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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Exchange Letter of Credit means the letter(s) of credit provided for the benefit of Contracting Parties who have entered into Transactions, and deposited with the Escrow Agent pursuant to the provisions of the Deposit Agreement for the purpose of providing liquidity in the case of default by one or more Contracting Parties;
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Examples of Exchange Letter of Credit in a sentence

  • 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.

  • 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.

  • Regulation of International Business- , Q G L D ¶ V 5 R O Business Unit V: International Trade: Procedure and Documents: International Trade: Procedure and Documents Registration of Exporters, Export Quotations- Production and Clearance of Goods for Export- Shipping and Transportation, Insurance, Negotiation of Documents, Instruments of payments- Open Accounts , Bills of Exchange, Letter of Credit- Export Finance.

  • 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.

  • 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 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.

Related to Exchange Letter of Credit

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • 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 2.3(g).

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • 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.

  • 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.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

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

  • 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 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.

  • 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 any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • 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.

  • 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 standby Letter of Credit which represents an irrevocable obligation to the beneficiary on the part of the Issuing Bank to make payment on account of any default by the account party in the performance of a nonfinancial or commercial obligation.

  • 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 standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters 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.

  • 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.