Nominated Bank a banking institution where the Letter of Credit is available indicated in the Letter of Credit Agreement.
Nominated Bank a banking institution indicated in the Stand-by Letter of Credit Agreement where the Stand-by Letter of Credit is available. Legislation – applicable legislative and regulatory acts of Georgia and international treaties and agreements within the system of normative acts of Georgia. Customer – a person whose name/corporate name, identification data and other information are provided in Paragraph 1.2. of the Stand-by Letter of Credit Agreement. Other associated agreement/other agreement associated with the Agreement – a) an insurance agreement, collateral agreement, guarantee agreement, and/or documents entered into and/or issued between the Bank and the Customer or between the Bank and a Third Party pursuant to the Agreement and/or based on it, conclusion or/and issued of which is provided by the Agreement or/and arises out of it; and/or (b) any other agreements between the Bank and the Customer , or the Bank and a Third Party, concluded in accordance with the terms and conditions of the Agreement for the purpose of the use of a Stand-by Letter of Credit by the Customer as specified by the Agreement or for the purpose of its security. Third Party – any person other than the Customer or/and the Bank. Party/parties – the Customer or/and the Bank, contextually. Overdraft - a debit balance established by the Bank on the Customer’s account for a short period under the terms and conditions of the Agreement and/or the relevant Overdraft Agreement, which allows the Customer to use more than the amount of the Account within the Debit Balance established on his/her Account, and the arising debt shall be automatically repaid first of all with the funds deposited into the Account. Penalty (Fine) – the amount payable by the Customer for non-performance or improper performance of financial and/or other obligations assumed under the Agreement, the amount and terms of which shall be determined in accordance with the provisions of the Agreement. Person – an individual, legal entity and/or other corporate body provided by the legislation of Georgia or other country, which is not a legal entity. Remittee – Beneficiary, Advising Bank, Confirming Bank and/or Nominated Bank; Banking day – a day (except for Saturday, Sunday, or official holidays specified by the Legislation), when commercial banks operating in Georgia are open and conduct their normal business. Commission Fee – payments established by the Bank to the Customer for the use of Stand-by Letter of Credit within and un...
