For each time that the City Sample Clauses

For each time that the City submits a draft to the Bank for a draw on the Letter of Credit, the City agrees to provide to Developer, on the same day of submission of such draft, a copy of such submission along with copies of documentation (including invoices and statements, if any) received and reviewed by the City relating to such submission, which copy may be delivered via electronic mail. The Letter of Credit will provide that the Bank will pay to the City the amount stated in a draft on the date that is eleven (11) business days after the City's presentment to the Bank of such draft unless the Bank receives notice from the City (a "Prior Payment Notice") that the City has previously received from Developer an amount equal to the amount stated in such draft. If the Developer elects to exercise its option to directly pay the amount stated in such draft, then it shall do so by wire transfer (in accordance with instructions provided by the City) of immediately available funds received in the City's designated account on or before 2:30 p.m. central time on the date that is nine (9) business days after the City's presentment to the Bank of such draft. If the Developer makes such wire transfer, then it shall, immediately after making such payment, provide written notice to the City of the payment, including therein all details of the payment transaction (e.g., Federal Reference Number, amounts, account numbers, etc.). If the Developer causes such immediately available funds and notice to be timely received by the City, then the City shall have until one (1) business day following the City's confirmation of its receipt of such immediately available funds to provide the Bank with a Prior Payment Notice for such payment. If the City receives from the Bank a draw on the Letter of Credit under a draft for which it has also timely received from Developer payment and notice thereof, then the City agrees to refund to the Bank any amounts received by the City which exceed the amount stated in the draft to which such payments relate following the City's determination of such excess amount.
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Related to For each time that the City

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