Line of Credit financing governs export payments under irrevocable letters of credit with advance payment and bank reimbursement. Exim Bank's line of credit to Banco Industrial de Venezuela finances approved Indian export contracts denominated in U.S. dollars, requiring Exim Bank approval and an advance by the buyer with the balance payable under an irrevocable letter of credit. Negotiating banks may pay beneficiaries in Indian rupees against compliant documents and Exim Bank reimburses negotiating banks in U.S. dollars for negotiations without reserve; reimbursements for negotiations under reserve require confirmation of document acceptance. Letters of credit must follow UCP rules and shipments must include inspection certificates and prescribed GR/SDF declarations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Line of Credit financing governs export payments under irrevocable letters of credit with advance payment and bank reimbursement.
Exim Bank's line of credit to Banco Industrial de Venezuela finances approved Indian export contracts denominated in U.S. dollars, requiring Exim Bank approval and an advance by the buyer with the balance payable under an irrevocable letter of credit. Negotiating banks may pay beneficiaries in Indian rupees against compliant documents and Exim Bank reimburses negotiating banks in U.S. dollars for negotiations without reserve; reimbursements for negotiations under reserve require confirmation of document acceptance. Letters of credit must follow UCP rules and shipments must include inspection certificates and prescribed GR/SDF declarations.
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