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

  • 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).

  • Time Draft - A draft that matures in a certain number of days, either from acceptance or the date of the draft.

  • 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).

  • 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.

  • The Company shall also pay Documentary Letters of Credit Fees in respect of Documentary Letter of Credit (Time Draft) Outstandings determined by multiplying two (2) times the 10 12 FORM 10Q EXHIBIT 10 Applicable Documentary LC Percentage times the average daily Documentary Letter of Credit (Time Draft) Outstandings.

  • Use (i) the proceeds of the Revolving Credit in accordance with Section 2.12, (ii) the Letters of Credit in accordance with Section 4.9 and (iii) the Acceptances to honor the Time Draft Letters of Credit in compliance with the terms thereof.

  • Notwithstanding anything to the contrary contained in this Section 4, the Company may request that any Letter of Credit permit drawings thereunder to be by means of acceptance by the Issuing Bank of a time draft (a "Time Draft") rather than by payment of a sight draft.

  • The Company shall also pay Documentary Letters of Credit Fees in respect of Documentary Letter of Credit (Time Draft) Outstandings determined by multiplying two (2) times the Applicable Documentary LC Percentage times the average daily Documentary Letter of Credit (Time Draft) Outstandings.

  • Each Commercial Letter of Credit shall contain terms, conditions and provisions acceptable to Bank, in its sole discretion, shall be in a minimum face amount of Ten Thousand Dollars ($10,000) and shall be either a Sight Draft Letter of Credit or a Time Draft Letter of Credit.

  • 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.

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.

  • 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).