Eligible Draft definition

Eligible Draft means a draft that is eligible for discount under the Federal Reserve Act (12 U.S.C. ss. 372), and is eligible for purchase under the rules and regulations established from time to time by the Federal Reserve Bank of New York.
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Eligible Draft means a Proposed Draft that is, or upon the issuance thereof will be, (a) payable in U.S. dollars, (b) drawn by the Seller, as drawer, on each Customer jointly and severally, as drawees, and payable to the order of the Seller (or to any Person to which the applicable Draft is indorsed), (c) accepted by each Customer, (d) presented to the Purchaser by the relevant Draft Presentation Deadline and in an amount equal to or greater than the Draft Presentation Amount, (e) maturing on July 30, 2021 and (f) otherwise substantially in the form of E xhibit A hereto. Each Proposed Draft that the Purchaser offers to purchase through a Discounting Offer is referred to as an “Eligible Draft.”
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Eligible Draft means a Proposed Draft that is, or upon the issuance thereof will be, (a) payable in U.S. dollars, (b) drawn by the Seller, as drawer, on each Customer jointly and severally, as drawees, and payable to the order of the Seller (or to any Person to which the applicable Draft is indorsed), (c) accepted by each Customer, (d) presented to the Purchaser by the relevant Draft Presentation Deadline and in an amount equal to or greater than the Draft Presentation Amount, (e) maturing on July 30, 2021 and (f) otherwise substantially in the form of Exhibit A hereto. Each Proposed Draft that the Purchaser offers to purchase through a Discounting Offer is referred to as an “Eligible Draft.”
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Examples of Eligible Draft in a sentence

  • Such Remittance Letter shall direct the Purchaser to utilize its power of attorney under Section 2.7 to execute such Eligible Draft on behalf of the Seller as drawer and indorse such Eligible Draft on behalf of the Seller, upon payment by the Purchaser of the Purchase Price for such Eligible Draft (each a “POA Draft”).

  • This Agreement and each Eligible Draft are made in the State of New York and shall be governed by and construed in accordance with the laws of the State of New York, including Sections 5-1401 and 5-1402 of the New York General Obligations Law.

  • It is understood and agreed by the parties hereto that each Eligible Draft sold, transferred and conveyed to the Seller pursuant to this Section 7 is sold, transferred and conveyed by the Purchaser to the Seller without recourse, and without representation or warranty of any kind on the part of the Purchaser, except as expressly set forth in this Section 7, provided that the forgoing statement shall not limit the Purchaser’s other express obligations under this Agreement.

  • Nothing in this Section 8.5 shall be deemed to limit the right of the Purchaser to bring any suit, action or proceeding against the Customers or any other Person obligated to make payment in respect of any Eligible Draft in any other jurisdiction.

  • An Eligible Draft shall in no event include bankers' acceptances issued outside of this Agreement.

  • Each Bank severally agrees that it shall participate in any Bankers' Acceptances upon notification by the Agent that it has received an application for acceptance and discounting of an Eligible Draft in form and substance satisfactory to the Agent.

  • The Purchaser shall notify the Seller of any such repurchase required by it by delivering to the Seller a written notice thereof (the “Repurchase Notice”), which shall identify the Eligible Draft requested to be repurchased (including the outstanding amount thereof), certify that the Repurchase Condition has been satisfied and specify in reasonable detail the basis upon which such repurchase is being required.

  • The Seller shall confirm to the Purchaser in writing (which may be by email) receipt by the Seller of the applicable original Eligible Draft and the related Draft Acceptance Confirmation promptly upon receipt thereof from the Purchaser.

  • It is understood and agreed by the Purchaser that the Seller does not represent or warrant that either Customer can or will pay any Eligible Draft.

  • To accept a Discounting Offer with respect to any Eligible Draft, the Seller shall provide written notice thereof prior to the Acceptance Deadline via email transmission which acceptance must be accompanied by a copy of a remittance letter accepting such Discounting Offer, which remittance letter shall be in the form of Exhibit C hereto or such other form as shall be acceptable to the Purchaser and the Seller (a “Remittance Letter”), executed by the Seller and with the pdf signature page attached thereto.