New Letter of Credit Sample Clauses

New Letter of Credit. The parties acknowledge that Xxxxxx’s performance of its obligations under the Lease is secured by the Letter of Credit in the amount of $901,152.00 for the benefit of Original Landlord (the “Existing Letter of Credit”). Concurrently with its execution of this Amendment, Tenant shall deliver to Landlord an amendment to the Existing Letter of Credit increasing the amount to $1,500,000 and replacing Original Landlord with Landlord as the beneficiary and, assuming Landlord delivers possession of the 6th Floor Space to Tenant by November 1, 2018, modifying the outside automatic extension date to January 31, 2026 (the “New Letter of Credit”); provided, however, on the last day of the thirty-sixth (36th) month following the 6th Floor Space Commencement Date, Tenant shall continue to have the right to reduce the amount of the New Letter of Credit pursuant to Section 5.14(c) of the Lease, except that the amount reduced shall be from $1,500,000 to $750,000 and Tenant shall not be required to provide any evidence of any operating profit as a condition of such reduction. Without limiting the generality of the foregoing, if Landlord delivers possession of the 6th Floor Space after November 1, 2018, Tenant shall deliver to Landlord, within thirty (30) days following Xxxxxxxx’s delivery of the 6th Floor Space, an amendment to the New Letter of Credit modifying the outside automatic extension date from January 31, 2026 to the last day of the third (3rd) month following the Expansion Space Expiration Date. In addition, in the event Tenant exercises any of its termination rights under Section 2(g) above, Tenant shall be entitled to amend the New Letter of Credit to reduce the amount thereof to $901,152, and Tenant shall be entitled to further amend such New Letter of Credit to reduce the amount thereof to $450,576 as of the last day of the forty-fourth (44th) calendar month after the Term Commencement Date, as provided in Section 5.14(c) of the Lease except that Tenant shall not be obligated to provide any evidence of any operating profit as a condition of such reduction. Notwithstanding the foregoing, if Tenant exercises its option to terminate this Amendment as it pertains to the Expansion Space as provided in Section 2(g) above, Landlord shall, at no cost to Landlord, cooperate with Tenant in amending the New Letter of Credit to decrease the amount thereof to $901,152.00, and to change the outside automatic extension date to February 29, 2024.
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New Letter of Credit. In connection with the amendments to section 4.16 of the Lease contained in this Agreement, the Tenant agrees to arrange for a new Letter of Credit (or for an appropriate amendment to the existing Letter of Credit) to be issued to the Landlord on or before April 1, 2002. The new Letter of Credit shall be in substantially the same form as the existing Letter of Credit except that the date on which the amount of the Letter of Credit is to be automatically reduced to CAD $5,800,000.00 shall be changed from "December 1, 2002" to "February 7, 2003" and each reference in the existing Letter of Credit to the Lease shall be amended to refer to the Lease "as amended from time to time".
Sample 1
New Letter of Credit. Tenant shall deliver to Landlord a replacement -------------------- letter of credit (the "NEW LETTER OF CREDIT"), which shall replace the Letter of Credit (as defined in the XX Xxxxx attached to the Lease). Once Tenant delivers the New Letter of Credit to Landlord, the New Letter of Credit shall be subject to all of the terms and conditions set forth in the XX Xxxxx, except as amended by this Section 13, provided that all references to the Letter of Credit in the XX Xxxxx shall be deemed to refer to the New Letter of Credit. Subject to the terms of this Section 13 below, the amount of the New Letter of Credit (the "NEW LC AMOUNT") shall