Commercial Letter of Credit definition

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.

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 Borrower in the ordinary course of business of such Borrower.

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.

Examples of Commercial Letter of Credit in a sentence

• Use the proceeds of the Loans only for the purposes set forth in Section 3.12 and request the issuance of Letters of Credit only for the purposes set forth in the definition of Commercial Letter of Credit or Standby Letter of Credit, as the case may be.

• Each Letter of Credit shall be either a Standby Letter of Credit or a Commercial Letter of Credit.

• Each Letter of Credit shall be a Standby Letter of Credit (and may not be a Commercial Letter of Credit).

• Letters of Credit may be issued in the form of a Standby Letter of Credit or a Commercial Letter of Credit.

• Unless otherwise expressly agreed by the L/C Issuer and the Lead Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each Standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each Commercial Letter of Credit.

More Definitions of Commercial Letter of Credit

Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of materials, goods or services in the ordinary course of business.

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 the Borrower in the ordinary course of business of the Borrower.

Commercial Letter of Credit as defined in subsection 3.1(a).

Commercial Letter of Credit means any documentary letter of credit issued by an Issuing Bank pursuant to Section 10.1 for the account of the Lender on behalf of the Borrower.

Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing credit support in connection with the purchase of materials, goods or services by Borrower or any of its Subsidiaries in the ordinary course of their businesses.

Commercial Letter of Credit means any letter of credit or similar instrument payable on a sight basis issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Borrower or any Subsidiary in the ordinary course of business.