Common use of Guarantee Instruments for global transit Clause in Contracts

Guarantee Instruments for global transit. If a Guarantee Instrument for global transit is issued, the Borrower expressly and irrevocably undertakes to the Bank, until complete fulfilment of all obligations to the Bank based on any Financing Document, to make any payment requested by the Bank if payment is made during the enforcement of the guarantee act (isolated or global) in a currency other than the currency in which the Guarantee Instrument was issued. The Borrower undertakes to cover any exchange rate difference and, in this respect, fully recognizes the additional credit facility granted by the Bank for covering the exchange rate difference.