Requirements for Letter of Credit Sample Clauses

Requirements for Letter of Credit. The Letter of Credit must conform to each the following requirements:
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Requirements for Letter of Credit. Concurrently with Tenant’s execution of this Lease, Tenant shall deliver to Landlord, as protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may suffer as a result of Default by Tenant under this Lease, an irrevocable and unconditional negotiable standby letter of credit (the “Letter of Credit”), in the form attached hereto as Exhibit F, or in form otherwise reasonably approved by Landlord, and containing the terms required herein, payable in the City of Boston, Massachusetts or permitting fax presentment, running in favor of Landlord and issued by a solvent, nationally recognized bank with a long term rating of A or higher (by Standard & Poor’s) or a long term rating of A2 or higher (by Xxxxx’x), under the supervision of the Office of Banks and Real Estate of the Commonwealth of Massachusetts, or a national banking association (the “Bank”), in the Letter of Credit Amount. As of the Effective Date, Silicon Valley Bank is an approved Bank. The Letter of Credit shall (a) be “callable” at sight, irrevocable and unconditional, (b) be maintained in effect, whether through renewal or extension, for the period from the Commencement Date and continuing until the date (the “LC Expiration Date”) that is ninety (90) days after the expiration of the Term (as the same may be extended), and Tenant shall deliver a new Letter of Credit or certificate of renewal or extension to Landlord at least thirty (30) days prior to the expiration of the Letter of Credit then held by Landlord, without any action whatsoever on the part of Landlord, (c) be fully assignable by Landlord, its successors and assigns, (d) permit partial draws and multiple presentations and drawings, and (e) be otherwise subject to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. The terms of the Letter of Credit and the Bank shall be acceptable to Landlord. If Tenant exercises its option to extend the Term pursuant to Exhibit F of this Lease then, not later than ninety (90) days prior to the commencement of the Extension Term, Tenant shall deliver to Landlord a new Letter of Credit or certificate of renewal or extension evidencing the LC Expiration Date as ninety (90) days after the expiration of the Extension Term. Landlord, or its then managing agent, shall have the right to draw down an amount up to the face amount of the Letter of Credit if any of the following shall h...
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Requirements for Letter of Credit. Tenant acknowledges that Landlord is unwilling to execute the Lease unless Tenant provides Landlord with additional security for Tenant's obligations under the Lease. Therefore, Tenant shall deliver to Landlord, on the date that Tenant executes and delivers the Lease to Landlord, an Irrevocable Standby Letter of Credit ("Letter of Credit") which shall be (1) in the form attached hereto as Exhibit I, (2) issued by a bank reasonably acceptable to Landlord which has an office in either New York or Boston at which said Letter of Credit may presented for payment, (3) in an amount equal to One Million and 00/100 ($1,000,000.00) Dollars and (4) for a term of one (1) year, subject to extension in accordance with the terms of the Letter of Credit. Tenant shall, on or before the date thirty (30) days prior to the expiration of the term of such Letter of Credit, deliver to Landlord a new Letter of Credit satisfying the foregoing conditions ("Substitute Letter of Credit") in lieu of the Letter of Credit then being held by Landlord. Such Letter of Credit shall be automatically renewable in accordance with the second to last grammatical paragraph of Exhibit 6; provided that, in such event, Tenant shall be required to deliver a Substitute Letter of Credit satisfying the conditions hereof, on or before the date thirty (30) days prior to the expiration of the term of such Letter of Credit, 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.
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Requirements for Letter of Credit. The Companies shall ensure that each Letter of Credit shall:
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Requirements for Letter of Credit. In order to secure its obligations under the Agreement, pursuant to Section 5.07 of the Agreement, the Company has agreed (a) upon the initial authentication and delivery of the Bonds, to deliver to the Trustee, the Letter of Credit, issued by the Bank in favor of the Trustee and for the benefit of the holders of the Bonds (other than Pledged Bonds and Company Bonds), (b) to ensure that so long as any Bonds that bear interest at a Variable Rate remain Outstanding, a Letter of Credit shall be in effect with respect to such Bonds with terms substantially conforming to those of the original Letter of Credit and (c) upon remarketing of the Bonds at a Fixed Rate without an Investment Grade Rating, a Letter of Credit shall be in effect with respect to such Bonds with terms otherwise conforming to those of the Original Letter of Credit, except that the term thereof shall extent to the Maturity Date.
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Requirements for Letter of Credit. ALTERNATE CREDIT FACILITY; RATING EVENT DATE; REQUIRED OPINIONS. (a) The initial letter of credit will be an irrevocable letter of credit of the Credit Bank providing for direct payments to or upon the order of the Trustee of amounts up to (1) the principal of the Bonds when due, at maturity or upon acceleration, redemption, purchase pursuant to a tender or otherwise; (2) interest on the Bonds for such number of days as may be required by any Rating Agency then rating the Bonds (which number of days shall be 41 with respect to the initial Letter of Credit) days at the Maximum Rate; provided, however that (A) if the Letter of Credit will be in effect during a Commercial Paper Mode, the stated coverage amount of the Letter of Credit will include an amount equal to interest on the Bonds for such number of days as may be required by any Rating Agency then rating the Bonds at the Maximum Rate; and (B) if the Letter of Credit will be in effect during a Long-Term Interest Rate Period, the stated coverage amount of the Letter of Credit will include an amount equal to interest on the Bonds for such number of days as may be required by any Rating Agency then rating the Bonds at the Long-Term Interest Rate. The Letter of Credit will expire at its stated expiration date, which shall be no earlier than 20 days after an Interest Payment Date that, is one year from its date of issuance. (b)
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Requirements for Letter of Credit 
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Related to Requirements for Letter of Credit

