Construction Phase Credit Facility definition

Construction Phase Credit Facility means the Letter of Credit or any replacement construction phase credit facility acceptable to the Credit Facility Provider.

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Construction Phase Credit Facility means the Initial Construction Phase Credit Facility or, prior to the Conversion Date, and also on and after the Transition Date, any Alternate Security.

Construction Phase Credit Facility means the irrevocable direct pay letter of credit issued by the Construction Phase Credit Facility Provider on the Delivery Date for the benefit of the Trustee in the amount of the initial principal amount of the Bonds plus interest thereon for a period of 35 days at an interest rate of 12% per annum, and any replacements or renewals thereof.

Examples of Construction Phase Credit Facility in a sentence

Upon receipt by the Trustee of the Credit Enhancement Agreement, the Trustee shall surrender the Letter of Credit to the Construction Phase Credit Facility Provider.
This Agreement is a legal, valid and binding obligation of the Construction Phase Credit Facility Provider enforceable against the Construction Phase Credit Facility Provider in accordance with its terms except as enforceability may be limited by bankruptcy, moratorium, insolvency and similar laws affecting creditors’ rights generally and general principles of equity.
It is a condition to the delivery of the Credit Enhancement Agreement by Freddie Mac and the delivery of the Construction Phase Credit Facility by the Construction Phase Credit Facility Provider that the rights of the Issuer, the Trustee and Freddie Mac and the Construction Phase Credit Facility Provider to enforce remedies under the Bond Mortgage and the Reimbursement Mortgage, and the Construction Mortgage, respectively, be established between and among the parties hereto.
The Trustee shall, immediately upon each receipt of a completed Requisition signed by an Authorized Borrower Representative and countersigned by an Authorized Officer of the Construction Phase Credit Facility Provider, initiate procedures with the provider of a Qualified Investment to make withdrawals as necessary to fund the Requisition.
All references in this Indenture to the Construction Phase Credit Facility Provider shall be of no further force or effect and shall be disregarded for all purposes of this Indenture from and after the Conversion Date.
Amounts on deposit in the Bond Proceeds Account of the Bond Mortgage Loan Fund shall be disbursed from time to time by the Trustee in accordance with Section 4.02(c) below, for the purpose of paying Costs of the Project that are approved by the Construction Phase Credit Facility Provider pursuant to the terms, conditions and provisions of the Construction Phase Credit Documents.
If Conversion does not occur, the Construction Phase Credit Facility shall remain in effect in accordance with its terms.
The countersignature of the Authorized Officer of the Construction Phase Credit Facility Provider on a Requisition shall be deemed a certification and, insofar as the Trustee is concerned, constitute conclusive evidence that all of the terms, conditions and requirements of the Construction Phase Credit Documents applicable to such disbursement have been fully satisfied or waived.
This Agreement shall be binding upon and inure to the benefit of the Issuer, the Trustee, the Construction Phase Credit Facility Provider, the Servicer and Freddie Mac and their respective successors and assigns.
None of the Issuer, the Trustee, the Construction Phase Credit Facility Provider or Freddie Mac shall have the obligation to pay such fees from their own funds.

More Definitions of Construction Phase Credit Facility

Construction Phase Credit Facility means the irrevocable direct pay letter of credit issued by the Construction Phase Credit Facility Provider on the Closing Date for the benefit of Freddie Mac in the amount of the initial principal amount of the Bonds plus interest thereon for a period of 189 days at the interest rate on the Bonds, and any replacements or renewals thereof.

Construction Phase Credit Facility means, collectively those irrevocable, standby letters of credit issued on the Delivery Date by the Bank and the Federal Home Loan Bank of San Francisco in favor of Freddie Mac or any replacement construction phase credit facility acceptable to the Credit Facility Provider.

Construction Phase Credit Facility means the Initial Construction Phase Credit Facility or any Alternate Credit Facility in effect prior to the Conversion Date.

Construction Phase Credit Facility means the clean unconditional, irrevocable and transferrable, standby letter of credit to be issued by the Construction Lender for the benefit of Freddie Mac no later than [ ] in the amount of $[ ], and any replacements or renewals thereof.

Construction Phase Credit Facility. Provider”) has agreed, pursuant to the terms and subject to the conditions of the Construction Phase Credit Reimbursement Agreement, to facilitate the financing of the Bond Mortgage Loan by providing a Construction Phase Credit Facility to ▇▇▇▇▇▇▇ Mac during the Construction Phase. The Issuer, Trustee the Construction Phase Credit Facility Provider and ▇▇▇▇▇▇▇ Mac have also entered into an Intercreditor Agreement dated as of the date of the Indenture (the “Intercreditor Agreement”) in connection with ▇▇▇▇▇▇▇ Mac’s provision of credit enhancement.