Construction Letter of Credit definition

Construction Letter of Credit means any one or more letters of credit for the account of, or on behalf of, the Construction Contractor delivered to and for the benefit of the Borrower pursuant to Part 1, Article 11.3 of the Construction Contract.
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Construction Letter of Credit means, for each Project, the letter of credit to be issued under this Agreement together with any amendment to the letter of credit, or any confirming or replacement letter of credit to secure the Construction Advance Loan.
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Construction Letter of Credit. An unconditional, irrevocable letter of credit in the form set forth in Exhibit S naming Borrower as the sole beneficiary thereof in a face amount not less than five percent (5%) of the “Guaranteed Maximum Price” (as defined in the Prime Contract) and together with any replacement Construction Letter of Credit in an amount equal to the amount drawn by Borrower as provided for in the Prime Contract.
Sample 1

Examples of Construction Letter of Credit in a sentence

  • Any Construction Letter of Credit issued under this Section 7 is subject to the provisions of Section 2.06 of the MLA.

  • The aggregate amount of the following calculation as to each Construction Letter of Credit.

  • The Construction Lender acknowledges that all Letter of Credit fees owing to the Letter of Credit Issuer for issuance of the Construction Letter of Credit will be borne by the Borrower and that Xxxxxx Xxx will have no responsibility for the payment of any fees in connection with issuance, amendment, renewal or replacement of the Construction Letter of Credit (including the issuance of any confirming Construction Letter of Credit or any Bank Certificate).

  • If at any time for any reason the Construction Letter of Credit or confirming Construction Letter of Credit has an expiration date before the Final Delivery Date, the Construction Lender must deliver a replacement Construction Letter of Credit or confirming Construction Letter of Credit to Xxxxxx Xxx meeting the requirements of Section 6.1 together with a current Bank Certificate in the form of Exhibit D-2.

  • Each Construction Borrowing and each issuance or extension of a Construction Letter of Credit hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Construction Borrowing or issuance or extension of a Construction Letter of Credit as to the facts specified in the foregoing clauses 3.03(a), 3.03(c) and 3.03(d).

  • It is the Parties’ intention that at all times the Construction Letter of Credit shall be in an amount not less than the value of the Tenant’s Construction Cost Share expected to be incurred through the period extending one (1) month into the future.

  • At the time of the issuance of each Construction Letter of Credit a fee ("Letter of Credit Fee") equal to: (a) an amount payable to the Agent equal to 12.5 basis points multiplied by the face amount of the Construction Letter of Credit; and (b) an amount payable to the Agent for the benefit of the Syndication Parties (in accordance with their Syndication Shares) equal to 25.0 basis points multiplied by the face amount of the Construction Letter of Credit.

  • He is also recommending requiring that the City keep 20% for another year to handle any unforeseen issues that may come up.Motion by Preiner to approve the Sherco Construction Letter of Credit Reduction Request– Thurnbeck Preserve.

  • Peterson agreed to go with Mayor Preiner to look at the site before the next Council meeting.Sherco Construction Letter of Credit Reduction Request – Thurnbeck PreservePostler is recommending reducing the letter of credit by roughly $183,000 and retaining$150,000 to put the final lift of bituminous on Furman Street and to handle some erosion and sediment issues.

  • Any Construction Letter of Credit issued under this Section 7 is subject to the provisions of Section 2.05 of the MLA.


More Definitions of Construction Letter of Credit

Construction Letter of Credit has the meaning set forth in the First Supplement.
Sample 1
Construction Letter of Credit means an irrevocable standby letter(s) of credit in the form attached hereto as Exhibit L in the amount of $200,000 issued by Bank pursuant to the terms of Section 2.02 of the Escrow Agreement.
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Construction Letter of Credit shall have the meaning set forth in Section 2.2.
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Construction Letter of Credit means a Letter of Credit issued in connection with the construction of the Project.
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Construction Letter of Credit means a letter of credit obtained by the Restaurant Construction Contractor in favour of the Restaurant Owner and the City in an initial amount of equal to 25% of the construction cost value;
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Related to Construction Letter of Credit

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

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • 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.

  • 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).

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • 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.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

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

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

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

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

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

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

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

  • Construction Lender means a person who makes a construction loan.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • 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.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

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

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

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