Developer Letter of Credit definition

Developer Letter of Credit means a Letter of Credit in an amount equal to one hundred ten percent (110%) of the estimated cost to complete Developer’s financial obligations in connection with the City Improvements Construction Contract as determined pursuant to the South Parking Deck Cost Allocation.
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Developer Letter of Credit means the irrevocable letter of credit issued to the Trustee by Wachovia Bank pursuant to an agreement between the Developer and such bank, as security for the Developer’s obligation under Section 8.4 of the Development Agreement to pay liquidated damages, and any amended letter of credit or substitute letter of credit approved by the Insurer.
Sample 1
Developer Letter of Credit means an irrevocable letter of credit that (a) is issued by a financial institution authorized to do business in the State of California, the long-term unsecured obligations of which, at the time of delivery of such letter of credit, are rated not less than “A” by Xxxxx’x and not less than “A” by S&P, (b) has terms and provisions that make it suitable for the purposes of, and facilitate its use in accordance with, the provisions of the Indenture and Section
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Examples of Developer Letter of Credit in a sentence

  • As an alternative to the Town calling the security Developer may extend Developer Letter of Credit for an additional one year period (or such lesser time as the Town Administrator and Developer agrees is appropriate) and, so long as Developer promptly commences and pursues correction of it’s default the Town will afford Developer a reasonable time to cure the default.

  • In the event of a change order or other event which modifies the South Parking Deck Cost Allocation or otherwise result in an increase in payments owing to the City Improvements General Contractor, the City may, in its sole discretion, require Developer to deliver an amendment to the Developer Letter of Credit or a replacement Developer Letter of Credit so that the amount of the Developer Letter of Credit equals Developer’s remaining obligations under the City Improvements Construction Contract.

  • The Indenture shall provide that, if the Developer fails to so increase the available amount under the Developer Letter of Credit, the Trustee shall be required to draw on the Developer Letter of Credit in accordance with the Indenture.

  • If Developer fails to timely make any such payment, then City shall have the right, but not the obligation, to deliver a written notice to Developer that it intends to draw upon the Developer Letter of Credit to fund such amount upon not less than five (5) Business Days’ notice to Developer.

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  • The Developer Letter of Credit shall be returned to Developer upon the satisfaction of all financial obligations owing by Developer to the City Improvements General Contractor as evidenced by an unconditional written statement from the City Improvements General Contractor satisfactory to City evidencing such satisfaction of financial obligations.

  • Developer shall have delivered the Developer Letter of Credit to City.

  • If the amount available under the Developer Letter of Credit is less than the Required Letter of Credit Amount as specified in such Written Certificate, the Developer shall cause the available amount under the Developer Letter of Credit to be increased to an amount equal to the Required Letter of Credit Amount as specified in such Written Certificate no later than October 1 of the following Bond Year.

  • It is also the intent of the Parties that the Agency, to the extent feasible, shall acquire property by first drawing upon the available Acquisition Funds before making draws upon the Developer Letter of Credit, and in its use of Acquisition Funds, by first drawing upon the Agency bond funds described in Section 402.1.2 and the CDBG Funds described in Section 402.1.3, before drawing upon the HUD Loan; provided that, the Parties acknowledge and agree that parcels will be acquired as they become available.

  • As an alternative to the Town calling the security, Developer may extend Developer Letter of Credit for an additional one year period (or such lesser time as the Town Administrator and Developer agrees is appropriate) and, so long as Developer promptly commences and pursues correction of its default the Town will afford Developer a reasonable time to cure the default.

Related to Developer Letter of Credit

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit F, signed by a Responsible Official of Borrower and properly completed to provide all information required to be included therein.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.