Confirming Bank Sample Clauses
The Confirming Bank clause defines the role and responsibilities of a bank that adds its guarantee to a letter of credit issued by another bank, typically at the request of the beneficiary. In practice, the confirming bank undertakes to honor or negotiate payment under the letter of credit, provided the beneficiary presents compliant documents, thereby providing an additional layer of security. This clause is essential for mitigating the risk of non-payment due to the issuing bank's insolvency or political issues in the issuing bank's country, ensuring the beneficiary receives payment as long as the terms are met.
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Confirming Bank a banking institution indicated in the Stand-by Letter of Credit Agreement which, based on the permission and/or request of the Bank, assumes an independent irrevocable obligation to repay the Stand-by Letter of Credit and/or carry out a Negotiation .
Confirming Bank. Name: Confirmation No.: Address: This Agreement is made on the above date by and between the parties signatory hereto.
Confirming Bank. Name: Confirmation No.: Address:
Confirming Bank a banking institution indicated in the Stand-by Letter of Credit Agreement which, based on the permission and/or request of the Bank, assumes an independent irrevocable obligation to repay the Stand-by Letter of Credit and/or carry out a Negotiation . Additional Terms and Conditions - the terms and conditions set forth in Annex N2 to the Stand-by Letter of Credit Agreement (if any), including additions and changes thereto. Annex - unless expressly provided otherwise in the Agreement, the Annex to the Agreement (as the context requires) which forms an integral part of the Agreement and operates together with it.
Confirming Bank. If any Bank at any time is not or ceases to be listed on the NAIC Approved Bank List, then until such Bank is so listed, such Bank shall cause a Confirming Bank to issue a confirmation of the obligations of such Bank in respect of a draft complying with the terms of each Multi-Issuer Letter of Credit, regardless of when such Multi-Issuer Letter of Credit was issued.
Confirming Bank. The Applicant hereby agrees that, to the extent the Administrative Agent is not a NAIC Approved Bank, the Administrative Agent may arrange, at the cost and expense of the Applicant (and not at the cost and expense of the Administrative Agent), for a NAIC Approved Bank to act as a confirming bank as to each Letter of Credit issued by the Administrative Agent. Notwithstanding anything set forth herein to the contrary, the Administrative Agent shall not be obligated to provide a NAIC Approved Bank or otherwise satisfy regulatory requirements for the Beneficiary to obtain reserve credit for reserves secured or supported by the Letters of Credit, provided, however, that upon the written request of the Applicant or the Beneficiary, the Administrative Agent will cooperate with and assist the Applicant and the Beneficiary in providing a confirmation by a NAIC Approved Bank with respect to a particular Letter of Credit so long as the Applicant indemnifies and holds the Administrative Agent harmless against the Administrative Agent’s reasonable costs and expenses relating to any modification to the form of Letter of Credit to obtain a confirmation of a Letter of Credit, including without limitation, pursuant to Section 10.4.
Confirming Bank. The bank that adds its confirmation to another bank’s (the issuing bank’s) letter of credit and promises to pay the beneficiary upon presentation of documents specified in the letter of credit.
Confirming Bank. The Issuer has not participated in the preparation of or reviewed the Offering Memorandum, and the Issuer makes no representations with respect to, and assumes no responsibility for, the accuracy or completeness of any information in the Offering Memorandum, except as to information contained therein under the caption “The Issuer.”