Examples of Primary Letter of Credit in a sentence
To the extent provided in Section 2.2.8, each Bank severally agrees to advance to the LC Bank, for the account of Borrower, such Bank's Proportionate Share of the full amount of any Drawing Payment under any Secondary Letter of Credit and each Tranche A Bank severally agrees to advance to the LC Bank for the account of Borrower, such Tranche A Bank's Proportionate Share of the full amount of any Drawing Payment under any Primary Letter of Credit.
Each Tranche A Bank severally agrees to participate with the LC Bank in the extension of credit arising from the issuance of the Primary Letters of Credit in an amount equal to such Bank's Proportionate Share of the Stated Amount of each Primary Letter of Credit, and the issuance of a Primary Letter of Credit shall be deemed a confirmation to the LC Bank of such participation in such amount.
The Administrative Agent will promptly notify the Lenders of any termination or reduction of unused portions of the Primary Letter of Credit Sublimit, Dutch Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this Section 2.06.
If the requested terms of such Primary Letter of Credit are acceptable to the Primary Issuing Bank in its reasonable discretion, the Primary Issuing Bank shall, subject to this Section 2.16(b), upon fulfillment of the applicable conditions set forth in Article 3 hereof, make such Primary Letter of Credit available to the Borrower at its office referred to in Section 11.1 or as otherwise agreed with the Borrower in connection with such issuance.
Each Primary Letter of Credit shall be issued upon notice, given not later than 11:00 a.m. (Dallas time) on the third Business Day prior to the date of the proposed issuance of such Primary Letter of Credit, by the Borrower to the Primary Issuing Bank, which shall give to the Administrative Agent and each Lender prompt notice thereof by telecopier.
With respect to any Guaranty, Landlord agrees a Guaranty will provide Landlord with security not less than the security provided by the Primary Letter of Credit so long as such Guaranty is in the form attached hereto as Exhibit “J” and the Tangible Net Worth of the Guarantor is in excess of $**********.
Landlord’s transfer of less than all of its interest in the Letters of Credit shall not increase Tenant’s obligations with respect to the Primary Letter of Credit Amount and the Additional Security Letter of Credit Amount (e.g., Tenant would not have to deliver a new Additional Security Letter of Credit to a new landlord in the amount of $******* if Landlord retained an interest in a portion of the Additional Security Letter of Credit).
Landlord shall be entitled to draw upon the Additional Letter of Credit in accordance with the terms set forth in Paragraph 5(c) of the Lease for the Primary Letter of Credit.
Provided that no monetary Event of Default is then outstanding, Tenant may reduce the amount of the Primary Letter of Credit by 50% following the expiration of the 13th Lease Month.
Provided that no monetary Event of Default is then outstanding, Tenant’s obligation to maintain the Primary Letter of Credit expires on the last day of the 25th Lease Month (“Primary LC Expiration Date”).