Irrevocable Standby Letter of Credit Sample Clauses

Irrevocable Standby Letter of Credit. A. On or before the issuance of the Notice to Proceed in accordance with Section 5.2B, Contractor shall deliver to Owner an irrevocable standby letter of credit in the amount of ten percent (10%) of the Contract Price (“
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Irrevocable Standby Letter of Credit. A. As a condition precedent to Contractor’s right to receive any payments under this Agreement (except payments expressly permitted pursuant to an LNTP), Contractor shall deliver to Owner an irrevocable standby letter of credit, naming Owner as beneficiary, in the amount of ten percent (10%) of the Contract Price (as adjusted by Change Order) and in the form of Attachment R, and issued and confirmed by a commercial bank in the United States of America reasonably acceptable to Owner with a long-term rating of at least Investment Grade (“Letter of Credit”). Upon Owner’s written request, Contractor shall increase the dollar value of the Letter of Credit issued to Owner in proportion to any increases to the Contract Price pursuant to a Change Order, or the aggregate of multiple Change Orders, that equal or exceed one hundred million U.S. Dollars (U.S. $100,000,000); provided that if Owner so requests an adjustment to the value of the Letter of Credit, Contractor shall be entitled to a Change Order for the cost of the increase in the Letter of Credit. If at any time the rating of the U.S. commercial bank that issued the Letter of Credit falls below Investment Grade, Contractor shall replace the Letter of Credit within [***] ([***]) Days with a letter of credit or, if permitted by Owner in its sole discretion, an equivalent instrument, issued by a commercial bank in the United States of America reasonably acceptable to Owner meeting such rating requirements. Owner shall have the right to draw down on or collect against such Letter of Credit upon Owner’s demand in the event of the following: (a) a Default by Contractor or the owing by Contractor to Owner under this Agreement for Liquidated Damages or any other liabilities, damages, costs, losses or expenses arising out of or relating to a breach of any obligation under this Agreement by Contractor, such Default or otherwise and (b) Owner has provided [***] ([***]) Business Days’ written notice to Contractor stating Owner’s intent to draw against the Letter of Credit and the amount to be drawn and specifying the reason for the draw on the Letter of Credit. The amount drawn on the Letter of Credit shall not be greater than the amount that Owner, at the time of the drawing, reasonably estimates is owed it under this Agreement for Liquidated Damages, liabilities, damages, costs, losses or expenses or is necessary to remedy the Default or breach of this Agreement. In addition to the foregoing draw rights, (i) Owner sh...
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Irrevocable Standby Letter of Credit. As both a covenant and a condition of this Lease, Lessee shall deliver to Lessor on or before November 30, 2006, an irrevocable, clean letter of credit in the amount of $259,560 (12 months’ rentals) issued by a national bank reasonably acceptable to Lessor on terms and conditions reasonably acceptable to Lessor and its counsel. Such letter of credit shall provide that Lessor may draw on the entire amount of the letter of credit by providing an officer’s certificate to the issuing bank of the occurrence of either one of the following: a) Lessee is in default under any of the terms and conditions of that certain Railroad Car Lease Agreement dated November 28, 2006, or b) thirty (30) days prior to the expiration date of the letter of credit, unless Lessee has provided Lessor with a twelve (12) month extension of the letter of credit or an acceptable replacement letter of credit. In the event Lessor assigns its interest in the Lease pursuant to Article 23, Lessee, at the request of Lessor, shall cause the letter of credit to be assigned or reissued, as the case may be, to the assignee of the Lease. Delivery & Acceptance — The cars shall be delivered to, and accepted by Lessee, at Eagle Pass, Texas. Rental charges shall commence upon such acceptance, provided however that Lessor shall prepay freight charges from Eagle Pass, Texas to the yard of the delivering line at the point specified by the Lessee. Impact Damage — Impact damage resulting from striking the car with hammers, lances, sledges, or other such mechanical devices shall not be considered normal wear and tear to the extent such damage exceeds one inch (1”) in depth. Impact damage in excess of one inch (1”) depth shall be repaired at Lessee’s expense by means of straightening dents, patching any rips or holes, and spot painting any repaired surfaces. Return of Cars — Notwithstanding Article 4, rental charges shall cease as to each car upon the date Lessee tenders return shipping instructions to the railroad (with a copy to Lessor) serving the final unloading point or at such other mutually agreed upon point. Weight Limitation — Lessee shall not exceed the weight limitations prescribed for operation of cars in unrestricted interchange service as set forth under AAR Interchange Rule 70 without Lessor’s prior written consent.
Sample 1
