Letter of Credit or Performance Bond Sample Clauses

Letter of Credit or Performance Bond. Prior to the effective date of this Agreement , Green Waste shall provide an irrevocable letter of credit or performance bond (collectively referred to herein as the "Performance Security") from an institution satisfactory to City, on terms acceptable to City and its legal counsel, evidencing an irrevocable commitment to City, in the amount of One Hundred Thousand Dollars ($100,000), guaranteeing GreenWaste 's faithful performance of the terms ofthis Agreement. Such Performance Security shall be maintained in effect throughout the period during which Solid Waste collection services are to be provided pursuant to this Agreement. Upon GreenWaste's failure to timely perform any of its obligations under this Agreement or to pay City any fees or other sums owed under this Agreement, the Performance Security may be assessed by City, for purposes including, but not limited to:
Sample 1
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Letter of Credit or Performance Bond. A. Within five (5) Business Days of CCCSWA’s notification to Contractor that CCCSWA has executed this Agreement, Contractor shall deposit with CCCSWA an irrevocable letter of credit in the amount of [insert dollar value equal to approximately [twenty‐five percent (25%) of estimated annual Gross Receipts] . The letter of credit must be issued by an FDIC insured banking institution chartered to do business in the State of California, consistent with the Uniform Customs and Practice for Documentary Credits, then‐current revision or similar uniform convention approved by CCCSWA, in CCCSWA’s name, and be callable at the discretion of CCCSWA. The letter of credit shall be structured so that, in the event funds are drawn by CCCSWA, the balance of [amount] is restored within two (2) Business Days.
Sample 1
Letter of Credit or Performance Bond. ‌ Contractor(s) agrees that after the execution of any and each Contract(s) developed as a result of this RFP, and one (1) month or more prior to the Commencement Date, the Contractor(s) shall make, execute and deliver to the City-Parish a good and sufficient letter of credit (preferred) or performance bond (alternate) to secure the full, complete and faithful performance of the terms and conditions. Such letter or credit or performance bond shall be in an amount based on six (6) months projected fees for each Service(s) and shall be renewed each year thereafter throughout the term of any Contract(s) developed as a result of this RFP. The letter of credit shall be an irrevocable direct pay letter of credit issued by a U.S. bank whose long- term debt is rated "A" or better by a Rating Service and which maintains a banking office in the State of Louisiana. The letter of credit shall be continuously renewed, extended or replaced so that it remains in effect over the life of any Contract(s) developed as a result of this RFP including initial and all renewal terms and until one hundred and eighty (180) calendar days after the termination of any Contract(s) developed as a result of this RFP and shall be issued in the form acceptable to the City- Parish. Contractor may offer a performance bond as an alternate to a letter of credit. The performance bond shall be signed by the President or General Officer of the Contractor, together with the signature of the corporate secretary and the corporate seal. The surety shall be a surety company duly authorized to do business in the State of Louisiana; having an “A” or better rating by A. M. Best or Standard and Poors; included on the list of surety companies approved by the Treasurer of the United States of America; and acceptable to the Contractor and the City-Parish.
Sample 1
Letter of Credit or Performance Bond. Release or Reduction The MSC may release to the Owner, if requested, certain amounts pledged under the Letter of Credit or Performance Bond for the construction of the Electric and Water Infrastructure improvements and appurtenances completed by the Owner, as determined, inspected and approved by the MSC, and set forth in the Partial Release of Letter of Credit or Performance Bond prepared by the MSC. Requests for reduction of the Letter of Credit or Performance Bond shall be made by Owner in writing by submission of the application for reduction of Letter of Credit or Performance Bond worksheet attached hereto. Any and all requests for reduction of a Letter of Credit or Performance Bond shall be considered and reviewed in conjunction with the Owner’s annual written report submission identified within Article 1 of this Agreement. The Request for Partial Release of Letter of Credit or Performance Bond shall specify the construction completed and the amount requested to be released under the Letter of Credit or Performance Bond. Any reduction of a Letter of Credit or Performance Bond is within the sole discretion of the MSC. The amount released shall not exceed seventy-five percent 75% of the approved construction cost estimate for the items(s), as provided in the construction cost estimates provided as set forth herein. In no event shall a Letter of Credit or Performance Bond be reduced below Twenty-Five Per cent (25%) of the aggregate principal amount of the Letter of Credit or Performance Bond until acceptance by the MSC and conveyance by deed to the MSC as set forth in Article 5 herein.
Sample 1
Letter of Credit or Performance Bond. Prior to the effective date of this Agreement, GreenWaste shall provide an irrevocable Letter of Credit or Performance Bond (collectively referred to herein as the “Performance Security”) from an institution satisfactory to County, on terms acceptable to the County and its legal counsel, evidencing an irrevocable commitment to County, in the amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00), guaranteeing GreenWaste’s faithful performance of the terms of this Agreement. Such Letter of Credit or Bond shall be maintained in effect throughout the period during which Solid Waste collection services are to be provided pursuant to this Agreement. Upon GreenWaste’s failure to timely perform any of its obligations under this Agreement or to pay the County any fees or other sums owed under this Agreement, the Letter of Credit or Bond may be assessed by the County, for purposes including, but not limited to:
Sample 1

Related to Letter of Credit or Performance Bond

  • Letter of Credit Amounts Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

  • Letter of Credit Fees The applicable 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 Dollar Equivalent of 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 1.09. 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 standby 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 Letter of Credit Fees shall accrue at the Default Rate.

  • The Letter of Credit Commitment (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of the Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, 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 the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the 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.

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