Standby Credit definition

Standby Credit means a Letter of Credit designed to be payable in the event of default or other nonperformance by party obligated to the beneficiary, such event to be evidenced by the presentation of documents.
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Standby Credit means a documentary credit, letter of guarantee or standby letter of credit, as the context requires;
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Standby Credit means the difference between the Specific Credit Line arising out of a Specific Business and Consumed Credit arising out of such Specific Business.
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Examples of Standby Credit in a sentence

  • At the time each Standby Credit is issued or increased and at the time the expiration date of any Standby Credit is extended.

  • Negotiation/Payment/Examination Fees: (Minimum $250) 1/4 of 1% of the face amount of each drawing under each Standby Credit.

  • Amendment Fees: (Minimum $130) $130 for each amendment, unless the amendment is an increase in the Standby Credit amount or an extension of the expiration date, in which case the Commission Fee above will substitute for any Amendment Fee.

  • The Standby Credit Sublimit specified above refers to the aggregate undrawn amount of all Standby Credits which may be at any one time outstanding under this Subfacility together with the aggregate amount of all drafts drawn under such Standby Credits which have not been reimbursed as provided below at such time.

  • The users of the Standby Credit shall be deemed agents of Applicant.

  • Accrued and unpaid Usage Fees, if any, shall be payable on the last Business Day of each March, June, September and December and on the date on which the Commitments shall have terminated and the Lenders shall have no Standby Credit Exposures or Competitive Loan Exposures.

  • The Facility Fee due to each Lender shall be payable in arrears and shall commence to accrue on the date hereof and cease to accrue on the date on which the Commitment of such Lender shall have terminated and such Lender shall have no further Standby Credit Exposure.

  • The amount of each drawing paid by Trade Bank under a Sight Commercial Credit or Standby Credit will be reimbursed to Trade Bank as follows: by Trade Bank having ▇▇▇▇▇ Fargo Bank debit any of Borrower’s accounts with ▇▇▇▇▇ Fargo Bank and forwarding such amount debited to Trade Bank; or immediately on demand of Trade Bank; or by treating such amount drawn as an advance to Borrower under Borrower’s Revolving Credit Facility.

  • Term: No Standby Credit will expire more than three hundred sixty (360) calendar days after the date it is issued.

  • Before each Standby Credit is issued: Trade Bank’s standard form Application For Standby Letter of Credit.


More Definitions of Standby Credit

Standby Credit means a Letter of Credit designed to be payable in the event of default or other nonperformance by party obligated to the beneficiary, such event to be evidenced by the presentation of documents. 1.1.33 “Subordinated Debt”: shall mean such liabilities of the Borrower which have been subordinated to those owed to the Bank in a manner acceptable to the Bank. 1.1.34 “Trade Advance”: means an Advance to pay for a Drawing under a Letter of Credit or to pay a Documentary Collection, if any. 1.1.35 “Usance Credit”: means a Letter of Credit, the terms of which require the Bank to make payment at a specified date or time not more than 90 days after presentation of conforming documents. 1.1.36 “Variable Rate Advance”: shall have the respective meaning as it is defined for each facility under Section 2, hereof. 1.1.37 “Variable Rate”: shall have the respective meaning as it is defined for each facility under Section 2, hereof. 1.1.38 “Working Capital Advance”: shall mean an Advance under the Line of Credit made for the purpose described in Section 2.
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Standby Credit means a standby letter of credit opened or established by the Bank at the request of the Customer.
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Related to Standby Credit

  • 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.

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

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

  • Primary Credit Facility mean the credit facility described in the Line of Credit section of this Agreement.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding 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 aggregate Standby LC Exposure at such time.