Replacement LC definition

Replacement LC has the meaning set forth in Section 7.3(c).

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Replacement LC means a new letter of credit -------------- from a national or international banking institution with a credit standing substantially similar to Bank One's, which new letter of credit shall have terms substantially the same as the Letter of Credit, subject to the following modifications: (A) the Replacement LC shall have a term that extends from the date of issuance of the Replacement LC through the earlier to occur of (x) the four-year anniversary of the Closing Date and (y) if applicable, the expiration of Parents' then-existing credit facility with the issuer of the Replacement LC, (B) during each year of the Replacement LC's term through the three-year anniversary of the Closing Date, the maximum annual draw under the Replacement LC shall not be greater than $1,000,000, and (C) after the three-year anniversary of the Closing Date and until the Replacement LC's expiration thereafter, the maximum annual draw thereunder shall not be greater than $750,000; provided, however, that -------- ------- the Replacement LC shall provide that if it terminates in accordance with clause (A) above and Parents fail to replace the Replacement LC at least thirty (30) days prior to its termination under clause (A) above with a new letter of credit from a national or international banking institution with a credit standing substantially similar to Bank One's, which new letter of credit shall have terms substantially the same as the Replacement LC, then Buyer shall be entitled to draw the full amount of the Replacement LC and deposit such amount in an escrow with Bank One (or other suitable escrow agent) pursuant to the form of Escrow Agreement attached hereto as Exhibit 2.

Replacement LC has the meaning set forth in Section 5.6(c).

Examples of Replacement LC in a sentence

• Upon receipt of a Replacement L/C meeting the qualifications of Section 6.02, Landlord shall forthwith return the Existing L/C to Tenant.

• The Replacement LC shall terminate on the earlier of one year from the date of issuance or the expiration of the Base Contract.

• At such time as NEMO establishes a Replacement LC, the amount held in Escrow shall be paid to NEMO and the Escrow account shall be closed, less any reasonable fees imposed by the escrow agent or escrow provider.

• In addition, if Tenant fails to furnish a Renewal or Replacement LC complying with all of the provisions of this ARTICLE 27 at least sixty (60) days prior to the stated expiration date of the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) in accordance with the terms of this ARTICLE 27 (the “LC Proceeds Account”).

• GASMARK will, upon invoice, reimburse Atlas DE for the charges assessed by the issuing bank specifically for issuing the Replacement LC, up to a maximum reimbursement amount of 1.875% of the face amount of the Replacement LC.

• In the event the County draws on the Letter of Credit because of ▇▇▇▇’s failure to post a Replacement LC in the time period stated above, then the County shall place the amount received from the draw on the Letter of Credit in an escrow account (“Escrow”).

• The Company’s Maternity Leave Policy is available from [insert job title].

• Any Renewal or Replacement LC shall comply with all of the provisions of this Section II, shall be irrevocable, transferable and shall remain in effect (or be automatically renewable) through the Final LC Expiration Date upon the same terms as the expiring Letter of Credit or such other terms as may be acceptable to Landlord in its sole discretion.

• In addition, if Tenant fails to furnish a Renewal or Replacement LC complying with all of the provisions of this Section 3 at least 60 days prior to the stated expiration date of the Letter of Credit then held by Landlord, Landlord may draw upon such Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) in accordance with the terms of this Section 3 (the “LC Proceeds Account”).

• In addition, if Tenant fails to furnish a Renewal or Replacement LC complying with all of the provisions of this Section 4 when required under this Section 4, Landlord may draw upon the Letter of Credit and hold the proceeds thereof (and such proceeds need not be segregated) in accordance with the terms of this Section 4 (the “LC Proceeds Account”).

More Definitions of Replacement LC

Replacement LC shall be defined as an irrevocable letter of credit, which shall: (a) be in the amount of One Million and 00/100 ($1,000,000.00) Dollars; (b) be in the form attached hereto as Exhibit A, Tenth Amendment, or in the form of the Third Amendment LC or the Original LC; (c) name Landlord as its beneficiary; (d) be drawn on an FDIC insured financial institution reasonably satisfactory to the Landlord; and (e) be renewable automatically on an annual basis and expire no earlier than sixty (60) days after the Termination Date of the Lease. If Landlord intends to assign Landlord's interest in the Lease, Tenant shall, upon notice from Landlord, deliver to Landlord an amendment to the Replacement LC naming Landlord's assignee as the beneficiary thereof. If Tenant fails to deliver such amendment within fifteen (15) days after notice from Landlord, Landlord shall have the right to draw down the entire amount of the Replacement LC and hold the proceeds thereof as a security deposit in accordance with this Paragraph 4.

Replacement LC means an irrevocable standby letter of credit issued by Fleet Boston Financial or an affiliate thereof for the benefit of Seller or its designated Affiliate, which letter of credit shall permit the beneficiary to draw thereon in the amount of any and all loss, cost or expense incurred or suffered by Seller or its Affiliate as a result of or associated with any draws on or payments under the Letters of Credit from and after the Closing Date. Buyer agrees that it will not cancel the Replacement Insurance Policy or Replacement LC or allow any such policy or letter of credit to lapse while any of the Letters of Credit remain outstanding and that, in the event the Replacement Insurance Policy or Replacement LC lapses or is otherwise rendered ineffective during such period, Buyer will promptly deliver to Seller a replacement insurance policy, letter of credit or similar instrument reasonably acceptable to Seller, which policy, letter of credit or other instrument will provide indemnification or draw rights to Seller on substantially the same terms as the canceled or lapsed policy or letter of credit (as the case may be). It is the intention of the parties that each Letter of Credit will be the subject of Seller's or its Affilate's rights under one, but not both, of the Replacement Insurance Policy or the Replacement LC. Seller shall have no obligation to renew or extend the term of any Letter of Credit, it being the intention of the parties that the Letters of Credit will expire pursuant to their terms if not previously surrendered by the beneficiary thereof. The Seller covenants and agrees that it shall not and shall cause the beneficiary under the Replacement LC to not draw on the Replacement LC (or any replacement thereof) except with respect to a Letter of Credit listed on Schedule 7.8 attached hereto.