Examples of Replacement Letter of Credit in a sentence
Upon the failure of an assignee to deliver a compliant Replacement Letter of Credit to NYSERDA simultaneously with its receipt of the assignment, NYSERDA shall be thereupon entitled to draw on the Letter of Credit for the full amount then outstanding and the funds received shall be held by NYSERDA for application against subsequent obligations of Seller and/or the assignee under this Agreement.
Any assignee within Article VIII of this Agreement shall, simultaneously with its receipt of the assignment, deliver to NYSERDA a Replacement Letter of Credit meeting the requirements of this Article, and NYSERDA shall, within twenty (20) Business Days after receipt of a compliant Replacement Letter of Credit, return the original Letter of Credit to Seller.
Any assignee of this Agreement pursuant to Article VIII of this Agreement shall, simultaneously with its consummation of such assignment, deliver to NYSERDA a Replacement Letter of Credit meeting the requirements of this Article, and NYSERDA shall, within twenty (20) Business Days after receipt of a compliant Replacement Letter of Credit, return the original Letter of Credit to Seller.
Contributor shall, and shall cause the Companies to, provide reasonable cooperation to SEP in connection with SEP’s efforts to obtain each Replacement Letter of Credit pursuant to this Section 7.7.
Failure of Tenant to cause the Replacement Letter of Credit Security to be issued forty-five (45) days prior to the then pending expiration or cancellation shall entitle Landlord to fully draw down on the existing Letter of Credit Security and, at Landlord’s election, shall be an event of default under this Lese without any relevant notice and cure period.