Letter of Credit Order Sample Clauses

Letter of Credit Order a notification sent to the Remittee, which describes instructions received from the Customer after fulfillment of which a payment obligation arises for the Customer.
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Letter of Credit Order a notification sent to the Remittee, which describes instructions received from the Customer after fulfillment of which a payment obligation arises for the Customer. Letter of Credit Document – a document defined by the Customer, which will be accepted/delivered by the Parties in accordance with the Annex No. 2 of the Letter of Credit Agreement (hereinafter referred to as the Acceptance and Delivery Report). Letter of Credit/Stand-by Letter of Credit/Collection/Guarantee Amount – an amount defined by the Agreement on Carrying out Documentary Transactions which the Bank pays to the Remittee/Beneficiary/Receiver on the basis of the General Credit Line Agreement and/or Agreement on Carrying out Documentary Transactions and in accordance with their terms and conditions. Letter of Credit/Stand-by Letter of Credit/Bank Guarantee Servicing Account – special account with the Bank used by the Bank to carry out bank transactions related to the Customer’s Letter of Credit/Stand-by Letter of Credit/Bank Guarantee (if any). Reimbursing Bank – a banking institution which, on the basis of request of the Nominated Bank and the permission of the bank-emitter (if such is necessary), reimburses to the Nominated Bank the Letter of Credit Amount.
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Letter of Credit Order. In case based on the submission of the Application the authorized body of the Bank makes a positive decision regarding the approval of the Stand-by Letter of Credit, the Bank and the Customer signed the Stand-by Letter of Credit Agreement defining specific terms of use of the Stand-by Letter of Credit. The Stand-by Letter of Credit will be used within the term stipulated by the Agreement, provided that all the conditions stipulated by the Agreement are met in the form acceptable to the Bank. The Bank is authorized to refuse the Customer the use of the Stand-by Letter of Credit and/or the issuance of the Stand-by Letter of Credit Order in case the Customer does not request issuance of the Stand-by Letter of Credit within terms and on the conditions stipulated by the Agreement, or if the Customer is in breach of conditions of the Agreement and/or any other agreements related to financial liabilities executed with the Bank. Interest and Commission Fee and the rule for their calculation and charging The amount/form of the Interest and Commission Fee are defined by the Stand-by Letter of Credit Agreement. The Interest shall be calculated in accordance with the actual days following the date of payment of the Stand-by Letter of Credit Amount determined by the Agreement, based on 365 (three hundred sixty five) days per year. Amount of the Commission Fee shall be calculated in the form and periodicity stipulated in the Agreement. If the annual Commission Fee is envisaged, it will be calculated based on the rule stipulated for the Interest calculation, while in other cases - on other rule provided for by the Stand-by Letter of Credit Agreement. Charging of the Interest (as the unearned profit) continues and is subject to payment even in case of deferred coverage of the paid Stand-by Letter of Credit Amount, regardless the effectiveness or full or partial termination of the Agreement, until the moment of forced or voluntary coverage of the paid Stand-by Letter of Credit Amount by the Customer. The amount of the Penalty for violation of the terms of use the Stand-by Letter of Credit shall be defined by the Agreement. Charging of the Penalty continues and is subject to payment regardless the effectiveness or full or partial termination of the Agreement, until the moment of forced or voluntary repayment by the Customer of the indebtedness envisaged by the Agreement. Payment of the Penalty does not relieve the Customer from the fulfillment/payment of obligations (payabl...
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Related to Letter of Credit Order

