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.