Replacement Letter of Credit. Any assignee within Article VIII of this Agreement shall, simultaneously with its assignment becoming effective, 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. Upon the failure of an assignee to deliver a compliant replacement Letter of Credit to NYSERDA simultaneously with its assignment becoming effective, 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.
Replacement Letter of Credit. Tenant shall provide a replacement Letter of Credit which satisfies the requirements of §20.1 from an Issuer acceptable to Landlord within 30 days after the occurrence of any of the following: [i] Landlord’s receipt of notice from the Issuer that the Letter of Credit will not be extended for an additional one-year period; [ii] Landlord gives notice to Tenant that the Lace Financial Service Rating (or rating of a comparable rating service) of the Issuer is less than a “C+” (or the comparable rating of such other rating service); [iii] Landlord gives notice to Tenant of the admission by Issuer in writing of its inability to pay its debts generally as they become due, or Issuer’s filing of a petition in bankruptcy or petitions to take advantage of any insolvency act, making an assignment for the benefit of its creditors, consenting to the appointment of a receiver of itself or of the whole or any substantial part of its property, or filing a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law, regulation, or statute of the United States of America or any state thereof or [iv] Issuer is at any time determined not to be at least “adequately capitalized”, as that term is defined and used in the “Prompt Corrective Action” statute, 12 U.S.C. §1831, and implementing regulations. Tenant’s failure to comply with the requirements of this section shall be an immediate Event of Default without any notice (other than as provided for in this section), cure or grace period. Upon such Event of Default, Landlord shall be entitled to draw upon the Letter of Credit and Landlord may, solely at its option and without any obligation to do so, require Tenant to obtain a replacement Letter of Credit satisfactory to Landlord with the Letter of Credit proceeds made available to Tenant solely to secure Tenant’s reimbursement obligation for the replacement Letter of Credit.
Replacement Letter of Credit. The Administrative Agent shall present the Letter of Credit to the Letter of Credit Agent and receive the replacement Letter of Credit from the Letter of Credit Bank in a simultaneous exchange on the date requested by BAFC pursuant to subsection 2.01(c) of the Letter of Credit Reimbursement Agreement. In addition, if the Letter of Credit is to be replaced pursuant to subsection 2.01(e) of the Letter of Credit Reimbursement Agreement, the Administrative Agent shall present the Letter of Credit to the Letter of Credit Agent and receive the replacement Letter of Credit on the date specified in BAFC’s request to the Letter of Credit Agent in accordance with such subsection 2.01(e). Upon receipt of such replacement Letter of Credit, or upon receipt of an amended Letter of Credit pursuant to such subsection 2.01(e), the Administrative Agent shall notify BAFC, the Servicer and the Collateral Agent by telephone, and shall subsequently transmit a facsimile of such amended or replacement Letter of Credit to said parties.
Replacement Letter of Credit. Tenant shall provide a replacement Letter of Credit which satisfies the requirements of Section 20.1 from an Issuer acceptable to Landlord within 30 days after the occurrence of any of the following: [i] Landlord's receipt of notice from the Issuer that the Letter of Credit will not be extended for an additional one-year period; [ii] Landlord gives notice to Tenant that the Lace Financial Service Rating of the Issuer is less than a "C+"; or [iii] Landlord gives notice to Tenant of the admission by Issuer in writing of its inability to pay its debts generally as they become due, or Issuer's filing of a petition in bankruptcy or petitions to take advantage of any insolvency act, making an assignment for the benefit of its creditors, consenting to the appointment of a receiver of itself or of the whole or any substantial part of its property, or filing a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof. Tenant's failure to comply with the requirements of this Section shall be an immediate Event of Default without any notice (other than as provided for in the section), cure or grace period.