  • Letter of Credit 27.1 Upon signing this Lease, Tenant shall cause to be delivered to Landlord an original irrevocable standby letter of credit (the “Letter of Credit”) in the amount specified in the Basic Lease Information (the “Letter of Credit Amount”), naming Landlord as beneficiary, which Landlord may draw upon, without prejudice to any other remedy provided in the Lease or by applicable law, to the extent necessary to satisfy past due rent or to satisfy any other loss or damage resulting from Xxxxxx’s breach under the Lease, Any such draw on the Letter of Credit shall not constitute a waiver of any other rights of Landlord with respect to such default or failure to perform. The Letter of Credit shall be issued by a major commercial bank with a San Francisco, California service and claim point for the Letter of Credit, whose deposits are insured by the FDIC, and who shall be reasonably acceptable to Landlord (such approved, issuing bank being referred to herein as the “Bank”), which Bank must have a short term Fitch Rating which is not less than “F2”, a long term Fitch Rating which is not less than “BBB”, a short term rating from Standard and Poor’s Financial Services, LLC (“S&P”) of not less than “A2”, a long term S&P rating of not less than “BBB” a short term rating from Xxxxx’x Investors Service, Inc. (“Moody’s”) of not less than “P2”, and a long term Xxxxx’x rating of not less than “Baa3” (collectively, the “Bank’s Credit Rating Threshold”). The Letter of Credit shall have an expiration date not earlier than the sixtieth (60th) day after the Expiration Date (or, in the alternative, have a term of not less than one (1) year and be automatically renewable for an additional one (1) year period unless notice of non-renewal is given by the issuer to Landlord not later than sixty (60) days prior to the expiration thereof) and shall provide that Landlord may make partial and multiple draws thereunder, up to the face amount thereof. In addition, the Letter of Credit shall provide that, in the event of Landlord’s assignment or other transfer of its interest in this Lease, the Letter of Credit shall be freely transferable by Landlord, without charge and without recourse, to the assignee or transferee of such interest and the bank shall confirm the same to Landlord and such assignee or transferee. The Letter of Credit shall provide for payment to Landlord upon the issuer’s receipt of a sight draft from Landlord together with Landlord’s certificate certifying that Landlord is entitled to such payment pursuant to the provisions of this Lease, and with no other conditions, shall be in the form attached hereto as Exhibit D, and otherwise be in form and content satisfactory to Landlord. If the Letter of Credit has an expiration date earlier than the Expiration Date, then throughout the term hereof (including any renewal or extension of the term) Tenant shall provide evidence of renewal of the Letter of Credit to Landlord at least sixty (60) days prior to the date the Letter of Credit expires. If Landlord draws on the Letter of Credit pursuant to the terms hereof, Tenant shall immediately replenish the Letter of Credit or provide Landlord with an additional letter of credit conforming to the requirement of this paragraph so that the amount available to Landlord from the Letter of Credit(s) provided hereunder is the Letter of Credit Amount. In addition to the other reasons set forth herein entitling Landlord to draw down on the Letter of Credit, Landlord, or its then managing agent, shall also have the right to draw down an amount up to the face amount of the Letter of Credit if the applicable rating of the Bank has been reduced below the Bank’s Credit Rating Threshold, and Tenant has failed to provide Landlord with a replacement letter of credit, conforming in all respects to the requirements of this section 27.1 (including, but not limited to, the requirements placed on the issuing Bank more particularly set forth above), in the Letter of Credit Amount, within twenty-five (25) days following Landlord’s written demand therefor (with no other notice or cure or grace period being applicable thereto, notwithstanding anything in this Lease to the contrary). In addition, in the event the Bank is placed into receivership or conservatorship by the Federal Deposit Insurance Corporation or any successor or similar entity, then, effective as of the date such receivership or conservatorship occurs, said Letter of Credit shall be deemed to fail to meet the requirements of this section 27.1, and, within twenty-five (25) days following Landlord’s notice to Tenant of such receivership or conservatorship, Tenant shall replace such Letter of Credit with a substitute letter of credit from a different issuer (which issuer shall meet or exceed the Bank’s Credit Rating Threshold) and that complies in all respects with the requirements of this section 27.1. Tenant’s failure to deliver any replacement, additional or extension of the Letter of Credit, or evidence of renewal of the Letter of Credit, within the time specified under this Lease shall entitle Landlord to draw upon the Letter of Credit then in effect and, at Landlord’s election, constitute an Event of Default under this Lease. If Landlord liquidates the Letter of Credit as provided in the preceding sentence, Landlord shall hold the funds received from the Letter of Credit as security for Tenant’s performance under this Lease, and Landlord shall not be required to segregate such security deposit from its other funds and no interest shall accrue or be payable to Tenant with respect thereto. No purchaser at any judicial or private foreclosure sale of the Building or any portion thereof, shall be responsible to Tenant for such security deposit unless and only to the extent such holder or purchaser shall have actually received the same. If Tenant is not in default at the expiration or termination of this Lease, Landlord shall return to Tenant the Letter of Credit or the balance of the security deposit then held by Landlord, as applicable; provided, however, that in no event shall any such return be construed as an admission by Landlord that Xxxxxx has performed all of its covenants and obligations hereunder. Tenant hereby unconditionally and irrevocably waives the benefits and protections of California Civil Code Section 1950.7, and, without limitation of the scope of such waiver, acknowledges that Landlord may use all or any part of the Letter of Credit or the proceeds thereof to compensate Landlord for damages resulting from termination of this Lease and the tenancy created hereunder (including, without limitation, damages recoverable under California Civil Code Section 1951.2).

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