnitee is otherwise not compensated by the Company. e. After notice from the Company to the Indemnitee of its election to assume the defense of a Covered Matter, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense thereof, other than as provided below. Except as provided in subsection (c) above, the Company may, in its sole discretion, decide and determine whether any claim, liability, suit or judgment made or brought against any Indemnitee shall or shall not be paid, ...
Term of Letter of Credit. Notwithstanding the fact that the Bonds will not mature until a later date, the Letter of Credit shall terminate on December 22, 2005, unless earlier terminated or unless it is extended.
Term of Letter of Credit. The Letter of Credit shall expire not earlier than sixty (60) days after the Expiration Date. Upon Sublessor’s prior consent, the Letter of Credit may be of the type which is automatically renewed on an annual basis (the “Annual Renewal Date”); provided, however, in such event Sublessee shall maintain the Letter of Credit and its renewals in full force and effect during the entire Term (including any renewals or extensions) and for a period of sixty (60) days thereafter. The Letter of Credit will contain a provision requiring the issuer thereof to give the beneficiary (Sublessor) sixty (60) days’ advance written notice of its intention not to renew the Letter of Credit on the next Annual Renewal Date. In the event Sublessee shall fail to deliver to Sublessor a substitute irrevocable Letter of Credit, in the amount required pursuant to this Section 4, on or before thirty (30) days prior to the next Annual Renewal Date, said failure shall be deemed a default of Sublessee under this Sublease. Sublessor may, in its discretion treat this the same as a default in the payment of Rent or any other default and pursue the appropriate remedy, and in addition to, and not in limitation of, the foregoing, Sublessor shall be permitted to immediately draw upon the Letter of Credit.
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Term of Letter of Credit. Except as otherwise provided herein, the Letter of Credit shall expire not earlier than the Expiration Date of the Lease as may be extended pursuant to the Extended Term.
Term of Letter of Credit. The Letter of Credit to be provided as required by Section 1 shall be issued for a term which shall be the maximum term then available for commercial letters of credit. Until such time as all amounts described in Sections 1(a), 1(b) and 1(c) have been paid in full, the Company shall, not
Term of Letter of Credit. The Letter of Credit to be provided as required by Section 1 shall be issued for a term which shall be the maximum term then available for commercial letters of credit. Until such time as all amounts described in Sections 1(a), 1(b) and 1(c) have been paid in full, the Company shall, not later than thirty (30) days before the Letter of Credit would otherwise lapse or expire, renew the Letter of Credit or establish a replacement letter of credit with terms at least as favorable as the initial Letter of Credit. The term "Letter of Credit" shall mean both the original letter of credit and the renewal and replacement letters of credit referred to in this Section 6. The period of time during which a Letter of Credit is required to remain in effect under this Agreement is herein called the "Secured Period." If the Company does not establish or renew a Letter of Credit as required by Section 1 and this Section 6, the payment of all amounts described in Section 1 shall be accelerated in accordance with Section 8 hereof.
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