Application and Agreement for Standby Letter of Credit definition

Application and Agreement for Standby Letter of Credit means an ------------------------------------------------------ Application and Agreement for Standby Letter of Credit in the form attached hereto as Exhibit A and made a part hereof, or in such other form which is --------- provided by the Bank to the Borrowers as the form of Application and Agreement which is then in use by the Bank in connection with the issuance of its Standby Letters of Credit, which is executed by a Borrower and delivered to the Bank in connection with a request for the issuance of a Standby Letter of Credit.
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Application and Agreement for Standby Letter of Credit means an Application and Agreement for Standby Letter of Credit in substantially the form attached hereto as EXHIBIT B and made a part hereof, or in such other form which is provided by the Bank to the Borrowers as the form of Application and Agreement which is then in use by the Bank in connection with the issuance of its Standby Letters of Credit, which is executed by the Borrowers and delivered to the Bank in connection with a request for the issuance of a Standby Letter of Credit.
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Application and Agreement for Standby Letter of Credit means the Application and Agreement for Standby Letter of Credit substantially in the form of Schedule 1.1(a) attached hereto and made a part hereof.
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Examples of Application and Agreement for Standby Letter of Credit in a sentence

  • Upon Borrower's execution of Bank's standard form Application and Agreement for Standby Letter of Credit (each an "L/C Agreement"), Bank shall, until the Termination Date, issue on Borrower's behalf, up to the aggregate lesser amount of (a) the Available Amount with respect to the Revolving Loan, or (b) $5,000,000, standby letters of credit ("Letters of Credit") which expire no later than the Termination Date.

  • The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application and Agreement for Standby Letter of Credit, or Application and Agreement for Commercial Letter of Credit in the form customarily used by the L/C Issuer.

  • Each Letter of Credit shall be subject to the additional terms of the Application and Agreement for Standby Letter of Credit Agreement and related documents, if any, required by Bank in connection with the issuance thereof (each, a "Letter of Credit Agreement" and collectively, "Letter of Credit Agreements").

  • Not less than five (5) Business Days prior to the date a standby Letter of Credit is to be issued for its account, the Borrower will complete, execute and deliver to the Bank an Application and Agreement for Standby Letter of Credit (each, a "Standby Letter of Credit Application"), each on the Bank's then current form with the blanks therein appropriately completed, and such other documents as the Bank may reasonably require in connection therewith.

  • The BMSC Letter of Credit has an expiration date of April 30, 1997, and shall be automatically extended pursuant to its terms, without written amendment, to April 30 of each succeeding calendar year up to April 30, 2002, and then up to but not beyond December 29, 2002, and is subject to the additional terms of the Application and Agreement for Standby Letter of Credit attached hereto as Exhibit B (the "BMSC Letter of Credit Agreement"), all terms of which are incorporated herein by this reference.

  • The Borrower may request the Lender to issue one or more Letters of Credit by delivering to the Lender (a) a duly completed Application and Agreement for Standby Letter of Credit in Lender’s current form (each an “Application”) and (b) such other documents, certificates and information as Lender may reasonably request from time to time.

  • The occurrence of any Event of Default as specified in paragraph 6 of this Application and Agreement for Standby Letter of Credit with respect to any Applicant shall mature the obligations of all Applicants.

  • The Letter of Credit has an expiration date of June 1, 1997, and is subject to the additional terms of the Application and Agreement for Standby Letter of Credit required by Bank in connection with the issuance thereof, as amended from time to time (the "Letter of Credit Agreement").

  • Letters of Credit will be issued by the Bank as soon as practicable following receipt of a completed Application and Agreement for Commercial Letter of Credit or Application and Agreement for Standby Letter of Credit, as appropriate and in either case executed by an Authorized Borrower Representative.

  • Letter of Credit The terms of a Borrower's reimbursement Agreement: obligations in respect of each letter of credit shall be evidenced by an Application and Agreement for Commercial Letter of Credit or an Application and Agreement for Standby Letter of Credit, as applicable, (a "L/C Agreement") in form and substance acceptable to NationsBank.

Related to Application and Agreement for Standby Letter of Credit

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

  • Master Standby Agreement means the Master Agreement for Standby Letters of Credit dated as of the Closing Date among Borrowers, as Applicant(s), and GE Capital, as issuer.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Facility LC Application is defined in Section 2.19.3.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • 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.

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

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

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit Series Collections into the 20[•]-[•] Series Collection Account by the related Deposit Date.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

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

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Auto-Renewal Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).