Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit (the “Issuing Bank”) gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto. Should any Letter of Credit contain a final expiration date, in addition to a current expiration date, such final expiration date shall be no earlier than 45 days following the Expiration Date of this Lease.
Renewal of Letter of Credit. Tenant shall maintain any Letter of Credit in effect from the date which Tenant delivers the Letter of Credit to Landlord until the date which is sixty (60) days after Tenant shall have performed all of its obligations under the Lease (said period is hereinafter referred to as the “L/C Term”). If the expiration date of the Letter of Credit (or any renewal or replacement Letter of Credit provided pursuant to this section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the Letter of Credit or a replacement Letter of Credit meeting all of the terms and conditions of this section, not later than thirty (30) days prior to the then-applicable expiration date. Each Letter of Credit provided pursuant to this section shall have an expiration date which is at least one (1) year from such Letter of Credit’s date of issue except where the then-applicable expiration date of the Letter of Credit is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement Letter of Credit shall be for such lesser period. The issuing bank’s agreement to place an automatic renewal provision in the Letter of Credit shall not relieve or release Tenant from its obligation to provide a renewal or replacement Letter of Credit on the terms hereinabove stated, it being understood that any such automatic renewal is an independent obligation of the issuing bank which is intended for Landlord’s sole benefit. If Tenant fails to provide the renewal or replacement Letter of Credit not later than fifteen (15) days prior to the then-applicable, stated expiration date (excluding automatic renewal provisions), such failure shall be a default by Tenant, and Landlord shall have the right, without notice or demand, on one or more occasions, to draw upon all or any part of the remaining proceeds of the Letter of Credit in accordance with the terms of the Lease.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto. Should any Letter of Credit contain a final expiration date, in addition to a current expiration date, such final expiration date shall be no earlier than 45 days following the Expiration Date of this Lease. If Tenant does not deliver a Substitute Letter of Credit 30 days prior to the expiration of the current Letter of Credit, Landlord shall be permitted to draw down the entire Letter of Credit Amount and hold the cash as “Security Proceeds” pursuant to Section 4.4.6 below.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable in accordance with the second to last paragraph of the Form LC; provided however, that Tenant shall be required to deliver to Landlord a new letter of credit (a "Substitute Letter of Credit") satisfying the requirements for the Original Letter of Credit under Section 4.4.1 on or before the date 30 days prior to the expiration of the term of the Letter of Credit then in effect, if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit for any additional period pursuant thereto.
Renewal of Letter of Credit. If Tenant fails to provide Landlord with a replacement Letter of Credit that complies with the requirements of this Article 26 on or prior to the thirtieth (30th) day before the expiration date of the Letter of Credit that is then expiring, then Landlord may present the Letter of Credit for payment and retain the proceeds thereof as security in lieu of the Letter of Credit (it being agreed that Landlord shall have the right to use, apply and transfer such proceeds in the manner described in this Article 26). Tenant shall reimburse Landlord for any Out-of-Pocket Costs that Landlord incurs in so presenting the Letter of Credit for payment within thirty (30) days after Landlord submits to Tenant an invoice therefor. Landlord also shall have the right to so present the Letter of Credit and so retain the proceeds thereof as security in lieu of the Letter of Credit at any time from and after the thirtieth (30th) day before the Expiration Date if the Letter of Credit expires earlier than the ninetieth (90th) day after the Expiration Date.
Renewal of Letter of Credit. If the Letter of Credit shall expire at a time when the Letter of Credit is still required under Section 21.1 or Section 21.2, Subtenant shall renew the Letter of Credit at least 30 days prior to its expiration. If Subtenant shall fail to renew the Letter of Credit prior to such time, Sublandlord may draw against the same and hold the proceeds thereof as a security deposit until such time as Subtenant shall renew the Letter of Credit. Sublandlord shall hold such security deposit in a separate account in trust for Subtenant and shall account to Subtenant for any interest earned thereon.
Renewal of Letter of Credit. Each Letter of Credit shall be automatically renewable for consecutive periods of one (1) year; provided, however, that if the issuer of such Letter of Credit gives notice of its election not to renew such Letter of Credit, then Tenant shall deliver to Landlord a new letter of credit (a “Substitute Letter of Credit”) satisfying the requirements of the Original Letter of Credit under Section 9.10(a) hereof on or before the date thirty (30) days prior to the expiration of the term of the Letter of Credit then in effect. If Tenant fails timely to deliver to Landlord a Substitute Letter of Credit in accordance with the foregoing provisions, then Landlord shall have the right, at any time thereafter, without giving any further notice to Tenant, to draw down the Letter of Credit and to hold the proceeds thereof in a segregated account in the name of Landlord, which proceeds may be withdrawn and applied by Landlord under the same circumstances and for the same purposes as if such proceeds were a Letter of Credit. Upon any such application of such proceeds by Landlord, Tenant shall, within thirty (30) days of written demand therefor, deliver to Landlord an Additional Letter of Credit in the amount of proceeds so applied.
Renewal of Letter of Credit. Buyer agrees that the Letter of Credit shall either be renewed or converted to cash by Buyer at least sixty (60) days prior to any stated expiration date thereof, as the same may be amended from time to time. Failure of Buyer to do so shall be a material default of the Agreement, for which Sellers shall have the remedies provided under Article XIII of the Agreement; provided, however, that notwithstanding Section 13.01(c) of the Original Agreement, Buyer shall have eight (8) business days to cure any default by reason of failure to timely renew the Letter of Credit.
Renewal of Letter of Credit. If the Letter of Credit shall --------------------------- expire at a time when the Letter of Credit is still required under Section 25.2, ------------ Tenant shall renew the Letter of Credit at least 30 days prior to its expiration. If Tenant shall fail to renew the Letter of Credit prior to such time, Landlord may draw against the same and hold the proceeds thereof as a security deposit until such time as Tenant shall renew the Letter of Credit. Landlord shall hold such security deposit in a separate account in trust for Tenant and shall account to Tenant for any interest earned thereon.
Renewal of Letter of Credit. The Letter of Credit may automatically extend or renew for one or more, but not more than two (2), additional successive one-year periods beyond its stated expiry date as herein provided in this Section 2.12(i). In the event that, at least forty (40), but not more than forty-five (45), days before such then-current expiry date, the Issuing Bank and the Administrative Agent have received from the Owner an irrevocable written notice (a “Notice of Extension”) requesting a one-year extension of the Letter of Credit, the Letter of Credit shall automatically extend for such additional one-year period, unless the Issuing Bank sends written notice to the Owner at least twenty (20), but not more than thirty (30), days before the then-current expiry date of its decision not to so extend the Letter of Credit. In any event, if an event of default has occurred and is continuing under the PFA, the Issuing Bank shall not extend the Letter of Credit beyond its then-current term if it has received at least twenty-five (25), but not more than thirty (30), days before the then-current expiry date of the Letter of Credit, a request from Lenders holding at least two-thirds (2/3) of the outstanding Commitments and Advances. Each Notice of Extension shall be accompanied by a certificate signed by the Obligors to the effect that:
