Retainage Letter of Credit definition

Retainage Letter of Credit means a letter of credit issued by a bank reasonably satisfactory to Contractor with a face amount equal to the amount of the Retainage and substantially in the form agreed by the Parties on the date this Contract comes into force in accordance with Article 46.
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Retainage Letter of Credit has the meaning set forth in Section 5.1.13.
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Retainage Letter of Credit shall have the meaning given to such term in Section 6.1(b) and shall be issued by a United States or Canada banking institution or foreign banking institution with a U.S. branch that is rated at least A3 by Xxxxx’x Investors Service or A- by Standard & Poor’s Rating Services, in the form attached to the Contract as Exhibit K.
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Examples of Retainage Letter of Credit in a sentence

  • The Retainage Letter of Credit shall provide for payment to Owner thereunder, without right of objection of Contractor to satisfy any payment obligation of Contractor, under this Agreement that is not paid when due hereunder, but only as and to the extent that all Retainage other than the Retainage Letter of Credit has been applied to pay such amount and a deficiency remains.

  • Increases in the maximum stated amount may be made from time to time by the issuing Qualified Security Provider, at the request of Contractor; provided that advance Notice thereof is provided to Owner and the revised Retainage Letter of Credit is delivered to Owner promptly after such modification.

  • Owner agrees to use reasonable efforts to deliver a copy of any demand made under the Retainage Letter of Credit to Contractor contemporaneously with the demand presented to the Retainage Letter of Credit issuer; provided, however, that failure to so deliver such demand shall not delay, or create a right of objection to, any payment to be made under the Retainage Letter of Credit.

  • Any amounts drawn under the Retainage Letter of Credit shall be deposited into the fund or account in which other Retainage and/or amounts previously drawn under a Retainage Letter of Credit are maintained and used only as provided in this Agreement.

  • In no event shall the sum of the Retainage and any outstanding Retainage Letter of Credit exceed *% of that portion of the Fixed Component then paid to Contractor (with such retained amounts deemed paid to Contractor for purposes of the foregoing *% calculation).

  • They suggested that the total expenditure of new final demand (xP) would remain the same as total consumption in the reference scenario (x).

  • Subject to the terms and ----------------- ------- conditions set forth herein, the Borrower may request the issuance of, and the Issuing Bank shall issue (i) on any Business Day on which the conditions precedent set forth in Section 4.02 are satisfied (or waived by the Majority ------------ Lenders), the Contingency Letter of Credit and (ii) on the Retainage Issuance Date, the Retainage Letter of Credit.

  • Any portion of the Term Loan Commitments utilized for the Contingency Letter of Credit may be reused for the issuance of the Retainage Letter of Credit, subject to the restrictions in the preceding sentence and the satisfaction (or waiver by the Majority Lenders) of the applicable conditions set forth in Section 4.02.


More Definitions of Retainage Letter of Credit

Retainage Letter of Credit means the letter of credit substantially in -------------------------- the form of Exhibit I-2 or such other form as agreed by the Borrower, the ----------- Contractor, the Administrative Agent and the Issuing Bank, as such letter of credit may be amended, supplemented, amended and restated or otherwise modified from time to time.
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Related to Retainage 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.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

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

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

  • 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.

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

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

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

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

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

  • 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.

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

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

  • 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.

  • 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.

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

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • 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.

  • 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 or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit Series Collections into the 20[•]-[•] Series Collection Account by the related Deposit Date.

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

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

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).