be $370,000.00, and the New Letter of Credit shall be delivered to Landlord no later than (i) the date which is sixty (60) days after Tenant's execution of this First Amendment if, as of such date, Tenant has not delivered to Landlord evidence satisfactory to Landlord that Tenant has received at least $7,000,000.00 of private funding for Tenant (the "PRIVATE FUNDING"), or (ii) September 30, 1999 if, as of the date which is sixty (60) days after Tenant's execution of this First Amendment, Tenant has delivered to Landlord evidence satisfactory to Landlord that Tenant has received the Private Funding. In the event that Tenant successfully completes an initial public offering of stock in Tenant through the New York Stock Exchange or other nationally recognized stock exchange, then (A) notwithstanding the foregoing provisions of this Section 13, if Tenant has not yet delivered the New Letter of Credit to Landlord pursuant to the terms of this Section 13, provided Tenant has delivered evidence to Landlord of such initial public offering, the New Letter of Credit to be delivered by Tenant to Landlord in accordance with the terms of this Section 13 shall have a New LC Amount of $160,000.00, and (B) if Tenant has already delivered the New Letter of Credit to Landlord pursuant to the terms of this Section 13, then the New Letter of Credit delivered by Tenant to Landlord shall be reduced by $210,000.00 (such that the remaining New LC Amount shall be $160,000.00) upon the date which is fifteen (15) days after Tenant requests such reduction and delivers to Landlord evidence of such initial public offering. Any such reduction in the New LC Amount shall be accomplished through amendment or replacement of the New Letter of Credit to be provided by Tenant to Landlord at Tenant's sole cost and expense. Once Tenant delivers the New Letter of...
Sample 1
New Letter of Credit. Within five (5) Business Days of the date hereof, Assignee agrees to provide the bank or financial institution that issued the Letter of Credit (the “Bank”) with all reasonably necessary forms and information that will enable the Bank to issue an amendment to or a replacement letter of credit (a “Replacement Letter of Credit”), naming Assignee and its successors and assigns as the beneficiary thereof. Except for such change in the name of the beneficiary, and such other changes as may be requested by Assignee and approved by the Tenant, the Replacement Letter of Credit shall otherwise be in the same form and amount as the Letter of Credit so amended or replaced. Except to the extent paid by the Tenant, Assignee shall pay all fees and costs charged by the Bank in connection with the issuance of the Replacement Letter of Credit by the Bank. “Business Days” means each day Monday through Friday, exclusive of any recognized United States holiday or a day on which banks in Atlanta, Georgia or New York, New York are permitted or required to be closed for business.
Sample 1
New Letter of Credit. In connection with the amendment to section 4.16 of the Lease contained in this Agreement, the Tenant agrees to arrange for a new Letter of Credit (or for an appropriate amendment to the existing Letter of Credit) to be issued to the Landlord before the expiry date of the existing Letter of Credit. The new Letter of Credit shall be in substantially the same form as the existing Letter of Credit except that it shall reflect the terms of section 4.16 of the Lease, as such section is to be amended by section 2.2 of this Agreement, and except that each reference in the existing Letter of Credit to the Lease shall be amended, if necessary, to refer to the Lease "as amended from time to time". For greater certainty, the Tenant acknowledges and confirms that such Letter of Credit secures all payments which the Tenant is obligated to make to the Landlord under or pursuant to sections 1.2, 1.3, 1.8 and 1.9 of the First Amendment, sections 1.2, 1.3, 1.8. 1.9, 2.2, 2.3, 2.8 and 2.9 of the Second Amendment and sections 1.2, 1.3, 1.8 and 1.9 of this Agreement and that, in the event the Tenant is ever in default of its obligation to make any such payment, the Landlord may draw upon such Letter of Credit in full or in part in an amount corresponding to the amount required to cure such default.
