Stand-by Letter of Credit. an obligation of the Bank defined in accordance with the rule and conditions established by the Agreement to secure fulfillment by the Customer of obligation assumed towards the Beneficiary, in exchange for which the Customer undertakes to: a) pay the Bank the cost and other payables stipulated by the Agreement; b) reimburse the Bank in a recourse mode an amount disbursed to the Beneficiary under the Stand-by Letter of Credit, including an amount disbursed to the Beneficiary against the conditions of the Stand-by Letter of Credit or for violation of the Bank’s obligation towards the Beneficiary.
Appears in 8 contracts
Samples: Stand by Letter of Credit Agreement, Stand by Letter of Credit Agreement, Stand by Letter of Credit Agreement
Stand-by Letter of Credit. an obligation of the Bank defined in accordance with the rule and conditions established by the General Credit Line Agreement and the Stand-by Letter of Credit Agreement to secure fulfillment by the Customer of obligation assumed towards the Beneficiary, in exchange for which the Customer undertakes to: a) pay the Bank the cost and other payables stipulated by the Agreement; b) reimburse the Bank in a recourse mode an amount disbursed to the Beneficiary under the Stand-by Letter of Credit, including an amount disbursed to the Beneficiary against the conditions of the Standstand-by Letter letter of Credit credit or for violation of the Bank’s obligation towards the Beneficiary.
Appears in 3 contracts
Samples: Documentary Transactions, Specific Conditions of Carrying Out Documentary Transactions, Documentary Transactions