Examples of Retainage Letter of Credit in a sentence
The Retainage Letter of Credit shall provide for payment to Owner thereunder, without right of objection of Contractor to satisfy any payment obligation of Contractor, under this Agreement that is not paid when due hereunder, but only as and to the extent that all Retainage other than the Retainage Letter of Credit has been applied to pay such amount and a deficiency remains.
Increases in the maximum stated amount may be made from time to time by the issuing Qualified Security Provider, at the request of Contractor; provided that advance Notice thereof is provided to Owner and the revised Retainage Letter of Credit is delivered to Owner promptly after such modification.
Owner agrees to use reasonable efforts to deliver a copy of any demand made under the Retainage Letter of Credit to Contractor contemporaneously with the demand presented to the Retainage Letter of Credit issuer; provided, however, that failure to so deliver such demand shall not delay, or create a right of objection to, any payment to be made under the Retainage Letter of Credit.
Any amounts drawn under the Retainage Letter of Credit shall be deposited into the fund or account in which other Retainage and/or amounts previously drawn under a Retainage Letter of Credit are maintained and used only as provided in this Agreement.
In no event shall the sum of the Retainage and any outstanding Retainage Letter of Credit exceed *% of that portion of the Fixed Component then paid to Contractor (with such retained amounts deemed paid to Contractor for purposes of the foregoing *% calculation).
They suggested that the total expenditure of new final demand (xP) would remain the same as total consumption in the reference scenario (x).
Subject to the terms and ----------------- ------- conditions set forth herein, the Borrower may request the issuance of, and the Issuing Bank shall issue (i) on any Business Day on which the conditions precedent set forth in Section 4.02 are satisfied (or waived by the Majority ------------ Lenders), the Contingency Letter of Credit and (ii) on the Retainage Issuance Date, the Retainage Letter of Credit.
Any portion of the Term Loan Commitments utilized for the Contingency Letter of Credit may be reused for the issuance of the Retainage Letter of Credit, subject to the restrictions in the preceding sentence and the satisfaction (or waiver by the Majority Lenders) of the applicable conditions set forth in Section 4.02.