BPDB Security Sample Clauses

BPDB Security. (i) BPDB Letter of Credit (A) Before 30 (Thirty) days from the Scheduled Supply Commencement Date, BPDB shall cause any scheduled bank (the "Issuing Bank") in Bangladesh and provide to the Company an irrevocable and revolving BPDB Letter of Credit (the “Issuing Bank”) , which shall have an initial term which is not less than one (1) year and shall provide for annual renewal by the Issuing Bank immediately prior to each relevant expiry date for further period(s) of one year each until the last Day of the Term. Immediately upon each such renewal, the Issuing Bank shall confirm to BPDB that such renewal has occurred. Provided that, if the Company desire to confirm the Letter of Credit, any charges required to be paid for confirmation by a Scheduled Commercial Bank in India shall be borne by the Company (B) In the case of any extension of this Agreement, BPDB shall, not less than thirty (30) Days prior to its expiration, procure that the BPDB Letter of Credit is renewed or replaced for a term not less than the extended term of this Agreement. BPDB shall procure that the BPDB Letter of Credit (which expression shall include any renewal or extension thereto) shall be in the form of Schedule 1 hereto and meets the requirements of this Section 12.2(f). (C) The BPDB Letter of Credit shall permit presentation at a bank located in Dhaka, Bangladesh. (D) The initial amount of the BPDB Letter of Credit shall be equal to the BPDB Letter of Credit Amount computed as at the Supply Commencement Date. (E) The BPDB Letter of Credit Amount shall be recalculated and adjusted by BPDB and notified to the Company and the Issuing Bank on the date falling three hundred and sixty five (365) Days after the Supply Commencement Date and every three hundred and sixty five (365) Days thereafter (each such Day a “BPDB Letter of Credit Adjustment Day”). If as a result of any such recalculation on a BPDB Letter of Credit Adjustment Day, the BPDB Letter of Credit Amount as at such BPDB Letter of Credit Adjustment Day is higher than the amount of the BPDB Letter of Credit which is then capable of being drawn, BPDB shall within two (2) Business Days of such BPDB Letter of Credit Adjustment Day procure that the amount of the BPDB Letter of Credit is increased to such higher BPDB Letter of Credit Amount and that written evidence of such increase is provided to the Company. (F) The BPDB Letter of Credit shall provide for draws by the Company for the purposes of Section 12.2(a) in immediately avai...