'Guaranty Deposit' definition

'Guaranty Deposit' means: At Developer's option, either an unconditional, irrevocable letter of credit in the amount of $2,000,000.00 or a cash deposit in the amount of $2,000,000.00, to be held by or for the benefit of the City, to guarantee payment of Resort LLC's monetary obligations under the Reimbursement Agreement and the Convention Center Operating Lease. The Guaranty Deposit is more fully discussed in paragraph 11 below." The amount of the Guaranty Deposit shall be increased from $1,000,000.00 to $2,000,000, each and every place it appears in the Original Development Agreement. The dates of December 31, 2014, and January 1, 2014 in Paragraph 11 of the Original Development Agreement shall be changed to December 31,2018. Any reference in the Original Development Agreement to draws on the Guaranty Deposit shall include disbursements of the Guaranty Deposit if the Guaranty Deposit is held in the form of a cash deposit rather than a letter of credit.
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Examples of 'Guaranty Deposit' in a sentence

  • In the event that after the transfer of such funds such Event of Default or breach by the Completion Guarantor is cured, and the Company obtains additional Advances hereunder, such funds shall be returned to the Completion Guaranty Deposit Account (minus any portion of such funds that has been expended prior to the date such Event of Default or breach is cured).

  • In the event that the Company fails to so deposit or cause to be deposited such funds, the Disbursement Agent shall be entitled to draw such funds from the Completion Guaranty Deposit Account and deposit such funds in the Company's Funds Account.

  • Upon (a) the occurrence of an Event of Default, (b) the dissolution, liquidation or Bankruptcy of the Completion Guarantor or (c) the breach by the Completion Guarantor of any of its covenants and agreements under the Completion Guaranty, deposit or cause to be deposited in the Company's Funds Account, in cash, an amount equal to the amount of funds then on deposit in the Completion Guaranty Deposit Account.

  • On or prior to the Closing Date, there shall be established at Deutsche Bank Trust Company Americas, as the Securities Intermediary, the Completion Guaranty Deposit Account pursuant to the Completion Guaranty Collateral Account Agreements.

  • At such times, if ever, as the Project is not In Balance, the Company shall deposit or cause to be deposited in the Company's Funds Account in cash, funds (other than from the Completion Guaranty Deposit Account or the Project Liquidity Reserve Account) in an amount that would cause the Project to be In Balance.

  • In the event that after the transfer of such funds, such Event of Default or breach by the Completion Guarantor is cured or waived, and the Company obtains additional Advances hereunder, such funds shall be returned to the Completion Guaranty Deposit Account (minus any portion of such funds that has been expended prior to the date such Event of Default or breach is cured or waived) and shall be treated as a capital contribution by the Company in the Completion Guarantor.

  • On the Closing Date, the Company shall cause $50,000,000 to be on deposit in the Completion Guaranty Deposit Account.

  • The amount of the HPT Lease Guaranty Deposit is Fourteen Million and No/100 Dollars ($14,000,000.00).

  • ShoLodge will use its best efforts to obtain from HPT and/or Landlord the return of the HPT Lease Guaranty Deposit.

  • Upon the effectiveness of this Amendment (i) all amounts on deposit in the Project Liquidity Reserve Account shall be released to the Borrower and (ii) any amounts in excess of $30,000,000 then on deposit in the Completion Guaranty Deposit Account shall be released to the Borrower.