NRG will also provide a $330 million letter of credit to GenOn.
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The letter of credit was issued from HSBC to Dutch lender ING.
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The lawyers will also look for a deposit or letter of credit.
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Cargoes are sometimes shipped before the buyer has received a letter of credit (LCs).
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The bank issued a letter of credit for U.S. food and agriculture firm Cargill.
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Starwood's lawyers will have to look for a deposit or a letter of credit.
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Some U.S. customers can import without a letter of credit if they pay up front.
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The amendment also doubled the letter of credit subfacility to $400 million from $200 million.
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The company had previously announced a standby letter of credit facility for up to $500 million.
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Without a letter of credit, shipments cannot be delivered and the shipper does not get paid.
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HSBC completed the first yuan-denominated blockchain-based letter of credit transaction, the bank said on Tuesday.
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A cash collateralization was added to a US$2bn letter of credit, after lenders demanded additional protection.
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Reuters was not able to determine the identity of the bank which issued the letter of credit.
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That letter of credit, from affiliates of CEO Eddie Lampert's hedge fund, ESL Investments, was announced in December.
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Her mother is a letter-of-credit specialist in the Manhattan branch of Kookmin Bank, a Korean bank.
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Fitch assumes fully drawn letter of credit commitments ranking ahead of the super senior debt in the payment waterfall.
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There will also be a letter of credit, although the exact size of that is still to be determined.
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The financing agreement is the largest bespoke letter of credit confirmation and discounting transaction of its kind in the region.
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Letter of credit fees for the bonds totaled $37.8 million from fiscal 2014 through fiscal 2016, according to state data.
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Firtash, Correia explained, would in turn sign a letter of credit to him and buy the gas at a mark-up.
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The two banks said they had joined with the Infocomm Development Authority of Singapore to emulate a letter of credit (LOC) transaction.
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The transaction was executed by means of a letter of credit - a widely used way to cut risk between importers and exporters.
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In the pilot, Mercuria completed an oil trade using a digital "smart contract" on a blockchain instead of a letter of credit.
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It will refinance and combine two existing loans including a $1.1 billion letter of credit facility and a $1 billion existing revolver.
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Typically, the importer's bank, once presented with a shipping bill or other proof, issues a "letter of credit" to the exporter guaranteeing payment.
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Correia asked if the businessman would open a letter of credit to buy gas from Qatar, where they claimed to have a contact.
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Sears — The retailer secured a standby letter of credit facility for an initial $200 million, providing it with additional liquidity to fund its operations.
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The letter of credit would give Iran access to hard currency at a time when it is being frozen out of global oil markets.
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That injection is tied to a $500 million real-estate-backed loan, and a secured standby letter of credit facility worth up to $500 million.
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The company also has a $160 million uncommitted revolving letter of credit facility, which at June 30, 2016 had $13 million in letters of credit outstanding.
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The delayed-draw facility includes a minimum liquidity covenant, while the letter of credit is contingent on the company maintaining at least US$1bn in cash.
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Trump said he'd be willing to offer a "letter of credit," sourced from "numerous countries" and backed by oil, to help relieve Iran's short-term crunch.
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The second loan is a $150 million letter of credit for the purchase of Saudi Aramco crude by Sonatrach Raffineria Italiana, APICORP said in a statement.
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Step two: Pledge a mainland Chinese asset with a mainland bank for a standby letter of credit (SBLC), which is a promise by the bank to pay.
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The announcement follows Sears' disclosure last month that it had obtained a standby letter of credit facility, being provided by affiliates of Lampert's hedge fund, ESL Investments.
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To obtain a letter of credit, companies must prove they "have adopted measures to insure they can meet their obligations at the time of payment," it said.
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The banks, whose names were not disclosed, will hold the debt for two years under essentially the same terms as in the existing letter of credit agreements.
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The loans, which will be offered to additional banks later this month, include a US$2bn letter of credit facility and a US$4bn delayed-draw term loan.
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In conventional trading, a bank provides a letter of credit to the exporter on behalf of the importer, and the money is paid upon delivery of the goods.
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Pricing on the letter of credit has also dropped to 100bp from roughly 23bp over Libor, reflecting less risk in the company and the banks' slightly reduced fees.
