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 Borrower, on behalf of Borrower or any Qualified Subsidiary in respect of obligations of Borrower or such Subsidiary incurred pursuant to contracts made or performances undertaken or to be undertaken or like matters relating to contracts to which Borrower or such Qualified Subsidiary is or proposes to become a party in Borrower’s or such Qualified 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

• This Standby L/C is subject to the Uniform Customs and Practice for Documentary Credits (1993) Revision International Chamber of Commerce (ICC) Publication 500.

• All charges in connection with this Standby L/C (including possible amendment charges) will be born by the Applicant.

• We (Beneficiary) hereby demand payment of (amount) from (Bank) under the aforementioned Standby Letter of Credit, which represents a sum due to us from (Applicant) as the latter has failed to fulfill the contractual obligations for Substantial Completion of Milestones." This Standby L/C shall be deducted pro-rata Substantial Completion of Milestones against presentation of certificates of Substantial Completion of the respective Milestone duly signed by Beneficiary and Applicant.

• We (Beneficiary) hereby demand payment of (amount) from (Bank) under the aforementioned Standby Letter of Credit, which represents a sum due to us from (Applicant) as the latter has failed to fulfill the contractual obligations." All charges in connection with this Standby L/C (including possible amendment charges) will be born by the Applicant.

• We (Beneficiary) hereby demand payment of (amount) from (Bank) under the aforementioned Standby Letter of Credit, which represents a sum due to us from (Applicant) as the latter has failed to fulfill the contractual obligations regarding the Correction Period." All charges in connection with this Standby L/C (including possible amendment charges) will be born by the Applicant.

More Definitions of Standby L/C

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 letter of credit under which the Issuing Bank agrees to make payments in Dollars for the account of the Borrower, in respect of obligations of the Borrower incurred pursuant to contracts made or performances undertaken or to be undertaken by the Borrower or any of its Subsidiaries.

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 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).