Replacement Letter of Credit. Notwithstanding anything to the contrary in this Lease, if at any time the Letter of Credit Issuer Requirements are not met, or if the financial condition of such issuer changes in any other materially adverse way, then Tenant shall, within thirty (30) days after written notice from Landlord, deliver to Landlord a replacement Letter of Credit which otherwise meets the requirements of this Lease, including without limitation, the Letter of Credit Issuer Requirements. In the event Tenant fails to replace the Letter of Credit and satisfy the Letter of Credit Issuer Requirements within such 30-day period, Landlord shall provide Tenant with a second written notice therefor and Tenant’s failure to deliver such replacement Letter of Credit to Landlord within five (5) business days of delivery of such second notice shall constitute an incurable default by Tenant. In addition and without limiting the generality of the foregoing, if the issuer of any letter of credit held by Landlord is insolvent or is placed in receivership or conservatorship by the Federal Deposit Insurance Corporation, or any successor or similar entity, or if a trustee, receiver or liquidator is appointed for the issuer then, effective as of the date of such occurrence, said Letter of Credit shall be deemed to not meet the requirements of this Article and Tenant shall, within thirty (30) days after written notice from Landlord, deliver to Landlord a replacement Letter of Credit which otherwise meets the requirements of this Article and that meets the Letter of Credit Issuer Requirements (and Tenant’s failure to do so within such 30-day period, Landlord shall provide Tenant with a written notice therefor and if Tenant fails to deliver such replacement Letter of Credit to Landlord within five (5) business days of delivery of Landlord’s notice shall, notwithstanding anything in this Article or the other terms and provisions of this Lease to the contrary, constitute an incurable default by Tenant. In addition, Tenant shall have the right to independently elect to replace any existing Letter of Credit with a new Letter of Credit if the new Letter of Credit: (1) Becomes effective at least thirty (30) days before expiration of the Letter of Credit that it replaces; (2) is in the Letter of Credit Amount, as such amount may have been reduced as set forth under Section 5(b)(i) of this Lease; (3) is issued by a bank complying with the Letter of Credit Issuer Requirements, and (4) otherwise complies with th...
Replacement Letter of Credit. The term “Reissuance Date” shall mean a date thirty (30) days prior to the expiration date of the then issued and outstanding Letter of Credit. If a letter of credit is then required pursuant to the Lease, on or before each Reissuance Date, LC Party shall cause the Issuer to issue a replacement of the then issued and outstanding Letter of Credit, which replacement shall be in the form of Exhibit A hereto (the “Replacement Letter of Credit”).
Replacement Letter of Credit. Tenant may, from time to time, replace any existing Letter of Credit with a new Letter of Credit if the new Letter of Credit:
Replacement Letter of Credit. The term "Reissuance Date" shall mean a date thirty (30) days prior to the expiration date of the then issued and outstanding Letter of Credit. On or before each Reissuance Date, LC Party, at LC Party's expense, shall cause the Issuer to issue a replacement of the then issued and outstanding Letter of Credit, which replacement shall be in the form of Exhibit A hereto, with such modifications as the Issuer may request that are acceptable to Beneficiary in its reasonable discretion (the "Replacement Letter of Credit"). The Replacement Letter of Credit shall be effective immediately as of the expiration of the then issued and outstanding Letter of Credit.
Replacement Letter of Credit. A. Currently, as security for Lessee’s performance of its obligations under the Lease, Lessor holds a letter of credit in the amount of $ [***] (the “Original LOC”). Subject to and in accordance with the terms and conditions set forth in Exhibit “B-7A”, attached hereto, Lessee agrees to provide Lessor an irrevocable, upon demand, letter of credit payable to Lessor in the amount of $ [***] (the “7A Replacement LOC”) within thirty (30) days after Lessee’s execution of this Amendment, as a replacement for the Original LOC. From and after Lessor’s receipt of the 7A Replacement LOC, the Lease shall be deemed to have been modified such that, in lieu of the Original LOC, Lessee shall be required, throughout the balance of the Term of the Lease (as the same may be extended from time to time), to have provided Lessor the 7A Replacement LOC, payable to Lessor upon the terms and conditions set forth in Exhibit “B-7A”, as security for Lessee’s performance of its obligations under the Lease. Within thirty (30) days after Lessor’s receipt of the 7A Replacement LOC, Lessor shall return the Original LOC, to Lessee.
Replacement Letter of Credit. Commencing forthwith after the date hereof, the Vendor shall reasonably cooperate with the Purchaser and assist the Purchaser in obtaining a replacement letter of credit, or other replacement security, effective on the Closing Date, securing the timely payment of the Corporation’s obligations under the Energy Transmission Purchase Agreement dated May 27, 2015 between the Corporation and Compañía Hidroelectrica Xxxxx X.X. For greater certainty, this Section 7.13 shall not require the Vendor to guarantee or provide other financial assistance to the Purchaser in respect of the replacement letter of credit or security.