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The Ontario Superior Court of Justice also approved a $134 million letter-of-credit facility and second-priority lien over assets under the facility, Pacific Exploration said on Wednesday.
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In exchange for West Virginia dropping its lawsuit, Contura will provide the regulator a $4 million letter of credit and up to $4.5 million guaranty on Alpha's cleanup obligations.
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When state tenders are awarded, the firm selling the commodity asks for a letter of credit from one of Egypt's state-owned banks, which is confirmed with its own bank.
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KEY RATING DRIVERS Irrevocable Standby Letter of Credit: The rating reflects the credit enhancement provided to investors by the Beijing branch of Agricultural Bank of China Limited (ABC; A/Stable).
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Investors will have the benefit of an irrevocable standby letter of credit denominated in Chinese yuan issued by ABC that will expire one month after the maturity of the bonds.
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Instead of sharing a mountain of paperwork between a long list of parties, a trader will instead be able to use a digital letter of credit, speeding up transactions considerably.
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Zakaria had extended a letter of credit for a transaction involving Delima and Safitex, a move the board felt was a breach of regular procedure, a company spokesman told Reuters.
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Fitch also assumes that the EUR147.4m letter of credit lines used for intra-year working capital funding and renewed for one year in October 2015 will be further renewed thereafter.
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There was also a 385 million euro unfunded letter of credit paying 200bp over Euribor and a 281 million euro-equivalent multi-currency revolving credit facility paying 300bp over Euribor/Libor.
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Ghosn is also accused of paying $14.7 million to Saudi businessman Khaled Al-Juffali using Nissan funds in exchange for arranging a letter of credit to help with his investment losses.
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In a cash collateralization, the banks require the borrower to deposit cash in an amount equivalent to the size of the loan (in this case the letter of credit) as collateral.
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SoftBank said it will provide a $5 billion debt package to WeWork, comprising $403 billion in senior secured notes, $2.2 billion in unsecured notes, and a $1.75 billion letter of credit facility.
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Ghosn is also accused of making $14.7 million in payments to Saudi businessman Khaled Al-Juffali using Nissan funds in exchange for arranging a letter of credit to help with his investment losses.
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SoftBank said will it provide a $5 billion debt package to WeWork, comprising of $1.1 billion in senior secured notes, $2.2 billion in unsecured notes, and a $403 billion letter of credit facility.
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SoftBank said it will provide a $403 billion debt package to WeWork, comprising of $1.1 billion in senior secured notes, $2.2 billion in unsecured notes, and a $1.75 billion letter of credit facility.
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Under the terms, the company said it would have immediate access to $650 million in financing, comprising $550 million under a term loan facility and $100 million under a letter of credit facility.
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Under the terms, the company said it would have immediate access to $650 million in financing, comprising $550 million under a term loan facility and $100 million under a letter of credit facility.
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The transaction involved user participation on the blockchain-based platform by teams from Louis Dreyfus Company as the seller and Bohi as the buyer, with banks issuing and confirming the letter of credit.
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The case may have a wider impact on the banking sector given the possibility that other jewellers could have exploited the letter of credit and bank guarantee facilities to fund their business operations.
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The financing included a $500 million term loan, which the company is planning to repay, along with a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $100 million.
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The rule also establishes automatic triggers that require a school to put up a letter of credit — or large sum of money — every time they are sued to protect taxpayers if the institution fails.
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ACCRA, Oct 4 (Reuters) - HSBC and Standard Chartered issued a $500 million letter of credit to Ghana on Tuesday to guarantee the national oil company's payments for gas extracted from the offshore Sankofa field.
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"Over time what you could see for example, is a mortgage being granted in 10 minutes, you could see a letter of credit being granted in two minutes, those types of things," he said.
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A letter of credit is a document from a bank guaranteeing that payment to a seller is made on time and ensuring that the bank will pay the seller if the buyer fails to pay.
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The standby letter of credit amount includes any amount the issuer has failed to pay into the prefunding account when required to do so before any payment dates, including at the maturity of the bonds.
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Last month, Ares Capital Corporation increased the size of its RCF to US$3.4bn from US$2.1bn, as well as expanded its letter of credit facility to US$200m from US$150m, the firm reported.
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When state tenders are awarded, the firm selling the commodity asks for a letter of credit, or guarantee of payment, from one of Egypt's state-owned banks, which is then confirmed with its own bank.
