Sterling Letter of Credit definition

Sterling Letter of Credit means a Letter of Credit denominated in Sterling.
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Sterling Letter of Credit means any letter of credit issued hereunder by a Sterling L/C Issuer as the same may be amended, extended, renewed or otherwise modified from time to time. A Sterling Letter of Credit may be a commercial letter of credit or a standby letter of credit.
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Sterling Letter of Credit means any Sterling Standby L/C or Sterling Trade L/C, as each term is defined in subsection 3.1.
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Examples of Sterling Letter of Credit in a sentence

  • In the event of any conflict between the terms hereof and the terms of any Sterling Letter of Credit Application, the terms hereof shall control.

  • Such fronting fee shall be due and payable on the first UK Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Sterling Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.

  • Each UK Bank and the UK Borrower agree that, in paying any drawing under a Sterling Letter of Credit, no Sterling L/C Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Sterling Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.

  • Such letter of credit fees shall be due and payable on the first UK Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Sterling Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.

  • The UK Borrower shall promptly examine a copy of each Sterling Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the UK Borrower’s instructions or other irregularity, the UK Borrower will immediately notify the relevant Sterling L/C Issuer.

  • Immediately upon the issuance of each Sterling Letter of Credit, each UK Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the relevant Sterling L/C Issuer a risk participation in such Sterling Letter of Credit in an amount equal to the product of such UK Bank’s Sterling Pro Rata Share times the amount of such Sterling Letter of Credit.

  • The UK Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Sterling Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the UK Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.

  • Such Sterling Letter of Credit Application must be received by the relevant Sterling L/C Issuer and the UK Administrative Agent not later than 11:00 a.m. at least two UK Business Days (or such later date and time as requested by the UK Borrower and as the relevant Sterling L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.

  • To the extent that any provision of any Application related to any Sterling Letter of Credit is inconsistent with the provisions of the Credit Agreement, the provisions of the Credit Agreement shall apply.

  • The responsibility of the Sterling Issuing Lender to the Sterling Subsidiary Borrowers in connection with any draft presented for payment under any Sterling Letter of Credit shall, in addition to any payment obligation expressly provided for in such Sterling Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Sterling Letter of Credit in connection with such presentment are in conformity with such Sterling Letter of Credit.


More Definitions of Sterling Letter of Credit

Sterling Letter of Credit means any letter of credit issued pursuant to this Agreement that is denominated in Sterling or dollars other than any such letter of credit that shall have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05; provided that (i) Jefferies Finance LLC, Credit Suisse AG, Cayman Islands Branch and Xxxxxxx Sachs Bank USA shall only be required to issue (or cause to be issued) standby letters of credit (ii) no Issuing Bank shall be required to issue any Sterling Letter of Credit unless it agrees to do so in its sole discretion.
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Sterling Letter of Credit means a Letter of Credit denominated in Sterling. AMERICAS/2023810287.1 2023810287.9 56 Credit Agreement
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Sterling Letter of Credit means each Multicurrency Facility Letter of Credit denominated in Pounds Sterling.
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Sterling Letter of Credit means the irrevocable transferable standby letter of credit denominated in Sterling and issued by the L/C Issuer on the Effective Date, in substantially the form of Exhibit A-1 and guaranteed by Morgan Stanley pursuant to a guarantee substantially in form of Exhibit D hereto.
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Sterling Letter of Credit means the irrevocable transferable standby letter of credit denominated in Sterling and issued by the L/C Issuer on the Effective Date, in substantially the form of Exhibit A-1 and guaranteed by Xxxxxx Xxxxxxx pursuant to a guarantee substantially in form of Exhibit D hereto.
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Related to Sterling Letter of Credit

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

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

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

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

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • 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.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • 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.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

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

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

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

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

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Letter of Credit Limit means $5,000,000.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • 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.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.