Establishment of Letter of Credit. (a) Not later than one (1) Month prior to the Scheduled COD of the first Element of the Project, each Long Term Transmission Customer shall, through a scheduled bank, open a Letter of Credit in favour of the TSP, to be made operative from a date prior to the Due Date of its first Monthly Transmission Charge Invoice under this Agreement and shall be renewed annually.
Establishment of Letter of Credit. The Company's obligations to make indemnity payments and Expense Advances to Indemnitee under this Agreement shall be secured by a letter of credit in the amount of $1,000,000 which shall also secure the Company's indemnity payment and expense advance obligations to Eugexx X. Xxxxxxxx, Xx., Xxeg X. Xxxxxxxxx, Xxhn X. Xxxxxx, X. Jack Xxxxxx, Xxe Xxxxxx xxx Anthxxx X. Xxxxxx (xxe "Current Directors") and Franx Xxxxxxxx, xxch of whom, along with Indemnitee, shall be named a beneficiary of the letter of credit. Such letter of credit shall be established no later than ten (10) days after the date of this Agreement and shall remain in place for an initial period of one year or, if less, until any four of the Current Directors, one of which may but need not be the Indemnitee, at their sole election, consent to the termination of such letter of credit. If, after the initial or any subsequent period, such letter of credit is not renewed for a subsequent period, any four of the Current Directors shall have the right to draw the full amount thereof to hold as cash collateral securing the obligations under this Agreement. The letter of credit shall additionally provide that draws may be made by any four of the Current Directors, one of which may but need not be the Indemnitee, upon their certification that (a) Indemnitee is entitled to indemnity or Expenses Advances under this Agreement, (b) Indemnitee has demanded the amount being drawn from the Company in writing, and (c) the Company has not paid the full amount within the time required by this Agreement. Recourse to the letter of credit shall be in addition to, and not in lieu of, any manner otherwise available for enforcement of this Agreement and nothing in this Article shall relieve the Company of any of its obligations under this Agreement.
Establishment of Letter of Credit. LTOAC shall establish an open letter of credit (LC) for 105% of estimated average monthly billing towards transmission charges, SLDC scheduling & system operation charges in favor of CSPTCL. The Letter of Credit shall be opened with any Government/ Nationalized Bank within one month of signing of this LTOA. In case failure of LTOAC to make payments of bills within 15 days, The CSPTCL has option to operate the Letter of Credit to recover the payments of its bills besides levying surcharge towards delayed payment.
Establishment of Letter of Credit. Curb may require Merchant to establish an irrevocable standby letter of credit, including additional and/or replacement letters of credit, with a beneficiary designated by Curb, and which are issued from a financial institution that is acceptable to Curb, in a format, with an expiration date, and in an amount acceptable to Curb in its sole discretion.
Establishment of Letter of Credit. (a) Upon the written, telephonic, or electronic request of the Lead Borrower, the Lender agrees to cause the issuance of L/C's on behalf of a Borrower as provided herein. The Lead Borrower may request issuance of L/C's in such manner as may from time to time be reasonably acceptable to the Lender. The Borrowers shall execute and deliver to the Lender such further documents and instruments in connection with any L/C, as the Lender, in accordance with the Lender's then customary practices with respect to similar facilities, may reasonably request including, without limitation, the Lender's standard letter of credit agreements (hereinafter, the "L/C Agreement"). In the event of any inconsistency between the terms of the L/C Agreement and this Agreement the terms and conditions of the L/C Agreement shall control. (b)(i) The maximum aggregate amount of L/C's Outstanding at any one time shall not exceed the lesser of: (i)One Million and no/100 Dollars ($1,000,000.00) or (ii) the difference between Availability and the then unpaid principal balance of all Revolving Credit Loans. (c) No L/C shall have a maturity date which is later than the earlier of (i) or (ii) below: (i) Three hundred sixty-five (365) days after the date of such L/C's issuance; (ii) the Termination Date. (d) Upon the making of any request by or on behalf of the Lead Borrower for issuance of a L/C, the Borrowers shall be deemed to have certified that as of the date of such request, the representations set forth in Subsections 3-4(c)(i) - (iii), above, are true and correct and that the Availability which supports the issuance of the subject L/C arises out of transactions involving the import shipment of goods.
Establishment of Letter of Credit. Concurrently with the execution of the original escrow agreement, Buyer delivered to the Escrow Agent an irrevocable and unconditional letter of credit, in substantially the form of Attachment A hereto, in the amount of $11,000,000.00 (the "Letter of Credit"), which expires no earlier than the first anniversary of the date of this Agreement. The Letter of Credit was issued by Bank of America, NT&SA. Any Letter of Credit and related sight drafts may be substituted from time to time by a Letter of Credit and sight draft drawn upon any other bank of similar asset size.
Establishment of Letter of Credit. (a) Upon the written, telephonic, --------------------------------- or electronic request of the Borrower, the Lender agrees to cause the issuance of L/C's on behalf of the Borrower as provided herein. The Borrower may request issuance of L/C's in such manner as may from time to time be reasonably acceptable to the Lender. The Borrower shall execute and deliver to the Lender such further documents and instruments in connection with any L/C, as the Lender, in accordance with the Lender's then customary practices with respect to similar facilities, may reasonably request including, without limitation, the Lender's standard letter of credit agreements (hereinafter, the "L/C Agreement"). In the event of any inconsistency between the terms of the L/C Agreement and this Agreement the terms and conditions of the L/C Agreement shall control.
