Commercial LC definition

Commercial LC means a Letter of Credit which is the payment mechanism for a commercial trade transaction.
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Commercial LC means a Facility LC which is the payment mechanism for a commercial trade transaction.
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Commercial LC means a documentary letter of credit issued by the Issuing Bank hereunder which is drawable upon presentation of documents evidencing the sale or shipment of goods, the provision of services, or both, purchased by any Obligor in the ordinary course of its business.
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Examples of Commercial LC in a sentence

  • For Commercial L/C: Signed Firm Offer / Pro-forma Invoice and;For Foreign and Domestic Standby L/C; Bid/contract copy for Standby L/C/Performance Guarantee(1 photocopy)3.

  • The form and substance of each Subfeature Commercial LC shall be subject to approval by Bank, in its sole discretion.

  • Each Subfeature Commercial LC shall be subject to the additional terms and conditions of Bank’s standard Commercial Letter of Credit agreement and all applications and related documents required by Bank in connection with the issuance thereof.

  • The Administrative Agent will disburse any Standby or Commercial L/C fees received pursuant to subsection 3.9(a)(i) to the respective Lenders promptly following the receipt of any such fees.

  • To get around the higher interest rates for non-domestic investments, the AGEC incorporated a subsidiary in Delaware (ASCO) which took out the loan, and paid it to the AGEC.

  • Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender's Revolving Credit Commitment Percentage.

  • For Commercial L/C: Signed Firm Offer/Pro-forma Invoice and;For Foreign and Domestic Standby L/C; Bid/contract copy for Standby L/C/Performance Guarantee(1 photocopy)3.

  • Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit, an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.

  • For Commercial L/C: Signed Firm Offer / Pro-forma Invoice and;For Foreign and Domestic Standby L/C; Bid/contract copy for Standby LC/Performance Guarantee(1 photocopy)4.

  • Let it go!You have forever released them from what they did to you.


More Definitions of Commercial LC

Commercial LC means any letter of credit issued for the purpose of providing the primary manner of payment for the purchase price of goods or services by a Borrower in the ordinary course of the business of such Borrower (but not in the event that such Borrower fails to make payment).
Sample 1

Related to Commercial LC

  • Commercial LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding commercial Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements relating to commercial Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Commercial LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total Commercial LC Exposure at such time.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Facility LC Application is defined in Section 2.19.3.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • Facility LC is defined in Section 2.19.1.

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

  • Standby is displayed, followed by a message stating “Bidding started”. Enter your “Start bid”.

  • Letter of Credit Fee has the meaning specified in Section 2.03(h).

  • Facility Letter of Credit Fee is defined in Section 2A.8.

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or a Guarantor in the ordinary course of its business.

  • Issuing Bank Fees shall have the meaning assigned to such term in Section 2.12(b).

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

  • Letter of Credit Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

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

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding standby Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total Standby LC Exposure at such time.

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