Letter of Credit Extension. Tenant shall ensure that at all times during the Term of this Lease and for fifteen (15) business days after expiration of the Term, one or more unexpired letters of credit in the aggregate amount of the amount required hereunder shall be in the possession of Landlord. To the extent that Tenant is obligated to furnish a replacement Letter of Credit hereunder, Tenant shall deliver a Letter of Credit Extension or a replacement letter of credit to Landlord no later than thirty (30) days prior to the expiration date of the then outstanding and expiring letter of credit; provided, however, that a replacement letter of credit shall not be required to have an effective date earlier than the expiration date of the then existing letter of credit being so replaced (it being the intent that Tenant not be required to have two outstanding letters of credit covering the same required amount at any one time). Failure by Tenant to deliver any Letter of Credit Extension or any replacement letter of credit as required above shall entitle Landlord to draw under the outstanding letter(s) of credit and to retain the entire proceeds thereof as security for Tenant’s obligations hereunder. Each letter of credit shall be for the benefit of Landlord and its successors and assigns, shall be expressly transferable (but only to a mortgagee or a successor landlord under this Lease), and shall entitle Landlord or its successors or assigns to draw from time to time under the letter of credit in portions or in whole upon presentation of a sight draft. Tenant acknowledges and agrees that the Letter of Credit is a separate and independent obligation of the issuing bank to Landlord and that Tenant is not a third party beneficiary of such obligation, and that Landlord’s right to draw upon the Letter of Credit for the full amount due and owing thereunder shall not be, in any way, restricted, impaired, altered or limited by virtue of any provision of the United States Bankruptcy Code, including without limitation, Section 502(b)(6) thereof.
Letter of Credit Extension. The Bank may in writing, effective on each April 1, extend the Expiration Date of the Letter of Credit for an additional one-year period; provided, however, that such extension shall be, in each instance, made in the sole discretion of the Bank and the Bank may at any time, upon written notice delivered to Borrower and Trustee, elect not to extend the Expiration Date. The Bank shall notify Borrower and Trustee of its decision of whether the Expiration Date shall be extended no later than thirty (30) days prior to April 1 of each year, provided that the failure of Bank to deliver such notice, or to deliver any notice, shall mean that Bank has elected not to extend the Expiration Date. If the Bank extends the Expiration Date, it shall do so in the form of an amendment to the Letter of Credit, which it shall promptly deliver to Trustee. SECTION THREE
Letter of Credit Extension. Bank may in writing extend the Expiration Date of the Letter of Credit; provided, however, that such extension shall be, in each instance, made in the sole discretion of Bank and Bank may at any time, upon written notice delivered to Company and Trustee, elect not to extend the Expiration Date. Bank shall notify Company and Trustee of its decision of whether the Expiration Date shall be extended no later than ninety (90) days prior to the Expiration Date, provided that the failure of Bank to deliver such notice, or to deliver any notice, shall not mean that Bank has elected to extend the Expiration Date. If Bank extends the Expiration Date, it shall do so in the form of an amendment to the Letter of Credit, which it shall promptly deliver to Trustee. SECTION THREE
Letter of Credit Extension. The Letter of Credit will expire on the earlier of (I) MAY 16, 2004, which is the Stated Expiration Date, or (ii) the Termination Date, determined as provided by the Letter of Credit. Upon the written request of the Company, which request shall be made on or about May 15th of a year, commencing May 15, 2002, to extend the Stated Expiration Date, the Bank may decide, in its sole discretion to extend the Stated Expiration Date for one year from the Stated Expiration Date then in effect; PROVIDED, HOWEVER, the Stated Expiration Date shall not be extended beyond May 16, 2013. The Bank shall notify the Company of its decision of whether the Stated Expiration Date shall be extended no later than July 15th of such year, provided that the failure of the Bank to deliver such notice, or to deliver any notice, shall mean the Bank has elected NOT to extend the Stated Expiration Date. If the Stated Expiration Date is extended, the terms and conditions hereof, unless the Bank and the Company otherwise agree in writing, and the terms and conditions of the Letter of Credit, unless the Bank, the Company and the Trustee may otherwise agree in writing, shall remain in full force and effect as if the extended Stated Expiration Date was the original Stated Expiration Date. If the Bank extends the Stated Expiration Date, it shall promptly notify the Trustee, and if the Trustee so requests, deliver to the Trustee, against simultaneous delivery by the Trustee to the Bank of the original Letter of Credit, a replacement Letter of Credit similar in all respects except the extended Stated Expiration Date, to the original Letter of Credit.
