Release of Letter of Credit. On or prior to Closing, Buyer shall replace or otherwise cause the Letter of Credit to be terminated and released and shall cause Seller to be fully released from all liabilities and obligations with respect thereto.
Release of Letter of Credit. The Financing Letter of Credit must be maintained in effect by the Contractor until either of the following events has occurred:
Release of Letter of Credit. Notwithstanding the foregoing, in the event --------------------------- that Tenant shall provide Landlord with audited quarterly statements which show that Tenant's net income as established by generally accepted accounting principles excluding non-cash goodwill amortization and in-process research and development (the "Financial Threshold") provided that Tenant, as of the date of each such reduction, is not in default under this Lease beyond the expiration of any applicable notice and cure periods, Tenant shall have the right to reduce the Letter of Credit as follows: (i) if the Financial Threshold in two (2) consecutive quarters exceed annual Rent for such quarters, then Tenant shall have the right to reduce the Letter of Credit to Two Million Fifty-Two Thousand Three Hundred Sixteen and 70/100 Dollars ($2,052,316.70) (the "First Reduction"); (ii) after the First Reduction, if the Financial Threshold in four (4) additional consecutive quarters exceeds annual Rent for such quarters, then Tenant shall have the right to further reduce the Letter of Credit to One Million Five Hundred Thousand Thirty-Nine Two Hundred Thirty-Seven and 60/100 Dollars (the "Second Reduction"); and (iii) following the First Reduction and the Second Reduction, if the Financial Threshold in four (4) additional consecutive quarters anytime through the remainder of the Lease Term exceeds the annual Rent for such quarters, then Tenant shall have the continuing right to further reduce the Letter of Credit by twenty-five percent (25%) of the current amount of the Letter of Credit until the Letter of Credit amount is Zero (0).
Release of Letter of Credit. Subject to satisfaction (or waiver) of the conditions to the Closing, as set forth in Sections 6 and 7 below, on the Closing Date the Trustee will deliver to Wxxxx Fargo Bank (“WFB”) the original copy of that certain letter of credit issued by WFB for the benefit of the Trustee (the “Letter of Credit”) and a letter from the Trustee in the form attached hereto as Exhibit D-1, requesting the early cancellation of the Letter of Credit, and the Company shall instruct WFB (the “WFB Instructions”) to immediately release cash in the amount of $549,117.33 in account number 10000000 in the name of the Company with WFB (the “Account”), which as of the date hereof holds an aggregate amount of approximately $597,000 (the “Letter of Credit Collateral”), to the Trustee who shall then (i) wire $514,117.33 of such funds to the Investors in accordance with the wire instructions set forth on Exhibit D-2, which amount to be wired to the Investor shall equal the Cash Interest Prepayment Amount set forth opposite the Investor’s name in column (3) of the Schedule of Investors; and (ii) apply the remaining $35,000.00 to the outstanding fees and expenses of The Bank of New York. On the Closing Date, the approximately $48,000 thereafter remaining under the Letter of Credit Collateral shall be distributed by WFB in accordance with the WFB Instructions and the Account shall be closed. Effective as of the Closing Date, the Investor hereby (i) authorizes the Trustee to request the early cancellation of the Letter of Credit and (ii) consents to the release of the Letter of Credit Collateral in accordance with this Section 1(g).
Release of Letter of Credit. Provided there is no default or condition which but for the furnishing of notice or the passage of time would constitute a default under this Lease, Landlord shall release its rights in the Letter of Credit and surrender the Letter of Credit to the Issuer within one hundred twenty (120) days following the expiration or earlier termination of the Lease.
Release of Letter of Credit. TO: Re: Letter of Credit Number: Date: The Municipal Services Commission of the City of New Castle, DE hereby authorize the Release of the amount of ($ ) from the Letter of Credit for the Project/Development known as as all improvements in accordance with the Electric and Water Infrastructure Agreement have been constructed and/or installed, the MSC has accepted said improvements and said improvements have been conveyed to the MSC by deed in accordance with the Electric and Water Infrastructure Agreement. Attest: Municipal Services Commission of the City of New Castle, DE By: Xxxxx X Xxxxxxxxx, General Manager
Release of Letter of Credit. General Contractor shall release the letter of credit required under Section 9.1.1 upon the occurrence of any of the following events: (i) issuance of the Certificate of Final Completion: (ii) termination by the General Contractor pursuant to Section 15.3 of this Agreement; or (iii) within ten (10) days after termination by the Contractor pursuant to Section15.3 hereof. However, General Contractor's obligation under this Section 9.1.2 to release the letter of credit shall not prejudice the claims, if any, of General Contractor secured thereby which have accrued prior to Final Completion or termination, as the case may be, and the General Contractor shall remain entitled to draw down on the letter of credit in accordance with this Agreement to satisfy such claims at any time prior to release of the letter of credit to the contractor.
Release of Letter of Credit. The letter of credit shall provide that the Contractor may present a draw down draft after all remedies provided under this Agreement, specifically Section 13.2.3, have been complied with and the General Contractor has refused to pay any Application for Payment. Payment of any disputed amount pursuant to the letter of credit shall have no effect on the parties respective position with respect to such disputed amount and shall not limit the General Contractor's remedies for any breach of the provisions of this Agreement.
Release of Letter of Credit. Section 4.6 and Exhibit BB of the Lease and are hereby amended as follows:
Release of Letter of Credit. If, during any Lease Year: (i) --------------------------- Tenant has, to Landlord's reasonable satisfaction, not to be unreasonably withheld, reported and achieved an annual net profit for two (2) consecutive fiscal years, and for the same two consecutive fiscal years has a net worth equal to or exceeding $25,000,000;(ii) Tenant deposits with Landlord an amount equal to two monthly installments of the then applicable Basic Rent, which deposit shall then be deemed to be the Security Deposit under this Lease; (iii) there then exists no Event of Default; and (iv) no portion of the Security Deposit has theretofore been applied and not restored, then, the amount of the Letter of Credit shall be reduced by $100,000. Any reduction of the Letter of Credit pursuant to the immediately preceding sentence shall not occur more frequently than once each Lease Year. For purposes of this Section 17.2, "net profit", and Tenant's reporting and achievement of the same shall be as determined by Landlord in accordance with generally accepted accounting principles pursuant to the financial statements delivered pursuant to Section 18.1 and such further financial information and statements as Landlord may reasonably require.
