Agreement for Standby Letter of Credit definition

Agreement for Standby Letter of Credit means the Agreement for Standby Letter of Credit, dated as of the Effective Date, among the Tender Issuing Bank and the Borrower as Applicant.
Sample 1Sample 2Sample 3

Examples of Agreement for Standby Letter of Credit in a sentence

  • Notwithstanding anything to the contrary herein, the Borrower may assign its right, title and interest in, to and under this Agreement and the other Loan Documents and all proceeds (as defined in the Uniform Commercial Code as in effect in the State of New York) of the foregoing to the Tender Issuing Bank to secure obligations under the Agreement for Standby Letter of Credit and the L/C Fee Letter.

  • Not less than five (5) Business Days prior to the date a standby Letter of Credit is to be issued for its account, the Borrower will complete, execute and deliver to the Bank an Application and Agreement for Standby Letter of Credit (each, a "Standby Letter of Credit Application"), each on the Bank's then current form with the blanks therein appropriately completed, and such other documents as the Bank may reasonably require in connection therewith.

  • Upon Borrower's execution of Bank's standard form Application and Agreement for Standby Letter of Credit (each an "L/C Agreement"), Bank shall, until the Termination Date, issue on Borrower's behalf, up to the aggregate lesser amount of (a) the Available Amount with respect to the Revolving Loan, or (b) $5,000,000, standby letters of credit ("Letters of Credit") which expire no later than the Termination Date.

  • In this application, the Borrower will provide the business terms of the Standby Letter of Credit or Confirmation such as the dollar amount, the term, and the date that the Borrower executed the Agreement for Standby Letter of Credit Advances/Confirmation.

  • Before requesting the Bank issue a Standby Letter of Credit or Confirmation, a Borrower must execute the Bank’s Form of Agreement for Standby Letter of Credit Advances/Confirmation.

  • The Agreement for Standby Letter of Credit Advances/Confirmation sets forth the terms and conditions under which the Bank will issue Standby Letters of Credit and Confirmations.

  • On July 11, 2003, the System obtained an irrevocable standby letter of credit (the “Letter of Credit”) from Bank of America, pursuant to a Reimbursement Agreement for Standby Letter of Credit between NSHE and the Bank.

  • A Member or Housing Associate must complete the Bank’s Agreement for Standby Letter of Credit Advances/Confirmation before it may obtain a Standby Letter of Credit or Confirmation from the Bank and must complete the Bank’s Agreement for FHLB Advance with Optionality before it may obtain an Advance with Optionality.

  • The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application and Agreement for Standby Letter of Credit, or Application and Agreement for Commercial Letter of Credit in the form customarily used by the L/C Issuer.

  • Prior to the issuance of any new Letter of Credit, the Borrower shall deliver to the Bank an executed and completed Application and Agreement for Standby Letter of Credit in form and substance satisfactory to the Bank and, together with this Agreement, the terms and conditions of such Application shall govern the rights and duties #90068563.

Related to Agreement for Standby Letter of Credit

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or a Guarantor in the ordinary course of its business.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Standby is displayed, followed by a message stating “Bidding started”. Enter your “Start bid”.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Irrevocable Letter of Credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Facility LC Application is defined in Section 2.19.3.

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Foreign Currency Letter of Credit means a Letter of Credit denominated in a Foreign Currency.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Master Standby Agreement means the Master Agreement for Standby Letters of Credit dated as of the Closing Date between Borrower, as Applicant, and GE Capital, as Issuer.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.