Substitute Letter of Credit. Tenant may, from time to time, deliver to Landlord a substitute Letter of Credit meeting the requirements of this Agreement and issued by an Issuer acceptable to Landlord. Upon Landlord's approval of the substitute Letter of Credit, Landlord shall release the previous Letter of Credit to the Tenant.
Substitute Letter of Credit. Subject to the terms and conditions of the Letter of Credit, the Company may, at its option, obtain a Substitute Letter of Credit from any commercial bank meeting the conditions contained herein, in substitution for or replacement of the Letter of Credit. On or prior to the substitution of such Substitute Letter of Credit for the Letter of Credit, the provider of such Substitute Letter of Credit shall purchase all Outstanding Bank Bonds, at a purchase price equal to their principal amount plus accrued interest. The Substitute Letter of Credit shall be a letter of credit, the terms of which shall in all material respects be the same as the Initial Letter of Credit representing the obligation of the provider thereof to pay to the Trustee amounts necessary to pay the principal of interest on, and Purchase Price of the Bonds. The Substitute Letter of Credit must be in an amount at least equal to the aggregate principal amount of Bonds then Outstanding, plus the interest coverage and Discharge Expenses described in Section 13.01(b) above. In order for such letter of credit to qualify and be effective as a Substitute Letter of Credit hereunder, the Company shall at least 45 days prior to the date such Substitute Letter of Credit is to become effective deliver to the Letter of Credit Custodian, Tender Agent and the Trustee (a) a copy of the agreement pursuant to which Substitute Letter of Credit is issued, and (b) an Opinion of Counsel stating that such proposed Substitute Letter of Credit qualifies as a Substitute Letter of Credit under this Indenture and complies with the terms thereof. In addition to all other requirements to be met therefor, a draft of such Substitute of Credit, a draft of the related Reimbursement Agreement and appropriate information concerning the Bank which will issue such Substitute Letter of Credit shall have been submitted to Moody's, if Moodx'x xx then maintaining a rating for the Bonds and S&P, if S&P is then maintaining a rating for the Bonds, and
Substitute Letter of Credit. In the event the L/C Bank is declared insolvent by the FDIC or is closed for any reason, Tenant shall immediately provide a substitute Letter of Credit meeting the requirements of this Article 57 from another United States bank which is approved by Landlord in Landlord’s sole discretion.
Substitute Letter of Credit. Tenant shall deliver to Landlord a substitute Letter of Credit that satisfies the requirements for a Letter of Credit stated in Section 4.6.2 for the applicable period not later than ten (10) business days following delivery of a non-renewal notice by the Letter of Credit issuer with respect to the Letter of Credit issued to Landlord or 45 days prior to the scheduled expiration of the Letter of Credit, whichever first occurs (such date, the “Re-Delivery Deadline”). If Tenant fails to deliver the substitute Letter of Credit within such 10-business day period, Landlord shall have the right to draw the Letter of Credit and receive the proceeds as a cash Security Deposit. Tenant agrees that notwithstanding any provision of this Lease to the contrary, its failure to furnish Landlord with the required Security Deposit in the form of a substitute Letter of Credit in compliance with the requirements for the initial Letter of Credit prior to the Re-Delivery Deadline shall not be subject to any rights of notice or cure under this Lease. If Landlord receives a notice of non-renewal from the Letter of Credit issuer, Landlord shall use commercially reasonable efforts to deliver a copy of such notice to Tenant.
Substitute Letter of Credit. At the request of the Borrower made in compliance with the provisions of the Loan Agreement, the Indenture and Section 2.13, the Bank shall cooperate in order that a Substitute Letter of Credit may be obtained and substituted for the Letter of Credit, and the Bank take such actions as reasonably requested by the Borrower or the Trustee with respect thereto (at the sole expense of the Borrower). The Letter of Credit Fee paid to the Bank shall accrue and be payable through the end of the quarter in which the substitution is made as if no substitution had taken place.
