Examples of Letter of Credit in a sentence
Borrowing Agent, on behalf of Xxxxxxxxx, also has the right to give instructions and make agreements with respect to any application, any applicable letter of credit and security agreement, any applicable letter of credit reimbursement agreement and/or any other applicable agreement, any letter of credit and the disposition of documents, disposition of any unutilized funds, and to agree with Agent and Issuer upon any amendment, extension or renewal of any Letter of Credit or Roll-Up Letter of Credit.
It is understood and agreed that, except in the case of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable judgment), Issuer shall not be liable for any error, negligence and/or mistakes, whether of omission or commission, in following the Borrowing Agent’s or any Borrower’s instructions or those contained in the Letters of Credit, WTC Letter of Credit or any Roll-Up Letters of Credit or any modifications, amendments or supplements thereto.
Each Borrower agrees to be bound by the terms of the Letter of Credit Application and by Issuer’s interpretations of any Letter of Credit, WTC Letter of Credit and any Roll-Up Letter of Credit issued on behalf of such Borrower and by Issuer’s written regulations and customary practices relating to letters of credit, though Issuer’s interpretations may be different from such Xxxxxxxx’s own.
Immediately upon the issuance of the WTC Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from Issuer a participation in such WTC Letter of Credit and each drawing thereunder in an amount equal to such Xxxxxx’s L/C Commitment Percentage of the Maximum Undrawn Amount of such WTC Letter of Credit (as in effect from time to time) and the amount of such drawing, respectively.
Such Bonds may be in the following form: 1) a Cashier’s Check, made payable to the City of North Miami; 2) Bonds written by a surety company authorized to do business in the State of Florida, in accordance with Section 255.05, Florida Statutes; or 3) an Irrevocable Letter of Credit.