Sight LC definition

Sight LC means the LC which provides for payment by ICICI Bank to the negotiating bank on presentation of Documents drawn under the LC.
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Sight LC means that payment is made immediately to the beneficiary/seller/exporter upon presentation of the correct documents in the required time frame. In case of sight LC there is no credit period available to the buyer/importer. The purpose is only to secure the transaction as bank involves. The transaction is completed immediately on receipt of docs in bank. This type of LC is also termed as DP LC.
Sample 1

Examples of Sight LC in a sentence

  • Sight L/C Opening CommissionCommissionsUp to 0.40% for each quarteriii.

  • The Sight L/C – In this credit the amount is payable as the prescribed documents have been presented and the bank has checked them, so the proceeds are normally immediately disposed of to the beneficiary.

  • One division looks after Sight L/C and another one looks after Back to Back L/C.

  • If we specify, you will on the date payment is due (for example for a Sight LC or guarantee) or shortly before the date on which we fulfil (or are likely to fulfil) (for example the maturity date for a Usance LC) a Trade Payment Instrument obligation, pay us a sum equal to such payment under the Trade Payment Instrument.

  • Fertecon/IHS Markit (India CFR contract, including 180 days’ credit).B.Discounts to be allowed in Invoices upfronti.)Cash Discount on Sight L/C in %age on minimum price atSr. No. A above (in case sight payment is opted).

  • Sight L/C: Payment must be made within five working days after the document has been received from the exporter.2. Deferred L/C: Payment must be made on or after the due date i.e. Shipment date or Bill of lading date.

  • Sight L/C Opening CommissionCommissionUp to 0.40% for each quarteriii.

  • Under a Sight LC, the beneficiary is able to get the payment on presentation of documents conforming to the terms and conditions of the LC at the nominated bank’s countries.21.

  • Sight L/C is extremely beneficial for a firm, mostly because it is perhaps the quickest way of pertaining goods.

  • It is a Sight L/C for the beneficiary and Usance L/C for the applicant.

Related to Sight LC

  • Facility LC Application is defined in Section 2.19.3.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

  • Facility LC is defined in Section 2.19.1.

  • Standby Letter of Credit means any Letter of Credit other than a Commercial Letter of Credit.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Standby is displayed, followed by a message stating “Bidding started”. Enter your “Start bid”.

  • Letter of Credit Subfacility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time. The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $25,000,000.

  • Facility Letter of Credit means a Letter of Credit issued by an Issuer pursuant to Section 2.15.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Letter of Credit Fee has the meaning specified in Section 2.03(h).

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.

  • Letter of Credit Report means a certificate substantially in the form of Exhibit N or any other form approved by the Administrative Agent.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.