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 any Group Member in the ordinary course of its business.

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.

Documentary Letter of Credit means any Letter of Credit that is a documentary letter of credit.

Examples of Documentary Letter of Credit in a sentence

Unless otherwise expressly agreed by the relevant Issuer and the 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 Documentary Letter of Credit.

More Definitions of Documentary Letter of Credit

Documentary Letter of Credit a letter of credit which requires that the drafts thereunder be accompanied by a document of title covering or securing title to the goods acquired with the proceeds of such drafts.

Documentary Letter of Credit means a commercial letter of credit qualifying as a trade-related contingency under 12 CFR Part 3, Appendix A, Section 3(b)(3) or any successor U.S. Comptroller of the Currency regulation.

Documentary Letter of Credit means a documentary Letter of Credit issued in respect of the purchase of goods or services by any Borrower Party in the ordinary course of its business.

Documentary Letter of Credit means a letter of credit issued pursuant to this Credit Agreement that supports payment or performance for a single identified purchase or exchange of products in the ordinary course of business of the Company or its Subsidiaries.

Documentary Letter of Credit means a letter of credit which is a short term, self-liquidating trade-related contingency.

Documentary Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Sublimit in support of trade obligations incurred in the ordinary course of business and that includes, as a condition to drawing thereunder, the presentation to the Issuing Bank of negotiable bills of lading, invoices and related documents sufficient, in the judgment of the Issuing Bank, to create a valid and perfected security interest in the goods covered thereby.

Documentary Letter of Credit has the meaning specified in Section 2.07(b).