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 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.
Qualified Import Letter of Credit means a documentary Letter of Credit that is (a) issued to facilitate the purchase by Borrower of Eligible Inventory, (b) in form and substance acceptable to Lender, 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 or otherwise controlled by Lender (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 or otherwise controlled by Lender (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 Lender).
More Definitions of Qualified Import Letter of Credit
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 Borrower of Eligible Inventory, (b) is in form and substance acceptable to Collateral 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 Collateral 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 Collateral 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 Collateral Agent).
Qualified Import Letter of Credit a Letter of Credit that (a) is issued to facilitate the purchase by Borrower of Eligible In-Transit Inventory, (b) is in form and substance acceptable to the Collateral Agents, and (c) is only drawable by the beneficiary thereof by the presentation of, among other documents, either (i) a negotiable xxxx of lading, governed by the laws of a state within the United States, that is consigned to the Administrative 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 the Administrative 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 xxxx of lading shall have been issued by the carrier (other than a xxxx of lading consigned to the consolidator or to the Administrative 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 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 bill of lading that is consigned to Agent (either directly or by mxxxx 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 bill of lading shall have been issued by the carrier (other than a xxxl 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 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 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 U.S. 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, a negotiable document of title that (x) is in the name of Agent, a U.S. Borrower or an Approved Customs Broker and has not been consigned to any third parties other than to the Agent, a U.S. Borrower or an Approved Customs Broker (either directly or by means of endorsements), and (y) was issued by the carrier or consolidator respecting the subject Inventory.