Sample 1
New Letter of Credit. Landlord and Tenant acknowledge that in accordance with the terms of Article 21 of the Lease, Tenant previously delivered to Landlord a letter of credit (the “Prior L-C”) in the amount of Thirty Five Thousand Five Hundred and 50/100 S:\LEGAL\BP TENANTS\GATEWAY TENANTS\IMMUNE DESIGN -- 4 -- 000 XXXXXXX XXXXXXXXXX DESIGN CORPSF LEGAL Dollars ($35,500.50) (the “L-C Amount”) as security for the faithful performance by Tenant of the terms, covenants and conditions of the Lease. Notwithstanding the foregoing or any contrary provision of the Lease, Landlord and Tenant agree that, in connection with this First Amendment, the L-C Amount required under the Lease is hereby amended to equal One Hundred Twenty Thousand Six Hundred Ninety-Two and 80/100 Dollars ($120,692.80) (the “Amendment L-C Amount”). Accordingly, concurrently with Tenant’s execution of this First Amendment, Tenant shall deliver to Landlord a replacement or amendment L-C in the form required by the terms of Article 21 of the Lease, in an amount equal to the Amendment L-C Amount. Upon Tenant’s request and after Tenant’s delivery of a replacement L-C in connection with the foregoing, Landlord agrees to return the Prior L-C to Tenant. In connection with the foregoing, Tenant hereby waives the provisions of Section 1950.7 of the California Civil Code, or any successor statute.
Sample 1
New Letter of Credit. As a further material inducement for Landlord to enter into this Amendment, Tenant, at its expense, shall deliver to Escrow Agent, on or before the Outside Date, an unconditional, clean, irrevocable new letter of credit in the amount of $722,730.00 (the "NEW L-C"), in favor of Lender. The New L-C shall be issued by same issuing bank and in the form of the Original L-C described in Section 21.1.1 of the Original Lease (modified to accommodate the new amount). Landlord (and Lender) shall hold and use the New L-C as security for the faithful performance by Tenant of all of the terms, covenants, and conditions of the Lease, as amended hereby, to be kept and perform by Tenant during the Lease Term, as amended hereby. All of the provisions of Section 21.1.2 of the Original Lease shall apply to the New L-C with all references in the Original Lease to L-C to mean the New L-C.
Sample 1
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New Letter of Credit. On or before November 10, 2003, Tenant will provide Landlord with a new letter of credit in the amount of $1,350,000.00, with an effective date on or before November 20, 2003, in the form and substance required in and otherwise consistent with Section 27 of the Original Lease and paragraph 4 of this Agreement (the "New Letter of Credit"). The parties stipulate and agree that the New Letter of Credit replaces, and does not supplement, the Letter of Credit required by the Lease. Upon its effective date, the New Letter of Credit shall be the "Letter of Credit" under the Lease (as amended). If Tenant fails to deliver the New Letter of Credit to Landlord on or before November 10, 2003, Tenant shall be deemed to be "in default" under this Lease, and Landlord shall immediately, and without notice or opportunity to cure, be entitled to draw the entire amount of the Letter of Credit and hold such amount to secure Tenant's obligations under the Lease, in accordance with the first paragraph of Section 27 of the Lease. Subject to the replacement and restoration provisions in Section 27 of the Original Lease, as amended, and expressly conditioned on no Event of Default having occurred after the date of this Agreement:
Sample 1
New Letter of Credit 
Sample 1