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PBF Energy Inc, the intended buyer of the cargo, has been trying unsuccessfully to find a bank willing to provide a letter of credit to discharge the oil, according to two trading and shipping sources.
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Both men later in 2015 used $400,000 from the account of an 86-year-old long-time client of Morgan Stanley to back a letter of credit in support of the wind farm project, prosecutors said.
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Louis Dreyfus Co, Shandong Bohi Industry Co, ING, Societe Generale and ABN Amro took part in the trade where the sales contract, letter of credit and certificates were digitalised on the Easy Trading Connect (ETC) platform.
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The company had said in December that it arranged a $1.75 billion letter of credit with Goldman Sachs that was in the process of being syndicated and whose funds were expected to be available in January.
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Ghosn then gained help from Al-Juffali who used his personal assets to provide collateral for a bank to issue a letter of credit that Tokyo-based Shinsei Bank had required of Ghosn, the sources said.
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Reuters has reported that Al-Juffali is the person prosecutors believe arranged a letter of credit for Ghosn over his foreign exchange contract after which a company that Al-Juffali owned received four payments totaling $14.7 million.
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Lenders called for additional protection on the US$23bn loan, which consists of a US$220bn letter of credit priced at 100bp over Libor, and a US$4bn delayed draw term loan, which is priced at 475bp.
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A cash collateralization was added to the US$2bn letter of credit, which can require borrowers to deposit cash matching the size of the loan as collateral, and the deal was also secured on the IPO proceeds.
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Shared workplace operator WeWork said on Tuesday it has arranged a $1.75 billion letter of credit with Goldman Sachs that is in the process of being syndicated and whose funds are expected to be available in January.
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Stifel in 2012 reached a settlement in private litigation by the school districts, agreeing to pay $13 million and providing a letter of credit for an additional $9.5 million to be paid once the SEC's case was resolved.
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Woehrl, who bought German airline Deutsche BA from British Airways for a nominal 1 euro in 2003, said Air Berlin's insolvency administrator had been shown a letter of credit for 50 million euros, to guarantee an initial payment for his bid.
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A Syrian government source close to the matter told Reuters Hoboob purchased the wheat at 150 euros ($168) a tonne, on a cost and freight basis, and shipment would be for a year after opening up the letter of credit.
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Eager to turn the concept into reality, HSBC completed a test run last year along with Bank of America Merrill Lynch and the Infocomm Development Authority of Singapore, proving that a letter of credit could be replicated on a distributed ledger.
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For example, if a for-profit school were to hit certain "triggers," it would be required to set aside a letter of credit worth at least 10 percent of its annual federal aid revenue to help cover borrower defense claims.
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The changes, which mean that the letter of credit facility is now secured by the cash and proceeds of the IPO instead of being equivalent to the now riskier term loan, suggest that lenders are more comfortable with the credit.
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He was later replaced as chairman of FGV after a leadership tussle with the company's chief executive and investigations over a letter of credit issued for a transaction at an FGV subsidiary, in a move seen as a breach of regular procedure.
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WeWork said it had $1.3 billion in cash at year end, $800 million of cash that became unrestricted when it closed on a new letter of credit facility in February and $2.2 billion senior unsecured debt funding from major shareholder SoftBank Group.
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The 2018 merger between MFG and MRH was backed with a £700m TLB, paying 450bp over Libor and a €565.44m TLB, paying 350bp over Euribor, as well as a £230m-equivalent RCF and £50m-equivalent letter of credit, according to LPC data.
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The refinery sources said the suspensions are for open accounts, typically revolving credit lines that are issued before any oil is shipped and delivered, and also "back-to-back" accounts, credits that are guaranteed by a letter of credit from a Chinese bank.
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The refinery sources said the suspensions are for open accounts, typically revolving credit lines that are issued before any oil is shipped and delivered, and also "back-to-back" accounts, credits that are guaranteed by a letter of credit from a Chinese bank.
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MEXICO CITY (Reuters) - A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters.
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While the rule aims to give student borrowers a clear, fair and transparent process to seek debt relief, for-profit schools claim the regulation is unfairly punitive because it requires schools to provide a letter of credit every time a lawsuit is filed against it.
