Clean Bankers’ Acceptance definition

Clean Bankers’ Acceptance or “Clean BA” means a negotiable time draft drawn on and accepted by the L/C Issuer pursuant to Section 2.03(a) to finance the purchase of inventory.
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Clean Bankers’ Acceptance means (a) each Bankers' Acceptance that is not a Trade Bankers' Acceptance and (b) each Existing Clean Bankers' Acceptance; each Clean Bankers' Acceptance (other than an Existing Clean Bankers' Acceptance) shall be originated by the Primary Fronting Bank in accordance with Section 3.02(c).
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Examples of Clean Bankers’ Acceptance in a sentence

  • Immediately upon the issuance of each Clean Bankers’ Acceptance, each USD Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable L/C-BA Issuer a risk participation in such Clean Bankers’ Acceptance in an amount equal to the product of such USD Revolving Lender’s Applicable USD Revolving Percentage times the amount of such Clean Bankers’ Acceptance.

  • Each Bankers’ Acceptance Request shall specify in form and detail satisfactory to the applicable L/C-BA Issuer: (A) the proposed issuance date of the requested Clean Bankers’ Acceptance (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the shipping information; (E) a description of the fuel; and (F) such other matters as such L/C-BA Issuer may reasonably require.

  • Each Clean Bankers’ Acceptance shall be in a minimum increment $50,000, shall be endorsed in blank, shall cover the purchase or sale of fuel, the payment of freight or the financing of insurance, port charges and advances on purchases, shall mature on a Business Day up to ninety (90) days after the date thereof, and shall not be payable prior to its stated maturity date.

  • Upon receipt by the applicable L/C-BA Issuer of confirmation from the Administrative Agent that the requested issuance is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, such L/C-BA Issuer shall, on the requested date, issue a Clean Bankers’ Acceptance for the account of the applicable Borrower or Restricted Subsidiary, in each case in accordance with such L/C-BA Issuer’s usual and customary business practices.