Examples of Initial Letter of Credit in a sentence
If, from time to time, the Beneficiary and the Borrower desire to reduce the amount of an Initial Letter of Credit, the Borrower and the Beneficiary shall send a written notice to the Issuing Bank requesting that such Initial Letter of Credit be amended and specifying the amount by which the face amount of such Initial Letter of Credit shall be reduced and the date on which such amendment shall be effective.
If the requested amendment reduces an Initial Letter of Credit to zero, such original Initial Letter of Credit shall be returned to the Issuing Bank and shall be canceled.
The Initial Letter of Credit amount shall be based upon the Wireless Provider’s good faith projection of the number of sites to be constructed within the City of South Tucson during the current calendar year.
Upon receipt of such written notice, the Issuing Bank shall amend such Initial Letter of Credit to reduce its face amount.