Standby Letter of definition

Standby Letter of. Credit shall mean a Letter of Credit issued to support obligations of the Borrower, contingent or otherwise, which finance the working capital and business needs of the Borrower incurred in the ordinary course of business. Statements shall have the meaning specified in Section 5.1.6 [Financial Statements].
Sample 1
Standby Letter of. Credit shall mean a Letter of Credit issued to support obligations of one or more of the Loan Parties, contingent or otherwise, which finance the working capital and business needs of the Loan Parties incurred in the ordinary course of business. Subsidiary of any Person at any time shall mean (i) any corporation or trust of which 50% or more (by number of votes) of the outstanding capital stock or shares of beneficial interest normally entitled to vote for the election of more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person's Subsidiaries, (ii) any partnership of which such Person is a general partner or of which 50% or more of the partnership interests is at the time directly or indirectly owned by such Person or one or more of such Person's Subsidiaries, (iii) any limited liability company of which such Person is a member or of which 50% or more of the limited liability company interests is at the time directly or indirectly owned by such Person or one or more of such Person's Subsidiaries or (iv) any corporation, trust, partnership, limited liability company or other entity which is controlled by such Person or one or more of such Person's Subsidiaries. Subsidiary Shares shall have the meaning assigned to that term in Section 5.1.3.
Sample 1
Standby Letter of. Credit shall mean a Letter of Credit issued to support obligations of the Borrower, contingent or otherwise, which finance the working capital and business needs of the Borrower incurred in the ordinary course of business, but excluding any Letter of Credit under which the stated amount of such Letter of Credit increases automatically over time. Subsidiary of any Person at any time shall mean (i) any corporation or trust of which 50% or more (by number of shares or number of votes) of the outstanding capital stock or shares of beneficial interest normally entitled to vote for the election of one or more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person’s Subsidiaries, (ii) any partnership of which such Person is a general partner or of which 50% or more of the partnership interests is at the time directly or indirectly owned by such Person or one or more of such Person’s Subsidiaries, (iii) any limited liability company of which such Person is a member or of which 50% or more of the limited liability company interests is at the time directly or indirectly owned by such Person or one or more of such Person’s Subsidiaries; (iv) any corporation, trust, partnership, limited liability company or other entity which is controlled or capable of being controlled by such Person or one or more of such Person’s Subsidiaries, or (v) any Joint Venture. Subsidiary Shares shall have the meaning assigned to that term in Section 5.1.3 [Subsidiaries]. Taxes shall have the meaning assigned to that term in Section 4.8.1 [No Deductions]. Transferor Lender shall mean the selling Lender pursuant to an Assignment and Assumption Agreement.
Sample 1

Examples of Standby Letter of in a sentence

  • Choose one) In accordance with B11.1, the Bidder encloses bid security in the form of: a bid bond (Form G1: Bid Bond and Agreement to Bond) an irrevocable standby letter of credit (Form G2: Irrevocable Standby Letter of Credit and Undertaking) a certified cheque or draft and agrees that it shall be held by the City in accordance with the Contract.

  • Choose one) In accordance with B12.1, the Bidder encloses bid security in the form of: a bid bond (Form G1: Bid Bond and Agreement to Bond) an irrevocable standby letter of credit (Form G2: Irrevocable Standby Letter of Credit and Undertaking) a certified cheque or draft and agrees that it shall be held by the City in accordance with the Contract.

  • Choose one) In accordance with B10.1, the Bidder encloses bid security in the form of: a bid bond (Form G1: Bid Bond and Agreement to Bond) an irrevocable standby letter of credit (Form G2: Irrevocable Standby Letter of Credit and Undertaking) a certified cheque or draft and agrees that it shall be held by the City in accordance with the Contract.

  • Choose one) In accordance with B13.1, the Bidder encloses bid security in the form of: a bid bond (Form G1: Bid Bond and Agreement to Bond) an irrevocable standby letter of credit (Form G2: Irrevocable Standby Letter of Credit and Undertaking) a certified cheque or draft and agrees that it shall be held by the City in accordance with the Contract.

  • Use the proceeds of the Loans only for the purposes set forth in Section 3.12 and request the issuance of Letters of Credit only for the purposes set forth in the definition of Commercial Letter of Credit or Standby Letter of Credit, as the case may be.

  • In lieu of a bond, the Concessionaire may substitute another financial instrument (such as an Irrevocable Standby Letter of Credit), which must be sufficiently secure and acceptable to State.

  • Neither the financial institution nor the Contractor can revoke or condition the Standby Letter of Credit.

