Letter of Guarantee definition

Letter of Guarantee or “LG” means a documentary credit issued by the Bank on behalf of the Borrower for the purpose of providing security to a third party that the Borrower or a person designated by the Borrower will perform a contractual obligation owed to such third party;

Letter of Guarantee or "L/G" means a stand-by letter of guarantee or similar instrument in form and substance satisfactory to the Bank.

Letter of Guarantee means the letter of guarantee executed by each GUARANTOR and required to be delivered by the BORROWER to the BANK pursuant to SECTION 3.01 hereof, together with all exhibits and schedules thereto, as the same may be supplemented, modified, amended, restated or replaced from time to time in the manner provided therein.

Examples of Letter of Guarantee in a sentence

• Personal check accompanied by a Bank Letter of Guarantee (see sample below).

• Our liability under this Letter of Guarantee shall become null and void immediately upon its expiry, whether it is returned or not, and no claim may be made under this Letter after such expiry or after the aggregate of the sums paid by us to you shall equal the sums guaranteed under this Letter, whichever is the earlier.

• In this case, prompt payment of the outstanding balance shall be secured by a Letter of Guarantee issued by another bank for the same amount plus a margin covering our Bank’s claim under the principal and the interest thereon for the entire period of the credit facility.

• The Letter of Guarantee should be issued by a recognized Greek or foreign bank and should be equal to 10% of the reserve price.

• Our liability under this Letter of Guarantee shall be to pay to you whichever is the lesser of the sum so requested or the amount then guaranteed under this Letter in respect of any demand duly made under this Letter prior to expiry of this Letter of Guarantee, without being entitled to inquire whether or not this payment is lawfully demanded.

More Definitions of Letter of Guarantee

Letter of Guarantee or “LG” means a documentary credits issued by the Bank on behalf of the Borrower for the purpose of providing security to a third party that the Borrower or a person designated by the Borrower will perform a contractual obligation owed to such third party.

Letter of Guarantee means a letter of guarantee issued by the L/C Lender on behalf of the Lenders in respect of Facility A or Facility B at the request and for the account of the relevant Borrower to beneficiaries.

Letter of Guarantee or "L/G" means, unless specifically limited elsewhere in this Agreement, a stand-by letter of guarantee or similar instrument in form and substance satisfactory to the Bank.

Letter of Guarantee means the guarantee provided by the Guarantor in favor of the Bank in support of the Borrower’s indebtedness hereunder and under the Note, to be delivered to the Bank pursuant to Section 3.01(b)(iii) as a condition to the making of the Loan, which shall be substantially similar in form and substance to the undertakings provided by Section 13.16 of the Reference Agreement.

Letter of Guarantee or “L/G” means a stand-by letter of guarantee or similar instrument in form and substance satisfactory to the Bank.

Letter of Guarantee means a letter of guarantee in the form attached hereto as Exhibit A.

Letter of Guarantee means as defined in Clause 24.4 hereof;