Description And Purpose definition
Description And Purpose. Trade Bank will issue standby letters of credit (each a “Standby Credit”) for the account of Borrower for the purpose or purposes stated below. Subject to the credit sublimits specified above, these Standby Credits will be issued to support Borrower’s open account trade terms, bid and performance bonds, industrial revenue bonds, worker’s compensation obligations and or the moving of Borrower as a new customer from another bank to Trade Bank. The Standby Credit Sublimit specified above refers to the aggregate undrawn amount of all Standby Credits which may be at any one time outstanding under this Subfacility together with the aggregate amount of all drafts drawn under such Standby Credits which have not been reimbursed as provided below at such time. This Subfacility may only be used for the following purpose: To secure lease deposits for new retail space. Documents: Before the first Standby Credits is issued: Trade Bank’s standard form Standby Letter of Credit Agreement. Before each Standby Credit is issued: Trade Bank’s standard form Application For Standby Letter of Credit. Before each Standby Credit is amended: Trade Bank’s standard form Application For Amendment To Letter of Credit. Term: No Standby Credit will expire more than three hundred sixty (360) calendar days after the date it is issued. Standby Credits will be available by sight drafts only.
Description And Purpose. Trade Bank will issue sight commercial letters of credit (each a “Sight Commercial Credit”) for the account of Borrower for the purpose or purposes stated below. Subject to the credit sublimits specified above, these Sight Commercial Credits will be transferable or not transferable and have the goods related to them consigned to or not consigned to, or controlled by or not controlled by, Trade Bank. The Sight Commercial Credit Sublimit specified above refers to the aggregate undrawn amount of all Sight Commercial Credits which may be at any one time outstanding under this Facility together with the aggregate amount of all drafts drawn under such Sight Commercial Credits which have not been reimbursed as provided below at such time. This Subfacility may only be used for the following purpose: For the importation of furniture. Documents: Before the first Sight Commercial Credit is issued: Trade Bank’s standard form Commercial Letter of Credit Agreement; Before each Sight Commercial Credit is issued: Trade Bank’s standard form Application For Commercial Letter of Credit; Before each Sight Commercial Credit is amended: Trade Bank’s standard form Application For Amendment To Letter of Credit; Term: No Sight Commercial Credit may expire more than one hundred eighty (180) calendar days after the date it is issued.
Description And Purpose. Trade Bank will issue standby letters of credit ----------------------- (each a "Standby Credit") for the account of Borrower the purpose or purposes stated below. Subject to the credit sublimits specified above, these Standby Credits will be issued to support Borrower's open account trade terms, bid and performance bonds, industrial revenue bonds, worker's compensation obligations and or the moving of Borrower as a new customer from another bank to Trade Bank. The Standby Credit Sublimit specified above refers to the aggregate undrawn amount of all Standby Credits which may be at any one time outstanding under this Subfacility together with the aggregate amount of all drafts drawn under such Standby Credits which have not been reimbursed as provided below at such time. This Subfacility may only be used for the following purpose: Issuance of Standby Credits in support of open account trade items in connection with the purchase of telecommunications equipment and/or support lease obligations of Borrower to landlord(s).
Examples of Description And Purpose in a sentence
SUBFACILITIES DESCRIPTION, PURPOSE, DOCUMENTS, TERM, AND PREPAYMENTS: · Sight Commercial Credits: Description And Purpose: Trade Bank will issue sight commercial letters of credit (each a “Sight Commercial Credit”) for the account of Borrower for the purpose or purposes stated below.
Sight Commercial Credits: Description And Purpose: Trade Bank will issue sight commercial letters of ----------------------- credit (each a "Sight Commercial Credit") for the account of Borrower for the purpose or purposes stated below.
More Definitions of Description And Purpose
Description And Purpose. Trade Bank will issue usance commercial letters of credit (each a "Usance Commercial Credit") for the account of Borrower and create bankers' acceptances from drafts drawn under these Usance Commercial Credits ("Acceptances") and, if indicated above, incur deferred payment obligations from drawings under Usance Commercial Credits. Subject to the credit sublimits specified above, these Usance Commercial Credits will be transferable or not transferable and have the goods related to them consigned to or not consigned to, or controlled by or not controlled by, Trade Bank. The Usance Commercial Credit Sublimit specified above refers to the aggregate undrawn amount of all Usance Commercial Credits together with the aggregate amount of all Acceptances and deferred payment obligations which may be outstanding at any one time under each subcategory of the Usance Commercial Credit Sublimit. This Subfacility may only be used for the following purpose: To finance the importation of pre-assembled satellite communications systems and components for the assembly of satellite communication systems.
Description And Purpose. Trade Bank will issue shipping guarantees for the account of Borrower. These shipping guarantees will be undertakings for delivery of cargo without surrender of bills of lading, or any other undertakings, agreements, guarantees, indemnities, releases, bonds, letters, documents or authorizations to or in favor of a carrier or other person or entity in order to permit delivery to Borrower of property. The Shipping Guarantees Credit Sublimit specified above for this Facility refers to the aggregate amount of all shipping guarantees which may be outstanding at any one time.
Description And Purpose. Trade Bank will issue standby letters of credit (each a “Standby Credit”) for the account of Borrower for the purpose or purposes stated below. Subject to the credit sublimits specified above, these Standby Credits will be issued to support Borrower’s open account trade terms, bid and performance bonds, industrial revenue bonds, worker’s compensation obligations and or the moving of Borrower as a new customer from another bank to Trade Bank. The Standby Credit Sublimit specified above refers to the aggregate undrawn amount of all Standby Credits which may be at any one time outstanding under this Subfacility together with the aggregate amount of all drafts drawn under such Standby Credits which have not been reimbursed as provided below at such time. This Subfacility may only be used for the following purposes: To secure lease deposits for new retail space and to provide assurance of payment to suppliers. Documents: Before the first Standby Credit is issued: Trade Bank’s standard form Standby Letter of Credit Agreement. Before each Standby Credit is issued: Trade Bank’s standard form Application For Standby Letter of Credit. Before each Standby Credit is amended: Trade Bank’s standard form Application For Amendment To Letter of Credit. Term: No Standby Credit will expire more than three hundred sixty (360) calendar days after the date it is issued. Standby Credits will be available by sight drafts only. The amount of each drawing paid by Trade Bank under a Sight Commercial Credit or Standby Credit will be reimbursed to Trade Bank as follows: by Trade Bank having ▇▇▇▇▇ Fargo Bank debit any of Borrower’s accounts with ▇▇▇▇▇ Fargo Bank and forwarding such amount debited to Trade Bank; or immediately on demand of Trade Bank; or by treating such amount drawn as an advance to Borrower under Borrower’s Revolving Credit Facility.
Description And Purpose. Trade Bank will issue standby letters of credit (each a "Standby Credit") for the account of Borrower the purpose or purposes stated below. Subject to the credit sublimits specified above, these Standby Credits will be issued to support Borrower's open account trade terms, bid and performance bonds, industrial revenue bonds, worker's compensation obligations, or the moving of Borrower as a new customer from another bank to Trade Bank. The Standby Credit Sublimit specified above refers to the aggregate undrawn amount of all Standby Credits which may be at any one time outstanding under this Subfacility together with the aggregate amount of all drafts drawn under such Standby Credits which have not been reimbursed as provided below at such time. This Subfacility may only be used for the following purpose: To provide support for warranties and performance bonds for the benefit of Borrower's customers.