Irrevocable standby letter of credit definition

Irrevocable standby letter of credit. (a) means any arrangement, however named or described, whereby a financial institution (the "Issuer"), acting at the request and on the instructions of a customer (the "Applicant"), or on its behalf, (i) will make a payment to or to the order of Canada, as the beneficiary; (ii) will accept and pay bills of exchange drawn by
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Irrevocable standby letter of credit means any arrangement, however named or described, whereby a financial institution (the "Issuer"), acting at the request and on the instructions of a customer (the "Applicant"), or on its behalf,
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Irrevocable standby letter of credit means a form of Bid, Performance, Payment and Warranty Security issued by a certified financial institution subject to the Uniform Customs and Practices for Documentary Credits (1993 Revision) International Chamber of Commerce (Publication No. 500), for a sum as specified in the Invitation to Bid. The Irrevocable Standby Letter of Credit will remain in effect until the Certificate of Completion of the Contract is issued.
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Examples of Irrevocable standby letter of credit in a sentence

  • Irrevocable standby letter of credit issued by a federally insured financial institution.

  • El Consejo Municipal puede designará designar un Comité de Revisión de la Carta Orgánica en cualquier momento en el segundo (2.do) año después de que se adopta esta Carta Orgánica y cada cuarto (4.to) año a partir de entonces.

  • Irrevocable standby letter of credit in favour of Wartsila Pakistan (Private) Limited for Rs 45,000,000 (30 June 2013: Rs 45,000,000) as required under the terms of the Operation and Maintenance Agreement.

  • Unless otherwise specifically referenced herein, nothing in this Section Y shall affect in any manner the releases, injunctions, or other provisions for the benefit of the Released Parties set forth in Sections 9.2 and 9.3 of the Plan, the Xcel Settlement Agreement, the Separate Bank Release Agreement, and any documents related thereto including paragraphs 37, 38 and the other provisions of this Confirmation Order.

  • Irrevocable standby letter of credit in favour of Wartsila Pakistan (Private) Limited for Rs 45,000,000 (June 30, 2012: Rs 45,000,000) as required under the terms of the Operation and Maintenance Agreement.

  • When your focus is on rapid prototyping, you can throw together components as fast as possible while ignoring efficiency issues.

  • Irrevocable standby letter of credit from a commercial bank, bank guarantee or surety bond callable upon demand, issued by a surety or insurance company duly licensed by the Insurance Commission and confirmed by the Procuring Entity.

  • Irrevocable standby letter of credit in favour of Wartsila Pakistan (Private) Limited for Rs 45,000,000 (June 30, 2011: Rs 45,000,000) as required under the terms of the Operation and Maintenance Agreement.

  • Irrevocable standby letter of credit in favour of fuel supplier for Rs 781,357,500 (2013: Nil).

  • Irrevocable standby letter of credit issued by a Qualified Bank (defined).


More Definitions of Irrevocable standby letter of credit

Irrevocable standby letter of credit means any arrangement, however named or described, whereby a financial institution (the "Issuer"), acting at the request and on the instructions of a customer (the "Applicant"), or on its own behalf, is to make a payment to or to the order of Canada, as the beneficiary, or is to accept and pay bills of exchange drawn by Canada, or authorizes another financial institution to effect such payment, or accept and pay such bills of exchange, or authorizes another financial institution to negotiate, against written demand(s) for payment provided that the terms and conditions of the letter of credit are complied with.
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Irrevocable standby letter of credit means an irrevocable letter on the City’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 (see Schedule “E” attached for sample).
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Irrevocable standby letter of credit. (a) means any arrangement, however named or described, whereby a financial institution (the "Issuer"), acting at the request and on the
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Irrevocable standby letter of credit means a written commitment (by a depository institution located in and authorized to do business in any state of the United States or the District of Columbia, and authorized to issue letters of credit by the banking laws of the United States or any state of the United States or the District of Columbia) to pay all or part of a stated amount of money until the expiration date of the letter or upon presentation by the Contracting Officer (the beneficiary) of a written demand. The depository institution must be an account holder with the Federal Reserve Banking system and a participant (on line) in the Fed’s Fedwire Deposit System Network funds transfer system. Neither the financial institution nor the Offeror/Contractor can revoke or condition the Letter of Credit.
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Related to Irrevocable standby letter of credit

  • Standby Letter of Credit means any Letter of Credit other than a Commercial 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 Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

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

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

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

  • 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.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

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

  • Standby is displayed, followed by a message stating “Bidding started”. Enter your “Start bid”.

  • 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.

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

  • 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.

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

  • 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).

  • Standby L/C an irrevocable letter of credit under which the Issuing Lender agrees to make payments in Dollars for the account of the Company, on behalf of the Company or any Subsidiary thereof in respect of obligations of the Company or such Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which the Company or such Subsidiary is or proposes to become a party in the ordinary course of the Company's or such Subsidiary's business, including, without limiting the foregoing, for insurance purposes or in respect of advance payments or as bid or performance bonds or for any other purpose for which a standby letter of credit might customarily be issued.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

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

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

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

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

  • 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.