Usance Letter of Credit definition

Usance Letter of Credit means a Commercial Letter of Credit under which drafts are payable other than at sight.
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Usance Letter of Credit means a deferred payment letter of credit payable at a determined future date after presentation of conforming documents;
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Usance Letter of Credit as defined in Section 3.1(a).
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Examples of Usance Letter of Credit in a sentence

  • By irrevocable 90/120 days Usance Letter of credit for 100% value opened by State trading Corporation of India Ltd for an on behalf of KSCDC.


More Definitions of Usance Letter of Credit

Usance Letter of Credit means a Commercial Letter of Credit pursuant to which a time draft, payable by its terms not more than 90 days from the date thereof, is to be presented to the Issuing Bank for acceptance by such Issuing Bank.
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Usance Letter of Credit means any letter of credit issued by an Issuing Bank pursuant to Section 2.04 for the account of the Borrowers, which is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by any Borrower in the ordinary course of its business and honored by the Issuing Bank's delivery of time drafts payable no more than sixty days from the date of delivery thereof.
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Related to Usance Letter of Credit

  • 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.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

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

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • 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.

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

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

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • 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.

  • 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 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.

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

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

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

  • 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.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

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

  • 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.

  • 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.

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

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

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).