Sight Letter of Credit definition

Sight Letter of Credit means a Letter of Credit wherein a draft is drawn at sight (i.e. drawn payable upon presentment).
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Sight Letter of Credit as defined in Section 3.1(a).
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Sight Letter of Credit means a sight letter of credit as defined in the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits, 1993 Revisions, ICC Publication No. 500 or any successor publication thereof.
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Examples of Sight Letter of Credit in a sentence

  • No Sight Letter of Credit issued hereunder shall expire more than 180 days from the date of issuance, no Standby Letter of Credit issued hereunder shall expire more than one year from the date of issuance and no Documentary Banker's Acceptance shall mature more than 180 days from the date of creation thereof, and in no event shall any Letter of Credit expire or any Documentary Banker's Acceptance mature, after the Business Day which is immediately prior to the Revolving Credit Termination Date.

  • The Borrower shall reimburse the Issuing Bank on each date that any amount is paid by the Issuing Bank under any Standby Letter of Credit or any Sight Letter of Credit (each such date, an "Honor Date") at such time(s) as are agreed upon by the Borrower and the Issuing Bank, in an amount equal to the amount so paid by the Issuing Bank.

  • The Co-Borrowers agree to pay to the Bank, with respect to each Sight Letter of Credit, upon the issuance of such Letter of Credit an amount equal to 1/8 of 1% of the face amount of such Letter of Credit (subject to a maximum of $2,000) and upon presentation of such Letter of Credit for payment to the Bank, a payment commission equal to 1/8 of 1% on the face amount of such Letter of Credit (subject to a maximum of $2,000).

  • Overdraft Revolving Line of Credit 480,000,000 Korean Won 480,000,000 Korean Won International Trade Revolving Line of Credit 10,000,000,000 Korean Won 17,000,000,000 Korean Won At Sight Letter of Credit 3,000,000 USD 3,000,000 USD Change in Terms Agreement Hanvit Bank has made a Change in Terms Agreement evidenced by the Agreement dated May 15, 2002, with Total Lending Limit of 17,580,000,000 Korean Won.

  • Subject to the terms and conditions contained herein, the expiry dates, the type of Letter of Credit (i.e., Sight Letter of Credit or Standby Letter of Credit), the purpose, the amounts and the beneficiaries of the Letters of Credit will be as designated by the Co-Borrowers.

  • At Sight Letter of Credit 2,000,000 US Dollars Variable interest: may change day to day based on the rates established for standard trade credit by Korean Banking Association.

  • Subject to the terms and conditions of this Section 2.14 and provided that the applicable conditions set forth in Section 4.1 hereof have been satisfied, the Bank shall, on the requested date, issue a Standby Letter of Credit or Sight Letter of Credit, as the case may be, on behalf of the Debtors in accordance with the Bank's usual and customary business practices.

  • In above example this payment would be made should [****] May 2007 Shipment price be quoted at $[****] No less than 7 days prior to shipment date, Buyer shall open irrevocable, unrestricted and freely negotiable At Sight Letter of Credit from a 1st class bank (on terms and such bank to be acceptable to Seller) for 100% of the contract value (“Letter of Credit”).

  • The Debtors hereby agree to pay the Bank a sight letter of credit fee with respect to each Sight Letter of Credit issued hereunder in an amount equal to one-quarter of one percent (.25%) of the stated face amount of each such Sight Letter of Credit.

  • The Co-Borrowers shall pay to the Administrative Agent for the account of, and pro rata distribution to, the Lenders a commission with respect to the Lenders’ participation with respect to each Sight Letter of Credit, upon the issuance of such Sight Letter of Credit, an amount equal to 1/8 of 1% of the face amount of such Letter of Credit and upon presentation of such Letter of Credit for payment to the Issuing Lender, a payment commission equal to 1/8 of 1% on the face amount of such Letter of Credit.


More Definitions of Sight Letter of Credit

Sight Letter of Credit means any sight Letter of Credit issued by the Bank at the request of the Debtors and for the account of the Debtors in accordance with Section 2.14 hereof.
Sample 1

Related to Sight Letter of Credit

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • 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.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

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

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

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • 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.

  • 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 Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • 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 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.

  • Facility LC Application is defined in Section 2.19.3.

  • 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.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by any Group Member in the ordinary course of its business.