Irrevocable Standby Letter of Credit. As both a covenant and a condition of this Lease, Lessee shall deliver to Lessor on or before December 15, 2007, an irrevocable, clean letter of credit in the amount of $1,341,000 (12 months’ rentals) issued by a national bank reasonably acceptable to Lessor on terms and conditions reasonably acceptable to Lessor and its counsel. Such letter of credit shall provide that Lessor may draw on the entire amount of the letter of credit by providing an officer’s certificate to the issuing bank of the occurrence of either one of the following: a) Lessee is in default under any of the terms and conditions of that certain Railroad Car Lease Agreement dated November 5, 2007, or b) 30 days prior to the expiration date of the letter of credit, unless Lessee has provided Lessor with a twelve (12) month extension of the letter of credit or an acceptable replacement letter of credit. In the event Lessor assigns its interest in the Lease pursuant to Article 23, Lessee, at the request of Lessor, shall cause the letter of credit to be assigned or reissued, as the case may be, to the assignee of the Lease.
Sample 1
Irrevocable Standby Letter of Credit. The Tenant shall provide, in a form acceptable to the Landlord acting reasonably, within five (5) business days of its execution of the Lease and prior to its occupancy of the Leased Premises, an Irrevocable Standby Letter of Credit for Ninety Thousand Dollars ($90,000) from one of the five largest Canadian Banks (the “Letter of Credit”) in favour of the Landlord which shall contain the provision that the Landlord has the right to draw upon the Letter of Credit if the Tenant defaults in the performance or observance of any of the terms, covenants or conditions of this Lease as and when the same are due to be performed by Tenant. Then the Landlord, at its option, may appropriate and apply all or any part of the Letter of Credit to cure such default, or on account of any losses or damages sustained by Landlord as a result of such default. Additionally, the Letter of Credit shall contain the following wording: In the event that:
Sample 1
Irrevocable Standby Letter of Credit. (a) Prior to or upon execution of the Contract, the Contractor shall provide at its cost an Irrevocable Standby Letter of Credit from a recognized financial institution licensed to operate in Ontario naming The Regional Municipality of Niagara as the sole beneficiary in an amount equal to $350,000. The Letter of Credit is to be valid for a period of one (1) year and is to be automatically renewed each year of this Contract. It shall be in a form acceptable to Niagara Region and shall have an acknowledgement by the issuer that Niagara Region shall be entitled to draw upon it upon providing certification that the Contractor is in breach of this Contract and an undertaking by the issuer to promptly honour and pay any draws made by Niagara Region. It shall also have an acknowledgement that if this Contract is terminated with cause or if the Contractor has an uncured event of Default, or if the Letter of Credit cannot or will not be annually renewed, then Niagara Region may draw down upon the Letter of Credit in an amount sufficient, as determined in good faith by Niagara Region, to cover all costs, damages and expenses for which the Contractor has been, is, or will be responsible under the terms of this Contract. If Niagara Region draws upon the Letter of Credit during the Contract Term, the Contractor shall replenish the value of the Letter of Credit in the amount drawn down upon by Niagara Region, provided that the Contractor shall only be required to replenish the value of the Letter of Credit over the Term of this Contract to a maximum of twice its original face value.
Sample 1
Irrevocable Standby Letter of Credit. 1. In lieu of the Bid Bond, Performance Bond and Labour & Material Payment Bond, each bidder may submit with their bid an Irrevocable Standby Letter of Credit for a sum not less than ten percent (10%) of the bid amount.
Sample 1
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Irrevocable Standby Letter of Credit. (a) In addition to the security deposit in the amount of $5,432.83 to be provided pursuant to Paragraph 32 of the Lease, Tenant shall provide Landlord on March 1, 1994, and maintain in effect throughout the term of the Lease (subject to Paragraph B below), an Irrevocable Standby Letter of Credit in the amount of $30,000.00 (the "Letter of Credit"), issued in favor of the Equitable Montxxxxxx Xxxpany as beneficiary ("EMC") by a banking institution acceptable to EMC. EMC shall be entitled to draw down upon the Letter of Credit in whole or in part as and to the extent that Landlord would be entitled to use or apply all or any portion of the security deposit under Paragraph 32 of the Lease; provided, however, EMC may not draw down upon any portion of the Letter of Credit until after the expiration of any applicable grace period provided to Tenant hereunder. If EMC draws down upon any portion of the Letter of Credit as provided herein, Tenant shall restore the Letter of Credit to the full amount then required by the terms of this Paragraph 7. The terms of the Letter of Credit shall entitle Landlord to draw upon the Letter of Credit in whole or in part upon certification from any individual purportedly acting for Landlord that it is entitled under the Lease to make such draw, and shall further entitle
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Irrevocable Standby Letter of Credit. The letter of credit is an engagement by a bank made at the request of the bank customer, who is the borrower, that the bank issuer will honor drafts or other demands for payment made by MTFC as a named party upon compliance by MTFC with the conditions specified in the letter of credit.
Sample 1