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Peabody has agreed to $800 million in debtor-in-possession financing from both secured and unsecured creditors, subject to court approval, including a $500 million term loan, a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $163 million, it said.
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Peabody has agreed to $800 million in debtor-in-possession financing from both secured and unsecured creditors, subject to court approval, including a $163 million term loan, a $200 million bonding accommodation facility for cleanup costs and a letter of credit worth $100 million, it said.
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For-profits have slammed the rule as unfairly punitive because it establishes automatic triggers that would require a school to put up a letter of credit — a large sum of money — every time a lawsuit is filed against it to protect taxpayers if the institution fails.
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HAVANA (Reuters) - Cuba has imposed new restrictions on imports by state-run companies, ordering them to obtain a letter of credit from the central bank for purchases above the equivalent of $100,13, as the Communist-run island struggles with a shortage of cash and mounting commercial debt.
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But it angered for-profit institutions, which claimed it was unfairly punitive because it established automatic triggers requiring a school to put up a letter of credit — a large sum of money — every time a lawsuit is filed against it to protect taxpayers if the institution fails.
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For-profit schools, however, have slammed it as unfairly punitive because it establishes automatic triggers that would require a school to put up a letter of credit — a large sum of money — every time a lawsuit is filed against it to protect taxpayers if the institution fails.
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A person helped arrange a letter of credit for Ghosn and a company run by the person later received $14.7 million in Nissan funds in four installments between 2009 and 2012, the statement said, adding that the payments were made in Ghosn's and the person's interests.
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Kbr Inc: * KBR LAUNCHES DEBT-ONLY REFINANCING * KBR INC - REFINANCING TO HAVE SECURED CREDIT FACILITIES INCLUDING REVOLVING CREDIT AGREEMENT, PERFORMANCE LETTER OF CREDIT FACILITY, & TWO TERM LOANS * KBR INC - COMPANY WILL NOT ISSUE EQUITY TO MARKET AS PART OF THE REFINANCING PROCESS Source text for Eikon: Further company coverage:
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RATING SENSITIVITIES Since the rating of the credit-enhanced bonds is based solely on ABC's commitment to meet its obligations under the standby letter of credit to investors, any change in Fitch's assessment of ABC's ratings will result in an equivalent change in the rating of this bond.
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The additional collateral on the letter of credit, which effectively reduced the banks' risk by a third, was added to the set of protections banks required to lend, which include the minimum IPO proceeds and a set of liquidity requirements before the company has access to the delayed draw funds.
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WeWork will be required to maintain a minimum amount of liquidity (including the letter of credit cash collateral) of US$21bn through June 23, 2021, US$3bn through September 30, 2021 and US$3.5bn through December 31, 13`1 and thereafter, according to an amended prospectus filed on September 13.
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"We await more details, but if the 'other banks' have advanced money to overseas suppliers against PNB's letter of credit, PNB would have to honor the payments, in our view, and would have to seek to recover the money from these overseas suppliers," said Morgan Stanley analyst Sumeet Kariwala, in a note to clients on Thursday.
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The company accused the N.R.A. of failing to pay $1.6 million in invoices and to post a $3 million letter of credit that it said it was due, moves that Ackerman said would force it to "terminate or put on unpaid leave" roughly 40 percent of its work force within days, and shutter Mercury Group, its Northern Virginia subsidiary.
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NTP aims to help streamline the trade finance and supply chain industry: By using the platform, companies don't have to physically present paper-based trade documents to complete a letter of credit transaction and can instead do so online by leveraging NTP's features like its online cloud-based repository offering, and an SFTP connection or API integration for document sharing.
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Limelight Networks case * Limelight Networks Inc says district court reduced total damages payable by Limelight in this case to approximately $51 million * Will regain access to about $12 million of $63 million currently held in a letter of credit supporting damages award * Limelight Networks Inc says will take a charge in Q2 2016 for full amount of $51 million Source text for Eikon: (Bengaluru Newsroom; +1 646 646 8780)
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Finally there's a joint venture share swap where all of SoftBank Vision Fund's interests in regional joint ventures outside of Japan will be exchanged for WeWork shares at a price of $11.60 per share' and a debt facility consisting of $1.1 billion in senior secured notes, $2.2 billion in unsecured notes, and a $1.75 billion letter of credit facility, which will occur after the tender offer is completed.
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