Proceeds of a letter of credit definition

Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents presented by the beneficiary.
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Proceeds of a letter of credit means the cash, check, accepted draft,
Sample 1Sample 2
Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor
Sample 1

Examples of Proceeds of a letter of credit in a sentence

  • Proceeds of a letter of credit" has the same meaning as in section 1305.13 of the Revised Code.

  • Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit.

Related to Proceeds of a letter of credit

  • 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.

  • 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 Collateral Account has the meaning assigned to such term in Section 2.05(k).

  • 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.