Letter of Credit Requirement Sample Clauses

Letter of Credit Requirement. Prior to commencement of construction of the Interior Improvements, Tenant shall deliver to Landlord an irrevocable unconditional letter of credit issued for a period of forty-two (42) months (the “Letter of Credit”) in the total dollar amount reasonably estimated by Tenant to be necessary to construct the Interior Improvements (less the amount of Landlord’s Interior Improvement Allowance) issued by an institutional lender acceptable to Landlord. In the event Tenant and/or Landlord subsequently and reasonably determines that the amount of said Letter of Credit does not cover the cost of the Interior Improvements, Tenant shall increase the Letter of Credit amount accordingly within ten (10) days of receipt of written notice from Landlord if Landlord is the party who discovers the deficiency or within ten (10) days of Tenant’s discovery of such deficiency. The Letter of Credit shall be unconditionally payable upon demand by Landlord, and Landlord shall be entitled to draw upon the Letter of Credit, without proof, for the purpose of completing construction of the Interior Improvements upon ten (10) days’ notice to Tenant, in the event Tenant fails to pay any sums when due under any construction contract for the Interior Improvements or to complete such construction as and when required hereunder or in the event any liens are filed against the Property. Upon delivery to Landlord of evidence of each interim payment by Tenant of its portion of the cost of the construction of the Interior Improvements from time to time during the course of such construction, Tenant shall be entitled to cause a reduction in the face amount of the Letter of Credit by a sum equal to such evidenced payment. Any amount drawn thereon which is not so applied by Landlord shall be returned to Tenant. Upon written request from Tenant, Landlord agrees to release the Letter of Credit to Tenant after the following have been completed by Tenant: (a) completion of the Interior Improvements; (b) Tenant’s delivery to Landlord of proof of payment for all construction costs (including copies of signed checks, the related invoices and unconditional lien releases from the General Contractor and all subcontractors); (c) Tenant’s delivery to Landlord of a recorded Notice of Completion for the Interior Improvements.
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Letter of Credit Requirement. Lessee and Lessor acknowledge and agree that the Letter of Credit Amount under the Master Lease as of the Effective Date is the sum of $1,361,516.00. Such Letter of Credit Amount shall remain in effect until the first Letter of Credit Adjustment Date following the Effective Date (i.e., September 1, 2006). Thereafter, the Letter of Credit Amount shall increase as provided in Section 21.3 of the Master Lease, as amended by clause (ii) below. Notwithstanding anything to the contrary in the Master Lease, at all times during the Term of the Master Lease, as hereby amended, and for sixty days after the expiration or earlier termination of the Master Lease, Lessee shall obtain, maintain and deliver to Lessor one or more letters of credit meeting the requirements of Article XXI of the Master Lease in the total required Letter of Credit Amount.
Sample 1
Letter of Credit Requirement. The initial Letter of Credit and any replacement Letter of Credit issued in accordance with Paragraph 8.A shall satisfy the requirements set forth in this Paragraph
Sample 1
Letter of Credit Requirement. As additional security for the full and faithful performance of every provision of this Lease to be performed by Tenant, Tenant shall deposit with Landlord on or before the commencement of construction of Tenant Improvements, an unconditional, irrevocable sight draft letter of credit ("Letter of Credit") with the stated amount set forth in subparagraph (b) in form and content acceptable to Landlord and ---------------- drawn on a commercial lender acceptable to Landlord, having a term (after taking into account any automatic renewals) not shorter than the Lease Term. Tenant shall deliver its proposed form of letter of credit to Landlord no later than ten (10) days after the date of this Lease. Landlord shall not have any obligation to commence construction of the Tenant Improvements until Tenant has delivered the Letter of Credit, and any delay in the commencement of construction of the Tenant Improvements resulting therefrom shall be chargeable to Tenant as a Tenant Delay (as defined in the Work Letter). Tenant shall pay all expenses, points and/or fees incurred in obtaining, renewing or replacing the Letter of Credit.
Sample 1
Letter of Credit Requirement. The initial letter of credit and any replacement letter of credit issued in accordance with Paragraph 7.A shall satisfy the requirements set forth in this Paragraph 7 (each, a “Letter of Credit”), Each Letter of Credit shall be a clean, irrevocable, non-documentary and unconditional letter of credit issued by and drawable upon any commercial bank, trust company, national banking association or savings and loan association with offices for banking and drawing purposes in the City of San Francisco or the City of New York (the “Issuing Bank”), which has outstanding, unsecured, uninsured and unguaranteed indebtedness, or shall have issued a letter of credit or other credit facility that constitutes the primary security for an outstanding indebtedness (which is otherwise uninsured and unguaranteed), that is then rated, without regard to qualification of such rating by symbols such as “+” or “-” numerical notation, “A’ or better by Xxxxx’x Investment Service or “A” or better by Standard & Poor’s Ratings Service or “A” or better by Fitch’s Rating Service (and is not on credit-watch or similar credit review with negative implication), and has combined capital, surplus and undivided profits of not less than $1,000,000,000. Each Letter of Credit shall (i) name Sublandlord as beneficiary and Master Landlord as co-beneficiary, (ii) be in the amount of the Required Amount, (iii) have a term of not less than one (1) year, (iv) permit multiple drawings, (v) be fully transferable (including by way of collateral assignment) by Sublandlord (as to Sublandlord’s rights) and Master Landlord (as to Master Landlord’s rights) without payment by any beneficiary of any fees or charges, (vi) otherwise be in form and content satisfactory to Sublandlord and Master Landlord in their reasonable discretion and, (vii) be drawable by Master Landlord only as described in Paragraph 7.D, expressly provide that it need not be produced as a condition to a drawing thereunder, be issued in duplicate original to Master Landlord, and require as a condition to such drawing that an officer’s certificate of the Master Landlord as to the occurrence of the circumstances described in Paragraph 7.D be included with the draw request. If upon the transfer of any Letter of Credit, any fees or charges shall be imposed, then such fees or charges shall be payable solely by Subtenant and the Letter of Credit shall so specify. Regardless of the initial expiration date of any Letter of Credit, each Letter of Credi...
Sample 1
Letter of Credit Requirement. PAYMENT IN US$ ONLY, BY SINGLE, IRREVOCABLE, TRANSFERABLE, UNRESTRICTED, FULLY FUNDED DOCUMENTARY LETTER OF CREDIT CONFIRMED BY FIRST 50 PRIME WORLD BANK PAYABLE 100% AT SIGHT, OVER THE COUNTER OF THE SELLER'S BANK, UPON PRESENTATION OF SHIPPING DOCUMENTS. THE LC BEING PAYABLE BY THE CONFIRMING BANK AGAINST AT SIGHT DOCUMENTS, AS PER CONTRACT. THIS IS DONE AFTER THE SELLER HAS APPROVED THE DRAFT COPY OF THE LC TEXT. REMITTANCE OF THE FUNDS WILL BE BY T.T. / SWIFT TRANSFER PROCESS, TO THE XXXXXXXXXXX'S BANK WITH IN 24 HOURS.
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Related to Letter of Credit Requirement

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

  • Letter of Credit Requests 15 2.03 Letter of Credit Participations......................... 15 2.04 Agreement to Repay Letter of Credit Payments............ 17 2.05

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

  • 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

  • Credit Requirements The amount to be secured by the User from [date] is set out in the Secured Amount Statement issued from time to time and as varied from time to time in accordance with Section 2 of the CUSC.

  • 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 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.

  • 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).

  • 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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