Letter of Credit - Developer Contribution Sample Clauses

Letter of Credit - Developer Contribution. Developer agrees that the costs of the Initial Perimeter Public Street Improvements, including without limitation all right of way acquisition costs, any utility relocation costs (including without limitation the burying of overhead lines (subject to the terms of Section 3.01 above) and related costs) and all hard and soft construction costs for the construction of the Initial Perimeter Public Street Improvements, along with any force account and contingency costs (the "Initial Perimeter Public Street Costs") shall be advanced by the City and reimbursed to the City entirely through the Grant Funding and Developer's Contribution, which shall be deemed properly submitted for reimbursement through TIF Proceeds when incurred and paid by the City as described in Section 6.02 below (except with regard to any portion of the Developer’s Contribution composed of costs for burying overhead lines, which portion shall be credited against Unspecified Transportation Improvement Payments subject to the terms in Section 3.02(d)(iii) below). Following Xxxxxxxxx’s issuance of the Notice to Proceed and no later than receipt of the bids described in Section 3.02(c)(iii) above, Developer shall provide the City with an irrevocable, direct-pay letter of credit (the "Letter of Credit") issued by a bank or other financial institution which is approved by the City in its sole and absolute discretion (the "Bank"). Such Letter of Credit shall be required if the Engineer’s estimate or selected bid, as applicable, determines that the total cost to design and construct the Initial Perimeter Public Street Improvements, including contingency amounts, will exceed the Grant Funding. The amount of the Letter of Credit shall be equal to the amount by which the total cost the Initial Perimeter Public Street Improvements exceeds the Grant Funding as identified by such selected bid. Developer acknowledges and agrees that the form and substance of the Letter of Credit is a fundamental basis of the City's bargain in entering into this Agreement, and Developer accordingly agrees that Xxxxxxxxx's obligation to deliver a Letter of Credit shall in all events be subject to the City's review and approval (which approval may be granted, conditioned, delayed or withheld in the City's sole and absolute discretion), which such review may include, without limitation, review of the term of the Letter of Credit; the amount of the Letter of Credit (as specified above); the irrevocable nature of the Letter of Cr...
Sample 1
AutoNDA by SimpleDocs
Letter of Credit - Developer Contribution. Developer agrees that the costs of the Initial Perimeter Public Street Improvements, including without limitation all right of way acquisition costs, any utility relocation costs (including without limitation the burying of overhead lines (subject to the terms of Section
Sample 1

Related to Letter of Credit - Developer Contribution

  • Letter of Credit In lieu of providing a cash Security Deposit, simultaneously with the execution of this Lease, Tenant may deliver to Landlord an irrevocable and transferable letter of credit (“Letter of Credit”) running in favor of Landlord, with the Letter of Credit securing Tenant’s obligations hereunder subject to the terms and conditions set forth in the Lease. The terms of the Letter of Credit, which are subject to Landlord’s reasonable consent, shall strictly comply with the provisions of this Addendum #1. The Letter of Credit shall be issued by a bank acceptable to Landlord in Landlord’s reasonable discretion and under the supervision of the banking commission of the State of California or the Federal Deposit Insurance Corporation. If the credit of the bank that originally issues the Letter of Credit becomes unacceptable to Landlord in Landlord’s reasonable discretion, Tenant shall at its cost substitute another Letter of Credit from a bank that is acceptable to Landlord in Landlord’s sole reasonable discretion. The Letter of Credit shall be irrevocable for the period ending no less than one (1) year after the date of issuance. Tenant shall renew the Letter of Credit and maintain it for the period ending one hundred twenty (120) days after the end of the calendar year in which the Term expires, and shall provide that it is automatically renewable for the Term, unless released pursuant to the provisions of this Section or unless the issuing bank delivers a notice of non-renewal no later than thirty (30) days before expiration. If Tenant fails to renew the Letter of Credit within ten (10) Business Days of its expiration, Landlord may draw on the existing Letter of Credit and maintain the funds as a non-interest-bearing deposit to be returned to Tenant on receipt by Landlord of a substitute Letter of Credit from Tenant meeting all requirements of this Addendum #1. The form and terms of the Letter of Credit shall be reasonably acceptable to Landlord and shall provide, among other things, in effect that:

  • Letters of Credit (a) The Letter of Credit Commitment.

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • Transfer of Credits A. The receiving institution will accept 60 credits from the sending program. A total of 62 credits remain to complete the receiving program.

  • Drawing One (1) Prize Winner will be chosen in a random drawing on or about February 1, 2023 from all eligible entries received. Odds of winning depend on the number of eligible entries received prior to the drawing. Return of prize notification as undeliverable or no response from the winner within seven (7) consecutive days after date of notification will result in disqualification and an alternate winner will be selected. If a prize winner is disqualified, Sponsor in its sole discretion will select a new winner. Sponsor reserves the right in its sole discretion to disqualify any individual it finds to be have tampered with the entry process or the operation of the promotion; to have acted in violation of the Official Rules; to have acted in violation of the terms of the website, or to have acted in an unsportsmanlike or disruptive manner, or with intent to annoy, abuse, threaten or harass any other person.

Time is Money Join Law Insider Premium to draft better contracts faster.