Description and Purpose. Trade Bank will issue usance commercial letters of credit (each a “Usance Commercial Credit”) for the account of Borrower and create bankers’ acceptances from drafts drawn under these Usance Commercial Credits (“Acceptances”) and, if indicated above, incur deferred payment obligations from drawings under Usance Commercial Credits. Subject to the credit sublimits specified above, these Usance Commercial Credits will be transferable or not transferable and have the goods related to them consigned to or not consigned to, or controlled by or not controlled by, Trade Bank. The Usance Commercial Credit Sublimit specified above refers to the aggregate undrawn amount of all Usance Commercial Credits together with the aggregate amount of all Acceptances and deferred payment obligations which may be outstanding at any one time under each subcategory of the Usance Commercial Credit Sublimit. This Subfacility may only be used for the following purpose: importation of apparel. Documents: Before the first Usance Commercial Credit is issued: Trade Bank’s standard form Commercial Letter of Credit Agreement; Before each Usance Commercial Credit is issued: Trade Bank’s standard form Application For Commercial Letter of Credit; Before each Usance Commercial Credit is amended: Trade Bank’s standard form Application For Amendment To Letter of Credit; Term: No Usance Commercial Credit may expire more than one hundred eighty (180) calendar days after the date it is issued. No usance draft may have a term of more than one hundred twenty (120) calendar days. • Standby Credits:
Appears in 1 contract
Sources: Credit Agreement (Cutter & Buck Inc)
Description and Purpose. Trade Bank will issue usance commercial letters of credit (each a “"Usance Commercial Credit”") for the account of Borrower and create bankers’ ' acceptances from drafts drawn under these Usance Commercial Credits (“"Acceptances”") and, if indicated above, incur deferred payment obligations from drawings under Usance Commercial Credits. Subject to the credit sublimits specified above, these Usance Commercial Credits will be transferable or not transferable and have the goods related to them consigned to or not consigned to, or controlled by or not controlled by, Trade Bank. The Usance Commercial Credit Sublimit specified above refers to the aggregate undrawn amount of all Usance Commercial Credits together with the aggregate amount of all Acceptances and deferred payment obligations which may be outstanding at any one time under each subcategory of the Usance Commercial Credit Sublimit. This Subfacility may only be used for the following purpose: issuance of Usance Commercial Credits for the importation of apparelwireless handsets, accessories and related components. Documents: Before the first Usance Commercial Credit is issued: Trade Bank’s 's standard form Commercial Letter of Credit Agreement; Before each Usance Commercial Credit is issued: Trade Bank’s 's standard form Application For Commercial Letter of Credit; Before each Usance Commercial Credit is amended: Trade Bank’s 's standard form Application For Amendment To Letter of Credit; Term: No Usance Commercial Credit may expire more than one hundred eighty (180) calendar days after the date it is issued. No usance draft may have a term of more than one hundred twenty sixty (12060) calendar days. • · Standby Credits:
Appears in 1 contract
Sources: Credit Agreement (Infosonics Corp)