  • Presentation by fax must be confirmed by telephone to our Standby Letter of Credit Unit at ; provided, however, that should this telephone number change or become invalid such that the Standby Letter of Credit Unit cannot be reached by you at the above number at the time of fax presentation, the requirement of telephonic confirmation shall be waived and the faxed document(s) shall be considered operative and valid without such confirmation.

  • Each Letter of Credit shall be a Standby Letter of Credit (and may not be a Commercial Letter of Credit).

  • The Standby Letter of Credit shall be in effect through the earlier of forty-five (45) Days after the final accounting or seventy-five (75) Days after the Agreement is terminated.


More Definitions of Standby Letter of

Standby Letter of. Credit shall mean a Letter of Credit issued to ------------------------ support obligations of one or more of the Loan Parties, contingent or otherwise, which finance the working capital and business needs of the Loan Parties incurred in the ordinary course of business. Subsidiary of any Person at any time shall mean (i) any corporation or ---------- trust of which 50% or more (by number of votes) of the outstanding capital stock or shares of beneficial interest normally entitled to vote for the election of more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person's Subsidiaries, (ii) any partnership of which such Person is a general partner or of which 50% or more of the partnership interests is at the time directly or indirectly owned by such Person or one or more of such Person's Subsidiaries, (iii) any limited liability company of which such Person is a member or of which 50% or more of the limited liability company interests is at the time directly or indirectly owned by such Person or one or more of such Person's Subsidiaries or (iv) any corporation, trust, partnership, limited liability company or other entity which is controlled by such Person or one or more of such Person's Subsidiaries.
Sample 1
Standby Letter of. Credit shall mean a Letter of Credit issued to support obligations of one or more Persons, contingent or otherwise, which finance the working capital and business needs of such Persons incurred in the ordinary course of business. State Leases LLC Agreement shall mean that certain Limited Liability Company Agreement, dated as of April 8, 1998, as amended, of State Leases LLC, a limited liability company organized and existing under the laws of the State of Delaware. Subordination Agreement shall mean the Amended and Restated Subordination Agreement (Intercompany) in substantially the form of Exhibit 1.1(S)(1), executed and delivered by each Loan Party to the Administrative Agent for the benefit of the Lenders, as the same may be supplemented, amended, restated, replaced, or modified from time to time.
Sample 1

Related to Standby Letter of

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of 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 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 Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

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

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

  • 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.

  • Transfer Agent Instruction Letter means the letter from the Company to the Transfer Agent which instructs the Transfer Agent to issue Underlying Shares pursuant to the Transaction Documents, in the form of Exhibit B attached hereto.

  • Letter of RFP means the letter of invitation being sent by the Procuring Entity to the Consultants.

  • Letter of Undertaking means the letter of undertaking from, amongst others, the Issuer and its Managing Directors to the Initial Purchaser, Investment Manager and the Trustee.

  • Payment Instructions has the meaning set forth in Section 5.2(a) of the Loan Agreement.

  • Payment Instruction is as defined in Section 36 of the General Terms, and is further defined as the information provided by you to the Service for a bill payment to be made to the Xxxxxx (such as, but not limited to, Xxxxxx name, Xxxxxx account number, and Scheduled Payment Date).

  • 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.

  • Advisory letter means a nondisciplinary letter to notify a

  • Letter of Representations means any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

  • Facility Letter means, in relation to any Facilities, such facility letters from Citibank to me or any agreement, document or instrument or arrangement from time to time made between Citibank and me relating to such Facilities, whether they are expressed to be subject to the Terms or otherwise.

  • 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.

  • Payment instrument means any personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used in order to initiate a payment order;

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

  • Letter of reprimand means a disciplinary letter that is a

  • Standby Fee With respect to each Mortgage Loan and each REO Loan, the fee designated as such and payable to the Special Servicer pursuant to the second paragraph of Section 3.11(c).

  • Instruction Letter means written instructions in a form acceptable to NCPS and executed by Issuer Party with Issuer Party directing NCPS to promptly disburse the Escrow Funds to Issuer pursuant to Section 4(a).

  • Letter of Understanding means the written agreement signed by the School District and the Architectural Designer that describes, attaches, incorporates, or explains the Scope or Scope of Work, the Task Order, the Project Schedule or Work Schedule, the basis of the applicable Fee method, and other requirements for individual Projects assigned by the School District.

  • Facility LC Application is defined in Section 2.19.3.

  • Letter of Tender means the document entitled letter of tender or letter of tender, which was completed by the Contractor and includes the signed offer to the Procuring Entity for the Works.