German Letter of Credit definition

German Letter of Credit means a letter of credit (as that term is defined in the Code) issued for the account of any German Borrower pursuant to the terms of this Agreement by Issuing Lender.
Sample 1
German Letter of Credit any standby or documentary letter of credit issued by the Issuing Bank for the account of the German Borrower or any of the German Borrower’s Subsidiaries, or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by the Agent or the Issuing Bank for the benefit of any German Obligor or any German Obligor’s Subsidiaries. German Letter of Credit Subline: $15,000,000. German Loan Party: any Loan Party organized under the laws of Germany German Maximum Credit: at any time, the lesser of (a) the Total German Revolver Sublimit in effect at such time and (b) the German Borrowing Base of such German Borrower at such time.
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German Letter of Credit means any LC Instrument issued under this Agreement for the account of a German Borrower, other than any such instrument that shall have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05.
Sample 1Sample 2

Examples of German Letter of Credit in a sentence

  • The German Borrower agrees that any action taken or omitted by a German Issuing Lender under or in connection with any German Letter of Credit issued by it or the related drafts or documents, if done in the absence of gross negligence or willful misconduct shall be binding on the German Borrower, as applicable and shall not result in any liability of such German Issuing Lender to the German Borrower.

  • The German Borrower’s obligations under this Xxxxxxx 0X xxxxx xx absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the German Borrower may have or have had against any German Issuing Lender, any beneficiary of a German Letter of Credit or any other Person.

  • To the extent that any provision of any Application related to any German Letter of Credit is inconsistent with the provisions of this Section 3C, the provisions of this Section 3C shall apply.

  • The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of German Revolving Credit Loans (or, if applicable, German Swing Line Loans) could be made, pursuant to Section 2.5(b) (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent received notice from the relevant German Issuing Lender of such drawing under such German Letter of Credit.

  • If any draft shall be presented for payment under any German Letter of Credit, the relevant German Issuing Lender shall promptly notify the Administrative Agent and the German Agent of the date and the amount thereof.

  • No German Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any German Letter of Credit, except for errors or omissions found by a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of such German Issuing Lender.

  • Promptly after issuance by a German Issuing Lender of a German Letter of Credit, such German Issuing Lender shall furnish a copy of such German Letter of Credit to the German Borrower, the Administrative Agent and the German Agent.

  • Each German Letter of Credit shall be denominated in Euros or such other currencies as may be agreed pursuant to Section 10.1(b).

  • Each German Issuing Lender shall promptly give notice to the Administrative Agent and the German Agent of the issuance of each German Letter of Credit issued by such German Issuing Lender (including the amount thereof).

  • Such fees shall be payable in Euros and in addition, the German Borrower shall pay to the relevant German Issuing Lender for its own account a fronting fee on the aggregate drawable amount of all outstanding German Letters of Credit issued by it of 1/8 of 1% per annum, payable quarterly in arrears on each German L/C Fee Payment Date after the issuance of date of such German Letter of Credit.


More Definitions of German Letter of Credit

German Letter of Credit means each Letter of Credit issued for the joint and several account of the German Borrowers pursuant to Section 2.01.
Sample 1
German Letter of Credit is defined in Section 2.1(a)(ii) of this Agreement.
Sample 1

Related to German Letter of Credit

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Documentary Letter of Credit means any Letter of Credit that is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Borrower or any of its Subsidiaries in the ordinary course of its business.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.