Individual letter of credit definition

Individual letter of credit means an individual irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing a deposit accepted by a developer in connection with the purchase or reservation of a product.
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Individual letter of credit means an individual irrevocable letter of credit issued in accordance
Sample 1Sample 2
Individual letter of credit means an individual irrevocable letter of credit issued in accordance with the requirements of
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More Definitions of Individual letter of credit

Individual letter of credit means an individual irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and
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Related to Individual letter of credit

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

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

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.