Provisions of the Letter of Credit. The face amount of the Letter of Credit issued by the Bank pursuant to this Agreement shall be $________________________________, which is the City's estimate of the total cost to perform Subdivider's obligations under this Agreement. The Letter of Credit shall be payable at sight to the City and shall specifically adopt by reference all of the terms of this Agreement.
Provisions of the Letter of Credit. The face amount of the Letter of Credit has been established based on the Town’s estimate of the total cost to perform the Subdivider’s obligations under paragraphs 1 and 2 of this Agreement, plus a reasonable contingency. Any rules, provisions or conditions relating in any way to the Letter of Credit, including without limitation any requirements for withdrawal and use of the Letter of Credit by the Town, shall specifically adopt by reference all of the terms of this Letter of Credit. If the terms of this Agreement are inconsistent with any rule, provision or condition relating to the Letter of Credit, the terms of this Agreement shall control.
Provisions of the Letter of Credit. The Guarantors have furnished a series of irrevocable Letters of Credit (the "L.C.s") in favor of the Xxxxx Fargo Bank, Century City branch for the account of Myo Diagnostics Ltd. The L. C.s are in the aggregate amount of $400,000 (U.S.). The Letters of Credit were issued according to the following schedule: Date Issued Amount Guarantor ----------- ------ --------- May 27, 1994 - $75,000 Xxxxxx Xxxxxxxxx July 7, 1994 - $65,000 Xxxxxx Xxxxxxxx July 7, 1994 - $65,000 Xxxxx Xxxxxxxxx August 8, 1994 - $65,000 Xxxxx Xxxxxxx September 15, 1994- $65,000 Xxxxxxx Xxxx October 17, 1994 - $65,000 Xxxxx Xxxxx
Provisions of the Letter of Credit. The face amount of the Letter of Credit has been established based on the Town’s estimate of the total cost to perform the Subdivider’s obligations under paragraphs 1 and 2 of this Agreement, plus a reasonable contingency. Any rules, provisions or conditions relating in any way to the Letter of Credit, including without limitation any requirements for withdrawal and use of the Letter of Credit by the Town, shall specifically adopt by reference all of the terms of this Letter of Credit. If the terms of this Agreement are inconsistent with any rule, provision or condition relating to the Letter of Credit, the terms of this Agreement shall control. Start of construction. The Subdivider shall begin construction of the Improvements in sufficient time to allow for completion of the Improvements within the time period required by Town Land Development Code Section 06.06, as it may be amended. Diligence. Once construction of the Improvements has begun, the Subdivider shall diligently pursue completion of the Improvements. The Subdivider’s failure to do substantial work on the Improvements for a period of 30 consecutive calendar days shall be presumptive evidence that the Subdivider is failing to diligently pursue construction of the Improvements.
