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.
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Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.
Standby Fee has the meaning defined in Section 2.7.
Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).
Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time.
Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).
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.
Evergreen Letter of Credit has the meaning set forth in Section 2.01.
Letter of Credit Termination Date means the fifth Domestic Business Day prior to the Termination Date.
Foreign Currency Letter of Credit means a Letter of Credit denominated in a Foreign Currency.
Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.
Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
Dollar Letter of Credit means a Letter of Credit denominated in Dollars.
Letter of Credit means any letter of credit issued pursuant to this Agreement.
Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.”
Settlement Day means, in relation to a date, (i) with respect to a transfer of cash or other property (other than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local Business Day after such date on which settlement of a trade in the relevant securities, if effected on such date, would have been settled in accordance with customary practice when settling through the clearance system agreed between the parties for delivery of such securities or, otherwise, on the market in which such securities are principally traded (or, in either case, if there is no such customary practice, on the first Local Business Day after such date on which it is reasonably practicable to deliver such securities).
Letter of Credit Fee Rate means, at any time, the percentage rate per annum applicable to Letter of Credit Fees at such time as set forth in the Pricing Schedule.
Facility LC Application is defined in Section 2.19.3.
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 any Group Member in the ordinary course of its business.
Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.
Letter of Credit Fee has the meaning specified in Section 2.03(h).
placing on the market means the first making available of a product on the Union market;
Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.
Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable: