Letter-of-Credit Right definition

Letter-of-Credit Right means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit.
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Letter-of-Credit Right has the meaning set forth in Article 9 of the UCC.
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Letter-of-Credit Right means “letter-of-credit right” as defined in Article 9 of the UCC.
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Examples of Letter-of-Credit Right in a sentence

  • As used herein, each of the following terms has the meaning specified in the UCC: Term UCC Section Account 9-102 Adverse Claim 8-102 Authenticate 9-102 Chattel Paper 9-102 Deposit Account 9-102 Document 9-102 Entitlement Holder 8-102 Financial Asset 8-102 & 8-103 General Intangibles 9-102 Instrument 9-102 Investment Property 9-102 Letter-of-Credit Right 9-102 Proceeds 9-102 Security 8-102 Securities Account 8-501 Security Entitlement 8-102 Supporting Obligation 9-102 (c) Additional Definitions.

  • If the secured creditor has control over a Letter-of-Credit Right, the secured creditor must send an authenticated release to each person obligated under the Letter-of-Credit Right, releasing the obligated persons from any further obligation to pay or deliver proceeds.

  • Without limiting the generally of the foregoing, the following terms shall have the meaning ascribed to them in the UCC: Account, Chattel Paper, Deposit Account, Document, Electronic Chattel Paper, Equipment, Fixtures, Goods, Instrument, Inventory, Investment Property, Letter-of-Credit Right, Payment Intangible, Proceeds, Security, Securities Account, Supporting Obligations and Software.

  • Upon the request of the Administrative Agent during the continuance of an Event of Default, each Grantor shall enable the Administrative Agent to obtain control of each Letter-of-Credit Right of such Grantor by (A) assigning such Letter-of-Credit Right to the Administrative Agent, (B) causing the issuing bank of the related letter of credit to consent to such assignment and (C) causing the related letter of credit to be advised by the Administrative Agent.

  • Without limiting the foregoing the following terms are used herein as defined in the U.C.C.: Account, Authenticate, Certificated Securities, Chattel Paper, Commercial Tort Claim, Commodities Accounts, Control, Documents, Electronic Chattel Paper, Entitlement Holder, Entitlement Orders, Fixtures, Goods, Instruments, Investment Property, Letter-of-Credit Right, Money, Payment Intangibles, Security Entitlements, Uncertificated Securities and Tangible Chattel Paper.


More Definitions of Letter-of-Credit Right

Letter-of-Credit Right. “proceeds”, “record”, “securities account”, “security”, “supporting obligation” and “tangible chattel paper”.
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Letter-of-Credit Right means a right to payment or
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Letter-of-Credit Right. Has the meaning given that term in UCC and also refers to any right to payment or performance under an L/C, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance.
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Letter-of-Credit Right means a right to payment or performance under a letter of
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Letter-of-Credit Right. “Securities Account”, “Security”, “Supporting Obligations” and “Uncertificated Securities”.
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Letter-of-Credit Right means any "Letter of credit right," as such term is defined in the UCC, now owned or hereafter acquired by the Debtor or in which the Debtor now holds or hereafter acquires any interest, including any right to payment or performance under any letter of credit.
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Letter-of-Credit Right has the meaning set forth in the UCC.
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