Usance Letter of Credit definition

Usance Letter of Credit means a deferred payment letter of credit payable at a determined future date after presentation of conforming documents;
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Usance Letter of Credit means a Commercial Letter of Credit under which drafts are payable other than at sight.
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Usance Letter of Credit as defined in Section 3.1(a).
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Examples of Usance Letter of Credit in a sentence

  • By irrevocable 90/120 days Usance Letter of credit for 100% value opened by State trading Corporation of India Ltd for an on behalf of KSCDC.


More Definitions of Usance Letter of Credit

Usance Letter of Credit means a Commercial Letter of Credit pursuant to which a time draft, payable by its terms not more than 90 days from the date thereof, is to be presented to the Issuing Bank for acceptance by such Issuing Bank.
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Usance Letter of Credit means any letter of credit issued by an Issuing Bank pursuant to Section 2.04 for the account of the Borrowers, which is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by any Borrower in the ordinary course of its business and honored by the Issuing Bank's delivery of time drafts payable no more than sixty days from the date of delivery thereof.
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Related to Usance Letter of Credit

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

  • 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.