Letter of Credit and Other Collateral Sample Clauses

Letter of Credit and Other Collateral. (a) If Seller has provided a Letter of Credit pursuant to any of the applicable provisions in this Article VIII or elsewhere in the Agreement, then not later than thirty (30) days prior to the stated expiration date of the Letter of Credit, the Seller shall renew (or cause the renewal of) each outstanding Letter of Credit, or replace (or cause the replacement of) each such Letter of Credit with one or more replacement Letters of Credit from a Qualified Issuer in the amount required by this Agreement at the time of such renewal or replacement. In the event (A) the issuer of a Letter of Credit shall fail to meet the requirements of a Qualified Issuer; or (B) the issuer of an outstanding Letter of Credit indicates its intent not to renew such Letter of Credit; or (C) an issuer of a Letter of Credit shall fail to honor the beneficiary’s properly documented request to draw on an outstanding Letter of Credit, then, within five (5) Business Days thereafter, Seller shall provide a substitute Letter of Credit from a Qualified Issuer other than the bank that has been downgraded, refused to renew or failed to honor the outstanding Letter of Credit (“Cure”). If Buyer does not receive a replacement Letter of Credit from a Qualified Issuer within the time specified in either of the two preceding sentences, it may draw on the full available amount of the Letter of Credit. Amounts drawn in such circumstances shall be held directly by the Buyer bearing interest each day at the rate per annum equal to the Monthly Federal Funds Rate as reported in Federal Reserve Bank Publication H.15-519 or its successor publication (as set on a monthly basis based on the latest month for which such rate is available) on any unapplied balance held by Buyer as described herein. Amounts drawn shall be available to be applied by Buyer for the reasons set forth in Section 8.1(e) under the conditions set forth in the Letter of Credit. If Seller fails to Cure or if such Letter of Credit expires or terminates without a full draw thereon by Buyer, or such Letter of Credit fails or ceases to be in full force and effect at any time that such Letter of Credit is required pursuant to the terms of this Agreement, such failure, expiration or termination shall be considered a Seller’s Event of Default.
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Letter of Credit and Other Collateral 
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Related to Letter of Credit and Other Collateral

  • Non-Reliance on Administrative Agent and Other Lenders Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

  • FACILITIES, EQUIPMENT AND OTHER MATERIALS Except as otherwise specifically provided in this Agreement, CONTRACTOR shall, at its sole cost and expense, furnish all facilities, equipment, and other materials which may be required for performing services pursuant to this Agreement. At COUNTY’s discretion, COUNTY may make equipment or facilities available to CONTRACTOR for CONTRACTOR’s use in furtherance of this Agreement only where a COUNTY Facility or Equipment exhibit is attached to this Agreement identifying the equipment or facilities to be used by CONTRACTOR’s personnel. If COUNTY funds equipment as part of this contract, COUNTY will retain Equipment.

  • Contract and other writing(s) setting forth the final agreements, clarifications and terms between the Bid Documents and Contractor’s Bid. In the latter circumstance, clarifications must specifically note in writing what was offered by the Contractor and what was accepted by the State. If not, such clarifications shall be considered last in the order of precedence under this paragraph.

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • Other Commitments (1) If provisions in the legislation of either Contracting Party or rules of international law entitle investments by investors of the other Contracting Party to treatment more favourable than is provided for by this Agreement, such provisions shall to the extent that they are more favourable prevail over this Agreement.

  • Assignment and other dealings (a) The Supplier may at any time assign, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner with any or all of its rights and obligations under the Contract.

  • Rent and Other Payments This paragraph contains detailed commercial terms. ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .

  • Award of Construction Contract and Other Future Contracts 6.2.1 A-E is hereby informed that provisions of the Public Contract Code, the Political Reform Act of 1974, other statutes, regulations, and COUNTY policy prohibit, as an impermissible conflict of interest, the award of a contract for the construction of the project(s) on which A-E performed architectural-engineering services under this A-E CONTRACT. A-E is hereby informed that these statutes and regulations could also prohibit the award to A-E of design or other contracts on future phases related to tasks performed by A-E under this CONTRACT. This prohibition applies also to a subcontractor of or parent company of the firm that performed architectural-engineering tasks under this CONTRACT.

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Lenders KeyBank, the other lending institutions which are party hereto and any other Person which becomes an assignee of any rights of a Lender pursuant to §18 (but not including any participant as described in §18). The Issuing Lender shall be a Lender, as applicable. The Swing Loan Lender shall be a Lender.

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