Buyer Letter of Credit definition

Buyer Letter of Credit shall have the meaning specified in the Consent and Agreement.
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Buyer Letter of Credit means an irrevocable stand-by letter of credit issued by Letter of Credit Bank on behalf of Customer and in favor of Buyer for two million U.S. Dollars ($2,000,000.00), in the form attached hereto as Exhibit B.
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Buyer Letter of Credit means an irrevocable, nontransferable standby letter of credit issued by a U.S. commercial bank or a U.S. branch of a foreign bank with such bank having a credit rating of at least “A-” from Standard & Poor’s Rating Group (a division of XxXxxx-Xxxx, Inc.) and “A3” from Xxxxx’x Investor Services, Inc. (it being agreed by Seller that Xxxxx Fargo is an acceptable issuer) in form and substance acceptable to Seller in its reasonable discretion, in an amount equal to five percent (5%) of the Purchase Price, having an expiry date no earlier than December 31, 2007, and providing that Seller may draw upon the entire amount thereof in the event of a material breach by Buyer of its obligations under this Agreement, which letter of credit, upon delivery to Seller as contemplated by Section 8.1(f) hereof, shall secure all of Buyer’s obligations to Seller under this Agreement.
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Examples of Buyer Letter of Credit in a sentence

  • On the Effective Date, in order to secure Buyer’s performance under this Agreement Buyer shall either (a) deliver to Seller, for the benefit of Seller, the Buyer Letter of Credit, or (b) deposit an amount equal to two million three hundred twenty-five thousand dollars ($2,325,000.00) (the “Deposit Escrow Amount”), into the Deposit Escrow Account in accordance with this Agreement and the Deposit Escrow Agreement.

  • The Buyer Letter of Credit is irrevocable prior to the earlier to occur of (i) the return of the Buyer Letter of Credit to Buyer pursuant to Section 7.03(a), Section 7.03(b) or Section 7.03(c), or (ii) Seller presenting the Buyer Letter of Credit for payment pursuant to Section 7.03(g).

  • BUYER DISTRIBUTOR Buyer enters a SPA (Sales and Purchase Agreement) for the gloves with distributor (as seller) The Buyer Letter of Credit can only be drawn down upon port of destination once: 1.

  • On the Effective Date, Buyer has delivered to Seller either the Buyer Letter of Credit or the Deposit Escrow Amount in accordance with the Deposit Escrow Agreement.


More Definitions of Buyer Letter of Credit

Buyer Letter of Credit has the meaning set forth in Section 6.8(b)(ii).
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Buyer Letter of Credit. See Section 9.7(b);
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Buyer Letter of Credit means a letter of credit made or issued by or on behalf of Buyer or its Affiliates, as applicable, for the benefit of Seller, in substantially the form attached hereto as Exhibit G.
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Buyer Letter of Credit has the meaning set forth in 0(iii).
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Buyer Letter of Credit shall have the meaning set forth in Section 3.1.1 hereof.
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Related to Buyer Letter of Credit

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit D, together with the standard form of application for letter of credit used by the applicable Issuing Bank, signed by a Senior Officer of the applicable Borrower and properly completed to provide all information required to be provided therein.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • 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.