Uniform Customs and Practice definition

Uniform Customs and Practice means the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 and any subsequent revision thereof approved by a Congress of the International Chamber of Commerce and adhered to by the Bank.

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Uniform Customs and Practice is defined in Section 2.3.7.

Uniform Customs and Practice means the Uniform Customs and Practice for Documentary Credits, 1994 Revision, ICC Publication No. 500.

Examples of Uniform Customs and Practice in a sentence

Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit.
Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit.
Each Letter of Credit shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by the LC Bank.
The Uniform Customs and Practice for Documentary Credits as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.
Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit.
The Issuing Lender may have the Letters of Credit be subject to The Uniform Customs and Practice for Documentary Credits, as published as of the date of issue by the International Chamber of Commerce (the "UCP"), in which case the UCP may be incorporated therein and deemed in all respects to be a part thereof.
Each Letter of Credit shall be governed by either (i) the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, or (ii) the International Standby Practices (ISP98), International Chamber of Commerce Publication No. 590, in either case, including any subsequent revisions thereof approved by a Congress of the International Chamber of Commerce and adhered to by the Issuing Lender.
Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit.
The Issuing Lender shall have the Letters of Credit be subject to The Uniform Customs and Practice for Documentary Credits, as published as of the date of issue by the International Chamber of Commerce (the "UCP"), in which case the UCP may be incorporated therein and deemed in all respects to be a part thereof.
Each Letter of Credit shall be governed by the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 500 (1993 version).

More Definitions of Uniform Customs and Practice

Uniform Customs and Practice is defined in Section 2.4.7. ----------------------------

Uniform Customs and Practice means the Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication No. 500.

Uniform Customs and Practice means, with respect to each Letter of Credit, the Uniform Customs and Practice for Documentary Letters of Credit (1993 Revision), International Chamber of Commerce Publication No. 500, and any subsequent revision thereof adhered to by Chase on the date such Letter of Credit is issued.

Uniform Customs and Practice means the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600, or the International Standby Practices (ISP98), as specified in the Credit issued by the Bank for the Applicant, or any subsequent revision thereof adhered to by the Bank on the date the Credit is issued. In consideration of the issuance by the Bank of the Credit substantially as requested in the Application, the Applicant hereby agrees with the Bank as follows with respect to the Credit: 1. The Applicant will pay the Bank, on demand, at the Bank's principal office, or such other office as is designated by the Bank, in immediately available funds, the amount required to pay each Instrument. Such payment shall be made with interest from the date of the Bank's payment of such Instrument to the date of reimbursement. If the Instrument is in a foreign currency, such payment shall be in United States currency at the higher of the Bank's or the Bank's correspondent's selling rate of exchange for cable transfers to the place of payment of the Instrument current on the date of payment or the Bank's settlement of its obligation or the date of demand as the Bank may require. If, for any cause, on the date of payment or settlement, as the case may be, there is no selling rate or other rate of exchange generally current in New York for effecting such transfers, the Applicant will pay the Bank on demand an amount in United States currency equivalent to the Bank's actual cost of settlement of its obligation however or whenever the Bank shall make such settlement, with interest from the date of settlement to the date of payment. The Applicant will comply with all governmental exchange regulations now or hereafter applicable to the Credit or Instrument or payments related thereto and will pay the Bank, on demand, in United States currency, such amount as the Bank may be or may have been required to expend on account of such regulations. The Bank may debit the Applicant's demand deposit account referred to in the Application, and any other account or accounts maintained by the Applicant with any office of the Bank, or any subsidiary or affiliate thereof (now or in the future) and apply the proceeds to the payment of any and all amounts owed by the Applicant to the Bank hereunder. The Applicant shall during the life of all Credit maintain the account referred to in the Application.

Uniform Customs and Practice with respect to a Credit means the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication No. 500 and any subsequent revision thereof adhered to by the Bank on the date such Credit-is issued. The Uniform Customs and Practice shall serve, in the absence of proof expressly to the contrary, as evidence of general bank usage.

Uniform Customs and Practice means the Uniform Customs and Practice for Documentary Credits adopted by a Congress of the International Chamber of Commerce, and any subsequent revisions thereof approved by a Congress of the International Chamber of Commerce and adhered to by the Lender.