Letter of Credit Provider Sample Clauses

Letter of Credit Provider. The Series 2004-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such receipt by) the Trustee of written notice from the Series 2004-1 Letter of Credit Provider in substantially the form of Annex E attached hereto certifying that the Series 2004-1 Letter of Credit Amount has been increased and setting forth the amount of such increase. Each Credit Demand and Termination Demand shall be dated the date of its presentation, and shall be presented to the Series 2004-1 Letter of Credit Provider at the Series 2004-1 Letter of Credit Provider's Office. If the Series 2004-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 2004-1 Letter of Credit, not later than 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 2004-1 Letter of Credit Provider will make such funds available by 4:00 p.m. (New York City time) on the same day in accordance with your payment instructions. If the Series 2004-1 Letter of Credit Provider receives any Credit Demand or Termination Demand at such office, all in strict conformity with the terms and conditions of this Series 2004-1 Letter of Credit, after 1:00 p.m. (New York City time) on a Business Day prior to the termination hereof, the Series 2004-1 Letter of Credit Provider will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in accordance with your payment instructions. If you so request the Series 2004-1 Letter of Credit Provider, payment under this Series 2004-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to your respective accounts in a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. Upon the earliest of (i) the date on which the Series 2004-1 Letter of Credit Provider honors a Termination Demand presented hereunder to the extent of the Series 2004-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Series 2004-1 Letter of Credit Provider receives written notice from you that an alternate letter of credit or other credit enhancement has been substituted for this Series 2004-1 Letter of Credit and (iii) the Scheduled Letter of Credit Expiration Date, this Series 2004-1 Letter of Credit shall automatically terminate and you shall surrender this Series 2004-1 Let...
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Letter of Credit Provider. Each of the Lessees and DTAG acknowledges that the Series 2004-1 Letter of Credit Provider is not responsible for any risks of acts or omissions of the Trustee and any other beneficiary or transferee of the Series 2004-1 Letter of Credit with respect to its use of the Series 2004-1
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Letter of Credit Provider. RFC, the Lessees and Republic each acknowledges that the Series 1997-1 Letter of Credit Provider is not responsible for any risks of acts or omissions of the Enhancement Agent or any other beneficiary or transferee of the Series 1997-1 Letter of Credit with respect to its use of the Series 1997-1
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Letter of Credit Provider. In the event that (i) the Series 1997-1 Letter of Credit Provider shall have notified Republic or RFC (and shall not have retracted such notification) that its compliance with any of its material obligations hereunder or under the Series 1997-1 Letter of Credit would be unlawful, (ii) the Series 1997-1 Letter of Credit Provider fails to extend its Series 1997-1 Letter of Credit Commitment pursuant to Section 2.1(c), (iii) any of the Lessees, RFC or Republic is required pursuant to Section 2.6 or 2.7 to make any payment to or on behalf of the Series 1997-1 Letter of Credit Provider (or would be so required on or prior to the next following date on which a payment hereunder (other than pursuant to Sections 2.6 and 2.7) is required to be made to or for the Series 1997-1 Letter of Credit Provider) or (iv) the Series 1997-1 Letter of Credit Provider shall have failed to fund any Series 1997-1 LOC Disbursement under the Series 1997-1 Letter of Credit, then Republic shall have the right, at its own expense, upon notice to the Series 1997-1 Letter of Credit Provider and the Enhancement Agent, to require the Series 1997-1 Letter of Credit Provider, and the Series 1997-1 Letter of Credit Provider hereby agrees, to transfer and assign without recourse all the interests, rights and obligations of the Series 1997-1 Letter of Credit Provider to an Eligible Credit Enhancer provided by Republic on behalf of the Lessees and RFC; provided, however, that (w) no such assignment shall conflict with any law, rule, regulation or order of any Governmental Authority, (x) such assignment shall be without recourse, representation and warranty and shall be on terms and conditions reasonably satisfactory to such replaced Series 1997-1 Letter of Credit Provider and such replacement Eligible Credit Enhancer, (y) the purchase price paid by such replacement Eligible Credit Enhancer shall be in an amount equal to the aggregate amount of all Series 1997-1 LOC Disbursements and all other amounts owed by the Series 1997-1 Support Letter of Credit Providers and the Series 1997-1 GM Support Letter of Credit Provider to such replaced Series 1997-1 Letter of Credit Provider under the Series 1997-1 Support Letters of Credit and the GM Series 1997-1 Support Agreement, as applicable, as of the date of such assignment, and (z) Republic or such Eligible Credit Enhancer, as the case may be, shall pay to such replaced Series 1997-1 Letter of Credit Provider in same day funds on the date of such assignme...
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Letter of Credit Provider. All agreements, representations and warranties made herein shall survive the execution and delivery of this Agreement.
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Letter of Credit Provider. With regard to the Lessee's obligations hereunder and under the Series 1997-1 Support Reimbursement Agreement in favor of the Series 1997-1 Letter of Credit Provider, the Series 1997-1 Letter of Credit Provider shall receive the full benefit of Section 2.20 of the Series 1997-1 Support Reimbursement Agreement (as in effect on the date hereof, along with all amendments, modifications and waivers consented thereto by the Series 1997-1 Letter of Credit Provider).
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Letter of Credit Provider. In addition, notwithstanding anything to the contrary herein or in the Base Indenture (including the procedures set forth in Article 11 of the Base indenture) or in any other Related Document, this Supplement may be amended solely with the consent of the Series 2010-3 Majority Noteholders and RCFC (with notice to the Trustee and without the consent of any other Person or any other requirement or condition) upon and after a Specified Change in Control Transaction to (i) insert any financial covenant(s) that shall thereafter constitute “Specified Change in Control Counterparty Financial Covenants” hereunder and (ii) identify the then-existing financing agreement of the related Specified Change in Control Counterparty or any of its affiliates (which may include DTAG) with respect to which an acceleration by the lenders of all amounts owing thereunder shall thereafter constitute a “Specified Change in Control Cross Acceleration Event” hereunder.
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Letter of Credit Provider. ..9 Section 2.6 Surrender of Series 2002-1 Letter of Credit................9 Section 2.7 Conditions Precedent to Issuance, Increase or Extension...10 Section 2.8 Certain Eurocurrency Rate and Other Provisions under the Credit Agreement...................................14 Section 2.9
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Letter of Credit Provider. ..9 Section 2.6 Surrender of Series 2003-1 Letter of Credit...............10 Section 2.7 Conditions Precedent to Issuance or Increase..............10
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Related to Letter of Credit Provider

