Letter of Credit Security. Seller shall post and maintain in an amount equal to the Default Security: (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to PacifiCorp in its discretion, or (b) a Letter of Credit in favor of PacifiCorp. To the extent PacifiCorp receives payment from the Default Security, Seller shall, within fifteen (15) days, restore the Default Security as if no such deduction had occurred. [SKIP THIS SECTION 10.3 UNLESS SELLER SELECTED SENIOR LIEN ALTERNATIVE]
Letter of Credit Security. Seller shall post and maintain in an amount equal to the Default Security: (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to Idaho Power in its discretion, or (b) a Letter of Credit in favor of Idaho Power. To the extent Idaho Power receives payment from the Default Security, Seller shall, within fifteen (15) days, restore the Default Security as if no such deduction had occurred.
Letter of Credit Security. Seller shall post and maintain in an amount equal to the Default Security: (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to PacifiCorp in its discretion, or (b) a Letter of Credit in favor of PacifiCorp. To the extent PacifiCorp receives payment from the Default Security, Seller shall, within fifteen (15) days, restore the Default Security as if no such deduction had occurred. Seller and any party providing a guaranty for Seller shall provide within five Business Days from receipt of a written request from PacifiCorp all reasonable financial records necessary for PacifiCorp to confirm Seller and/or the guarantor satisfies the Credit Requirements.
Letter of Credit Security. On or before the execution of this Instrument, Borrower shall provide Lender with a letter of credit in a form and substance and from a commercial bank acceptable to Lender, in its sole discretion, in the principal amount of Six Hundred Sixty Two Thousand Five Hundred Dollars ($662,500.00). The letter of credit shall be irrevocable by Borrower and shall provide that it may be drawn upon by Lender without notice to Borrower in the event there is an event of default under this Instrument or any of the Loan Documents and an acceleration of the amounts due hereunder. The letter of credit shall be for a term of not less than twelve (12) months, and shall be extended or replaced by Borrower with a second letter of credit acceptable to Lender prior to its expiration. The second letter of credit shall have a principal amount equal to the principal amount of the first letter of credit, plus Sixty Two Thousand Dollars ($62,000.00) or a total of Seven Hundred Twenty Four Thousand Dollars ($724,000.00). At the beginning of each twelve (12) month period thereafter, Borrower shall similarly extend or replace the letter of credit with a letter of credit acceptable to Lender, but in a amount equal to the then existing letter of credit, plus Sixty Two Thousand Dollars ($62,000.00), until the amount of the letter of credit equals Eight Hundred and Fifty Thousand Dollars ($850,000.00). Thereafter until the Loan is repaid in full, Borrower shall maintain a letter of credit payable to Lender in the amount of Eight Hundred Fifty Thousand Dollars. Any failure of the Borrower to maintain such letter of credit, or to timely extend or replace any letter of credit as provide herein shall be a default hereunder and under the Note, and shall entitle Lender to all the remedies available to it hereunder and under the Loan Documents.
Letter of Credit Security. On June 4, 1998, Bank issued a letter of credit in favor of Borrower in the face amount of $2,000,000 ("Letter of Credit"). The Letter of Credit and all agreements executed by Borrower therewith constitute Loan Documents for purposes of this Agreement. Borrower's obligations under such documents are entitled to all of the benefits of the Collateral and Borrower's covenants set forth in this Agreement and the other Loan Documents shall continue until all obligations of Borrower to the Bank under the Letter of Credit and all agreements related thereto have been satisfied. All of the obligations of Borrower to Bank under this Agreement, the Equipment Note, the Bridge Note, and the other Loan Documents shall be secured by and entitled to the benefit of certain Collateral. Reference is made to the Loan Documents for a complete description of the Collateral and of the rights of Bank with respect thereto.
