Legally-Binding Commitment definition
Legally-Binding Commitment means a fully-executed commitment letter or a fully-executed contract to provide Matching Funds, specifying the source(s) of the Matching Funds, the amount of Matching Funds from each source, the date upon which the funds will be deposited into the Local Housing Trust Fund or Regional Housing Trust Fund account, and remedies for not depositing the Matching Funds on that date.
Legally-Binding Commitment. “LBC”)” means the Rural Economic Development Loan Agreement and Legally Binding Commitment between the Governmental Unit and the Property Owner that outlines the terms and conditions of the Loan.
Legally-Binding Commitment means an obligation on the part of an Approved Tenant, contained within an enforceable contract between that Approved Tenant and either the Redevelopment Option Approved Purchaser or the Fallback Option Approved Purchaser, to operate a grocery retail store on the Site, that is subject only to (a) the approval of the CC to both the Redevelopment Option Approved Purchaser or the Fallback Option Approved Purchaser, as the case may be, and the Approved Tenant (who will be approved by the CC prior to exchange of contracts between Tesco and the Redevelopment Option Approved Purchaser or the Fallback Option Approved Purchaser); and (b) in the case of the Redevelopment Option, the securing of a planning permission appropriate to that Approved Tenant;