Counter Guarantee definition

Counter Guarantee means a guarantee (or similar instrument acceptable to the relevant Issuing Bank) issued by an Acceptable Bank for the benefit of the Issuing Bank and being either substantially in the form agreed between the Company and each of the Issuing Banks prior to the date of this Agreement as attached in Schedule 15 (Form of Bank Guarantee) or otherwise in a form and substance reasonably satisfactory to that Issuing Bank and the Company.

Counter Guarantee means the counter-guarantee, counter-indemnity, indemnity or undertaking, however named or described and in such form and contents as determined by the Bank in its sole discretion, which is at any time issued by the Bank to a Correspondent in order to procure, arrange or facilitate the issuance of the Undertaking by the relevant Correspondent and includes any amendment, extension or renewal of the Counter-guarantee; and

Counter Guarantee means an undertaking given to the guarantor/issuer of another undertaking by its instructing party and providing for payment upon simple demand or upon demand accompanied by other documents, in conformity with the terms and any documentary conditions of the undertaking, indicating, or from which it is to be inferred, that payment under that other undertaking has been demanded from, or made by, the person issuing that other undertaking;

Examples of Counter Guarantee in a sentence

• The FCIs and Non-Financial Letters of Credit will be used only for the operational business of the Parent Borrower, its Restricted Subsidiaries and Joint Ventures; provided that no FCI or Non-Financial Letter of Credit may be issued for the benefit of financial creditors, except for a Counter-Guarantee supporting another FCI.

• Each Counter-Guarantee and any and all Counter-Guarantor Letters of Credit and parent guarantees, to the extent required thereby, shall be in full force and effect and no default in the performance of any thereof shall have occurred and be continuing.

• All representations and warranties of each Counter-Guarantor in its Counter-Guarantee are true and correct on and as of the Effective Date.

• Each Counter-Guarantor by execution and delivery of its Counter-Guarantee acknowledges and agrees for the benefit of the Initial Lender that as of the date hereof such Counter-Guarantor's Counter-Guarantee remains in full force and effect and is hereby ratified and confirmed.

• The Foreign Credit Instruments will be used only for the operational business of the Parent Borrower, its Subsidiaries and Joint Ventures; provided that no Foreign Credit Instrument may be issued for the benefit of financial creditors, except for a Counter-Guarantee supporting another Foreign Credit Instrument.

More Definitions of Counter Guarantee

Counter Guarantee means each counter-guarantee, counter-indemnity, indemnity, standby letter of credit or undertaking, however named or described and in such form and content as determined by you at your sole discretion, which is at any time issued by you to a Correspondent in order to procure, arrange or facilitate the issuance of the Guarantee by the relevant Correspondent, and includes any amendment, extension or renewal of a Counter-guarantee; and

Counter Guarantee. (a) a customary standby letter of credit, bank guarantee or surety (each in compliance with the Mandatory Requirements) issued by a Foreign Issuing Lender as credit support for an Indirect Foreign Credit Instrument issued by an Indirect Foreign Issuing Lender or (b) a customary standby letter of credit, bank guarantee or surety (each in compliance with the Mandatory Requirements) issued by a Foreign Issuing Lender as credit support for a standby letter of credit, bank guarantee or surety issued by itself or another financial institution (including one of such Foreign Issuing Lender’s domestic or foreign branches or affiliates).

Counter Guarantee has the meaning assigned thereto under the URDG.

Counter Guarantee. (a) a customary standby letter of credit, bank guarantee or surety (each in compliance with the Mandatory Requirements) issued by an FCI Issuing Lender as credit support for an Indirect FCI issued by an Indirect FCI Issuing Lender or (b) a customary standby letter of credit, bank guarantee or surety (each in compliance with the Mandatory Requirements) issued by an FCI Issuing Lender as credit support for a standby letter of credit, bank guarantee or surety issued by itself or another financial institution (including one of such FCI Issuing Lender’s domestic or foreign branches or affiliates).

Counter Guarantee a guarantee payable on first demand by a Foreign Issuing Lender as security for a Foreign Credit Instrument issued by an Indirect Foreign Issuing Lender, a Fronting Lender or an Affected Foreign Issuing Lender.

Counter Guarantee means, in relation to a Counter-Guarantor, the counter-guarantee in the Agreed Form executed or to be executed by that Counter-Guarantor in favour of the Security Trustee in respect of the obligations and liabilities of GasLog and GasLog Carriers under the Guarantees to which they are party and, in the plural, means both such Counter-Guarantees;

Counter Guarantee means the counter guarantee of the Counter Guarantor in the Agreed Form;