  • 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.

  • 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:

  • Letter of Credit Facility 18 SECTION 3.1 ... L/C Commitment .......................................... 18 SECTION 3.2 ... Procedure for Issuance of Letters of Credit ............. 19 SECTION 3.3 ... Commissions and Other Charges ........................... 19 SECTION 3.4 ... L/C Participations ...................................... 19 SECTION 3.5 ... Reimbursement Obligation of the Borrowers ............... 20 SECTION 3.6 ...

  • Letter of Credit Procedures 13 2.3.1 L/C Applications ...........................................13 2.3.2 Participations in Letters of Credit ........................13 2.3.3 Reimbursement Obligations ..................................13 2.3.4 Limitation on Obligations of Issuing Lender ................14 2.3.5 Funding by Lenders to Issuing Lender .......................14 2.4 Commitments Several .................................................15 2.5 Certain Conditions ..................................................15

  • Letter of Credit Subfeature As a subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue standby letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively, “Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Letters of Credit shall not at any time exceed Five Hundred Thousand Dollars ($500,000.00). The form and substance of each Letter of Credit shall be subject to approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term not to exceed Three Hundred Sixty-five (365) days, as designated by Borrower; provided however, that no Letter of Credit shall have an expiration date subsequent to the maturity date of the Line of Credit. The actual undrawn amount of all Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be subject to the additional terms and conditions of the Letter of Credit agreements, applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the Line of Credit and shall be repaid by Borrower in accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to advances under the Line of Credit. In such event Borrower agrees that Bank, in its sole discretion, may debit any account maintained by Borrower with Bank for the amount of any such drawing.

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

  • Letter of Credit Participation See Section 4.1.4.

