Letter of Credit definition

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

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Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

Letter of Credit means any standby letter of credit issued hereunder.

Examples of Letter of Credit in a sentence

• All or any part of such Defaulting Bank’s participation in the then outstanding amount of the Letter of Credit Usage shall be reallocated among the Non-Defaulting Banks in accordance with their respective Pro Rata Share (calculated without regard to such Defaulting Bank’s Commitment) but only to the extent that such reallocation does not cause the aggregate Outstanding Amount of any Non-Defaulting Bank to exceed such Non-Defaulting Bank’s Commitment.

• The rules of the International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) (“ISP98”) or the rules of the UCP shall apply to each Letter of Credit; provided, that, unless otherwise mutually agreed to between ▇▇▇▇▇▇▇▇ and the Issuing Bank, Letters of Credit shall be subject to ISP98.

• Such fronting fee shall accrue and be computed on a quarterly basis in arrears, and shall be due and payable within ten (10) days after each Quarterly Payment Date (commencing with the first such date to occur after the issuance of such Letter of Credit and including each such date thereafter occurring prior to the earlier of (x) the expiry date of such Letter of Credit or (y) the Maturity Date) and on the earlier of (x) the expiry date of such Letter of Credit or (y) the Maturity Date.

• Each Request for Letter of Credit submitted by Borrower shall be deemed to be a representation and warranty that the conditions specified in this Section have been satisfied on and as of the date of the issuance of the Letter of Credit requested thereby.

• In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the Issuing Bank (w) the Letter of Credit to be amended; (x) the proposed date of amendment thereof (which shall be a Business Day); (y) the nature of the proposed amendment; and (z) such other matters as the Issuing Bank may require.

More Definitions of Letter of Credit

Letter of Credit is a standby or commercial letter of credit issued by Bank upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement.

Letter of Credit means any standby letter of credit issued hereunder and shall include the Existing Letters of Credit. Letters of Credit may be issued in Dollars or in an Alternative Currency.

Letter of Credit of a Person means a letter of credit or similar instrument which is issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable.

Letter of Credit shall have the meaning provided in Section 2.01(a).

Letter of Credit means any Standby Letter of Credit or Commercial Letter of Credit issued pursuant to this Agreement (and shall be deemed to include all Existing Letters of Credit).

Letter of Credit means any letter of credit issued by the Issuing Lender for the account of the Borrower in accordance with the terms of Section 2.2.

Letter of Credit is defined in Section 2.1.2.