Substitution of Letter of Credit. The Contractor may at any time call for release of the remaining balance of the Holdback upon delivering to the Province an irrevocable, unconditional, on sight letter of credit in the amount of the remaining balance of the Holdback, presentable for payment at a bank in Canada and issued by a bank authorized under the Bank Act (Canada) to do business in Canada (or issued by such other financial institution approved in advance for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion), and having a senior, unsecured long-term issuer credit rating of not less than A+ (with a stable outlook) or equivalent from one of (and no rating less than A+ (with a stable outlook) or equivalent from any other of) Standard & Poor’s, DBRS (formerly known as Dominion Bond Rating Service) or Fitch Ratings (or any other major credit rating agency approved for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion). The Province may present the letter of credit for payment if:
Substitution of Letter of Credit. (a) At any time on or before three (3) Business Days prior to the Delivery Date, so long as no Default is then continuing, Lessee shall have the option to substitute (which once exercised shall be irrevocable) for the Commitment Fee a letter of credit (the “Letter of Credit”), as security for all of the Secured Liabilities, with a stated amount equal to the Commitment Fee. The Letter of Credit:
Substitution of Letter of Credit. At any time prior to five days prior to the Scheduled Delivery Date, Lessee shall have the option to substitute for the Security Deposit a letter of credit (a "Letter of Credit"), in respect of all of the Secured Obligations, with a stated amount equal to * . The Letter of Credit shall (1) be in the form of Exhibit G, (2) shall be issued or confirmed by a bank satisfactory to Lessor and (3) shall have an expiry date of no earlier than the date one month after the Scheduled Return Date. In the event that at any time during the Lease Term the bank issuing or confirming a Letter of Credit becomes unacceptable to Lessor, in its reasonable judgment, Lessee shall within fourteen days of demand therefor by Lessor provide Lessor with a replacement letter of credit issued or confirmed, as the case may be, by a bank that is acceptable to Lessor, in its reasonable judgment. The Letter of Credit may be assigned or pledged by Lessor to any Person. If for any reason Lessor or such other Person is paid under the Letter of Credit, then in addition to any other rights Lessor may have under applicable Law, or under this Lease Agreement or any other Transaction Document, Lessor or such Person, as the case may be, (1) may at any time as an agreed remedy set off against, use, apply or retain all or any portion of the amounts so paid in full or partial payment for amounts constituting or corresponding to the Secured Obligations (including to compensate Lessor or such Person, as the case may be, for any amount it may in its reasonable discretion advance as a result of the occurrence of any Default (hereunder or under any of the Other Leases), or to apply toward Expenses arising as a result of the occurrence of any Default (hereunder or under any of the Other Leases) or otherwise) and/or (2) may retain all or any portion of the amounts so paid as security for the performance the Secured Obligations (and Lessee hereby grants Lessor a security interest in all such amounts). Any such use or application shall not, however, be deemed a cure by Lessee, or waiver by Lessor, of any Default (hereunder or under any of the Other Leases). Any interest earned on the amounts so drawn shall be for Lessor's sole account. If for any reason, Lessor is paid under a Letter of Credit, then Lessee shall cause an additional Letter of Credit to be issued so that the Lessor shall at all times have the benefit of a Letter of Credit for the full Security Deposit.
Substitution of Letter of Credit. In the event Buyer initially -------------------------------- funds the entire Escrowed Funds in cash, Buyer may thereafter elect to substitute up to $1.35 million of the Escrowed Funds with an unconditional and irrevocable standby letter of credit for the benefit of Debtor, which shall be presented upon terms reasonably acceptable to Debtor and the Committee, and shall deliver such letter of credit to the Escrow Agent, who shall treat such letter of credit as if it was the Letter of Credit and had been delivered to the Escrow Agent initially under the terms of this Agreement. Upon receipt of such letter of credit, the Escrow Agent shall release to Buyer cash from the Escrowed Funds in an amount equal to the face value of such letter of credit.
Substitution of Letter of Credit. From time to time, Subtenant may substitute the letter of credit then in effect with a substitute letter of credit meeting the requirements of this Paragraph 7 and otherwise in substantially the form of the letter of credit then in effect. A duplicate original of such substitute letter of credit shall be delivered to Master Landlord.
Substitution of Letter of Credit. Parent agrees that prior to the Completion of the Offer it shall either (a) provide a letter of credit securing the Company's obligations under its bank credit facility with Silicon Valley Bank (the "Credit Facility") on substantially similar terms as the letter of credit provided by Securicor Communications Limited or an affiliate thereof to Silicon Valley Bank, which letter of credit shall remain in effect until the earlier of (i) the Closing of the Merger or (ii) December 31, 2000, or (b) provide substitute financing in amounts and on terms at least as favorable to the Company as the Credit Facility.
Substitution of Letter of Credit. The Contractor may at any time call for release of the remaining balance of the Holdback (as defined in Section 8.4) upon delivering to the Province an irrevocable, unconditional, on sight letter of credit in the amount of the remaining balance of the Holdback, presentable for payment at a bank in Canada and issued by a bank authorized under the Bank Act (Canada) to do business in Canada (or issued by such other financial institution approved in advance for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion), and having a senior, unsecured long- term issuer credit rating of not less than A+ (with not less than a stable outlook) or equivalent from one of (and no rating less than A+ (with not less than a stable outlook) or equivalent from any other of) Standard & Poor’s, DBRS (formerly known as Dominion Bond Rating Service) or Fitch Ratings (or any other major credit rating agency approved for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion). The Province may present the letter of credit for payment if:
Substitution of Letter of Credit. In lieu of depositing the Escrow Funds with the Escrow Agent, the Operating Partnership shall have the option of providing directly to the Contributor, not later than two (2) Business Days following full execution of this Agreement, a letter of credit in an amount of Five Million Six Hundred Twenty-Five Thousand Dollars ($5,625,000) (and otherwise in form and substance reasonably satisfactory to the Contributor) from an Approved Bank, the terms of which will permit the Contributor to unconditionally draw upon such letter of credit (1) under those circumstances in which Contributor would be entitled to the Escrow Funds pursuant to this Article IV, or (2) in the event that the letter of credit has not been replaced with a substitute letter of credit (in form and substance reasonably satisfactory to the Contributor) at least ten (10) Business Days prior to the expiration of the then-existing letter of credit (and, in the event of any draw pursuant to this clause (2), the proceeds shall constitute the Escrow Funds, shall be paid over to Escrow Agent, and thereafter shall be held and disbursed by Escrow Agent in accordance with the provisions of this Article IV).
Substitution of Letter of Credit. The Contractor may at any time call for release of the Holdback upon delivering to the Province an irrevocable, unconditional, on sight letter of credit in the amount of the Holdback, drawn on a bank having an office in Canada and authorized under the Bank Act (Canada) to do business in Canada (or other financial institution approved in advance for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion), and having a credit rating of not less than A+ or equivalent from Xxxxx’x Investors Service, Standard & Poor’s, Dominion Bond Rating Service or Fitch Ratings (or any other major credit rating agency approved for the purposes of this Section by the Province, who may grant or decline such approval in its absolute discretion). The Province may present the letter of credit for payment if:
Substitution of Letter of Credit. The Company may not deliver to the Trustee a Substitute Letter of Credit (as defined in the Indenture) until the Company has discharged in full its Payment Obligations to the Bank.
