Time Draft definition

Time Draft as defined in subsection 4.9.
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Time Draft means a draft drawn on the Issuing Bank pursuant to a commercial Letter of Credit, which draft is payable at a specified time in the future.
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Time Draft. A draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. TRAMP STEAMER: A ship not operating on regular routes or schedules. TRANSACTION STATEMENT: A document that delineates the terms and conditions agreed upon between the importer and exporter. TRANSFER To take merchandise with zone status from a zone for consumption, transportation, exportation, warehousing, cartage or lighter age, vessel supplies and equipment, admission to another zone, and like purposes. TRUST RECEIPT: Release of merchandise by a bank to a buyer in which the bank retains title to the merchandise. UNIQUE IDENTIFIER NUMBER (UIN): This inventory method controls merchandise in a zone by unique numbers and/or letters that identify merchandise admitted to a zone. USER: A person or firm using a zone for storage, handling or processing of merchandise.
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Examples of Time Draft in a sentence

  • The draft(s) request to the financial institution must be honored on first presentment.2. Cash On Delivery of Policy (COD): One Time Draft Authorization (Initial Premium Only) for annual, semi-annual, quarterly, or monthly mode only when receipt of all required fully completed Delivery Requirements are received by the Company.

  • Money market checks or credit card “Cash Transfer” checks cannot be used for this authorization.IMPORTANT - PLEASE READ CAREFULLY: You must select one or more options as applicable below.Please note: If premium mode is monthly, box 3 should always be checked in addition to option 1 or 2 if applicable.1. Draw Initial Premium Immediately When Application Received: One Time Draft Authorization (Initial Premium Draw Only) for annual, semi-annual, quarterly, or monthly mode to be withdrawn immediately.

  • Time Draft: A type of check that is guaranteed by the issuing bank, but that is not payable in full until a specified amount of time after it is received and accepted.

  • In the case of a Time Draft Letter of Credit, such fee shall equal the higher of (i) $120 and (ii) a percentage of the amount of such drawing equal to the Applicable Margin then in effect (calculated on the basis of the Dollar Equivalent thereof in the case of any Letter of Credit issued in an Approved Foreign Currency).

  • The Company shall reimburse the Issuing Bank prior to 10:30 a.m. (Chicago time), on each date that any amount is paid by the Issuing Bank under any Letter of Credit or Time Draft (each such date, an "Honor Date"), in an amount equal to the amount so paid by the Issuing Bank.

  • Several other drafts include; i) Time Draft, a draft payable at a time certain; ii) Sight Draft, a draft payable on presentment; and iii) Trade Acceptance, a draft that is drawn by a seller of goods ordering the buyer to pay a specified sum of money to the seller, usually at a specified future time.

  • We next estimate if the decision to terminate the bank-firm relationship is influenced by mergers using separate logit regressions for each decision: staying and not staying, switching and not switching, dropping and not dropping, and adding and not adding.

  • Company agrees to pay to Bank, on the day on which Bank shall honor any draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the Reimbursement Obligation with respect thereto, all in accordance with the applicable Letter of Credit Agreement (provided, however, that the Company’s reimbursement obligations with respect to Time Draft Letters of Credit shall be governed by Section 3 hereof).

  • Each Acceptance shall mature not later than the earliest to occur of (i) one hundred twenty (120) days from its date of creation; (ii) one hundred twenty (120) days from the date of issuance of the Time Draft Letter of Credit related to the Acceptance and (c) the Revolving Credit Maturity Date.

  • Often a Buyer/Client is a Borrower from their bank, and if they can get 180 days to pay a Time Draft, it can be a lower cost of funds for them.

Related to Time Draft

  • L/C Draft means a draft drawn on an Issuing Bank pursuant to a Letter of Credit.

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

  • Facility LC Application is defined in Section 2.19.3.

  • Sales Draft means the paper form, whether electronically or manually imprinted, evidencing a sale Transaction.

  • Draft means a draft as defined in section 3104 or an item, other than an instrument, that is an order.

  • Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Shop Drawing means any and all drawings, diagrams, layouts, explanations, illustrations, manufacturer's drawings or other written or graphic materials which illustrate any portion of the construction work.

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

  • Letter of Credit Termination Date means the fifth Domestic Business Day prior to the Termination Date.

  • 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.

  • 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.

  • Notice of Drawdown means a notice substantially in the form set out in Schedule 4 (Notice of Drawdown).

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

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • 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.

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

  • Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Letter of Acceptance (LOA) means the written notice issued by JMRC to the selected bidder(s) intimating the acceptance of selected bidder's Proposal for the award of License;

  • First draw sample means a one−liter sample of tap water that has been standing in plumbing pipes at least 6 hours and is collected without flushing the tap.

  • Application Review Start Date means the later date of either the date on which the District issues its written notice that the Applicant has submitted a completed Application or the date on which the Comptroller issues its written notice that the Applicant has submitted a completed Application and as further identified in Section 2.3.A of this Agreement.

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

  • Drawing means the drawing or drawings specified in or annexed to the Specifications;