Termination of Letter of Credit. The Borrower shall, upon a termination of the Letter of Credit pursuant to Section 2.02, within thirty (30) calendar days of the effective date of such termination, (i) deliver written notice of such termination to the Issuing Lender and (ii) return the Letter of Credit to the Issuing Lender for cancellation in full.
Termination of Letter of Credit. From and after the Effective Date, the requirements of Section 3.5 and Addendum No. 1 of the Lease shall be of no further force or effect and Tenant shall not be required to maintain any letter of credit as security for the Lease. The parties acknowledge that the next annual renewal date of the Letter of Credit will occur on March 16, 2012 (the “2012 Expiration Date”). Promptly following the Effective Date, Tenant shall notify the issuer of the Letter of Credit, Union Bank of California (the “Issuer”) that Tenant shall not renew the Letter of Credit beyond the 2012 Expiration Date. Notwithstanding anything in the Lease to the contrary, such termination of the Letter of Credit by Tenant shall not be a breach or default under the Lease. Landlord acknowledges and agrees that notwithstanding the fact that the Letter of Credit may remain valid, Landlord shall have no right to draw upon the Letter of Credit after the Effective Date for any reason. If any party draws on the Letter of Credit, Tenant shall be entitled to offset Rent under the Lease, as amended hereby, in an amount equal to the amount drawn on the Letter of Credit, not to exceed the total sum of $200,000. Tenant's right to offset Rent pursuant to this Section shall terminate upon the earlier of: written confirmation from Issuer that the Letter of Credit has been terminated or April 30, 2014.
Termination of Letter of Credit. Provided that, as of the fifteen (15) month anniversary of the Commencement Date: (i) no event of Sublessee default, after expiration of any notice and cure period, has occurred; (ii) no event exists, which, with the giving of notice, passing of time, or both, would constitute an event of Sublessee default; and (iii) there exists no uncured event of Sublessee default, whether before or after expiration of any applicable cure period; the Sublessee’s obligation to maintain the Letter of Credit set forth in this Section 1.11 shall automatically terminate; provided, however, if any of the events described in clauses (i), (ii) or (iii) of this subsection exist as of such date, the Letter of Credit shall remain in effect throughout the remaining Sublease term.
Termination of Letter of Credit. City agrees that it shall record the amount of monies deposited into the Special Assessment Account in each calendar year (for each calendar year, the aggregate deposit being referred to as the “Annual Deposit in the Account”). If the Annual Deposit in the Account for each of two (2) consecutive calendar years equals or exceeds the Allocable Debt Service, then Developer shall no longer be required to maintain the Letter of Credit pursuant to this Agreement and City will cooperate with Developer to terminate the Letter of Credit.
Termination of Letter of Credit. Subject to the provisions of this Section 6.6 and provided that Tenant has surrenders possession of the Premises to Landlord in accordance with this Lease and there are no uncured defaults under the Lease, then Tenant shall be entitled to terminate the Letter of Credit following the expiration of the Term effective as of the Final LC Expiration Date and Landlord shall return the Letter of Credit to Tenant. To that end, Landlord shall execute any documents reasonably requested by Tenant and the issuing bank to effectuate such termination of the Letter of Credit, within fifteen (15) days after Tenant submits such documents to Landlord for execution provided there are no uncured defaults under this Lease.
Termination of Letter of Credit. The Lender may terminate the Letter of Credit, and/or accelerate the Deferred Payment Obligations, at any time in its sole discretion (for any reason or for no reason) in accordance with its terms, provided that any failure to terminate and/or accelerate shall not relieve the Borrower any of its obligations hereunder whatsoever, including its obligations to reimburse the LC Disbursements, provide cover for the LC Exposure and repay the Loan and interest thereon in accordance herewith.
Termination of Letter of Credit. At Closing (as defined below), Altair and Lender shall execute and deliver to American National Bank and Trust Company of Chicago (the "Issuer") and each other, and cause the Issuer to execute and deliver to Altair and Lender, the letter in the form attached hereto as Exhibit A (the "LOC Termination Letter"), pursuant to which (i) the letter of credit (the "Letter of Credit") dated December 14, 2000 issued by the Issuer on behalf of the Altair Parties in favor of Lender is terminated and all obligations of the Altair Parties with respect thereto are released, and (ii) the Altair Parties direct the Issuer to transfer to Lender via wire transfer Two Million Five Hundred Thousand Seven Hundred Thirty Two and 92/100 U.S. Dollars ($2,500,732.92) of the cash collateral securing the Letter of Credit and to transfer any remaining cash collateral to Altair.
Termination of Letter of Credit. The termination of the Letter of Credit shall be governed by the terms thereof. In connection with any termination, the Bank will refund on a pro-rata basis any annual Letter of Credit fee paid by the Company for the period between the Termination Date and the stated Expiration Date as set forth in the Letter of Credit or any amendment or extension thereof. The Bank shall have no obligation to execute or deliver any document or instrument in connection with the termination of the Letter of Credit except for assignment(s) of any applicable Bond Document, in a form reasonably approved by the Bank. The Company will pay the reasonable out-of-pocket costs and expenses incurred by the Bank in connection with any such execution and delivery.
Termination of Letter of Credit. (a) The Bank shall not be required to repay to the Obligor any fee prepaid pursuant to Section 2.03(a).
(b) Except as provided in (c) below, in the event of replacement or termination of the Letter of Credit upon the issuance of a Substitute Letter of Credit by another financial institution, the Obligor shall pay to the Bank on the last day a drawing is available under the Letter of Credit, a termination premium in an amount equal to the fee which would have been payable to the Bank Bank had the Letter of Credit remained outstanding (based upon the then current outstanding amount of the Letter of Credit, ass reduced from time to time as a result of scheduled principal maturities or redemptions, at the rate per annum set forth in Section 2.03(a) of this Agreement) for the period from the last day a drawing is available under the Letter of Credit until its Stated Termination Date, less any fee previously prepaid by the Obligor for such period, discounted to the last day a drawing is available under the Letter of Credit at a rate equal to the rate on U.S. Treasury obligations (selected by the Bank) with a scheduled maturity coinciding with the Stated Termination Date plus 0.5% per annum.
(c) In the event the Letter of Credit is terminated and a Substitute Letter of Credit securing the Bonds and meeting the terms of the Indenture is issued because (i) the rating on the Bank's long term indebtedness has fallen below investment grade or (ii) the Remarketing Agent has advised the Bank and the Obligor that it cannot remarket the Bonds with the Bank's Letter of Credit, then the amount described in (b) above shall not be payable.
Termination of Letter of Credit. Promptly (but in any event within one Business Day) following Sellers’ receipt of the Deferred Asset Consideration by wire-transfer of readily-available funds, Seller shall provide to Buyer and the issuing bank all documents and instruments reasonably required to terminate and cancel the Letter of Credit.
