Shipside Bond definition

Shipside Bond means an undertaking addressed to a carrier indemnifying the carrier against losses that might be incurred by virtue of the carrier’s delivery of goods to the Borrower without receipt of a document of title and includes an air release. 1.1.31 “Sight Credit”: means a Letter of Credit, the terms of which require the Bank to make payment upon presentation of conforming documents. 1.1.32 “Standby Credit”: means a Letter of Credit designed to be payable in the event of default or other nonperformance by party obligated to the beneficiary, such event to be evidenced by the presentation of documents. 1.1.33 “Subordinated Debt”: shall mean such liabilities of the Borrower which have been subordinated to those owed to the Bank in a manner acceptable to the Bank. 1.1.34 “Trade Advance”: means an Advance to pay for a Drawing under a Letter of Credit or to pay a Documentary Collection, if any. 1.1.35 “Usance Credit”: means a Letter of Credit, the terms of which require the Bank to make payment at a specified date or time not more than 90 days after presentation of conforming documents. 1.1.36 “Variable Rate Advance”: shall have the respective meaning as it is defined for each facility under Section 2, hereof. 1.1.37 “Variable Rate”: shall have the respective meaning as it is defined for each facility under Section 2, hereof. 1.1.38 “Working Capital Advance”: shall mean an Advance under the Line of Credit made for the purpose described in Section 2.
View Source
Shipside Bond means an undertaking addressed to a carrier indemnifying the carrier against losses that might be incurred by virtue of the carrier’s delivery of goods to the Borrower without receipt of a document of title and includes an air release.
View Source

Examples of Shipside Bond in a sentence

  • In such event, each such Shipside Bond shall be considered an Obligation under this Agreement for purposes of Section 2.4 and shall reduce the amount available to the Borrower for the issuance of Letters of Credit by the amount of such Shipside Bonds.

  • Nothing contained in this Agreement nor any past or future action on the part of the Bank shall be construed as creating any obligation on the part of the Bank to issue a Shipside Bond.

Related to Shipside Bond

  • Corporate bond means a senior secured debt obligation issued by a domestic business entity and rated not lower than “AA-” or the equivalent by a nationally recognized investment rating firm. The term does not include a debt obligation that, on conversion, would result in the holder becoming a stockholder or shareholder in the entity, or any affiliate or subsidiary of the entity, that issued the debt obligation, or is an unsecured debt obligation. Gov’t Code 2256.0204(a)

  • Performance Bond means the financial security for performance a USF Service Provider must furnish in accordance with section 54 of this RFA;

  • Bonds means any bonds (including refunding bonds), notes, interim certificates, certificates of indebtedness, debentures or other obligations.

  • Bail bond means the same as that term is defined in Section 31A-35-102.

  • Corporate Bonds means a debt obligation of a United States-chartered corporation with a maturity date greater than 270 days, which may be interest-bearing or discount-purchased.