Termination of Letters of Credit. An LC Issuer shall only terminate a given Letter of Credit (in whole or in part) upon receipt of appropriate documentation from the beneficiary thereof or, upon the expiration thereof in accordance with its terms. Funds remaining in the LC Collateral Account to Cash Collateralize such terminated Letter of Credit shall be applied in accordance with clause (n) of this Section 2.04.
Termination of Letters of Credit. An L/C Issuer shall only terminate a given Letter of Credit (in whole or in part) upon receipt of appropriate documentation from the beneficiary thereof or, upon the expiration thereof in accordance with its terms and, promptly thereafter, the Administrative Agent shall return to Seller any Cash-Collateral or other collateral provided in respect of such Letter of Credit in excess of the Required Cash-Collateral Amount for such Letter of Credit.
Termination of Letters of Credit. If the Letters of Credit have not been presented for a draw pursuant to their respective terms, the Letters of Credit shall terminate upon the earlier to occur of the stated expiry date thereof or the date such Letters of Credit are returned to Lender. In no event shall the liens and security interests created by the Loan Documents be released unless or until the Letters of Credit have all been terminated. In the event a Letter of Credit is terminated or the face amount thereof is reduced, or in the event a Letter of Credit has been drawn on by the Beneficiary but Borrower has repaid all amounts due Lender in connection with such draw under Section 3.11(b) above, the amount of such Letter of Credit, if terminated, or the reduced face amount of such Letter of Credit, if applicable (or the amount of such repayment by Borrower), shall be available for disbursement provided no Event of Default has occurred.
Termination of Letters of Credit. CONTINUATION UNTIL LLOYD'S TERMINATION DATE
4.1 Each Party acknowledges that, subject to the terms of this Agreement:
(a) each issued Letter of Credit shall continue in force unless Lloyd's receives a notice from the Agent (or any Finance Party, if pursuant to Clause 4.6(b)) giving Lloyd's not less than four years' notice in writing, terminating such Letter of Credit pursuant to Clause 3 of the Letter of Credit (a LLOYD'S TERMINATION NOTICE):
(i) on the later of (x) 31 December 2009 and (y) any subsequent date as specified in such notice (a LLOYD'S TERMINATION DATE); or
(ii) at any time after the occurrence of an Acceleration Event or whilst any Continuation CP Event (as defined in Clause 4.6(b)) is continuing;
(b) no Party, other than the Agent (or any Lender, if pursuant to Clause 4.6(b)), may deliver a Lloyd's Termination Notice (and the Agent may only deliver a Lloyd's Termination Notice pursuant to Clause 3 of the Letter of Credit and this Clause 4);
(c) if the Account Party or any Lender (a RELEVANT PARTY) so requests (a TERMINATION REQUEST), the Agent shall deliver a Lloyd's Termination Notice as required by this Clause 4, on the later of:
(i) the expiration of the period ending on the day three weeks after the corresponding Termination Request Receipt Date, as defined in Clause 4.2(b); and
(ii) the expiration of any Declining Lender Notice Period, as defined in Clause 4.3(a);
(d) the Agent shall, promptly after delivery by the Agent of a Lloyd's Termination Notice, provide a copy of such Lloyd's Termination Notice to each Lender (and shall inform the Account Party of the Lloyd's Termination Date); and
(e) a Letter of Credit will terminate on the Lloyd's Termination Date. DELIVERY BY A RELEVANT PARTY OF A TERMINATION REQUEST
4.2 A Termination Request may be delivered by a Relevant Party to the Agent in accordance with the following:
(a) no Termination Request may be delivered before 1 January 2005;
(b) any Termination Request delivered on a date (a TERMINATION REQUEST DELIVERY DATE) from 1 January 2005 to and including 30 November 2005 will be deemed to have been received by the Agent on (a TERMINATION REQUEST RECEIPT DATE) 30 November 2005 and the corresponding Lloyd's Termination Date shall be 31 December 2009; and
(c) from 1 December 2005, any Termination Request Receipt Date will be the later of (i) 1 January 2006 and (ii) the corresponding Termination Request Delivery Date. DECLINING LENDER MECHANICS (ON DELIVERY BY A LENDER OF A TERMINATION RE...
Termination of Letters of Credit. At the end of the LC Term, any outstanding Letters of Credit shall be canceled.
Termination of Letters of Credit. Unless terminated earlier in accordance with its terms, or extended pursuant to Section 2.2.3 (Notice of LC Activity), each Letter of Credit shall terminate on the earlier to occur of (a) 12:01 a.m., on the Expiration Date stated therein (which shall be no later than the earlier of the Maturity Date and 15 days following the scheduled expiration of the letter of credit obligations under the Project Document in connection with which such Letter of Credit is to be issued) and (b) cancellation of such Letter of Credit pursuant to Section 2.2.6(b) (Reduction and Reinstatement of Stated Amount).
Termination of Letters of Credit. NGL Subsidiary shall take all actions necessary to cause the termination of all letters of credit which SemStream is responsible or liable for payment and disclosed on Section 5.20 of the SEM Disclosure Schedule (as updated pursuant to Section 5.25) on or prior to the Closing Date.
Termination of Letters of Credit. All letters of credit described in Section 5.20 shall have been terminated.
Termination of Letters of Credit. Continuation until Termination
Termination of Letters of Credit. If the Letters of Credit have not been presented for a draw pursuant to their respective terms, the Letters of Credit shall terminate upon the earlier to occur of the stated expiry date thereof or the date such Letters of Credit are returned to Lender. Notwithstanding the payment of the Loan in full, in no event shall the liens and security interests created by the Security Documents be released unless or until the Letters of Credit have all been terminated.