Related to Irrevocable Standby Letter of Credit

  • Standby Letter of Credit To ensure payment by Seller of all costs and expenses incurred by Company (i) in excess of the Total Estimated Interconnection Cost paid in connection with the Company-Owned Interconnection Facilities to be provided and/or constructed by Company described in Section 3 (Seller Payment To Company for Company-Owned Interconnection Facilities and Review Of Facility) of this Attachment G (Company-Owned Interconnection Facilities), and (ii) if applicable, in excess of the Total Estimated Relocation Costs paid in connection with the relocation of the Company-Owned Interconnection Facilities as provided in Section 5 (Relocation of Company-Owned Interconnection Facilities) of this Attachment G (Company-Owned Interconnection Facilities), Seller shall obtain an Irrevocable Standby Letter of Credit with no Documentary Requirement ("Standby Letter of Credit") in accordance with the requirements of Section 6(b) (Requirements of the Standby Letter of Credit) of this Attachment G (Company-Owned Interconnection Facilities), wherein Company shall receive payment from the bank upon request by Company.

  • Standby Letters of Credit The Borrower agrees to pay to the Administrative Agent, for the ratable benefit of each Lender with a Revolving Commitment based upon each such Lender’s Revolving Facility Percentage, a fee in respect of each Letter of Credit issued hereunder that is a Standby Letter of Credit, to be paid in U.S. Dollars, for the period from the date of issuance of such Letter of Credit until the expiration date thereof (including any extensions of such expiration date that may be made at the election of the account party or the LC Issuer), computed for each day at a rate per annum equal to (A) the Applicable Revolving Loan Margin for Revolving Loans that are Eurodollar Loans in effect on such day times (B) the Stated Amount of such Letter of Credit on such day. The foregoing fees shall be payable quarterly in arrears on the last Business Day of each March, June, September and December and on the Revolving Facility Termination Date applicable to each Class of Revolving Commitments.

  • Standby An employee who is required to remain available for duty on standby, outside the normal working hours for that particular employee, shall receive standby pay in the amount of $3.30 per hour for all hours on standby. Effective September 29, 2016, where such standby duty falls on a paid holiday, as set out in the Appendix of Local Provisions, the employee shall receive standby pay in the amount of $4.90 per hour. Standby pay shall, however, cease where an employee is called into work under Article 15.06 above and works during the period of standby.

  • Letter of Credit In lieu of providing a cash Security Deposit, simultaneously with the execution of this Lease, Tenant may deliver to Landlord an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of Landlord, with the Letter of Credit securing Tenant’s obligations hereunder subject to the terms and conditions set forth in the Lease. The terms of the Letter of Credit, which are subject to Landlord’s reasonable consent, shall strictly comply with the provisions of this Addendum #1. The Letter of Credit shall be issued by a bank acceptable to Landlord in Landlord’s reasonable discretion and under the supervision of the banking commission of the State of California or the Federal Deposit Insurance Corporation. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to Landlord in Landlord’s reasonable discretion, Tenant shall at its cost substitute another Letter of Credit from a bank that is acceptable to Landlord in Landlord’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. Tenant shall renew the Letter of Credit and maintain it for the period ending one hundred twenty (120) days after the end of the calendar year in which the Term expires, and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If Tenant fails to renew the Letter of Credit within ten (10) Business Days of its expiration, Landlord may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to Tenant on receipt by Landlord of a substitute Letter of Credit from Tenant meeting all requirements of this Addendum #1. The form and terms of the Letter of Credit shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

