Security Letter of Credit. A. Tenant, contemporaneously with the exception of this Lease, shall deposit with Landlord, an unconditional and irrevocable letter of credit in favor of the Landlord in the amount of Five Hundred Thousand Dollars ($500,000), hereinafter referred to as the L/C DEPOSIT. The L/C Deposit shall be held by Landlord as security for the faithful performance by Tenant of all of the terms, covenants, and conditions of this Lease by said Tenant to be kept and performed.
Security Letter of Credit. In lieu of paying or maintaining the Security Deposit in cash, Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Cash Security Deposit.
Security Letter of Credit. The term “
Security Letter of Credit. As security for the timely and faithful performance by Tenant of each and every one of Tenant's obligations under this Lease, Tenant shall, on the Commencement Date and thereafter as provided herein, deliver and maintain a letter of credit which (A) is issued or confirmed by a bank having capital or surplus of at least $1 billion and whose senior unsecured debt securities are rated "A2" or better by Xxxxx'x or "A" or better by S&P, provided none of such securities is subject to a "credit watch with negative implications", (B) is payable, in whole or in part, "at sight" upon Landlord's presentation to the issuing or confirming bank of a draft or other document in the amount therein stated to be due and (C) is otherwise in form and substance reasonably satisfactory to Landlord (such security letter of credit, as the same may be augmented, increased, renewed or replaced as hereinafter provided, is referred to herein as the "Security Letter of Credit"), and which contains the undertaking of such bank in the amount of the sum of six monthly installments of Base Rent. If Landlord shall draw any amount, representing an amount equal to the obligation or obligations of Tenant hereunder, against the Security Letter of Credit, which it shall be entitled to do if an Event of Default has occurred and is continuing, and apply the proceeds of such drawing against any obligation or obligations of Tenant hereunder in such amount or amounts as Landlord, in its sole discretion, shall decide, Tenant shall cause either (i) an additional Security Letter of Credit to be issued or (ii) the bank's undertaking under the original Security Letter of Credit to be increased, in either case in an amount equal to the amount of such drawing within five Business Days following Tenant s receipt of notice of such drawing. Tenant shall (x) renew the Security Letter of Credit at least annually and shall deliver to Landlord such renewal Security Letter of Credit at least 30 days prior to the expiration of the previous Security Letter of Credit and (y) replace the Security Letter of Credit with a new Security Letter of Credit in favor of any permitted assignee of Landlord's interest under this Lease (provided Tenant shall have received 30 days' prior notice of such assignment) and shall deliver to Landlord's assignee such replacement Security Letter of Credit in time for the scheduled closing of Landlord s assignment of its interest under this Lease. After the Security Letter of Credit is establ...
Security Letter of Credit. Subject to the provisions of Section 20(j) below, on the dates of execution and delivery of this Lease, Lessee shall deliver, or shall have delivered, to Lessor, unconditional and irrevocable Letters of Credit, in the amounts specified in Exhibit C hereto under the heading "Deposit". The Letters of Credit are also herein referred to as the "Security Letter of Credit". The Letters of Credit shall remain in full force and effect during a period commencing on the date of delivery of the Letter of Credit and ending on the Required LC Expiry Date. If Lessee fails to pay Rent hereunder or to pay any other sums due or to perform any of the other terms and provisions of this Lease or any document delivered pursuant hereto or is otherwise in Default hereunder, in addition to all other rights Lessor may have under law or hereunder, Lessor may draw upon all or a portion of the amounts of the Security Letters of Credit and may use, apply or retain all or any portion of the funds paid pursuant to the Security Letters of Credit in partial payment for sums due to Lessor by Lessee, to compensate Lessor for any sums it may in its discretion advance as a result of a Default by Lessee, or to apply toward losses or expenses Lessor may suffer or incur as a result of Lessee's Default hereunder. If Lessor draws upon all or any portion of the Security Letters of Credit, such application shall not be deemed a cure of any Default, and within ten (10) days after written demand therefor, Lessee shall cause each of the
Security Letter of Credit. Concurrently with the issuance by the Authority of the Bonds, (a) the Borrower shall cause the Letter of Credit to be delivered to the Trustee as security for and as the principal source of payment of the Bonds. The Borrower may also from time to time cause the delivery of an Alternate Letter of Credit in replacement therefor, to the extent permitted by the terms of the Indenture. So long as any Letter of Credit is held by the Trustee, all payments of principal and interest on the Bonds shall be funded from draws on the Letter of Credit in accordance with Section 404 of the Indenture. The Borrower shall pay the redemption premium due, if any, required by an optional redemption in accordance with Section 304(c) of the Indenture. Credits in the amounts of such draws applied to payments of principal of or interest on the Bonds will be granted in respect of installments of the Loan otherwise due under Section 4.2 and 4.4 hereof, to the extent the Bank is reimbursed by or on behalf of the Borrower for such draws. The Borrower hereby grants to the Authority a security interest in any moneys, funds or securities held hereunder or under the Indenture. This Loan Agreement shall constitute a security agreement for the purposes of the Uniform Commercial Code ("UCC") as in effect in New Jersey.
