Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by any Credit Party of Eligible Inventory, (b) has an expiry date of less than 90 days and is otherwise in form and substance reasonably acceptable to Agent, and (c) is issued to support an Underlying Letter of Credit that only is drawable by the beneficiary thereof by the presentation of, among other documents, such applicable documents reasonably satisfactory to Agent as evidencing such Credit Party’s title to the subject Inventory.
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by the applicable Borrower of Eligible Inventory, (b) is in form and substance acceptable to Agent, and (c) is issued to support an Underlying Letter of Credit that only is drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading that is consigned to Agent (either directly or by means of endorsements) and that was issued by the carrier respecting the subject Eligible Inventory, or (ii) a negotiable cargo receipt that is consigned to Agent (either directly or by means of endorsements) and that was issued by a consolidator respecting the subject Eligible Inventory; provided, however, that, in the latter case, no xxxx of lading shall have been issued by the carrier (other than a xxxx of lading consigned to the consolidator or to Agent).
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by Borrowers of Inventory that would be Eligible Inventory but for the fact that such Inventory is the subject of a Qualified Import Letter of Credit (it being understood that no Inventory shall be included in the Borrowing Base as Eligible Inventory if such Inventory is the subject of a Qualified Import Letter of Credit), (b) is in form and substance acceptable to Agent, and (c) is issued to support an Underlying Letter of Credit that only is drawable by the beneficiary thereof by the presentation of, among other documents, an Acceptable Xxxx of Lading.
Examples of Qualified Import Letter of Credit in a sentence
If an Issuing Bank or an Underlying Issuer accepts such a time draft that is presented under a Qualified Import Letter of Credit, it is acknowledged and agreed that (i) such time draft shall constitute an Acceptance hereunder and (ii) the pricing provisions hereof with respect to Acceptances (including Sections 2.6(b) and 2.12(e)) shall apply thereto.
More Definitions of Qualified Import Letter of Credit
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by a Company of Eligible Inventory, (b) is in form and substance acceptable to Xxxxx Fargo, and (c) is drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading that is consigned to Xxxxx Fargo (either directly or by means of endorsements) and that was issued by the carrier respecting the subject Eligible Inventory, or (ii) a negotiable cargo receipt that is consigned to Xxxxx Fargo (either directly or by means of endorsements) and that was issued by a consolidator respecting the subject Eligible Inventory; provided, however, that, in the latter case, no xxxx of lading shall have been issued by the carrier (other than a xxxx of lading consigned to the consolidator or to Xxxxx Fargo).
Qualified Import Letter of Credit means an Import Letter of Credit that (a) is issued to facilitate the purchase by the applicable Borrower of Eligible Inventory, (b) is in form and substance acceptable to the Agent, (c) has an expiry date no more than forty five (45) days after its date of issuance, and (d) is issued in connection with a Letter of Credit Guaranty by the L/C Issuer and is only drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading that is consigned to the Agent (either directly or by means of endorsements) and that was issued by the carrier respecting the subject Eligible Inventory, or (ii) a negotiable cargo receipt that is consigned to the Agent (either directly or by means of endorsements) and that was issued by a consolidator respecting the subject Eligible Inventory; provided, however, that, in the latter case, no xxxx of lading shall have been issued by the carrier (other than a xxxx of lading consigned to the consolidator or to the Agent).
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by the Borrower of Eligible Inventory, (b) is in form and substance acceptable to Agent, (c) is issued to support an Underlying Letter of Credit that only is drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading that is consigned to Agent (either directly or by means of endorsements) and that was issued by the carrier respecting the subject Eligible Inventory, or (ii) a negotiable cargo receipt that is consigned to Agent (either directly or by means of endorsements) and that was issued by a consolidator respecting the subject Eligible Inventory; provided, however, that, in the latter case, no xxxx of lading shall have been issued by the carrier (other than a xxxx of lading consigned to the consolidator or to Agent), and (d) has an expiry of less than 45 days after the date of issuance of such Letter of Credit.
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by Company of Eligible L/C Inventory, (b) is in form and substance acceptable to Agent, and (c) is only drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading that was issued by the carrier respecting the subject Eligible L/C Inventory, or (ii) a negotiable cargo receipt that was issued by a consolidator respecting the subject Eligible L/C Inventory; provided, however, that, in the latter case, no xxxx -------- ------- of lading shall have been issued by the carrier.
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by a Borrower of Eligible In-Transit Inventory, (b) is in form and substance acceptable to Agent, and (c) is only drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable bxxx of lading, governed by the laws of a state within the United States, that is consigned to Agent or one of its agents (either directly or by means of endorsements) and that was issued by the carrier respecting the subject Eligible In-Transit Inventory, or (ii) a negotiable cargo receipt, governed by the laws of a state within the United States, that is consigned to Agent or one of its agents (either directly or by means of endorsements) and that was issued by a consolidator respecting the subject Eligible In-Transit Inventory; provided, that, in the latter case, no bxxx of lading shall have been issued by the carrier (other than a bxxx of lading consigned to the consolidator or to Agent or one of its agents).
Qualified Import Letter of Credit means a Letter of Credit that (a) is issued to facilitate the purchase by Borrowers of Eligible In-Transit Inventory, (b) is in form and substance acceptable to Agent, and (c) is issued to support an Underlying Letter of Credit that only is drawable by the beneficiary thereof by the presentation of, among other documents, an Acceptable Xxxx of Lading.
Qualified Import Letter of Credit has the meaning ascribed to it in the First Lien Credit Agreement as in effect on the date hereof.