Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.
Standby Letter of Credit means any Letter of Credit that is not a Commercial Letter of Credit and that (a) is used in lieu or in support of performance guaranties or performance, surety or similar bonds (excluding appeal bonds) arising in the ordinary course of business, (b) is used in lieu or in support of stay or appeal bonds, (c) supports the payment of insurance premiums for reasonably necessary casualty insurance carried by any of the Loan Parties, or (d) supports payment or performance for identified purchases or exchanges of products or services in the ordinary course of business.
Standby Letter of Credit shall have the meaning provided in Section 2.01(a).
Examples of Standby Letter of Credit in a sentence
Unless otherwise expressly agreed by the L/C Issuer and the Parent or the Canadian Borrower, as applicable, when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each Standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each Commercial Letter of Credit.
More Definitions of Standby Letter of Credit
Standby Letter of Credit means any Letter of Credit that is not a Documentary Letter of Credit.
Standby Letter of Credit means any Letter of Credit issued under the Letter of Credit Facility, other than a Trade Letter of Credit.
Standby Letter of Credit means a Letter of Credit issued to support obligations of the Borrower or any Restricted Subsidiary, contingent or otherwise, which finance the working capital and business needs of the Borrower and the Restricted Subsidiaries.
Standby Letter of Credit as defined in subsection 3.1(a).
Standby Letter of Credit or “SLC” as used herein, means a written commitment by a Belgian financial institution either on its own behalf or as a confirmation of the Standby Letter of Credit issued by a non-Belgian bank to pay all or part of a stated amount of money, until the expiration date of the letter, upon presentation by the Purchaser of a written demand therefore. Neither the financial institution nor the Contractor can revoke or condition the Standby Letter of Credit. The term “Belgian financial institution” includes non-Belgian financial institutions licensed to operate in Belgium.
Standby Letter of Credit means any standby letter of credit issued for the purpose of supporting workers compensation, liability insurance, releases of contract retention obligations, contract performance guarantee requirements and other bonding obligations or for other lawful purposes.
Standby Letter of Credit means any Letter of Credit issued under this Agreement, other than (i) a Trade Letter of Credit, (ii) a Performance Letter of Credit or (iii) a Backup Letter of Credit in support of either a performance letter of credit or a trade letter of credit issued by the Borrower.