Example ContractsClausesLetter of Credit.
Letter of Credit.
Letter of Credit. contract clause examples

Letter of Credit. The parties acknowledge, that, as of the date hereof, the Letter of Credit Amount referenced in [Section 2.05] of the Lease is $5,877,509.20, reflecting an increase in the amount of $289,374.13 on account of the Converted Space).

Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $444,890.20. Notwithstanding any terms and conditions of this Lease to the contrary, as of the date of Tenant’s signature to this Fourth Amendment, and as a condition to the effectiveness of this Fourth Amendment, the Letter of Credit shall be amended or replaced so as to increase the amount to $594,725.50. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,151,206 on or before the Premises F Commencement Date. The Letter of Credit shall be amended or replaced so as to increase the amount to $1,540,668.00 on or before the Premises D Commencement Date. All other terms and condition set forth in [Article 8.2] of the Lease with respect to the Letter of Credit shall remain in full force and effect.

Letter of Credit. Landlord is currently holding a Letter of Credit in the amount of $8,200,184.00 as collateral for Tenant’s performance of its obligations under the Lease, as amended hereby. No additional letter of credit shall be required in connection with this Amendment.

Letter of Credit. As security for the full, faithful and timely performance of each of Tenant’s obligations under the Lease, Tenant shall deliver to Landlord a Letter of Credit meeting the requirements contained in this Article 24, which issuance shall not be more than thirty (30) days after execution of this Lease.

Letter of Credit. Within five (5) business days of Tenant’s execution and delivery 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, subject to the terms hereof, the Existing Lease, and for all losses and damages Landlord may suffer as a result of any breach or default by Tenant under this Lease, and the Existing Lease, an irrevocable and unconditional negotiable standby letter of credit (the “Letter of Credit”) in the form attached hereto as Exhibit D and containing the terms required herein, payable upon presentation to an operating retail branch located in San Francisco, California, running in favor of Landlord and issued by a solvent, nationally recognized bank with a long term rating from Standard and Poor’s Professional Rating Service of A or a comparable rating from Moody’s Professional Rating Service or higher, under the supervision of the Superintendent of Banks of the State of California, or a national banking association, in the Deposit Amount set forth in the Basic Lease Information. The Letter of Credit shall be referred to herein as the “Security Deposit”. The Letter of Credit shall # be “callable” at sight, irrevocable and unconditional, # be maintained in effect, whether through renewal (pursuant to a so-called “evergreen provision”) or extension, for the period from the Commencement Date and continuing until the date that is ninety (90) days after the expiration of the Term or the date of termination of the Lease (the “LC Expiration Date”), and Tenant shall deliver to Landlord a new Letter of Credit, certificate of renewal or extension amendment at least sixty (60) days prior to the expiration of the Letter of Credit then held by Landlord, without any action whatsoever on the part of Landlord, # be fully transferable by Landlord, its successors and assigns, # permit partial draws and multiple presentations and drawings, and # be otherwise subject to the International Standby Practices ISP 98, International Chamber of Commerce Publication #590. In addition to the foregoing, the form and terms of the Letter of Credit (and the bank issuing the same (the “Bank”)) shall be acceptable to Landlord, in Landlord’s reasonable discretion. If Landlord notifies Tenant in writing that the Bank which issued the Letter of Credit has become financially unacceptable because the above requirements are not met or the Bank has filed bankruptcy or reorganization proceedings or is placed into a receivership or conservatorship, or the financial condition of the Bank has changed in any other materially adverse way then Tenant shall have thirty (30) days to provide Landlord with a substitute Letter of Credit complying with all of the requirements of this Article 26. If Tenant does not so provide Landlord with a substitute Letter of Credit within such thirty (30) day period, then Landlord, or its then managing agent, shall h 3 the right to draw upon the then current Letter of Credit. In addition to Landlord's rights to draw upon the Letter as otherwise described in this Article 26, 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 have occurred or be applicable: # such amount is an obligation of Tenant under the Lease that is past-due beyond applicable notice and cure periods under the terms and conditions of this Lease; # Tenant has filed a voluntary petition under the Bankruptcy Code, # an involuntary petition has been filed against Tenant under the Bankruptcy Code that is not dismissed within thirty (30) days, # the Bank has notified Landlord that the Letter of Credit will not be renewed or extended through the LC Expiration Date, or # Tenant has failed to deliver a new Letter of Credit or amendment to the existing Letter of Credit increasing the stated amount as required under the terms of this Lease. The Letter of Credit will be honored by the Bank regardless of whether Tenant disputes Landlord’s right to draw upon the Letter of Credit. Tenant shall be responsible for paying the Bank’s fees in connection with the issuance of any Letter of Credit, certificate of renewal or extension amendment.

Letter of Credit. On the terms and subject to the conditions set forth herein, the Revolving Loan Commitment may be used by Borrowers, in addition to the making of Revolving Loans hereunder, for the issuance, prior to that date which is one year prior to the Termination Date, by # Agent, of letters of credit, Guarantees or other agreements or arrangements (each, a "Support Agreement") to induce an LC Issuer to issue or increase the amount of, or extend the expiry date of, one or more Letters of Credit and # a Lender, identified by Agent, as an LC Issuer, of one or more Lender Letters of Credit, so long as, in each case:

Letter of Credit. As of the First Amendment Effective Date, Section 7 of the Summary of Basic Lease Information in the Lease shall be deleted in its entirety and replaced with the following:

On the terms and subject to the conditions set forth herein, up to, but not in excess of ten percent (10%) of the Borrowing Base, may be used by Borrower, in addition to the making of Revolving Loans hereunder, for the issuance, prior to the Commitment Expiry Date, by # the L/C Issuer, of letters of credit, guarantees or other agreements or arrangements (each, a “Support Agreement”) to induce an L/C Issuer to issue or increase the amount of, or extend the expiry date of, one or more Letters of Credit and # an L/C Issuer, of one or more Lender Letters of Credit, so long as, in each case:

Letter of Credit. Subject to the terms and conditions of this Agreement, Lender hereby agrees to issue or cause an Affiliate to issue letters of credit for the

Letter of Credit. Simultaneously with the execution and delivery hereof, # Landlord shall return to Tenant the Letter of Credit currently held by Landlord pursuant to [Section 1.17] of the Lease and [Section 6 of Exhibit F] thereto and # notwithstanding any provision of the Lease to the contrary, Tenant shall have no further obligation to provide and/or deliver to Landlord a letter of credit and [Section 1.17] of the Lease and [Section 6 of Exhibit F] shall have no further force or effect.

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