Letter of Credit Terms definition

Letter of Credit Terms means that Buyer shall establish and maintain an irrevocable documentary letter of credit, payable against sight draft or time draft as agreed. Each letter of credit will be in favor of and acceptable to Seller, will be maintained in sufficient amount and for the period necessary to meet all payment obligations, will be irrevocable, issued, and/or confirmed, by a bank satisfactory to Seller.
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Examples of Letter of Credit Terms in a sentence

  • It takes too long to be delivered:• International courier delivery may take up to 3-5 days.• In cases when Original B/L is deposited in a Bank as per Letter of Credit Terms it has very little chances to be delivered before ship’s arrival at destination.• In many case of short sea trade vessels or containers arrive before the physical B/L.• Slow delivery of B/L causes delays to the entire supply chain.Cost.

  • Not less than thirty (30) days before the expiration of the Initial Letter of Credit Security Deposit and every renewal thereof, Tenant shall deliver to Landlord a renewal of the Letter of Credit Security Deposit or new Letter of Credit Security Deposit, in either case, except as otherwise expressly provided herein, containing and satisfying the Letter of Credit Terms and Conditions.

  • EXHIBIT A (Plan Outlining the Premises and the Project), EXHIBIT B (Work Letter Agreement), EXHIBIT C (Form of Memorandum Confirming Term), EXHIBIT E (Rules and Regulations), EXHIBIT F (Option to Extend/Fair Market Rental Rate), EXHIBIT G (Parking Rules and Regulations), EXHIBIT H (Letter of Credit Terms) and any other attachments specified in the Basic Lease Information, are attached to and made a part of this Lease and once again incorporated into this Lease by this reference.

  • The Borrower agrees to pay the Bank's fees with respect to each Letter of Credit in accordance with the Commercial Letter of Credit Terms & Fee Schedule, dated September 19, 1995 and attached hereto as Exhibit D hereto; provided, however, that in lieu of an opening fee (charges for which have been waived), the Borrower shall pay to the Bank, a facility fee for each day from the date hereof to the Termination Date.

  • It takes too long to be delivered:• International courier delivery may take up to 3-5 days.• In cases when Original B/L is deposited in a Bank as per Letter of Credit Terms it has verylittle chances to be delivered before ship’s arrival at destination.• In many case of short sea trade vessels or containers arrive before the physical B/L.• Slow delivery of B/L causes delays to the entire supply chain.

Related to Letter of Credit Terms

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

  • Letter of Credit Subfacility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time. The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $25,000,000.

  • 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.

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

  • Letter of Credit Limit means $5,000,000.

  • 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.

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

  • Unused Letter of Credit Subfacility means an amount equal to the Letter of Credit Subfacility minus the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit plus, without duplication, (b) the aggregate Unpaid Drawings obligations with respect to a Letters of Credit.

  • 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).

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • 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 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.

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

  • 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.

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

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

  • 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.

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

  • Letter of Credit Application means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters 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 Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • 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.

  • Letter of Credit Availability Period the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.