The Letter of Credit. (a) Except as otherwise set forth herein, the Master Servicer hereby covenants and agrees to exercise its best reasonable efforts to maintain or cause the Letter of Credit (or substitute credit enhancement), to be maintained to the extent and in the form and amount and for the purposes set forth in this Agreement. The Trustee shall draw on the Letter of Credit at the times and in the manner set forth herein and therein.
The Letter of Credit. The Issuing Bank agrees, on the terms and conditions hereinafter set forth (including, without limitation, the applicable conditions precedent set forth in Article V hereof), to issue the Letter of Credit to the Paying Agent, upon not less than three Business Days prior notice from the Account Party, on the Closing Date.
The Letter of Credit. At all times on or prior to the Fixed Rate Conversion Date except during any period when all the Bonds then outstanding are held by or for the account of the Company, a Letter of Credit meeting the requirements of this Section 4.12 shall be in effect and, in the event that an Alternate Credit Facility is to replace an expiring Letter of Credit, the requirements of Section 6.07 of the Indenture will be fulfilled. A Letter of Credit shall be an obligation of a bank or banks, insurance company or companies, other financial institution or institutions, or any combination of the foregoing, entitling the Trustee to draw up to (a) an amount equal to the principal amount of the Bonds then outstanding to pay (i) the principal of the Bonds when due, or (ii) the portion of the Purchase Price of Bonds corresponding to principal, plus (b) an amount equal to 210 days' accrued interest on the Bonds then outstanding computed at the maximum rate specified in such Letter of Credit, which shall in no event exceed fifteen percent (15%), on the basis of a 360-day year. A Letter of Credit shall expire on the earliest occurrence of (1) its stated expiration date, which shall be no earlier than one (1) day after the next succeeding Optional Tender Date or Purchase Date not less than six months from its effective date, (2) when all available amounts have been drawn, (3) the second business day following the effective date of the Fixed Rate Conversion Date, (4) on the effective date of any Alternate Credit Facility that replaces the then effective Letter of Credit, (5) the earliest date on which no Bonds are outstanding and (6) twelve (12) days after the Trustee receives notice from the Bank that it is terminating the Letter of Credit and directing the Trustee to cause a mandatory tender and purchase of or to accelerate the Bonds. A Letter of Credit shall provide that when there is a drawing to pay interest on scheduled payment dates, if the Trustee does not receive from the Bank by the close of business on a day specified therein, which shall not be later than the tenth (10th) day following such a drawing in respect of interest, notice by telephone confirmed in writing (or by other means acceptable to the Trustee and the Authority) that the amount available to be drawn has not been reinstated by the amount of the drawing for interest (except on principal of a Bond being paid or purchased and cancelled), the amount available to be drawn will automatically be reinstated by the amoun...
The Letter of Credit. The Bank agrees, on the terms and conditions hereinafter set forth, to issue and deliver the Letter of Credit in favor of the Trustee in the amount of the Commitment and expiring on or before the Stated Termination Date, unless extended pursuant to Section 2.13 hereof.
The Letter of Credit. On the terms and conditions set forth in the MLA, CoBank agrees to establish a loan commitment to the Company in an amount not to exceed $31,000,000.00 (the “Commitment”). The Commitment shall expire at 12:00 noon (Company’s local time) on April 30, 2013 or on such later date as CoBank may, in its sole discretion, authorize in writing.
The Letter of Credit. The Issuing Bank issued the Existing Letter of Credit on the Original Closing Date. The Issuing Bank agrees, on the terms and conditions hereinafter set forth (including, without limitation, the applicable conditions precedent set forth in the Amendment), to issue the Letter of Credit Amendment to the Paying Agent, upon not less than three Business Days prior notice from the Account Party, on the Amendment Closing Date.
The Letter of Credit. At the request of the Borrower, the Bank agrees, on the terms and conditions hereinafter set forth, to issue the Letter of Credit, in the form of Exhibit A attached hereto, in the Original Stated Amount for the account of the Borrower and deliver the Letter of Credit to the Trustee. The Letter of Credit is to be used by Borrower solely to provide liquidity and credit enhancement for the Bonds. The Letter of Credit shall expire on the Letter of Credit Termination Date. The Bank shall make payments on the Letter of Credit from the Bank's own funds.
The Letter of Credit. Commercial Letter of Credit dated January 3, 2007, in the maximum amount of One Million Six Hundred Thirty-Four Thousand and 00/100 ($ 1,634,000.00) Dollars.
The Letter of Credit. (a)On or prior to the Re-Opening Closing Date the Issuer and the Standby Purchaser shall cause one or more Letters of Credit to be delivered to the Trustee in an amount equal to U.S.$68,957,910.
The Letter of Credit. Borrower hereby requests and instructs Bank to issue the Letter of Credit on the terms and conditions herein set forth. Issuing the Letter of Credit. Bank agrees to issue the Letter of Credit on the date of the delivery of the Bonds to the original purchaser or purchasers thereof, subject to the terms and conditions herein set forth.