Letter of Credit Security. The Improvements Letter of Credit Security shall: (i) be issued by a commercial money center bank reasonably satisfactory to Lessor with retail branches in San Francisco, California (the “Issuer”); (ii) be a standby, at-sight, irrevocable Improvements Letter of Credit; (iii) be payable to Beneficiary; (iv) permit multiple, partial draws , (v) provide that any draw on the Improvements Letter of Credit Security shall be made upon receipt by the Issuer of a sight draft accompanied by a letter from Lessor stating that Lessor is entitled, pursuant to the provisions of this Lease, to draw on the Improvements Letter of Credit Security in the amount of such draw; (vi) provide for automatic annual extensions, without amendment (so-called “evergreen” provision) with a final expiry date no sooner than March 31, 2007; (vii) provide that it is governed by the Uniform Customs and Practice for Documentary Credits (1993 revisions) International Chamber of Commerce Publication 500; and (viii) be cancelable if, and only if, Issuer delivers to Beneficiary no less than sixty (60) days advance written notice of Issuer’s intent to cancel. Lessee shall pay all costs, expenses, points and/or fees incurred by Lessee in obtaining the Improvements Letter of Credit Security.
Letter of Credit Security. Except for the Foreign Letters of Credit to be issued at the closing on the Closing Date in favor of CPM/Pacific (Private) Limited, no Foreign Letter of Credit will be issued for the benefit of any Foreign Subsidiary unless, prior to such issuance, the Agent has obtained for the benefit of the Issuing Bank a valid and fully perfected security interest of first priority in such of the property and assets of such Foreign Subsidiary as the Agent or the Issuing Bank may specify pursuant to documentation that is in form and substance satisfactory to the Agent and the Issuing Bank.
Letter of Credit Security. Two Million Six Hundred Eighty-Four Thousand Five Hundred and 50/100 Dollars ($2,684,500.50) subject to increase or decrease as set forth in this Lease below.
Letter of Credit Security. On or before Transfer Date, as defined in the Assignment and Assumption of Master Lease, Partial Termination of Master Lease and Assignment and Assumption of Subleases (“Assignment”), Lessee shall deliver to Lessor an unconditional, irrevocable, standby letter of credit, without documents, in the amount of One Million Dollars ($1,000,000.00), issued or confirmed by a commercial money center bank reasonably satisfactory to Lessor with retail branches in San Francisco, California, designating either (1) Lessor as beneficiary or (2) if required by Lessor’s lender(s), (a) Lessor and Lessor’s lender(s) as co-beneficiaries or (b) Lessor’s lender(s) as beneficiary(ies), which letter of credit shall be drawable in whole or in part, and providing for payment in Chicago, Illinois on presentation of the beneficiary’s(ies’) drafts on sight, and otherwise from a bank and in a form acceptable to Lessor (the “Letter of Credit”). The Letter of Credit (1) shall provide for automatic annual extensions, without amendment (so-called “evergreen” provision) with a final expiry date no sooner than one hundred (100) days after the end of the Lease Term, (2) shall provide that is governed by the Uniform Customs and Practice for Documentary Credits (1993 revisions) International Chamber of Commerce Publication 500 or International Standard Practice 1998 (ISP 98), International Chamber of Commerce Practice, Publication No. 590, and (3) may be cancelable if, and only if, the issuing bank delivers to the beneficiary(ies) no less than ninety (90) days advance written notice of the issuing bank’s intent to cancel. Lessee shall pay all costs, expenses, points and/or fees incurred by Lessee in obtaining the Letter of Credit. The Letter of Credit shall further provide that the beneficiary(ies) may draw on the Letter of Credit, in whole or in part, and retain, if (i) within one hundred (100) days following Lessor’s receipt of the Termination Payment hereunder, a bankruptcy or other similar insolvency proceeding (e.g., an assignment for the benefit of creditors) under state law is commenced by or against BroadVision, or (ii) BroadVision shall fail to pay either the First Installment or the Second Installment, as provided for in the Assignment. If, for any reason whatsoever, the Letter of Credit Security becomes subject to cancellation or expiration during the term of the Lease, within forty-five (45) days prior to expiration of the Letter of Credit, Lessee shall cause the issuing bank (or an...
Letter of Credit Security. At all times when a valid letter of credit, or other form security, reasonably satisfactory to YRC has been posted, YRC will not foreclose on the tax payment lien or the supplemental payment lien and, instead, will draw on the posted security.
