Standby Credit definition

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 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 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

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

  • At the request or with the consent of any Applicant, the Credit Union may increase the amount, extend the time or otherwise modify any of the terms or conditions of the Standby Letter of Credit and as so increased, extended or modified, this Agreement, the Standby Credit, and any action taken by the Credit Union or its correspondents in accordance therewith, shall be binding upon all Applicants.

  • If this Agreement provides for a Standby Credit and Term Loan, from the date hereof and continuing for a period ending on (the "Draw Period"), the Borrower may borrow from time to time, amounts hereunder provided that the aggregate principal amount borrowed shall not, at any time, exceed the amount of the Loan.

  • This original Standby Credit must be submitted to us together with any drawings hereunder for our endorsement of any payments effected by us and/or for cancellation.

  • Subject to any applicable laws and regulations, the Bank shall be under no duty to the Customer to verify the contents of such Documentary Credit or Standby Credit actually presented.

  • At the request or with the consent of any Applicant, the Credit Union may increase the amount, extend the time or otherwise modify any of the terms or conditions of the Standby Letter of Credit and as so increased, extended or modified, this Agreement, the Standby Credit, and any action taken by the credit union or its correspondents in accordance therewith, shall be binding upon all Applicants.

  • Applicant promises to pay the credit union upon demand at credit union’s designated office the following: The amount paid or to be paid by the Credit Union on each draft, demand or claim ("Demand") under the Standby Credit.

  • Applicant will bear, pay, indemnify and save harmless credit union and its correspondents from all liability, demands, loss or expenses however arising under, in connection with, or enforcement of, this Agreement and/or the Standby Credit.

  • Reserve Airport Standby Credit -Where a Reserve Blockholder is required by the Company to report to the airport for a pairing or to stand by for possible flight coverage, shall receive a flight time credit of four (4) hours if does not operate a flight.

  • Credit Union and its correspondents may, under the Standby Credit, accept and pay any Demands or other documents (otherwise in order) signed or issued by the receiver, trustee in bankruptcy, executor or other legal representative of the person named in the Standby Credit as the person by whom Demands or other documents are to be made or issued.


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. 1.1.39
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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 the Company, on behalf of the Company or any Subsidiary thereof in respect of obligations of the Company or such Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which the Company or such Subsidiary is or proposes to become a party in the ordinary course of the Company's or such 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.

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

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

  • Standby Fee has the meaning defined in Section 2.7.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

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

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • Availability Credit means the remedy IBM will provide for a validated Claim. The Availability Credit will be applied in the form of a credit or discount against a future invoice of subscription charges for the Service.

  • 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.

  • Facility LC is defined in Section 2.19.1.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

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

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

  • Fronting Bank means each Lender identified as a “Fronting Bank” on Schedule II and any other Lender (in each case, acting directly or through an Affiliate) that delivers an instrument in form and substance satisfactory to the Borrowers and the Administrative Agent whereby such other Lender (or its Affiliate) agrees to act as “Fronting Bank” hereunder and that specifies the maximum aggregate Stated Amount of Letters of Credit that such other Lender (or its Affiliates) will agree to issue hereunder.

  • Facility LC Application is defined in Section 2.19.3.

  • LC means Letter of Credit

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.