Provisions Regarding Letters of Credit. (a) Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and during the continuation of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. Any such application to the Debt shall be subject to the Spread Maintenance Payment and any Interest Shortfall, if applicable. On the Maturity Date, if the Debt is not paid in full, any such Letter of Credit may be applied to reduce the Debt.
Provisions Regarding Letters of Credit. (a) Notwithstanding anything herein to the contrary, Borrower may meet its obligations to fund any or all of the Initial Deposits or other deposits required to be made and maintained during a Triggering Event Period, by delivering to Lender a Letter of Credit in such amount as may be necessary to meet the deposit obligations under this Article 7. Any Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and continuance of an Event of Default, Lender shall have the right, at its option, to draw on any such Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. On the Maturity Date if the Debt is not paid in full, any such Letter of Credit may be applied to reduce the Debt.
Provisions Regarding Letters of Credit. (a) Borrower may deliver to Lender a Letter of Credit in accordance with the provisions of Section 8.1(i), Section 8.1(q) or Section 8.1(r). Borrower shall pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in connection with Borrower’s delivery of a Letter of Credit. Borrower shall not be entitled to draw from any Letter of Credit. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to payment of the Debt in such order, proportion or priority as Lender may determine. Lender shall endeavor (but shall be under no obligation) to notify Borrower promptly after drawing on any Letter of Credit. Any such application to the Debt after an Event of Default that remains uncured shall be subject to the applicable Prepayment Fee, if any.
Provisions Regarding Letters of Credit. (a) On or prior to the Effective Date, the Company shall deliver to the Trustee a Letter of Credit in the amount of the Five Million Dollars ($5,000,000.00) which shall be available to be drawn down at any time after the issuance thereof and the Trustee shall have the right to draw down such Letter of Credit as set forth herein. For purposes of this Section 10.6, the term “
Provisions Regarding Letters of Credit. (a) Delivery of Letters of Credit.
Provisions Regarding Letters of Credit. (a) Notwithstanding anything herein to the contrary, (i) Borrower may meet its obligations to fund any or all of the Initial Deposits or other deposits required to be made and maintained during a Triggering Event Period, by delivering to Lender a Letter of Credit in such amount as may be necessary to meet the deposit obligations under this Article 7; and (ii) during an Event of Default, Borrower may deliver to Lender a Letter of Credit to be held as Excess Cash Reserve Funds. Any Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and continuance of an Event of Default, Lender shall have the right, at its option, to draw on any such Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. On the Maturity Date if the Debt is not paid in full, any such Letter of Credit may be applied to reduce the Debt.
Provisions Regarding Letters of Credit. (a) Any Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and continuance of an Event of Default, Lender shall have the right, at its option, to draw on any such Letter of Credit and to apply all or any part thereof to payment of the Debt in such order, proportion or priority as Lender may determine. On the Maturity Date if the Debt is not paid in full, any such Letter of Credit may be applied to reduce the Debt.
Provisions Regarding Letters of Credit. (a) Lender shall be the beneficiary of any Letter of Credit and Borrower shall not be entitled to draw down any such Letter of Credit for any reason whatsoever. Each Letter of Credit delivered under this Agreement shall be additional security for the payment of the Debt. Upon the occurrence and during the continuation of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof to the payment of the items for which such Letter of Credit was established or to apply such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine. On the Maturity Date, if the Debt is not paid in full, any such Letter of Credit may be applied to reduce the Debt.
Provisions Regarding Letters of Credit. (i) Requests for Letters of Credit and Letter of Credit Fees. Each request for issuance of a Letter of Credit shall be made by the Borrower's execution and
Provisions Regarding Letters of Credit
