Bank Letter of Credit definition

Bank Letter of Credit means each letter of credit issued by a bank acceptable to and approved by Agent for the account of Borrower and supported by a risk participation agreement issued by Agent.
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Bank Letter of Credit means a letter of credit issued under the Bank Credit Agreement.
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Bank Letter of Credit means a binding legal document from a banking institution issued to the Cooperative as beneficiary, guaranteeing payment for Electric Service or other obligations of the Member. The bank, form and amount shall be acceptable to the Cooperative. The Bank Letter of Credit shall be irrevocable and provide for advance written notice to the Cooperative in the event of non- renewal or termination.
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Examples of Bank Letter of Credit in a sentence

  • No contract resulting from this RFP will be valid until the required Performance Bond or Irrevocable Bank Letter of Credit has been received and found to be in proper form and amount.

  • The final decision as to the requirement for a Performance Bond or Irrevocable Bank Letter of Credit will be made upon contract award and is at the State’s sole discretion.

  • Borrower shall also reimburse Agent for any and all fees and expenses, if any, paid by Agent or any Lender to the issuer of any Bank Letter of Credit.

  • Borrower shall be irrevocably and unconditionally obligated forthwith without presentment, demand, protest or other formalities of any kind, to reimburse Agent or the issuer for any amounts paid with respect to a Lender Letter of Credit including all fees, costs and expenses paid to any bank that issues a Bank Letter of Credit.

  • The Depository shall also deposit additional Eligible Collateral in the Securities Account maintained by the Custodian within three (3) business days (or five (5) business days in the case where the Depository intends to use a Federal Home Loan Bank Letter of Credit) of the date of noncompliance if necessary to reach and maintain the Required Collateral.

  • In the event that the successful bidder is unable to obtain a Performance Bond, the County will accept an irrevocable Bank Letter of Credit, drawn on a Chartered Bank in Canada, satisfactory to the County of Prince Edward, in the amount of 100% of the total contract price.

  • The binder contains all of the Alliance’s agreement, invoices and project deliverables.

  • Bank Letter of Credit If your guaranty of payment will be in the form of a Bank Letter of Credit, please instruct your agent to use the Town of Manchester’s required letter of credit format.

  • Acceptable Forms for Security includes Financial Guarantee Bond [B1] (required language enclosed), Bank Letter of Credit [B2] (required language enclosed) or a Cashier’s Check.

  • A Bid Bond or Bank Letter of Credit submitted as a Bid Deposit, must be an original and be irrevocable for whatever period the tender is expressed to be open for acceptance and thereafter, if the tender is accepted, until such time as the performance security has been provided.


More Definitions of Bank Letter of Credit

Bank Letter of Credit means each Letter of Credit issued by a bank acceptable to and approved by Agent for the account of a Borrower and supported by guaranty or risk participation agreement issued by GMAC CF or Agent.
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Bank Letter of Credit means a -month (plus days or such lesser period required by the Permanent Lender for the rate lock) standby letter of credit issued by the Bond Owner, in the face amount of $[ _], to secure the forward rate lock provided by the Permanent Lender.
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Bank Letter of Credit means a letter of credit issued under the Bank
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Bank Letter of Credit means an irrevocable standby letter of credit in favor of Buyer issued by a financial institution acceptable to Buyer in the form of Exhibit C.
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Related to Bank Letter of Credit

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • 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.

  • 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.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Revolving Letter of Credit means any letter of credit issued pursuant to Section 2.05.

  • 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.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

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

  • Eligible Letter of Credit means, as of any date of determination thereof, a Commercial Letter of Credit which supports the purchase of Inventory, (a) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued; (b) which Inventory otherwise would constitute Eligible Inventory when purchased, (c) which Commercial Letter of Credit has an expiry within sixty (60) days of the date of initial issuance of such Commercial Letter of Credit, (d) which Commercial Letter of Credit provides that it may be drawn only after the Inventory is completed and after a document of title reasonably acceptable to the Agent has been issued for such Inventory reflecting a Borrower or the Agent as consignee of such Inventory, and (e) which will constitute Eligible In-Transit Inventory upon satisfaction of the requirements of clause (d) hereof.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • 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.

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

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with any Issuing Bank relating to any Letter of Credit issued by such Issuing Bank.

  • 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 any of its Subsidiaries in the ordinary course of its business.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

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