Letter of Credit Extension. The parties further agree that the expiry date of the Letters of Credit shall be extended to May 21, 1999 and accordingly the LC Guarantee issued by Lender on Borrower's behalf to support the Letters of Credit shall continue in effect for the purposes hereof. Borrower confirms that the present face amount of the German Credit is DM1,224,000, of the UK Credit is GBP620,000 and of the Japanese Credit is JPY240,000,000.
Letter of Credit Extension as described below, meeting the requirements of this Section 2.4 no later than thirty (30) days prior to the expiration of the then outstanding and expiring letter of credit, as provided below). Any subsequent replacement letter of credit shall expire no earlier than twelve (12) months from the expiration date of the then outstanding and expiring letter of credit and shall provide for automatic 1-year renewals as described above, it being understood that in lieu of replacing any letter of credit, Tenant may procure an amendment extending
Letter of Credit Extension. The Bank may in writing, -------------------------- effective on each anniversary of the Date of Issuance, commencing with such anniversary in 2001, extend the Expiration Date of the Letter of Credit for an additional one-year period; provided, however, that such extension shall be, in -------- each instance, made in the sole discretion of the Bank and the Bank may at any time, upon written notice delivered to Borrower and Trustee, elect not to extend the
Letter of Credit Extension. Subject to the terms and conditions of this Agreement, BNY agrees, in reliance on the agreement of the other Lenders set forth in Section 2.13(c), to extend the expiration date of the Letter of Credit to a date no later than October 6, 1997, provided that if the Letter of Credit shall be outstanding on May 31, 1997 and the Termination Date shall not have been extended to December 31, 1997, the Borrowers shall, on or prior to May 31, 1997, (i) cause the Letter of Credit to be returned to BNY undrawn and marked "cancelled" or (ii) if the Borrowers are unable to do so in whole or in part, either (x) provide a "back-to-back" letter of credit to BNY in a form satisfactory to BNY (in its sole discretion), issued by a bank satisfactory to BNY (in its sole discretion), in an amount equal to 105% of the then undrawn stated amount of the Letter of Credit issued and/or (y) deposit cash in the Letter of Credit Cash Collateral Account in an amount equal to 105% of the then undrawn stated amount of all outstanding Letter of Credit as collateral security for the Borrowers reimbursement obligations in connection therewith, such additional letter of credit collateralization or excess cash to be remitted to the Borrowers upon the expiration, cancellation or other termination or satisfaction of such reimbursement obligations.
Letter of Credit Extension. The Letter of Credit will expire on the earlier of (i) September 15, 2003, which is the Stated Expiration Date, or (ii) the Termination Date, determined as provided by the Letter of Credit. If the Stated Expiration Date is extended, the terms and conditions hereof, unless the Bank and the Company otherwise agree in writing, and the terms and conditions of the Letter of Credit, unless the Bank, the Company and the Trustee may otherwise agree in writing, shall remain in full force and effect as if the extended Stated Expiration Date was the original Stated Expiration Date. If the Bank extends the Stated Expiration Date, it shall promptly notify the Trustee, and if the Trustee so requests, deliver to the Trustee, against simultaneous delivery by the Trustee to the Bank of the original Letter of Credit, a replacement Letter of Credit similar in all respects except the extended Stated Expiration Date, to the original Letter of Credit.
Letter of Credit Extension. The Bank may in writing, effective on September 1 of each year, commencing September1, 1999, extend the Expiration Date of the Letter of Credit for an additional one-year period; PROVIDED, however, that such extension shall be, in each instance, made in the sole discretion of the Bank and the Bank may at any time, upon written notice delivered to Borrower and Trustee, elect not to extend the Expiration Date. The Bank shall notify Borrower and Trustee of its decision of whether the Expiration Date shall be extended no later than thirty (30) days prior to September 1 of each year, provided that the failure of Bank to deliver such notice, or to deliver any notice, shall not mean that Bank has elected to extend the Expiration Date. If the Bank extends the Expiration Date, it shall do so in the form of an amendment to the Letter of Credit, which it shall promptly deliver to Trustee. SECTION THREE
