Effect of Letter of Credit Application Sample Clauses

The "Effect of Letter of Credit Application" clause defines the legal and operational consequences that arise when a party submits an application for a letter of credit. Typically, this clause clarifies that once the application is submitted, the applicant becomes bound by the terms and conditions set forth in the application and any related agreements, such as reimbursement obligations or compliance with the issuing bank's requirements. For example, it may specify that the applicant is responsible for all fees and must provide necessary documentation to facilitate the issuance and use of the letter of credit. The core function of this clause is to ensure that all parties understand their rights and obligations from the moment the application is made, thereby reducing disputes and providing certainty in financial transactions.
POPULAR SAMPLE Copied 3 times
Effect of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.
View SourceView Similar (218)
Effect of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any Letter of Credit is inconsistent with the provisions of this Agreement, the provisions of this Agreement shall apply.
View SourceView Similar (19)
Effect of Letter of Credit Application. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article IIA, the provisions of this Article IIA shall apply.
View SourceView Similar (2)
Effect of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any Letter of Credit is inconsistent with the provisions of this Section 2.03, the provisions of this Section 2.03 shall apply. 49 #98230960v1
View Source
Effect of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related to any
View Source

Related to Effect of Letter of Credit Application

  • Letter of Credit Applications Each Letter of Credit Application shall be completed to the satisfaction of the Agent. In the event that any provision of any Letter of Credit Application shall be inconsistent with any provision of this Credit Agreement, then the provisions of this Credit Agreement shall, to the extent of any such inconsistency, govern.

  • Letter of Credit Application If a Letter of Credit is requested to be issued on the Effective Date, the Administrative Agent shall have received a properly completed letter of credit application (whether standalone or pursuant to a master agreement, as applicable).

  • Conflict with Letter of Credit Application In the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms hereof shall control.

  • Issuance of Letter of Credit Upon satisfaction or waiver (in accordance with subsection 10.6) of the conditions set forth in subsection 4.3, the Issuing Lender shall issue the requested Letter of Credit in accordance with the Issuing Lender's standard operating procedures.

  • Notice of Borrowing; Letter of Credit Request (a) Prior to the making of each Term Loan, the Administrative Agent shall have received a Notice of Borrowing (whether in writing or by telephone) meeting the requirements of Section 2.3. (b) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to Section 3.4(a)) and each Swingline Loan, the Administrative Agent shall have received a Notice of Borrowing (whether in writing or by telephone) meeting the requirements of Section 2.3. (c) Prior to the issuance of each Letter of Credit, the Administrative Agent and the Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of Section 3.2(a). The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in Section 7 above have been satisfied as of that time.