Replacement Letters of Credit. Upon the issuance and delivery to Beneficiary of a Replacement Letter of Credit, Beneficiary shall have the right to draw solely on such Replacement Letter of Credit and Beneficiary shall have no right to draw against the Letter of Credit which is replaced by such Replacement Letter of Credit. If LC Party fails to cause the issuance of a Replacement Letter of Credit by the Reissuance Date, then Beneficiary shall, in addition to all other rights and remedies available at law or equity, have the right to draw the full amount of the then issued and outstanding Letters of Credit.
Appears in 2 contracts
Sources: Letter of Credit Agreement (Balanced Care Corp), Letter of Credit Agreement (Balanced Care Corp)
Replacement Letters of Credit. Upon the issuance and delivery to Beneficiary of a Replacement Letter of Credit, Beneficiary shall have the right to draw solely on such Replacement Letter of Credit and Beneficiary shall have no right to draw against the Letter of Credit which is replaced by such Replacement Letter of Credit. If LC Party fails to cause the issuance of a Replacement Letter of Credit by the Reissuance Date, then Beneficiary shall, in addition to all other rights and remedies available at law or equity, have the right to draw the full amount of the then issued and outstanding Letters of Credit.
Appears in 1 contract
Sources: Newco Side Letter Agreement (Nationwide Health Properties Inc)