Example ContractsClausesManner of Requesting a Letter of Credit
Manner of Requesting a Letter of Credit
Manner of Requesting a Letter of Credit contract clause examples

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, aSupport 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. [Section 20.3.2] of the Lease is hereby deleted in its entirety and is null and void and of no further force or effect and Tenant shall have no right during the Term to reduce the amount of the L-C. For the avoidance of doubt, the amount of the L-C shall remain $585,707.22 following the Early Termination Date.

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.

Manner of Requesting a Letter of Credit. Borrower shall provide at least five (5) Business Days’ advance written notice to Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by Borrower and, in the case of an extension or

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

Upon execution by Subtenant of this Sublease, Subtenant shall furnish to Sublandlord, at Subtenant’s sole cost and expense, a clean, irrevocable and unconditional letter of credit (the “Letter of Credit”) in the amount of $650,900.00 (the “Security Deposit”) drawn in favor of Sublandlord substantially in the form attached hereto as [Exhibit B], which shall be assignable, upon request, by Sublandlord at no additional charge to Sublandlord.

Letter of Credit. Subtenant agrees to provide, at Subtenant's sole cost and expense, a Letter of Credit (as defined below) in the Letter of Credit Required Amount (as defined below) as additional security for the payment of Base Rent and Subtenant Additional Rent by Subtenant, on the terms and conditions set forth below. The use, application or retention of the Letter of Credit, or any portion thereof, by [[Organization A:Organization]] shall not prevent [[Organization A:Organization]] from exercising any other right or remedy provided by this Sublease or by law, it being intended that [[Organization A:Organization]] shall not first be required to proceed against the Letter of Credit and the Letter of Credit shall not operate as a limitation on any recovery to which [[Organization A:Organization]] may otherwise be entitled. As used herein the term “Letter of Credit Required Amount” initially means $500,000.00. Subject to the remaining terms of this [Section 8], and provided the Reduction Conditions (as defined below) have been satisfied at the particular reduction effective date, Subtenant shall have the right to reduce the Letter of Credit Required Amount so that the new Letter of Credit Required Amount shall be $400,000.00 effective as of January 1, 2023, and $300,000.00 effective as of January 1, 2024 (the “Letter of Credit Reduction”). If Subtenant is not entitled to reduce the Letter of Credit Required Amount as of a particular reduction effective date due to the failure of one or more of the Reduction Conditions, then as and when the Reduction Conditions are satisfied in full, Subtenant shall be entitled to reduce the Letter of Credit Required Amount by the amount of the reduction Subtenant would have been entitled to had all of the Reduction Conditions been satisfied on such reduction effective date. If Subtenant is entitled to a reduction in the Letter of Credit Required Amount, Subtenant shall provide [[Organization A:Organization]] with written notice requesting that the Letter of Credit Required Amount be reduced as provided above (the “Reduction Notice”). If Subtenant provides [[Organization A:Organization]] with a Reduction Notice, and Subtenant is entitled to reduce the Letter of Credit Required Amount as provided herein, [[Organization A:Organization]] shall deliver a letter substantially in the form of Exhibit B attached hereto (aBeneficiary Reduction Letter”) to the L/C Bank, with a copy to Subtenant, within five (5) Business Days of receipt of the Reduction Notice and the reduction shall be effectuated by L/C Bank amending the then-existing Letter of Credit to that new Letter of Credit Required Amount; provided that Subtenant may effectuate the reduction by replacing the Letter of Credit then being held by [[Organization A:Organization]] with a new Letter of Credit in the new Letter of Credit Required Amount. In addition to delivering the Beneficiary Reduction Letter, [[Organization A:Organization]] agrees to promptly take all actions reasonably required by the L/C Bank to effectuate the Letter of Credit Reduction, including but not limited to promptly returning any existing Letter of Credit as required by the L/C Bank in exchange for a replacement Letter of Credit. The term “Reduction Conditions” means no Event of Sublease Default under [Section 20] shall have occurred and be continuing under this Sublease as reasonably determined by [[Organization A:Organization]] in consultation with Subtenant.

Manner of Requesting a Letter of Credit. Borrower shall provide at least five (5) Business Days’ advance written notice to Administrative Agent of each request for the issuance of a Letter of Credit, such notice in each case to be accompanied by an Application for such Letter of Credit properly completed and executed by Borrower and, in the case of an extension or amendment or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to Administrative Agent and the L/C Issuer, in each case, together with the fees called for by this Agreement. Administrative Agent shall promptly notify the L/C Issuer of Administrative Agent’s receipt of each such notice (and the L/C Issuer shall be entitled to assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied unless notified to the contrary by Administrative Agent or the Required Lenders) and the L/C Issuer shall promptly notify Administrative Agent and the Lenders of the issuance of the Letter of Credit so requested.

Manner of Requesting a Letter of Credit. The Borrowers’ Agent shall provide at least three Business Days’ advance written notice to the Administrative Agent (or such lesser notice as the Administrative Agent and the applicable L/C Issuer may agree in their sole discretion) of each request for the issuance of a Letter of Credit, each such notice to be accompanied by a properly completed and executed Application for the requested Letter of Credit and, in the case of an extension or amendment or an increase in the amount of a Letter of Credit, a written request therefor, in a form acceptable to the Administrative Agent and the applicable L/C Issuer, in each case, together with the fees called for by this Agreement. The Administrative Agent shall promptly notify the applicable L/C Issuer of the Administrative Agent’s receipt of each such notice (and the applicable L/C Issuer shall be entitled to assume that the conditions precedent to any such issuance, extension, amendment or increase have been satisfied unless notified to the contrary by the Administrative Agent or the Required Lenders) and the applicable L/C Issuer shall promptly notify the Administrative Agent and the Lenders of the issuance of a Letter of Credit.

On the terms and subject to the conditions set forth herein, up to, but not in excess of $5,000,000.00 of the Revolving Commitment 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 LCL/C Issuer, of letters of credit, guarantees or other agreements or arrangements (each, aSupport Agreement”) to induce an LCL/C Issuer to issue or increase the amount of, or extend the expiry date of, one or more Letters of Credit and # an LCL/C Issuer, of one or more Lender Letters of Credit, so long as, in each case:

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