Examples of Standby LC in a sentence

However, retention money can be released provided a Special Guarantee or Standby LC issued by a local commercial bank equivalent to the 1% retention money is submitted and that the supplies delivered are free from patent and latent defects and all the conditions imposed under this Contract have been fully met.
For Commercial L/C: Signed Firm Offer / Pro-forma Invoice and;For Foreign and Domestic Standby L/C; Bid/contract copy for Standby L/C/Performance Guarantee(1 photocopy)3.
The form and substance of each Subfeature Standby LC shall be subject to approval by Bank, in its sole discretion.
To get around the higher interest rates for non-domestic investments, the AGEC incorporated a subsidiary in Delaware (ASCO) which took out the loan, and paid it to the AGEC.
Each Subfeature Standby LC shall be subject to the additional terms and conditions of Bank’s standard Standby Letter of Credit agreement and all applications and related documents required by Bank in connection with the issuance thereof.

More Definitions of Standby LC

Standby LC has the meaning set forth in Section 1.5(b)(ii).

Standby LC means an irrevocable standby letter of credit in favor of Xxxx (i) in a form and substance reasonably satisfactory to Xxxx, (ii) issued or confirmed by a bank that is an Affiliate of Xxxx or such other issuing bank as is acceptable to Xxxx and (iii) that otherwise satisfies the requirements of Section 12.4(a).

Standby LC is defined in Section 3.5.

Standby LC means an irrevocable letter of credit under which the relevant Issuing Bank 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 LC means that certain standby letter of credit issued in favor of Seller by Bank in support of certain obligations of Buyer under the Note, as more fully set forth in Section 5.20.

Standby LC means a Letter of Credit which is issued as credit support for a financial obligation of the Borrower to the beneficiary and which is intended to be drawn upon by the related beneficiary only in the event that the original financial obligation remains unpaid when due, which Letter of Credit shall have a tenor not extending beyond the date set forth in clause (a) of the definition of “Expiration Date”, unless otherwise approved in writing by the Lenders.”