Initial Letter of Credit. Concurrently with Subtenant’s execution and delivery to Sublandlord of this Sublease, Subtenant shall deliver to Sublandlord, as collateral for the full performance by Subtenant of all of its obligations under this Sublease and for all losses and damages Sublandlord may suffer as a result of Subtenant’s failure to comply with one or more provisions of this Sublease, including, but not limited to, any post lease termination damages under section 1951.2 of the California Civil Code an unconditional, irrevocable, transferable standby letter of credit (the “Initial Letter of Credit”) in the amount of $3,984,300.00 (the “Letter of Credit Amount”), issued by a financial institution (the “Issuing Bank”) acceptable to Sublandlord. Notwithstanding anything contained herein to the contrary, Sublandlord hereby approves Silicon Valley Bank as the initial Issuing Bank for the Letter of Credit and agrees to accept an Initial Letter of Credit in the form attached hereto as Exhibit C-1; any Replacement Letter of Credit (defined below) must meet the requirements of Section 4(c) below. The Letter of Credit shall be “callable” at sight, permit partial draws and multiple presentations and drawings, and be otherwise subject to the International Standby Practices ISP 98, International Chamber of Commerce Publication #590. Subtenant shall cause the Letter of Credit to be continuously maintained in effect (whether through a Replacement Letter of Credit (defined below), amendment, renewal or extension) through the date (the “Final Letter of Credit Expiration Date”) that is the later to occur of (i) the date that is sixty (60) days after the scheduled expiration date of the Sublease Term and (ii) the date that is sixty (60) days after Subtenant vacates the Subleased Premises and completes any removal, restoration or repair obligations.
Initial Letter of Credit. The Letter of Credit shall be an unconditional, irrevocable, transferable standby letter of credit (the “Initial Letter of Credit”) in the form attached hereto as Exhibit D in the Security Amount, issued by Silicon Valley Bank (the “Issuing Bank”). Subtenant shall cause the Letter of Credit to be continuously maintained in effect (whether through a Replacement Letter of Credit (defined below), amendment, renewal or extension) through the date (the “Final Letter of Credit Expiration Date”) that is the later to occur of (i) the date that is forty-five (45) days after the scheduled Expiration Date of the Term, and (ii) the date that is forty-five (45) days after Subtenant vacates the Subleased Premises and completes any restoration or repair obligations.
Initial Letter of Credit. The Letter of Credit shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, up to (a) an amount equal to the principal amount of the Notes (i) to pay the principal of the Notes when due whether at stated maturity, upon redemption or acceleration or (ii) to enable the Tender Agent to pay the purchase price or portion of the purchase price equal to the principal amount of Notes purchased pursuant to Section 3.01 to the extent remarketing proceeds are not available for such purpose, plus (b) an amount equal to 98 days' interest accrued on the Notes at a rate of ten percent (10%) per annum (i) to pay interest on the Notes when due or (ii) to enable the Tender Agent to pay the portion of the purchase price of the Notes purchased pursuant to Section 3.01 equal to the interest accrued, if any, on such Notes to the extent remarketing proceeds are not available for such purpose. The Letter of Credit shall terminate automatically on the earliest of (i) the payment by the Bank to the Trustee of the final drawing available to be made under the Letter of Credit; (ii) receipt by the Bank of the Letter of Credit and a certificate signed by an officer of the Trustee and the Designated Representative of the Issuer stating that no Notes remain Outstanding; (iii) receipt by the Bank of the Letter of Credit and a certificate signed by an officer of the Trustee and the Designated Representative stating that an Alternate Credit Facility in substitution for the Letter of Credit has been accepted by the Trustee and is in effect; and (iv) the stated expiration date of the Letter of Credit. Pursuant to the Reimbursement Agreement, on each anniversary date of the Letter of Credit, at the Bank's option, the expiration date of the Letter of Credit may be extended for a year beyond the current expiration date. The Bank's obligation under the Letter of Credit will be reduced to the extent of any drawing thereunder. The Letter of Credit shall provide that, with respect to a drawing by the Trustee to pay interest on the Notes or the portion of the Purchase price of Notes corresponding to interest on the Notes, the Letter of Credit shall be automatically reinstated in an amount equal to any such drawing on the date of such drawing. With respect to any drawing by the Trustee to pay a portion of the purc...
