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. 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.
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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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Examples of Construction Letter of Credit in a sentence

  • To secure repayment of each Construction Advance Loan, the Construction Lender will issue or cause to be issued a Construction Letter of Credit, and such amendments, renewals or replacements of the Construction Letter of Credit, or confirming letters of credit, as may be required under this Section 6 of the Agreement.

  • The Letter of Credit Issuer, whether the Construction Lender or another financial institution, must, at the time of issuance, amendment, renewal or replacement of the Construction Letter of Credit, and throughout the term of each Construction Letter of Credit, have a rating equal to or better than the Letter of Credit Rating Requirements for issuers of acceptable letters of credit, as set forth in Exhibit E.

  • This Bylaw may be cited for all purposes as “PW660 to PW605 Watermain Connector Construction Letter of Credit Bylaw No. 8774, 2016”.

  • A draw on the Construction Letter of Credit by Xxxxxx Xxx on account of a Construction Advance Loan Default or a Letter of Credit Issuer Event shall not entitle the Construction Lender to exercise its remedies against the Borrower under the Construction Loan.

  • If, however, there is a Borrower Default at any time following a draw on the Construction Letter of Credit as a result of a Construction Advance Loan Default or a Letter of Credit Issuer Event, Xxxxxx Xxx shall be entitled to exercise its rights under Section 8.2(1) hereof, and the Construction Lender shall be entitled to enforce its remedies under the Construction Loan Mortgage.

  • Upon the effective date of any acceptable replacement Construction Letter of Credit issued under Sections 6.2, 6.3 or 6.4 of this Agreement, Xxxxxx Xxx shall surrender to the Construction Lender the original of the Construction Letter of Credit then being replaced.

  • F.15 PW660 to PW605 Watermain Connector Construction Letter of Credit Bylaw No. 8774, 2016 COUNCIL RESOLUTION:Moved by Councillor Frizzell, seconded by Councillor Krause, that “PW660 to PW605 Watermain Connector Construction Letter of Credit Bylaw No. 8774, 2016”, BE GRANTED FIRST THREE READINGS.

  • Such prices are the rates at which consumer-households directly transact their purchases.

  • With the approval of the Watershed District, the SMSC may combine the initial SMSC Design And Construction Letter of Credit and the SMSC Operation And Maintenance Letter Of Credit, or any subsequent annual set of these letters of credit, into one letter of credit.

  • European and other courts rendering judgements against US media outlets and service providers triggered debate in Congress and in the individual states concerning what effect US courts should give foreign judgements.


More Definitions of Construction Letter of Credit

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 has the meaning set forth in the First Supplement.
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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 by the Issuer pursuant to Section 2.2.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

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

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Supporting Letter of Credit has the meaning specified in Section 1.3(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 D, together with the standard form of application for letter of credit used by the applicable Issuing Bank, signed by a Senior Officer of the applicable Borrower and properly completed to provide all information required to be provided therein.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • 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 a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • 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 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.

  • 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 obligations of the Borrower 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 pursuant to this Agreement.

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

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