Standby Letter of Credit definition

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 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 means any Letter of Credit that is not a Documentary Letter of Credit.

Examples of Standby Letter of Credit in a sentence

• Name: Title: FORM OF LETTER OF CREDIT [LETTERHEAD] [Date] Irrevocable Standby Letter of Credit No. [●] Beneficiary: Puget Sound Energy, Inc.

• The Customer is obliged to comply with the purpose of the Stand-by Letter of Credit specified by the Agreement (if any).

• Promptly after the issuance or amendment of any Standby Letter of Credit, the applicable Issuing Lender shall notify the Parent Borrower and the Administrative Agent, in writing, of such issuance or amendment and such notice shall be accompanied by a copy of such issuance or amendment.

• In addition, modifications and amendments to the Application and/or Stand-by Letter of Credit Order shall be permitted by the agreement between the Parties via the Internet Bank or by the email as agreed by the Parties.

• The Stand-by Letter of Credit Order will describe the Stand-by Letter of Credit terms and one counterpart of the Order will be handed over to the Customer, and another will be sent to the Remittee or will also be handed over to the Customer with the purpose of submission to the Remittee.

More Definitions of Standby Letter of Credit

Standby Letter of Credit shall have the meaning provided in Section 2.01(a).

Standby Letter of Credit means any Letter of Credit other than a Commercial 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 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 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 or similar instrument issued for the purpose of supporting (a) workers’ compensation liabilities of Borrower or any Subsidiary, (b) the obligations of third-party insurers of Borrower or any Subsidiary arising by virtue of the laws of any jurisdiction requiring third-party insurers to obtain such letters of credit, or (c) performance, payment, deposit or surety obligations of Borrower or any Subsidiary if required by law or governmental rule or regulation or in accordance with custom and practice in the industry.