Use of Letter of Credit. Such Letter of Credit shall be used for the following purposes permitted by the Loan Agreement:
Use of Letter of Credit. Cause the Letter of Credit to be used in support of the payment of principal, and interest on the principal amount, of the Bonds.
Use of Letter of Credit. The Obligors will request the issuance of Letters of Credit linked to performance obligations pursuant to commercial contracts (other than Indebtedness for Borrowed Money) permitted under this Agreement and incurred by the Obligors in the ordinary course of business.
Use of Letter of Credit. Tenant shall have the right to post the Security Deposit in the form of a letter of credit (the “Letter of Credit”), which shall (a) be unconditional and irrevocable and otherwise in form and substance reasonably satisfactory to Landlord; (b) permit multiple draws; (c) be issued by a commercial bank reasonably acceptable to Landlord from time to time (and Landlord hereby approves Silicon Valley Bank); (d) be made payable to, and expressly transferable and assignable by, Landlord; (e) be payable at sight upon presentment of a sight draft accompanied by a certificate of Landlord stating either that Tenant is in default under this Lease or that Landlord is otherwise permitted to draw upon such Letter of Credit under the express terms of this Lease, and the amount that Landlord is owed (or is permitted to draw) in connection therewith; and (f) shall expire ninety (90) days following the expiration of the Term of this Lease. Tenant shall maintain the Letter of Credit in the amount of the Security Deposit. Any fee or other charge payable in connection with a transfer or assignment of the Letter of Credit by Landlord shall be paid by Tenant to the issuing bank upon demand of Landlord, and if not so paid by Tenant, then such fee or charge may be paid by Landlord and Tenant shall reimburse Landlord therefor as Additional Rent. Notwithstanding anything in this Lease to the contrary, any grace period or cure periods which are otherwise applicable under Section 8.1 hereof, shall not apply to any of the foregoing, and, specifically, if Tenant fails to comply with the requirements of subsection (f) above or if Tenant shall fail to maintain the Letter of Credit in the full amount of the Security Deposit after any draw thereon by Landlord, Landlord shall have the immediate right to draw upon the Letter of Credit in full and hold the proceeds thereof as a cash security deposit. The Letter of Credit shall be issued by a commercial bank that has a credit rating with respect to certificates of deposit, short term deposits or commercial paper of at least P-2 (or equivalent) by Xxxxx’x Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation. If the issuer’s credit rating is reduced below P-2 (or equivalent) by Xxxxx’x Investor Service, Inc., or at least A-2 (or equivalent) by Standard & Poor’s Corporation, or if the financial condition of the issuer changes in any other materially adverse way, then Landlord shall have the right to require that T...
Use of Letter of Credit. �e District may draw on the Letter of Credit upon the occurrence of any one of the following: • A breach or violation of any Customer obligation in Section 8.7, 8.8, 9, or 18 that is not cured as provided in Section 19.1. • �e institution with respect to the Customer, by the Customer or by another person or entity, of a bankruptcy, reorganization, moratorium, liquidation, receivership or similar insolvency proceeding or other relief under any bankruptcy or insolvency law affecting creditor’s rights. • �e failure of the Customer to maintain the required Letter of Credit with an expiration date that is no fewer than 90 days in the future. �e District may apply the proceeds of the Letter of Credit to the Customer’s obligations to the District or hold the proceeds against future obligations. �e District will release any remaining amount of funds drawn under the Letter of Credit (less any payments to the District for amounts due and owing) by the date that is the later of 90 days after the termination of this Agreement and the resolution of all claims against Customer.
Use of Letter of Credit. The Borrower shall request the Letter of Credit only to support its obligations under Reinsurance Agreements and Primary Policies.
Use of Letter of Credit. Shall use the Letter of Credit to secure its obligations with respect to the Bonds.
Use of Letter of Credit. The Trustee acknowledges receipt of the Letter of Credit described in Section 3 above and agrees to hold such Letter of Credit in the Escrow Account in irrevocable escrow, for the benefit of the Noteholders and the Enhancement Provider, from the date of receipt thereof to the date on which all Interest, Principal and Premiums have been paid in full.
Use of Letter of Credit. The Company or the Merger Sub shall request the issuance of the Letter of Credit for the account of the Company hereunder solely to support the Company’s obligations arising in connection with the Merger Agreement and the transactions contemplated thereby.
Use of Letter of Credit. Borrower shall use (a) the Letter of Credit hereunder only to collateralize overadvances made under the First Lien Loan Agreement and (b) the Term Loans only to satisfy the Reimbursement Obligations.
