Common use of Establishment of Letter of Credit Clause in Contracts

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. 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 xxong with Indemnitee, the "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. 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 xxong with Indemnitee, the "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. 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 Greg X. Xxxxxxxxx, Xxhn X. Xxxxxx, X. Jack Xxxxxx, Xxe Xxxxxx xxx Anthxxx X. Xxxxxx (xxe xxong with Indemnitee, the "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. 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 xxong with Indemnitee, the "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. 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 xxong with Indemnitee, the "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. 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 along with Indemnitee, the "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. 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 Euguxx X. Xxxxxxxx, Xx., Xxeg X. Xxxxxxxxx, Xxhn X. Xxxxxx, X. Jack Xxxxxx, Xxe Xxxxxx xxx Anthxxx X. Xxxxxx (xxe xxong with Indemnitee, the "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.