Performance Standby Letters of Credit definition

Performance Standby Letters of Credit means Standby Letters of Credit securing performance obligations, transportation obligations, swap obligations or other obligations of the Co-Borrowers owing to pipeline companies.
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Performance Standby Letters of Credit means all standby letters of credit and bank guarantees other than Financial Standby Letters of Credit, as determined by the Administrative Agent and the L/C Issuer, which determination shall be conclusive and binding upon the Borrower, the Administrative Agent and the L/C Issuer absent manifest error.
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Performance Standby Letters of Credit means all standby letters of credit and bank guarantees other than Financial Standby Letters of Credit, as determined by the Bank, which determination shall be conclusive and binding upon the Borrower and the Bank absent manifest error.
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Examples of Performance Standby Letters of Credit in a sentence

  • Performance Standby Letters of Credit (LCs) Outstanding - This refers to the unutilized balances of LCs issued in favor of beneficiaries which do not involve movement of goods.

  • The Letter Agreement increases the Company’s uncommitted discretionary demand line of credit with HSBC for the issuance of Performance Standby Letters of Credit, as defined in the Letter Agreement (the “Credit Facility”), from $10,000,000 to $14,000,000.


More Definitions of Performance Standby Letters of Credit

Performance Standby Letters of Credit means all standby letters of credit and bank guarantees other than Financial Standby Letters of Credit,
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Performance Standby Letters of Credit means Standby Letters of Credit other than Financial Standby Letters of Credit and shall include, without limitation, Standby Letters of Credit issued to support the purchase of Inventory and those issued in connection with a Borrower's performance and bonding requirements in connection with such matters as competitive bids, excise tax liabilities and workers' compensation.
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Performance Standby Letters of Credit means all standby letters of credit other than Financial Standby Letters of Credit, as determined by the Agent, which determination shall be conclusive and binding upon the Lessee and the Sublessee absent manifest error.
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Related to Performance Standby Letters of Credit

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

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

  • Performance Letter of Credit means any standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

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

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

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

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

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding standby Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total Standby LC Exposure at such time.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • 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.

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

  • 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.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • 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.

  • 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.

  • 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.

  • Letters of Credit as defined in Section 3.1(a).

  • 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.

  • 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.

  • Facility Letter of Credit Fee is defined in Section 2A.8.

  • Standby L/C an irrevocable letter of credit under which the Issuing Lender agrees to make payments in Dollars for the account of Borrower, on behalf of Borrower or any Qualified Subsidiary in respect of obligations of Borrower or such Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which Borrower or such Qualified Subsidiary is or proposes to become a party in Borrower’s or such Qualified Subsidiary’s business, including, without limiting the foregoing, for insurance purposes or in respect of advance payments or as bid or performance bonds or for any other purpose for which a standby letter of credit might customarily be issued.

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