  • Letter of Credit Requirements (a) Any Letter of Credit required under this Loan Agreement must satisfy the following conditions:

  • Transfer of Letter of Credit The Letter of Credit may be transferred and assigned in accordance with the terms of the Letter of Credit.

  • Requirements For Issuance of Letters of Credit (a) Borrowing Agent shall authorize and direct any Issuer to name the applicable Borrower as the “Applicant” or “Account Party” of each Letter of Credit. If Agent is not the Issuer of any Letter of Credit, Borrowing Agent shall authorize and direct the Issuer to deliver to Agent all instruments, documents, and other writings and property received by the Issuer pursuant to the Letter of Credit and to accept and rely upon Agent’s instructions and agreements with respect to all matters arising in connection with the Letter of Credit, the application therefor or any acceptance therefor.

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

  • Delivery of Letter of Credit Tenant shall deliver to Landlord concurrent with Tenant’s execution of this Lease, as protection for the full and faithful performance by Tenant of all of its obligations under this Lease and for all losses and damages Landlord may suffer (including, without limitation, damages provided to Landlord pursuant to Section 1951.2 of the California Civil Code) as a result of any breach or default by Tenant under this Lease, an unconditional, clean, irrevocable negotiable standby letter of credit (the “L/C”) in the amount set forth in Section 10 of the Summary (the “L/C Amount”), in the form attached hereto as Exhibit I, payable in the City of San Francisco, California (or payable upon delivery of a draw request sent by Landlord by overnight courier delivery), running in favor of Landlord, drawn on a bank (the “Bank”) reasonably approved by Landlord and at a minimum having a long term issuer credit rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Xxxxx’x Professional Rating Service (the “Credit Rating Threshold”), and otherwise conforming in all material respects to the requirements of this Article 21, including, without limitation, all of the requirements of Section 21.2 below, all as set forth more particularly hereinbelow. Tenant shall pay all expenses, points and/or fees incurred by Tenant in obtaining and maintaining the L/C. In the event of an assignment by Tenant of its interest in the Lease (and irrespective of whether Landlord’s consent is required for such assignment), the acceptance of any replacement or substitute letter of credit by Landlord from the assignee shall be subject to Landlord’s prior written approval, in Landlord’s reasonable discretion, and the out-of-pocket attorney’s fees for outside counsel incurred by Landlord in connection with such determination shall be payable by Tenant to Landlord within ten (10) days of billing.

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • Letter of Credit Procedures 24 2.3.1 L/C Applications....................................................................24 2.3.2 Participations in Letters of Credit.................................................24 2.3.3 Reimbursement Obligations...........................................................25 2.3.4 Limitation on Obligations of Issuing Banks..........................................25 2.3.5 Funding by Banks to Issuing Banks...................................................25 2.4

  • Letter of Credit Request See §2.10(a).

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