Exchange Letter of Credit definition

Exchange Letter of Credit means the letter of credit provided for the benefit of Contracting Parties who have entered into Transactions, which has been deposited with the Escrow Agent pursuant to the provisions of the Deposit Agreement;
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Examples of Exchange Letter of Credit in a sentence

  • Upon verification of the Direction to Pay Within Same Day, the Escrow Agent will forthwith provide sufficient proceeds from the Exchange Letter of Credit to Exchange to, and Exchange will forthwith use such proceeds solely to satisfy the Invoice(s) that would otherwise be subject to a Failure to Pay by Exchange.

  • Documents should be drawn under Collection/ Purchase/Negotiation under L/C as the case may be, along with the following documents- Bill of Exchange- Letter of Credit (if shipment is under L/C)- Invoice- Packing List- Airway Bill/Bill of Lading- Declaration under Foreign Exchange- Certificate of Origin/GSP- Inspection Certificate, wherever necessary- Any other document as required in the L/C or by the buyer orstatutorily.

  • Dealing with several important import-export documents Through my internship reports I have analyzed several documents like Bill of Lading, invoice, insurance paper, Bill of Exchange, Letter of Credit etc.

  • Social Responsibility of business – Responsibilities to different Sectors – IMF and WTO, Documents used in Foreign trade, Foreign Bill of Exchange, Letter of Credit, Bill of Lading.Course summary✓ Students gain broad knowledge on international tradingBOOKS FOR REFERENCE: 1.

  • Upon verification of the Direction to PayWithin Same-Day, the Escrow Agent will forthwith provide sufficient proceeds from the Exchange Letter of Credit to Exchange to, and Exchange will forthwith use such proceeds solely to satisfy the Invoice(s) that would otherwise be subject to a Failure to Pay by Exchange.

  • The Deposit Agreement governs the holding, in escrow, of the Exchange Letter of Credit by the Escrow Agent, and repeats the rights and obligations of Contracting Parties and ICE NGX in respect of making a claim on Exchange Letter of Credit in order to establish the legal framework for the Escrow Agent.

  • In exporting a good from Sri Lanka in addition to the following documents, viz., the Customs Declaration (CUSDEC); Shipping Note/Airway Bill; Invoice, Bill of Exchange, Letter of Credit, Certificate of Origin, Packing List and other support documents (as and when necessary); Licences and Permits (if required) are necessary.

  • Further argued that the claim of the plaintiff is not supported by the relevant documents i.e. Bill of Exchange, Letter of Credit, Commercial Invoice and Delivery Challan.

  • The changes to the Deposit Agreement will • clarify and update the provisions relating to drawing on the USD 200 million Exchange Letter of Credit (as defined in the CPA) that functions as ICE NGX’s default fund; and • facilitate ICE NGX’s anticipated deposit of a Revocation Warranty Fund Letter of Credit, as further described below, with the Escrow Agent as part of ICE NGX’s intended launch of physically settled Alberta Environmental Products on March 11, 2024 (subject to regulatory approval).

  • The CPA governs the relationship between Contracting Parties and ICE NGX, and sets out certain rights and obligations of Contracting Parties and ICE NGX in respect of making a claim on Exchange Letter of Credit.

Related to Exchange Letter of Credit

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

  • 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.

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

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

  • 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).

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

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

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

  • 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.

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

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • 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.

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

  • 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.

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

  • 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.

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

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • 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.

  • 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.

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

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

  • 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.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • 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 any Group Member in the ordinary course of its business.