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Letter of Credit Expiry Date means, with respect to any Letter of Credit, the date which is one (1) year after the date of issuance therefor.
20.2.1. A revocable letter of credit is one which can be cancelled or amended by the issuing bank at any time and without prior notice to or consent of the beneficiary.
Expiry Date means the date set by the Board under section 3.1 of the Plan, as the last date on which an Option may be exercised. Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).
Can an Irrevocable Letter of Credit Be Amended? Yes, an ILOC can be amended if both the buyer and the beneficiary agree to the changes. Amendments can modify the ILOCs terms, extend the expiry date, or adjust other conditions. All parties involved, including the issuing bank, need to agree and endorse the amendment.
When an LC is expired - it has ceased to exist - there is no LC. This means: 1) That, the general rules for refusing documents (i.e. UCP 600 article 14(b) and 16) do not apply.
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If the customer ships the goods he does it at his own risk and peril. When the LC Expires it means there is no more LC. The bank can extend the validity of the LC at the request of the applicant and if the bank agrees to.
Letter of Credit Amendment Application means an application form for amendment of outstanding standby or commercial documentary letters of credit as shall at any time be in use by the Issuing Bank, as the Issuing Bank shall request.

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