SAMPLE ONLY. This Letter of Credit shall remain a valid, enforceable and continuing obligation of the Lender pursuant to its terms unless the County shall have presented Lender with this original Letter of Credit marked “Satisfied and Released,” thereby releasing the Lender from all further liability under this Letter of Credit, or until such time as the Maximum Available Credit shall have been disbursed. This Letter of Credit shall not be dependent upon or affected by the Petitioner’s insolvency or bankruptcy, its disruption or discontinuance as a legal entity, or the change, death or incapacity of its members, officers, shareholders or owners.
Appears in 2 contracts
Sources: Agreement to Commence Construction Prior to Final Plat Approval, Development Improvements Agreement