Sight Letter of Credit definition

Sight Letter of Credit means a Letter of Credit wherein a draft is drawn at sight (i.e. drawn payable upon presentment).
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Sight Letter of Credit as defined in Section 3.1(a).
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Sight Letter of Credit means a sight letter of credit as defined in the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits, 1993 Revisions, ICC Publication No. 500 or any successor publication thereof.
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Examples of Sight Letter of Credit in a sentence

  • The Co-Borrowers agree to pay to the Bank, with respect to each Sight Letter of Credit, upon the issuance of such Letter of Credit an amount equal to 1/8 of 1% of the face amount of such Letter of Credit (subject to a maximum of $2,000) and upon presentation of such Letter of Credit for payment to the Bank, a payment commission equal to 1/8 of 1% on the face amount of such Letter of Credit (subject to a maximum of $2,000).

  • Unless an authorized Iteris representative agrees upon different credit terms in writing at the time of acceptance of Purchaser’s order, the standard terms of payment shall be cash or wire transfer of funds in advance of shipment or, for international shipments, Irrevocable Sight Letter of Credit collectable within thirty (30) days after shipment.

  • Payment terms shall be in accordance with policy of China Export Credit Insurance or Irrevocable Sight Letter of Credit, 20% shall be prepaid by T/T wire transfer, and the balance of 80% of each Purchase Order Payment shall be made to the Supplier address specified hereafter.

  • The principal agent is responsible for the preparation of the contract data schedule and must be contacted should the contractor be uncertain of the information provided or to be provided.

  • The Company has entered into Usance Payable At Sight Letter of Credit (U-Pas LC) arrangement includes credit availed by the suppliers from banks for goods supplied to the Company.

  • The Customer shall comply with all local and foreign laws, including import and export regulations, applicable to the basic commercial dealings related to credit opening, customs clearance or any necessarily required action to execute the Documentary Letter of Credit, whether locally or abroad, whether Sight Letter of Credit or Acceptance Letter of Credit, even after opening the Documentary Letter of Credit.

  • The nature of facility is revolving Sight Letter of Credit Export Development Fund (EDF - local and foreign) (inner of facility a) where the limit is BDT 900 million, tenor is maximum 180 days and expiry date is one year from sanction.

  • If payment is to be made when specified documents are presented, this is referred to as a Sight Letter of Credit.

  • No Sight Letter of Credit issued hereunder shall expire more than 180 days from the date of issuance, no Standby Letter of Credit issued hereunder shall expire more than one year from the date of issuance and no Documentary Banker's Acceptance shall mature more than 180 days from the date of creation thereof, and in no event shall any Letter of Credit expire or any Documentary Banker's Acceptance mature, after the Business Day which is immediately prior to the Revolving Credit Termination Date.

  • The Debtors hereby agree to pay the Bank a sight letter of credit fee with respect to each Sight Letter of Credit issued hereunder in an amount equal to one-quarter of one percent (.25%) of the stated face amount of each such Sight Letter of Credit.


More Definitions of Sight Letter of Credit

Sight Letter of Credit means any sight Letter of Credit issued by the Bank at the request of the Debtors and for the account of the Debtors in accordance with Section 2.14 hereof.
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Related to Sight Letter of Credit

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

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

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

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

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Loan Party in the ordinary course of business of such Loan Party.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

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

  • Existing Letter of Credit means each letter of credit previously issued (or deemed issued) for the account of the Borrower, the Company or any of their respective Subsidiaries under the Existing Credit Facilities that (a) is outstanding on the Closing Date and (b) is listed on Schedule 1.01C.

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

  • 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.

  • 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.

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

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

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

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

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

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

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

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • 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.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • 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.

  • Facility LC Application is defined in Section 2.19.3.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • 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.