Examples of Domestic Letter of Credit in a sentence
Upon the drawing of any Domestic Letter of Credit for which funds are on deposit as cash collateral, such funds shall be applied to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be applied to satisfy other Obligations.
Each request by the Parent Borrower for the issuance or amendment of a Domestic Letter of Credit shall be deemed to be a representation by the Parent Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.
The Parent Borrower shall pay directly to the Domestic L/C Issuer for its own account, in Dollars, a fronting fee with respect to each Domestic Letter of Credit, at the rate per annum specified in the Fee Letter, computed on the actual daily maximum amount available to be drawn under such Domestic Letter of Credit (whether or not such maximum amount is then in effect under such Domestic Letter of Credit) and on a quarterly basis in arrears.
In determining whether to pay under any Domestic Letter of Credit, the Domestic L/C Issuer shall be responsible only to determine that the documents and certificates required to be delivered under the Domestic Letter of Credit have been delivered and that they comply on their face with the requirements of the Domestic Letter of Credit.
At the same time, their customers also need capital to purchase the products.