Clean Bankers definition

Clean Bankers. Acceptance” or “Clean BA” means a negotiable time draft drawn on and accepted by the L/C-BA Issuer pursuant to Section 2.03(a) to finance the purchase of fuel or freight expenses in connection with the shipment of fuel or to finance insurance, port charges or advances on purchases of fuel.
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Clean Bankers. Acceptance” or “Clean BA” means a negotiable time draft drawn on and accepted by the L/C Issuer pursuant to Section 2.03(a) to finance the purchase of inventory.
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Clean Bankers. Acceptance” or “Clean BA” means a negotiable time draft drawn on and accepted by the L/C Issuer pursuant to S ection 2.03(a) to finance the purchase of Inventory by a Borrower or to finance freight expenses in connection with the shipment of Inventory by a Borrower.
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Examples of Clean Bankers in a sentence

  • Each Banker's Acceptance shall comply with any related BA Documents and shall be executed on behalf of the Borrower, in the case of a Clean Bankers' Acceptance, or the beneficiary of a Trade Letter of Credit, in the case of a Trade Bankers' Acceptance, and presented to the Primary Fronting Bank pursuant to such procedures as are provided for in any such BA Documents or otherwise provided or required by the Primary Fronting Bank.

  • The Primary Fronting Bank may retain or re-discount, at its election, any Clean Bankers' Acceptance and the amount received by the Primary Fronting Bank upon payment thereof at maturity or the amounts received upon re- discounting shall be solely for the account of the Primary Fronting Bank.

  • Each Bankers' Acceptance Request shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Clean Bankers' Acceptance (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the shipping information; (E) a description of the inventory; and (F) such other matters as the L/C Issuer may reasonably require.

  • Each Clean Bankers' Acceptance shall be in a minimum increment of $100,000, shall be endorsed in blank, shall cover the purchase of inventory, shall mature on a Business Day up to one hundred eighty (180) days after the date thereof, and shall not be payable prior to its stated maturity date.

  • The stated maturity date of each Clean Bankers' Acceptance shall be a Business Day.

  • Immediately upon the issuance of each Clean Bankers' Acceptance, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Clean Bankers' Acceptance in an amount equal to the product of such Lender's Applicable Percentage times the amount of such Clean Bankers' Acceptance.

  • Upon receipt by the L/C Issuer of confirmation from the Administrative Agent that the requested issuance is permitted in accordance with the terms hereof, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Clean Bankers' Acceptance for the account of the Borrower, in each case in accordance with the L/C Issuer's usual and customary business practices.