  • Letter of Credit Subfacility (a) During the Revolving Credit Commitment Period, the Borrower may request the issuance of standby Letters of Credit to support obligations of a Subsidiary of the Parent which finance the working capital and business needs of a Subsidiary of the Parent by delivering to the Issuing Bank a completed Application for letters of credit in such form and with such other certificates, documents and information as the Issuing Bank may specify from time to time by no later than 12:00 noon, Philadelphia time, at least five (5) Business Days (or such shorter period as may be agreed to by the Issuing Bank) in advance of the proposed date of issuance. Each Application for issuance of a Letter of Credit shall be accompanied by an issuance fee based upon the Issuing Bank’s standard schedule of fees charged for issuing letters of credit as such may be amended from time to time. Subject to the terms and conditions hereof and in reliance on the agreements of the other Revolving Credit Lenders set forth in this Section, the Issuing Bank will issue a Letter of Credit, provided, that each Letter of Credit shall (i) have a maximum maturity of twelve (12) months from the date of issuance, and (ii) in no event expire later than five (5) Business Days prior to the Revolving Credit Termination Date, and provided further, that in no event shall the amount of the Letter of Credit Obligations at any one time exceed the lesser of (i) the L/C Sublimit and (ii) the aggregate Revolving Credit Commitments minus the aggregate principal amount of the Revolving Credit Loans then outstanding. The Issuing Bank shall not at any time be obligated to issue any Letter of Credit hereunder if such issuance would conflict with, or cause the Issuing Bank or any Letter of Credit Participant to exceed, any limits imposed by any applicable Requirement of Law. Notwithstanding the provisions of this Section, the Revolving Credit Lenders and the Borrower hereby agree that the Issuing Bank may issue upon the Borrower’s request, one or more Letter(s) of Credit which by its or their terms may be extended for additional periods of up to one year each provided that (I) the initial expiration date (or any subsequent expiration date) of each such Letter of Credit is not later than five (5) Business Days prior to the Revolving Credit Termination Date, and (II) renewal of such Letter(s) of Credit, at the Issuing Bank’s discretion, shall be available upon written request from the Borrower to the Issuing Bank at least thirty (30) days (or such other time period as agreed by the Borrower and the Issuing Bank) before the date upon which notice of renewal is otherwise required. Each standby Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits as most recently published by the International Chamber of Commerce at the time a Letter of Credit is issued (“UCP”) or the International Standby Practices (ISP98 International Chamber of Commerce Publication Number 590 (“ISP98”)), as determined by the Issuing Bank.

  • Letter of Credit Accommodations (a) Subject to and upon the terms and conditions contained herein, at the request of Borrower, Lender agrees to provide or arrange for Letter of Credit Accommodations for the account of Borrower containing terms and conditions acceptable to Lender and the issuer thereof. Any payments made by Lender to any issuer thereof and/or related parties in connection with the Letter of Credit Accommodations shall constitute additional Revolving Loans to Borrower pursuant to this Section 2.

  • The Letter of Credit Subfacility (a) On the terms and conditions set forth herein: (i) the Issuing Lender agrees, (A) from time to time on any Business Day during the period from the Restatement Date to the Revolving Termination Date to issue Letters of Credit for the account of the Company, and to amend Letters of Credit previously issued by it, in accordance with subsections 3.2(c) and 3.2(d), and (B) to honor drawings which comply with the terms of the Letters of Credit Issued by it; and (ii) the Revolving Lenders severally agree to participate in Letters of Credit Issued for the account of the Company; provided that the Issuing Lender shall not be obligated to Issue, and no Revolving Lender shall be obligated to participate in, any Letter of Credit if as of the date of Issuance of such Letter of Credit (the "Issuance Date") (1) the sum of the Effective Amount of all L/C Obligations plus the Effective Amount of all Revolving Loans plus the Effective Amount of all Swingline Loans exceeds the lesser of (x) the aggregate amount of all Revolving Commitments and (y) the Borrowing Base, (2) the Effective Amount of all L/C Obligations exceeds the amount of the L/C Commitment or (3) with respect to any particular Revolving Lender, the sum of the participation of such Revolving Lender in the Effective Amount of all L/C Obligations plus the outstanding principal amount of the Revolving Loans of such Revolving Lender shall exceed such Revolving Lender's Revolving Commitment. Within the foregoing limits, and subject to the other terms and conditions hereof, the Company's ability to obtain Letters of Credit shall be fully revolving, and, accordingly, the Company may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit which have expired or which have been drawn upon and reimbursed.

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