Proceeds of a letter of credit definition

Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents presented by the beneficiary.
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Proceeds of a letter of credit means the cash, check, accepted draft,
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Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor
Sample 1

Examples of Proceeds of a letter of credit in a sentence

  • Proceeds of a letter of credit" has the same meaning as in section 1305.13 of the Revised Code.

  • Proceeds of a letter of credit means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit.

Related to Proceeds of a letter of credit

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).