Contractor Letter of Credit definition

Contractor Letter of Credit has the meaning set forth in Section 10.2.
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Contractor Letter of Credit means an unconditional, irrevocable letter of credit issued by a Qualified Issuer on behalf of Contractor either (a) substantially in the form of the letter of credit attached hereto as Exhibit N-4 or (b) otherwise in form and substance satisfactory to Owner in Owner’s reasonable discretion.
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Contractor Letter of Credit means the irrevocable letter of credit issued to the Trustee by UMB Bank of Kansas City pursuant to an agreement between the Contractor and such bank, as security for the Contractor’s obligation under Article 14 of the Construction Contract to pay liquidated damages, and any amended letter of credit or substitute letter of credit approved by the Insurer.
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Examples of Contractor Letter of Credit in a sentence

  • If such amount incurred by Owner shall exceed the unpaid balance of the Contract Price, then, at Owner’s sole option, Contractor shall pay Owner the difference on demand, or Owner shall have the right and authority to offset or collect on the Contractor Letter of Credit in the amount of such difference.

  • If Contractor fails, after a reasonable period of time not to exceed one (1) week, to repair or replace any Defective Work, or to commence to repair or replace any Defective Work and thereafter continue to proceed diligently to complete the same, then Owner may repair or replace such Defective Work and the expense thereof shall be paid by Contractor (whether directly, by offset, or collection on the Contractor Letter of Credit, at Owner’s sole discretion).

  • In addition, Owner shall have the right to collect upon the substitute letter of credit, upon Owner’s demand, in any instance under this Agreement where Owner is able to (a) withhold or offset payments otherwise due and owing to Contractor, including under Sections 7.5, 12.5B and 14.3, or (b) collect on the Contractor Letter of Credit pursuant to Section 10.2.

  • With respect to any Liquidated Damages that accrue, Owner, at its sole discretion, may either (i) invoice Contractor for such owed Liquidated Damages, and within thirty (30) Days of Contractor’s receipt of such invoice, Contractor shall pay Owner Liquidated Damages, (ii) withhold from Contractor amounts that are otherwise due and payable to Contractor in the amount of such Liquidated Damages, or (iii) collect on the Contractor Letter of Credit in the amount of such Liquidated Damages.

  • If no notice of an Owner claim under the Contractor Letter of Credit has been delivered and no drawing has been made on the Contractor Letter of Credit prior to the Working Capital Assumption Date, Owner shall take all action reasonably requested by Contractor to release the Contractor Letter of Credit.

  • The amount drawn on the Contractor Letter of Credit shall not be greater than the amount that Owner, at the time of the drawing, reasonably estimates is owed it under the Agreement for Liquidated Damages, liabilities, damages, losses, costs or expenses or is necessary to remedy the Default or breach of the Agreement.

  • Such funds as are payable by the Union or Prime Masonry Contractor or Masonry Contractor may be drawn against the Union Letter of Credit, or any Contractor Letter of Credit, as the case may be.

  • We gratefully acknowledge Dr. Aziz Sancar for the cell lines used in this work.

  • In the event the Contract Price is increased by one or more Change Orders in accordance with the terms of this Agreement, by a cumulative amount of Five Million U.S. Dollars (U.S.$5,000,000) or more, Contractor shall, at Owner’s request, increase the amount of the Contractor Letter of Credit to reflect the proportionate increase in such Contract Price.

  • The Contractor Letter of Credit shall remain in full force and effect from the issuance of the Contractor Letter of Credit through the expiration of the Defect Correction Period for all Work, at which time the Contractor Letter of Credit will be returned to Contractor if Contractor is otherwise in compliance with its obligations under Article 13.


More Definitions of Contractor Letter of Credit

Contractor Letter of Credit means a letter of credit containing the material terms set forth in Exhibit I.
Sample 1
Contractor Letter of Credit the better of Credit for the account of the Turnkey Contractor in favor of the Borrower, in form and substance satisfactory to the Required Lenders, to support the obligations of the Turnkey Contractor under the Turnkey Contract.
Sample 1

Related to Contractor Letter of Credit

  • 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.

  • 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.

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

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

  • 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.

  • 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.

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

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

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

  • 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.

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

  • 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.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • 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.

  • 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.

  • 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.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or a Guarantor in the ordinary course of its business.

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

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

  • 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.

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

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

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • 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.

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