Letter of Credit Provisions. Performance Assurance provided in the form of a Letter of Credit shall be subject to the following provisions:
Letter of Credit Provisions. Any Letter of Credit delivered hereunder shall be subject to the following provisions:
Letter of Credit Provisions. If at any time Tenant elects to deposit an L-C as the Security Deposit, the L-C shall be issued by a bank reasonably acceptable to Landlord, shall be issued for a term of at least twelve (12) months, shall be unconditional, clean and irrevocable, and shall be in a form and with such content reasonably acceptable to Landlord. The L-C shall be payable on sight with the bearer’s draft. The L-C shall state that it shall be payable against sight drafts presented by Xxxxxxxx, accompanied by Xxxxxxxx’s statement that said drawing is in accordance with the terms and conditions of this Lease; no other document or certification from Landlord shall be required to negotiate the L-C. Landlord may designate any bank as Landlord’s advising bank for collection purposes and any sight drafts for the collection of the L-C may be presented by the advising bank on Landlord’s behalf. Tenant shall either replace the expiring L-C with an L-C in an amount equal to the original L-C or renew the expiring L-C, in any event no later than thirty (30) days prior to the expiration of the term of the L-C then in effect. If Tenant fails to deposit a replacement L-C or renew the expiring L-C, Landlord shall have the right to draw upon the expiring L-C for the full amount thereof and hold the same as the Security Deposit; provided, however, that if Tenant provides a replacement L-C that meets the requirements of this Article 26, then Landlord shall return to Tenant promptly in cash that amount of the L-C that had been drawn upon by Landlord. The fee for the maintenance of the L-C shall be at Tenant’s sole cost and expense. The L-C shall not be mortgaged, assigned or encumbered in any manner whatsoever by Tenant without the prior written consent of Landlord. The L-C shall be transferable to any of the following parties: (i) any secured or unsecured lender of Landlord, (ii) any assignee, successor, transferee or other purchaser of all or any portion of the Building, or any interest in the Building, (iii) any partner, shareholder, member or other direct or indirect beneficial owner in Landlord (to the extent of their interest in the Lease). Further, in the event of any sale, assignment or transfer by the Landlord of its interest in the Premises or the Lease, Landlord shall have the right to assign or transfer the L-C to its grantee, assignee or transferee and in the event of any sale, assignment or transfer; the landlord so assigning or transferring the L-C shall have no liability to the Tenant...
Letter of Credit Provisions. Other Eligible Support and Other Posted Support provided in the form of a Letter of Credit shall be subject to the following provisions:
Letter of Credit Provisions a. Under the circumstances described in the ‘RISK TRIGGER EVENT’ and ‘INSOLVENCY’ sections of this Agreement, THE REINSURER may apply for, and provide to, THE COMPANY one or more Letters of Credit (individually a “Letter of Credit” or collectively, the “Letters of Credit”) so as to avoid triggering THE COMPANY’s right of recapture under the ‘RECAPTURE’ section of this Agreement. If THE REINSURER elects to do so, each of the Letters of Credit must individually satisfy the requirements of subsections b., c., and d. of this ‘LETTER OF CREDIT PROVISIONS’ section and all of the Letters of Credit collectively must satisfy the requirements of subsections e., f., and g. of this ‘LETTER OF CREDIT PROVISIONS’ section. In addition, each Letter of Credit individually and all of the Letters of Credit collectively must satisfy any other applicable legal or regulatory requirements in order to permit THE COMPANY to take the maximum credit for the risks ceded under this Agreement on its statutory financial statements in any jurisdiction where THE COMPANY files such statements.
Letter of Credit Provisions. The Company for itself and on behalf of the Issuer has caused a Letter of Credit issued by KeyBank National Association (the "Bank") to be delivered to the Trustee (the "Letter of Credit"). The Trustee shall be entitled under the Letter of Credit to draw up to an amount equal to the principal of the outstanding Bonds plus an amount equal to 110 days' accrued interest on the outstanding Bonds at a rate of ten percent (10%) per annum to pay principal or purchase price (but not the redemption premium) of and interest on the Bonds (other than Bonds held pursuant to Section 3.05 of the Indenture or owned by the Company) on or prior to October 17, 2002 or, under certain circumstances, such earlier or later date as may be permitted by the Letter of Credit. Subject to the provisions of the Indenture, the Company may, but is not required to, provide another Credit Facility upon the termination of the Letter of Credit or the then current Credit Facility. While the Bonds bear interest at the Weekly Rate, the Taxable Weekly Rate or the Semi-Annual Rate, the Bonds shall be subject to mandatory tender for purchase upon any change in the then current Credit Facility Issuer. During any Long-Term Rate Period, the Company may substitute any Qualifying Credit Facility for the then current Letter or Credit or other Credit Facility and the Trustee shall give written notice of such substitute to the Registered Owner hereof. REDEMPTION OF BONDS Whenever the Interest Rate Mode is the Weekly Rate, the Taxable Weekly Rate or the Semi-Annual Rate, this Bond shall be subject to optional redemption, in whole on any date or in part on any Interest Payment Date, at a redemption price of 100% of the principal amount hereof. Whenever the Interest Rate Mode is the Long-Term Rate, this Bond shall be subject to optional redemption: at any time during the then current Long-Term Rate Period on or after the date determined pursuant to Section 8.01(b) of the Indenture at the applicable redemption price set forth in Section 8.01(b) of the Indenture. Prior to Conversion to the Taxable Weekly Rate and upon a Determination of Taxability, the Bonds are subject to mandatory redemption in whole pursuant to Section 8.01(d) of the Indenture. The Bonds are subject to redemption prior to maturity in whole or in part at any time at a redemption price of par plus accrued interest in whole or in part, to the extent excess moneys in the Project Fund are transferred to the Bond Fund established under the Indent...
Letter of Credit Provisions a. Under the circumstances described in the last paragraph of Section 25 of this Agreement or under the circumstances described in the last paragraph of Section 10 of this Schedule A, AUSA may apply for, provide to PRUCO, and maintain during the entire term of this Agreement, one or more letters of credit with respect to all the amounts recoverable from AUSA under this Agreement (collectively, the "Letters of Credit") so as to avoid triggering PRUCO's right of recapture under Section 20. If AUSA elects to do so, each of the Letters of Credit must individually satisfy the requirements of subsections b., c. and d. below and all of the Letters of Credit collectively must satisfy the requirements of subsections e. and f. below. In addition, each Letter of Credit individually and all of the Letters of Credit collectively must satisfy any other applicable legal or regulatory requirement of Arizona that must be complied with in order to ensure that PRUCO is entitled to take the maximum credit for the risks ceded under this Agreement on its statutory financial statements.
Letter of Credit Provisions. The following new Sections are added to the Credit Agreement at the end of Article II:
Letter of Credit Provisions. If any Letter of Credit is outstanding at the time that a Lender becomes a Defaulting Lender then:
Letter of Credit Provisions. Each Letter of Credit shall, by its terms:
