Standby L/C definition

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.

Standby L/C a standby letter of credit, in form and substance satisfactory to GSB, issued by an Acceptable Bank for the account of the Customer in favour of GSB; and

Standby L/C is defined in Schedule E, Paragraph 1;

Examples of Standby L/C in a sentence

• Charges for counter guarantee by Purchaser's bank in respect of Standby LC or BG shall be borne by the Purchaser.The Bank charges for opening and maintaining LC will be to Purchaser’s account.

• However, retention money can be released provided a Special Guarantee or Standby LC issued by a local commercial bank equivalent to the 1% retention money is submitted and that the supplies delivered are free from patent and latent defects and all the conditions imposed under this Contract have been fully met.

• Stand-by LC / BG issued by the non-nominated banks will be subject to extant capital adequacy and prudential norms.

• For Commercial L/C: Signed Firm Offer / Pro-forma Invoice and;For Foreign and Domestic Standby L/C; Bid/contract copy for Standby L/C/Performance Guarantee(1 photocopy)3.

• The Administrative Agent will disburse any Standby or Commercial L/C fees received pursuant to this subsection 3.9(a) to the respective Lenders promptly following the receipt of any such fees in the case of a Standby L/C and, in the case of a Commercial L/C, following the end of the calendar month in which such Commercial L/C fees were received.

More Definitions of Standby L/C

Standby L/C an irrevocable standby or direct pay Letter of Credit under which the Issuing Lender agrees to make payments in Dollars for the account of the Borrower on behalf of the Borrower or any Restricted Subsidiary thereof, in respect of obligations of the Borrower or a Restricted Subsidiary thereof incurred for general corporate purposes, including for insurance purposes or in respect of advance payments or as bid or performance bonds.

Standby L/C means an irrevocable letter of credit or similar instrument under which the Issuing Lender agrees to make payments in Dollars for the account of any Borrower, on behalf of any Group Member in respect of obligations of such Group Member incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which such Group Member is or proposes to become a party, 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 be issued.

Standby L/C an irrevocable standby or direct pay 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 a Subsidiary thereof incurred pursuant to contracts made or performance undertaken, or to be undertaken, or like matters relating to contracts to which the Company or a Subsidiary thereof is or proposes to become a party in the ordinary course of the Company's or such Subsidiary's business, including, without limitation, for insurance purposes or in respect of advance payments or as bid or performance bonds.

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 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.

Standby L/C an irrevocable letter of credit issued by a Specified Issuing Lender pursuant to this Agreement for the account of the related Specified Borrower in respect of obligations of such Specified Borrower incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which such Specified Borrower is or proposes to become a party, including, without limiting the foregoing, for insurance purposes.

Standby L/C and "Standby L/Cs" shall each have the meaning specified in subsection 3.1(a).

Standby L/C shall not include any letters of credit issued pursuant to the HNB Joint Ventures Letter of Credit Agreement.