Set Aside Letter definition
Set Aside Letter shall have the meaning ascribed to such term in Section 8.1.
Set Aside Letter shall have the meaning ascribed to such term in Section 10.1.
Set Aside Letter. A commercially reasonable letter from Agent to a surety setting forth Agent’s undertaking to fund certain specified Project Costs for construction of the Improvements to be bonded by the surety in connection with Borrower’s development of the Project, or (b) a commercially reasonable letter from Agent to a Governmental Authority setting forth Agent’s undertaking to fund Project Costs for construction of the Improvements in connection with Borrower’s development of the Project.
Examples of Set Aside Letter in a sentence
Unless Agent otherwise consents, no Set Aside Letter shall obligate Agent to advance funds after the Maturity Date, and no Set Aside Letter shall be issued if Agent has reasonably determined that any Project Costs intended to be covered by such Set Aside Letter are not likely to be incurred prior to the Maturity Date.
If Bondowner Representative agrees, in its sole discretion, to issue a Set Aside Letter, Bondowner Representative may condition the issuance of such Set Aside Letter upon payment of such fee and delivery of such indemnification as Bondowner Representative shall require.
More Definitions of Set Aside Letter
Set Aside Letter a letter agreement from the Company in favor of an Owners’ Association or the applicable Governmental Authority which oversees and regulates the related Resort, executed and delivered in accordance with and to the extent permitted by the laws, rules and regulations of the jurisdiction in which a Resort is located indicating that the Timeshare unit acquired by such Obligor in such Resort or the Resort in which such Timeshare unit is located, as the case may be, shall be complete with respect to the construction and use thereof within a specified time period and that, notwithstanding such delayed completion, the purchase and sale of the applicable Timeshare unit shall be deemed consummated as of the date such Timeshare is sold to such Obligor in accordance with the laws, rules and regulations of the applicable jurisdiction; provided, that such Set Aside Letter also must comply with the Originator Resource Guide.
Set Aside Letter has the meaning set forth in Section 5.15 hereof.