Examples of Backstop Letter of Credit in a sentence
On the Effective Date, DOE, as the holder of the Allowed Prepetition Note Claims, shall receive, subject to the terms of the Plan, in full and final satisfaction, settlement, release and discharge of its Allowed Prepetition Note Claims, (a) $200 million in Cash (which shall be satisfied by DOE by a draw on the Cobra Backstop Letter of Credit) and (b) all rights and obligations under the Exit Contingent Note.
The Court is aware that negative decisions by a mayor could be appealed before the Constitutional Court, an authority that does exercise judicial control.
Upon Purchaser’s or its Affiliate’s performance of the Final Decommissioning for a Lease, Sellers shall release the BOEM Bond and, if applicable, any Backstop Letter of Credit for such Lease only if (i) Sellers and BSEE confirm the Final Decommissioning for the Lease is completed; (ii) BOEM agrees to release the BOEM Bond for the Lease; and (iii) Purchaser requests in writing Sellers’ release of the BOEM Bond, and/or Backstop Letter of Credit for the Lease.
In the event that, within 7 Business Days after such request has been communicated to the Company, such Backstop Letter of Credit Amendment shall not have been delivered to Citibank or such deposit to the appropriate L/C Cash Deposit Account shall not have been made, Citibank may, in accordance with and to the extent permitted under the terms of such Backstop Letter of Credit, draw the full Available Amount thereunder for deposit into the appropriate L/C Cash Deposit Account.
Upon payment in full to the L/C Issuer of any Reimbursement Obligation, the Account Party shall be subrogated to all of the L/C Issuer’s rights against the Backstop L/C Issuer in respect of the Backstop Letter of Credit, including without limitation the L/C Issuer’s rights under the Credit Agreement, the Backstop Letter of Credit and the First Lien Security Agreement.