  • Agreement to Repay Letter of Credit Drawings (a) The Borrower agrees to reimburse each Issuing Lender, by making payment to the Administrative Agent in immediately available funds at the Payment Office, for any payment or disbursement made by such Issuing Lender under any Letter of Credit issued by it (each such amount, so paid until reimbursed by the Borrower, an “Unpaid Drawing”), by making payment in Dollars (in the case of all Dollar Denominated Letters of Credit), Euros (in the case of Euro Denominated Letters of Credit) or Sterling (in the case of Sterling Denominated Letters of Credit) not later than one Business Day following receipt by the Borrower of notice of such payment or disbursement (provided that no such notice shall be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing, in which case the Unpaid Drawing shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by the Borrower)), with interest on the amount so paid or disbursed by such Issuing Lender, to the extent not reimbursed prior to 1:00 P.M. (New York City time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date such Issuing Lender was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin as in effect from time to time for Revolving Loans that are maintained as Base Rate Loans; provided, however, to the extent such amounts are not reimbursed prior to 1:00 P.M. (New York time) on the third Business Day following notice to the Borrower by the Administrative Agent or the respective Issuing Lender of such payment or disbursement, interest shall thereafter accrue on the amounts so paid or disbursed by such Issuing Lender (and until reimbursed by the respective Account Party) at a rate per annum which shall be (x) in the case of Dollar Denominated Letters of Credit, Sterling Denominated Letters of Credit, the Base Rate in effect from time to time plus the Applicable Margin for Revolving Loans in each case maintained as Base Rate Loans, as in effect from time to time plus 2% and (y) in the case of Euro Denominated Letters of Credit, the Overnight Euro Rate in effect from time to time plus the Applicable Margin for Euro Denominated Loans as in effect from time to time plus any Mandatory Costs plus 2%, in each such case, with interest to be payable on demand, provided further, that it is understood and agreed, however, that the notices referred to above in this clause (a) and in the immediately preceding proviso shall not be required to be given if a Default or an Event of Default under Section 11.05 shall have occurred and be continuing (in which case the Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by each Credit Party) and shall bear interest at the rate provided in the foregoing proviso on and after the third Business Day following the respective Drawing). The respective Issuing Lender shall give the Borrower prompt notice of each Drawing under any Letter of Credit, provided that the failure to give, or any delay in giving, any such notice shall in no way affect, impair or diminish the Borrower’s obligations under this Agreement.

  • Letter of Credit Request See §2.10(a).

  • The Letter of Credit Facility (i) Subject to the terms and conditions hereinafter set forth (A) Issuing Bank agrees, in reliance on the Agreements of the Lenders set forth in this Section (1) to issue Letters of Credit for the account of any Borrower from time to time on any Business Day during the period from the Effective Date hereof until 10 days before the Termination Date in an aggregate Available Amount for all Letters of Credit not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) the Unused Revolving Credit Commitments of the Lenders at such time (provided that in no event shall the Issuing Bank be required to issue a Letter of Credit if, after giving effect to such issuance, the aggregate amount of the Revolving Credit Exposures of all Lenders shall exceed the Revolving Credit Availability at such time) and to amend or extend Letters of Credit previously issued by it in accordance with the terms of this Section 2.16, and (2) to honor drawings under the Letters of Credit, and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of any Borrower and any drawings thereunder. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance, extension or amendment of the Letter of Credit so requested complies with the conditions set forth in the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

  • Notice of Borrowing; Letter of Credit Request (a) Prior to the making of each Loan (other than a Swingline Loan or a Revolving Loan made pursuant to a Mandatory Borrowing), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of Section 2.03(a). Prior to the making of each Swingline Loan, the Swingline Lender shall have received the notice referred to in Section 2.03(b)(i).

  • Letter of Credit Draw If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.

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