Substitute Letter of Credit. In the event that (i) any issuer of a Letter of Credit gives notice to Landlord of the expiration or non-renewal of such Letter of Credit, or (ii) evidence of the renewal of any Letter of Credit is not delivered to Landlord at least thirty (30) days prior to the scheduled expiration of said Letter of Credit (the first date on which either of such events occurs being referred to as, the “Deadline”), Tenant shall, within ten (10) days of the Deadline, deliver to Landlord a substitute Letter of Credit, satisfying the requirements set forth above. If Tenant fails to substitute a new Letter of Credit by such date, Landlord shall have the right, without notice or demand, to draw on the Letter of Credit currently in its possession and hold and apply the cash proceeds thereof as the Security Deposit as set forth in this Lease. In addition, if the credit rating, as determined by any commercially recognized rating agency, of the issuer of the Letter of Credit falls from the level of its credit rating on the date of this Lease, Landlord shall have the right to require Tenant to provide a substitute Letter of Credit from an issuer with a credit rating equal to the credit rating of such original issuer on the date of this Lease. If Tenant fails to deliver to Landlord a substitute Letter of Credit, satisfying the requirements set forth above, Landlord shall have the right, without notice or demand, to draw on the Letter of Credit currently in its possession and hold and apply the cash proceeds thereof as the Security Deposit as set forth in this Lease.
Substitute Letter of Credit. The Company may provide for the delivery to the Trustee of a Substitute Letter of Credit at any time upon thirty (30) days’ prior written notice to the Trustee, the Tender Agent, the Remarketing Agent and the Authority. Unless the Company shall deliver to the Trustee on or before the fifteenth (15th) calendar day prior to the Interest Payment Date immediately preceding the Letter of Credit Termination Date a signed, written commitment from the Bank or a Substitute Bank to issue a Substitute Letter of Credit on or before such Interest Payment Date, the Bonds shall be called for mandatory redemption in accordance with the terms thereof and of the Indenture. On or before the date of the delivery of any Substitute Letter of Credit to the Trustee, the Company shall furnish to the Authority, the Trustee and the Remarketing Agent, as a condition to the acceptance of any Substitute Letter of Credit by the Trustee, the following:
Substitute Letter of Credit. Tenant shall deliver to Landlord a substitute Letter of Credit that satisfies the requirements for a Letter of Credit stated in this Subsection 4.6.2 for the applicable period not later than ten (10) days following delivery of a non-renewal notice by the Letter of Credit issuer with respect to the Letter of Credit issued to Landlord or 45 days prior to the scheduled expiration of the Letter of Credit, whichever first occurs (such date, the "Re-Delivery Deadline"). If Tenant fails to deliver the substitute Letter of Credit within such 10-day period, Landlord shall have the right to draw the Letter of Credit and receive the proceeds as a cash Security Deposit. Tenant agrees that notwithstanding any provision of this Lease to the contrary, its failure to furnish Landlord with the required Security Deposit in the form of a substitute Letter of Credit in compliance with the requirements for the initial Letter of Credit prior to the Re-Delivery Deadline shall not be subject to any rights of notice or cure under this Lease.
Substitute Letter of Credit. Notwithstanding any provisions of this GR Reimbursement Agreement to the contrary, the Authority agrees not to terminate, permanently reduce or replace the Letter of Credit prior to the Stated Expiration Date, except upon (i) the payment by the Authority to the Bank of any fee, including any termination fee, required by the terms of this GR Reimbursement Agreement and the Fee Annex, (ii) the payment to the Bank of all other Payment Obligations payable hereunder and (iii) the Authority providing the Bank and the Trustee with thirty (30) days prior written notice of its intent to terminate the Letter of Credit. Any such termination of the Letter of Credit shall be in compliance with the terms and conditions of the General Resolution. The Authority agrees that any termination of the Letter of Credit as a result of the provision of any Alternate Credit Facility will require, as a condition thereto, that the Authority or the issuer of any Alternate Credit Facility shall provide funds on the date of such termination or provision, which funds will be sufficient to pay in full at the time of termination of the Letter of Credit all Payment Obligations due and owing to the Bank hereunder.
Substitute Letter of Credit. Any successor Trustee is hereby authorized and directed to deliver to the Letter of Credit Issuer, the Letter of Credit received from his predecessor Trustee pursuant to Section 915 hereof in exchange for a substitute Letter of Credit in accordance with the Reimbursement Agreement.