Initial Letter of Credit. Within three (3) business days after receipt of consent to this Lease from each of the current Mortgagee and the Ground Lessor as required by Paragraph 42 and 43, respectively, Tenant shall deliver to Landlord an unconditional, irrevocable, transferable letter of credit in the amount specified in the Basic Lease Information for the Initial Letter of Credit, satisfying the requirements set forth in this Paragraph 31 (the “Initial Letter of Credit”).
Initial Letter of Credit. As soon as practicable, and in any event not later than fourteen (14) days, after the execution and delivery of this Trust Agreement, the Company shall:
Initial Letter of Credit. The obligation of the Bank to issue the initial Letter of Credit is, in addition to the conditions precedent specified in Section 9.2, subject to the condition precedent that the Bank shall have received all of the following, each duly executed and dated the date of issuance of such Letter of Credit (or such earlier date as shall be satisfactory to the Bank), in form and substance satisfactory to the Bank:
Initial Letter of Credit. The Initial Letter of Credit shall be delivered to the Trustee simultaneously with the original issuance and delivery of the Bonds.
Initial Letter of Credit. Concurrently with Subtenant’s execution and delivery to Sublandlord of this Sublease, Subtenant has delivered to Sublandlord, as collateral for the full performance by Subtenant of all of its obligations under this Sublease and for all losses and damages Sublandlord may suffer as a result of Subtenant’s failure to comply with one or more provisions of this Sublease, including, but not limited to, any post lease termination damages under section 1951.2 of the California Civil Code an unconditional, irrevocable, transferable standby letter of credit (the “Initial Letter of Credit”) in the form attached hereto as Exhibit D in the amount of One Million One Hundred Six Thousand Four Hundred Sixty Eight AND 64/100 Dollars ($1,106,468.64) (the “Letter of Credit Amount”), issued by a financial institution (the “Issuing Bank”) acceptable to Sublandlord. Subtenant shall cause the Letter of Credit to be continuously maintained in effect (whether through a Replacement Letter of Credit (defined below), amendment, renewal or extension) through the date (the “Final Letter of Credit Expiration Date”) that is the later to occur of (i) the date that is forty-five (45) days after the scheduled expiration date of the Term and (ii) the date that is forty-five (45) days after Subtenant vacates the Subleased Premises and completes any restoration or repair obligations.
Initial Letter of Credit. (1) The Letter of Credit shall be a direct pay letter of credit and shall provide for direct payments to or upon the order of the Trustee as hereinafter set forth and shall be the irrevocable obligation of the Bank to pay to or upon the order of the Trustee, upon request and in accordance with the terms thereof, an amount of up to $5,460,000 of which (A) $5,200,000 shall support the payment of principal of the Bonds when due and that portion of the purchase price corresponding to principal of Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date, and (B) $260,000 shall support the payment of up to one hundred and twenty (120) days' interest at an assumed rate of fifteen percent (15%) per annum (which is the maximum rate of interest borne by the Bonds) on the Bonds when due and that portion of the purchase price corresponding to interest on Tendered Bonds not remarketed on any Variable Rate Purchase Date or sold on the Conversion Date.
Initial Letter of Credit. (a) On or before December 1, 2004, Borrower shall deliver to Lender a letter of credit with an LC Amount of $9,078,533.00 which complies with Section 4. Xxxxxxxx agrees to protect, indemnify and holder Lender harmless against any damages, losses, costs, or expenses (including reasonable attorneys’ fees) arising out of any failure by Borrower to deliver the initial Letter of Credit to Lender including without limitation damages, losses, costs, or expenses (including reasonable attorneys’ fees) arising out of any obligation to pay the Tenant Improvement Allowance whether before or after any foreclosure sale or trustee’s sale and irrespective of whether a full credit bid is made by Lender at any such sale and whether or not the payment of the Loan has otherwise been fully satisfied.
