Standby Letter of Credit means any Letter of Credit other than a Commercial 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 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.
Examples of Standby Letter of Credit in a sentence
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.
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 or similar instrument other than a Commercial 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 as defined in subsection 3.1(a).
Standby Letter of Credit means a Letter of Credit issued to support obligations of any Borrower Party incurred in the ordinary course of its business, and which is not a Documentary Letter of Credit.
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.
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.