Credit Draft definition
Examples of Credit Draft in a sentence
You must create a Sales or Credit Draft for each Card transaction and deliver at least one copy of the Sales or Credit Draft to the Cardholder.
Have the Cardholder sign the Credit Draft, give the Cardholder the appropriate copy, and deposit the Credit Draft immediately.
For an uneven exchange, complete a Credit Draft (follow the procedures outlined in Section 10.1) for the total amount of only the merchandise returned.
Each transaction submitted for processing must include a Sales Draft or Credit Draft and a receipt or copy of the Draft that is provided to the Cardholder at the time the Card transaction is completed.
Credit Draft: A document evidencing the return of merchandise by a Cardholder to a Client, or other refund made by the Client to the Cardholder.
The amount of any drafts honored or paid by Bank and which are drawn under any Letter of Credit ("Draft Amount") shall be treated as loans under, and shall accrue interest in accordance with the terms of, the Revolving Line from the date of payment of such draft by Bank.
Such amounts shall not be used by the Lender to pay any amounts drawn under any Letter of Credit or Letter of Credit Draft.
The Borrower further agrees to pay the Lender a commission on the undrawn amount of each Letter of Credit (which amount shall include, without limitation, the amount of each Letter of Credit Draft accepted by the Lender but unpaid) in the amounts and at such times as are set forth in Section 2.5(e).
CUSTOMER will give the Cardholder a copy of the completed Credit Draft.
The Borrower further agrees to pay to the Lender, on demand, interest at the Default Rate, on any amount paid by the Lender, under or pursuant to any Letter of Credit or Letter of Credit Draft from the date of payment until the date of reimbursement to the Lender.