Related to New Letter of Credit

  • The Letter of Credit Facility (i) Subject to the terms and conditions hereinafter set forth (A) Issuing Bank agrees, in reliance on the Agreements of the Lenders set forth in this Section (1) to issue Letters of Credit for the account of any Borrower from time to time on any Business Day during the period from the Effective Date hereof until 10 days before the Termination Date in an aggregate Available Amount for all Letters of Credit not to exceed at any time the lesser of (x) the Letter of Credit Facility at such time and (y) the Unused Revolving Credit Commitments of the Lenders at such time (provided that in no event shall the Issuing Bank be required to issue a Letter of Credit if, after giving effect to such issuance, the aggregate amount of the Revolving Credit Exposures of all Lenders shall exceed the Revolving Credit Availability at such time) and to amend or extend Letters of Credit previously issued by it in accordance with the terms of this Section 2.16, 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 any Borrower and any drawings thereunder. Each request by a Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance, extension or amendment of the Letter of Credit so requested complies with the conditions set forth in the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, each Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such 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.

  • 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 ...

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

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

  • 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.

  • 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 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.

  • Delivery of Letter of Credit In lieu of a cash Security Deposit, Tenant may deliver to Landlord, concurrently with Tenant’s execution of this Lease, an unconditional, clean, irrevocable letter of credit (the “L-C”) in the amount set forth in Section 8 of the Lease Summary (the “L-C Amount”), which L-C shall be issued by a money-center, solvent and nationally recognized bank (a bank which accepts deposits, maintains accounts, has a local San Francisco Bay Area office which will negotiate a letter of credit, and whose deposits are insured by the FDIC) reasonably acceptable to Landlord (such approved, issuing bank being referred to herein as the “Bank”), which Bank must have a rating from Standard and Poors Corporation of A- or better (or any equivalent rating thereto from any successor or substitute rating service selected by Lessor) and a letter of credit issuer rating from Xxxxx’x Investor Service of A3 or better (or any equivalent rating thereto from any successor rating agency thereto)) (collectively, the “Bank’s Credit Rating Threshold”), and which L-C shall be in the form of Exhibit F, attached hereto. Notwithstanding the foregoing, Landlord hereby approves Silicon Valley Bank as the Bank. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining the L-C. The L-C shall (i) be “callable” at sight, irrevocable and unconditional, (ii) be maintained in effect, whether through renewal or extension, for the period commencing on the date of this Lease and continuing until the date (the “L-C Expiration Date”) that is no less than sixty (60) days after the expiration of the Lease Term as the same may be extended, and Tenant shall deliver a new L-C or certificate of renewal or extension to Landlord at least thirty (30) days prior to the expiration of the L-C then held by Landlord, without any action whatsoever on the part of Landlord, (iii) be fully assignable by Landlord, its successors and assigns, (iv) permit partial draws and multiple presentations and drawings, and (v) be otherwise subject to the Uniform Customs and Practices for Documentary Credits (1993-Rev), International Chamber of Commerce Publication #500, or the International Standby Practices-ISP 98, International Chamber of Commerce Publication #590. Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the L-C if any of the following shall have occurred or be applicable: (A) such amount is due to Landlord under the terms and conditions of this Lease, and has not been paid within applicable notice and cure periods (or, if Landlord is prevented by law from providing notice, within the period for payment set forth in the Lease), or (B) Tenant has filed a voluntary petition under the U. S. Bankruptcy Code or any state bankruptcy code (collectively, “Bankruptcy Code”), or (C) an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty (30) days, or (D) the Lease has been rejected, or is deemed rejected, under Section 365 of the U.S. Bankruptcy Code, following the filing of a voluntary petition by Tenant under the Bankruptcy Code, or the filing of an involuntary petition against Tenant under the Bankruptcy Code, or (E) the Bank has notified Landlord that the L-C will not be renewed or extended through the L-C Expiration Date, and Tenant has not provided a replacement L-C that satisfies the requirements of this Lease at least thirty (30) days prior to such expiration, or (F) Tenant is placed into receivership or conservatorship, or becomes subject to similar proceedings under Federal or State law, or (G) Tenant executes an assignment for the benefit of creditors, or (H) if (1) any of the Bank’s (other than Silicon Valley Bank) Fitch Ratings (or other comparable ratings to the extent the Fitch Ratings are no longer available) have been reduced below the Bank’s Credit Rating Threshold, or (2) there is otherwise a material adverse change in the financial condition of the Bank, and Tenant has failed to provide Landlord with a replacement letter of credit, conforming in all respects to the requirements of this Section 21.2 (including, but not limited to, the requirements placed on the issuing Bank more particularly set forth in this Section 21.2 above), in the amount of the applicable L-C Amount, within ten (10) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary) (each of the foregoing being an “L-C Draw Event”). The L-C shall be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the L-C. In addition, in the event the Bank is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or similar entity, then, effective as of the date such receivership or conservatorship occurs, said L-C shall be deemed to fail to meet the requirements of this Section 21.2, and, within ten (10) days following Landlord’s notice to Tenant of such receivership or conservatorship (the “L-C FDIC Replacement Notice”), Tenant shall replace such L-C with a substitute letter of credit from a different issuer (which issuer shall meet or exceed the Bank’s Credit Rating Threshold and shall otherwise be acceptable to Landlord in its reasonable discretion) and that complies in all respects with the requirements of this Section 21.2. If Tenant fails to replace such L-C with such conforming, substitute letter of credit pursuant to the terms and conditions of this Section 21.2, then, notwithstanding anything in this Lease to the contrary, Landlord shall have the right to declare Tenant in default of this Lease for which there shall be no notice or grace or cure periods being applicable thereto (other than the aforesaid ten (10) day period). Tenant shall be responsible for the payment of any and all Tenant’s and Bank’s costs incurred with the review of any replacement L-C, which replacement is required pursuant to this Section or is otherwise requested by Tenant. In the event of an assignment by Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to Landlord’s prior written approval, in Landlord’s reasonable discretion, and the actual and reasonable attorney’s fees incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within ten (10) days of billing.

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

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