Security Letter of Credit. (a) Concurrent with the execution of this Sublease, Subtenant has caused to be issued in favor of Sublandlord a letter of credit (the “Letter of Credit”) in the amount of Three Hundred Five Thousand Nine Hundred Forty Four and 73/100 Dollars ($305,944.73), as security for the faithful performance and observance by Subtenant of the terms, conditions and provisions of this Sublease, including without limitation the surrender of possession of the Premises to Sublandlord as herein provided. It is agreed that in the event Subtenant defaults in respect of any of the monetary terms, provisions and conditions of this Sublease beyond any applicable cure periods, including, but not limited to, the payment of Base Rent and Additional Rent, Sublandlord may draw upon the Letter of Credit, in accordance with its terms, to the extent required for the payment of any Base Rent and Additional Rent or any other sum as to which Subtenant is in default or for any sum which Sublandlord may expend or may be required to expend by reason of Subtenant’s default in respect of any of the terms, covenants and conditions of this Sublease, including but not limited to, any damages or deficiency in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other reentry by Sublandlord. The draw upon the Letter of Credit, or any portion thereof by Sublandlord shall not prevent Sublandlord from exercising any other right or remedy provided by this Sublease or by law and shall not operate as a limitation on any recovery to which Sublandlord may otherwise be entitled.
Security Letter of Credit. “Security Letter of Credit” means that certain letter of credit in the amount of $3 million as required by Section 14.1. Self-Haul Waste “Self-Haul Waste” means all Waste, Special Waste and Beneficial Reuse Materials that are delivered to the County Facilities other than Committed County Waste and Committed City Waste.
Security Letter of Credit. As security for the timely and faithful performance by Tenant of each and every one of Tenant's obligations under this Lease, Tenant shall, on the Commencement Date and thereafter as provided herein, deliver and maintain an irrevocable standby letter of credit which (A) is issued or confirmed by a bank having capital or surplus of at least $1 billion and whose senior unsecured debt securities are rated "A2" or better by Moodx'x xx "A" or better by S&P, provided none of such securities is subject to a "credit watch with negative implications," (B) is payable, in whole or in part, "at sight" upon Landlord's presentation to the issuing or confirming bank of a draft or other document in the amount therein stated to be due and (C) is otherwise in form and substance reasonably satisfactory to Landlord (such security letter of credit, as the same may be augmented, increased, renewed or replaced as hereinafter provided, is referred to herein as the "Security Letter of Credit"), and which contains the undertaking of such bank in the amount of the sum of twelve monthly installments of Base Rent. If Landlord shall draw any amount, representing an amount equal to the obligation or obligations of Tenant hereunder, against the Security Letter of Credit, which it shall be entitled to do if an Event of Default has occurred and is continuing (and any applicable cure period, if any, has expired), and apply the proceeds of such drawing against any obligation or obligations of Tenant hereunder in such amount or amounts as Landlord, in its sole discretion, shall decide, Tenant shall cause either (i) an additional Security Letter of Credit to be issued or (ii) the bank's undertaking under the original Security Letter of Credit to be increased, in either case, in an amount equal to the amount of such drawing within five Business Days following Tenant's receipt of notice of such drawing. Tenant shall (x) renew the Security Letter of Credit at least annually and shall deliver to Landlord such renewal Security Letter of Credit at least 30 days prior to the expiration of the previous Security Letter of Credit and (y) replace the Security Letter of Credit with a new Security Letter of Credit in favor of any permitted assignee of Landlord's interest under this Lease (provided Tenant shall have received 30 days' prior notice of such assignment) and shall deliver to Landlord's assignee such replacement Security Letter of Credit in time for the scheduled closing of Landlord's assignment ...
Security Letter of Credit. Subject to no Event of Default having occurred which is continuing, in lieu of paying or maintaining the Security Deposit in cash, at any time following the Delivery Date Lessee may deliver to Lessor a Security Letter of Credit in the amount of the Security Letter of Credit Face Amount.
