Commercial Letter of Credit. To secure completion of these improvements on or before the specified completion date, the undersigned has accepted from , builder, an irrevocable letter of credit drawn upon , a commercial bank, dated , in the amount of $ , which letter will make available to the undersigned $ , for the completion of these improvements, and the undersigned agrees to not release the right to draw upon said letter of credit, hereinafter referred to as the "Fund," until a representative of the undersigned has made a personal inspection of the work and found that all items have been satisfactorily completed and there is evidence satisfactory to the undersigned that there are no liens or possibilities of liens in connection with said improvements on the premises covered by the above. The undersigned further engages and confirms, if a letter of credit constitutes the "Fund," that the issuing bank will honor said letter of credit or that the undersigned will, itself, honor said letter of credit. The undersigned agrees to notify the Field Office when final disbursement is made, and further agrees that, in the event of offering the credit and security instruments to the above-numbered case for sale or transfer prior to such final disbursement or release of the letter of credit, it will notify the prospective purchaser thereof in full detail. It is understood that HUD will not release the original mortgagee from its responsibility unless the transferee assumes the responsibilities of the transferor either by execution of a new form, or by making a proper endorsement on the existing form to the effect that it accepts the new agreement and assumes the responsibility of the transferor. The undersigned further agrees that as further consideration for issuance of a Mortgage Insurance Certificate in this case, this instrument shall constitute a primary obligation of the undersigned to complete these improvements in a manner satisfactory to comply with the requirements of the Compliance Inspection Report or HUD Commitment For Insurance identified above regardless of the adequacy for such completion of the "Fund." Date : Signature & Title of Mortgagee's Official : For Direct Endorsement Underwriters Only : Mark the Box & Enter Your ID No. Part 1 - Original to HUD Case Binder Mortgagee - After completing the form, send Parts 1 and 2 to the HUD Field Office form HUD-92300 (2/91) ref. Handbook 4145.1 Instructions: Please complete and submit Part 4 to the HUD Note: This is not an escrow agreem...
Commercial Letter of Credit. It is agreed that, in the case of a commercial Letter of Credit, such commercial Letter of Credit shall in no event provide for time drafts or bankers’ acceptances.
Commercial Letter of Credit. In Lieu of cash escrow, the Seller herewith furnishes the Escrow Agent, and said Agent acknowledges the receipt thereof, an irrevocable Letter of Credit (No. ) drawn upon the , a commercial banking institution, for the account of identified as Seller herein, which said Letter of Credit is payable to said Agent in the amount of $ and the terms of which are by reference thereto hereby incorporated herein and made a part hereof and which letter shall be drawn on by the Agent in accordance with its terms, and which said Letter of Credit shall hereinafter be referred to as the "Fund". The Escrow Agent further acknowledges that the Escrow Agent has examined the said Letter of Credit and as a result of such examination has determined that the said Letter of Credit is a valid and binding obligation of the said issuing bank in accordance with the terms of said Letter of Credit; and Escrow Agent further acknowledges the receipt of opinions of the General Counsel of the issuing bank and the General Counsel of Escrow Agent, which are attached hereto and made a part hereof, which opinions state that the Letter of Credit has been examined, that the issuance of said Letter of Credit is within the authority of the issuing bank, and that the Letter of Credit is a valid and binding obligation of the issuing bank.
Commercial Letter of Credit. The Company shall pay to the applicable Issuing Lender for its own account from time to time on demand, with respect to Commercial Letters of Credit, such Issuing Lender's issuance, negotiation, presentation, amendment and other processing fees, and other standard costs and charges, relating to Commercial Letters of Credit, in each case as previously agreed to by such Issuing Lender and the Company.
Commercial Letter of Credit. Each Application for negotiation, issuance, advice or confirmation of a Credit and any negotiation, issuance, advice or confirmation issued by the Bank hereunder shall be governed by the then most current version, as in effect on the date of such negotiation, issuance, advice or confirmation, as applicable of the International Chamber of Commerce Publication “Uniform Customs and Practice for Documentary Credits” (“UCP”) and, to the extent not inconsistent with the UCP, the laws of the Republic of China.
Commercial Letter of Credit. 4 --------------------------- " ............................................................Commitment 4 ---------- " ........................................................
Commercial Letter of Credit. The Company shall pay to the applicable Issuing Lender for its own account from time to time on demand, with respect to Commercial Letters of Credit, such Issuing Lender's issuance, negotiation, presentation, amendment and other processing fees, and other standard costs and charges, relating to Commercial Letters of Credit, in each case in accordance with each Issuing Lender's standard schedule for such fees, costs and charges at the time of such issuance, negotiation, presentation, amendment and payment, as the case may be or as negotiated from time to time."
Commercial Letter of Credit. At SBRE'c requect, BUYER chall provide an irrevocable commercial letter of credit with a bank acceptable to SBRE or confirmed, at BUYER'c expence, in the full amount of the total purchace price of each Purchace Order cubmitted by BUYER. All accociated banking chargec chall be for the BUYER'c account. The letter of credit chall be opened by BUYER in favor of SBRE. Upon confirmation, SBRE chall chip Productc to BUYER. The delivery date may be delayed by SBRE upon receipt of the caid confirmation. In cuch cace the dicpocition related to the cancellation for late delivery will be delay proportionally.
Commercial Letter of Credit. If such Lender elects to issue such Commercial Letter of Credit, such Lender shall be the Issuing Lender with respect thereto. If such Lender declines to issue such Commercial Letter of Credit, the Company may request any other Lender to issue such Commercial Letter of Credit, by delivering the notice described in subsection 2.8B to such Lender. In the event that all Lenders shall have declined to issue such Commercial Letter of Credit, notwithstanding the prior election of Administrative Agent not to issue such Commercial Letter of Credit, Administrative Agent shall be obligated to issue the Commercial Letter of Credit requested by Company and shall be the Issuing Lender with respect to such Commercial Letter of Credit.
Commercial Letter of Credit. . 0.15% of the face amount of the Letter of Credit for each 90 days the Letter of Credit is outstanding, payable upon issuance of the Letter of Credit ($50.00 minimum).
