Draw on Letter of Credit. Subject always to Clause 04.9, Seller shall be entitled to draw on the current Letter of Credit if any of the following circumstances occur:
Draw on Letter of Credit. Subject always to Clause 4.9, Seller shall be entitled to draw on the current Letter of Credit if any of the following circumstances occur: Purchaser has not delivered an appropriate replacement Letter of Credit or an appropriate Extension and Amendment Notice in breach of Clause 4, in which case Seller shall be entitled to draw down: if no replacement Letter of Credit or extension of the existing Letter of Credit is provided, the whole of the Letter of Credit which Purchaser was obliged to replace or extend pursuant to Clause 4.3 and/or 4.6; or if a replacement Letter of Credit is provided or an existing Letter of Credit is extended, the amount equal to the shortfall in the amount of the replaced or extended Letter of Credit; Seller is legally obligated to pay all or part of the Seller Decommissioning Obligations, in which case Seller shall be entitled to draw down an amount equal to the amount Seller is obligated to pay plus any taxes that the Seller will be obligated to pay on the amount drawn under the Letter of Credit; if the bank which has issued the Letter of Credit ceases to be an Acceptable Bank and Purchaser fails to provide a replacement Letter of Credit or Extension and Amendment Notice issued by an Acceptable Bank, making up the shortfall, within thirty Working Days of Seller notifying Purchaser that an issuing bank is no longer an Acceptable Bank, Seller shall be entitled to draw down the amount of the Letter of Credit. Upon a request from Seller, Purchaser shall provide Seller with such evidence as it can reasonably obtain and as Seller reasonably requires to satisfy itself that the bank which has issued the Letter of Credit is an Acceptable Bank; if the Purchaser files a petition of bankruptcy or make a general assignment for the benefit of its creditors, or if a petition of bankruptcy is filed against the Purchaser or a receiver appointed on account of the Purchaser’s insolvency or if any equivalent action occurs in respect of Purchaser, in which case Seller shall be entitled to draw down the whole of the Letter of Credit. Any of the circumstances set out in this Clause above shall constitute a default for the purpose of the Demand. Without prejudice to the rights of Seller pursuant to Clause 4.8 (a), (b), (c) and (d), each Party shall notify the other Party promptly upon it becoming aware of the occurrence of an event under this Clause 4.8. Without prejudice to the Purchaser's obligation to renew the Letter of Credit pursuant to Clause 4....