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. Each of the Companies and each of the Stockholders covenant and agree, promptly following the payment in full of the Earn Out Payment, to deliver to the Purchaser and/or Norton the Letter of Credit for cancellation. It is understood and agreed by the Companies and the Stockholders that upon such delivery, the Letter of Credit shall be cancelled and shall have no further force or effect. The Companies and each of the Stockholders covenant and agree to execute and deliver and to cause to be executed and delivered by the Stockholder Representative (or his successor or permitted assigns) such agreements and documents as shall be reasonably requested by the Purchaser and/or Norton to give effect to the foregoing.
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 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. Notwithstanding the foregoing, in the event that Tenant has a net worth of at least Fifty Million Dollars ($50,000,000.00), then Tenant shall have the right to have the Letter of Credit terminated, provided that Tenant is not in default under the terms of this Lease at the time of such termination. If at any time thereafter Tenant's net worth drops below Twenty-Five Million Dollars ($25,000,000.00), Tenant shall be required to deliver to Landlord a new Letter of Credit in the amount of Two Million Dollars ($2,000,000.00), to be held or applied by Landlord in accordance with the provisions of this Section 21. As used in this Section 21.4, the "net worth" of Tenant shall not include the value, if any, of this Lease.
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.
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.
