Documentary Credits Sample Clauses
Documentary Credits. The Documentary Credit Lender agrees, on the terms and conditions of this Agreement, to issue Documentary Credits under the Credit Facility only for the account of the Borrower from time to time on any Business Day prior to the Maturity Date in respect of the Documentary Credit Lender.
Documentary Credits amend the Credit Agreement to permit utilisation of the Revolving Facility by way of letters of credit, bank guarantees, indemnity, performance bonds and other documentary credits.
Documentary Credits. Any reference in this Agreement to:
(a) an amount borrowed includes any amount utilised by way of Documentary Credit;
(b) a Lender funding its participation in a Utilisation includes an Indemnifying Lender participating in a Documentary Credit;
(c) amounts outstanding under this Agreement include amounts outstanding under, or in relation to, any Documentary Credit;
(d) an outstanding amount of a Documentary Credit at any time is the maximum amount that is or may be payable by the L/C Bank in respect of that Documentary Credit at that time;
(e) a Borrower “repaying” a Documentary Credit or an Ancillary Facility utilised by way of performance bond means:
(i) that Borrower providing cash cover for that Documentary Credit or performance bond;
(ii) the maximum amount payable under the Documentary Credit or performance bond being reduced in accordance with its terms or otherwise in a manner satisfactory to the L/C or Ancillary Facility Lender, as the case be, in each case, acting reasonably; or
(iii) the L/C Bank or Ancillary Facility Lender, as the case be, being satisfied that it has no further liability under that Documentary Credit or performance bond, and that the amount by which a Documentary Credit or performance bond is repaid under sub-paragraph (e)(i) or reduced under sub-paragraph (e)(ii) above is the amount of the relevant cash cover or reduction; and
(f) a Borrower providing “cash cover” for a Documentary Credit or an Ancillary Facility utilised by way of performance bond means that Borrower paying an amount in the currency of the Documentary Credit or performance bond to an interest-bearing account in the name of that Borrower and the following conditions are met:
(i) the account is with the Facility Agent (if the cash cover is to be provided for all the Indemnifying Lenders) or with an Indemnifying Lender or the L/C Bank or the Ancillary Facility Lender (if the cash cover is to be provided for that Indemnifying Lender or the L/C Bank or Ancillary Facility Lender, as the case may be);
(ii) in the case of cash deposited as cash cover for a Documentary Credit, withdrawals from the account may only be made to pay a Finance Party amounts due and payable to it under this Agreement in respect of that Documentary Credit until no amount is or may be outstanding under that Documentary Credit; and
(iii) the relevant Borrower has executed a security document over that account, in form and substance satisfactory to the Facility Agent or the Finance Party with ...
Documentary Credits. Any reference in this Agreement to:
(a) an amount borrowed includes any amount utilised by way of Documentary Credit;
(b) a Lender funding its participation in a Utilisation includes an Indemnifying Lender participating in a Documentary Credit;
(c) amounts outstanding under this Agreement include amounts outstanding under, or in relation to, any Documentary Credit;
(d) an outstanding amount of a Documentary Credit at any time is the maximum amount that is or may be payable by the Borrower in respect of that Documentary Credit at that time;
(e) the Borrower “repaying” a Documentary Credit means:
(i) the Borrower providing cash cover for that Documentary Credit;
(ii) the maximum amount payable under the Documentary Credit being reduced in accordance with its terms; or
(iii) the L/C Bank being satisfied that it has no further liability under that Documentary Credit, and that the amount by which a Documentary Credit is repaid under sub-paragraphs (e)(i) and (e)(ii) above is the amount of the relevant cash cover or reduction; and
(f) the Borrower providing “cash cover” for a Documentary Credit means the Borrower paying an amount (x) at any time prior to the occurrence of a Sharing Event in the currency of the Documentary Credit and (y) at any time on or after the occurrence of a Sharing Event, in euros, to an interest-bearing account in the name of the Borrower and the following conditions are met:
Documentary Credits. Each Documentary Credit issued under the Revolving Credit Facility may only be issued for the purposes set out in Clause 3.2 (Revolving Credit Loans).
Documentary Credits. 5.1 Each documentary credit opened at my (our) request by the Bank (“Credit”) shall be subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision) of the International Chamber of Commerce Publication No. 600 (or any revision or amendment thereof for the time being in force) and to the extent not inconsistent therewith, shall be governed by the laws of the People’s Republic of China (for the purpose of this Agreement, excluding Hong Kong, Macau and Taiwan, “PRC”), provided that, if the parties to such Credit are all PRC entities or persons, such Credit shall be governed by the laws of PRC. I (We) authorise the Bank to pay or accept for my (our) account all drafts, demands or other instruments (each a “draft”) drawn or made or purporting to be drawn or made under any Credit. I (We) shall (i) in the case of each sight draft, reimburse to the Bank on demand the amount paid on such draft or, if so required by the Bank, pay to the Bank or as the Bank may direct in advance the amount which is or may be payable on such draft and (ii) in the case of each acceptance, pay to the Bank, or as the Bank may direct, on demand, but in any event on or before maturity at the place for payment, the amount payable by reason of such acceptance. I (We) shall make payment in cleared funds and in the currency in which the relevant draft is denominated or in such other currency as the Bank may specify. If payment is to be made in another currency, the amount to be paid in such other currency shall be determined by the Bank calculated at the spot rate of exchange (as conclusively determined by the Bank) on the date when such payment is required to be made or, at the Bank’s option, when the relevant draft will be payable. In any event, I (we) shall indemnify the Bank against any exchange loss or difference between the amount paid by me (us) and the amount payable on the relevant draft. If a draft is drawn by me (us) on the Bank in order to refinance any obligation as aforesaid and such draft is accepted by the Bank, the foregoing provisions shall apply as if such draft was drawn and accepted under a Credit.
5.2 Without limiting the provisions in Clause 5.2, I (we) shall indemnify the Bank and hold the Bank harmless from and against all claims, demands, actions, liabilities, damages, costs, losses, expenses and other sums which the Bank may incur, suffer, sustain or pay by reason of or in connection with any Credit, including but not limited to (i) any liabilit...
Documentary Credits. The Lender agrees, on the terms and conditions of this Agreement, to issue Documentary Credits under the Operating Facility only for the account of the Borrower from time to time on any Business Day prior to the Repayment Date upon execution of the Lender's prevailing standard form documentation in relation thereto, including the applicable application and indemnity.
Documentary Credits. (1) The Domestic Issuing Lender agrees, on the terms and conditions of this Agreement and in reliance on the agreements of the other Lenders with Canadian Operating Commitments, to issue Documentary Credits under the Canadian Operating Facility only for the account of Bracknell or State from time to time on any Business Day prior to the Relevant Repayment Date.
(2) The Foreign Issuing Lender agrees, on the terms and conditions of this Agreement and in reliance on the agreements of the other Lenders with U.S. Operating Commitments, to issue Documentary Credits under the U.S. Operating Facility only for the account of Nationwide from time to time on any Business Day prior to the Relevant Repayment Date.
(3) The letters of credit and letters of guarantee issued by Royal Bank of Canada for the account of any of the Borrowers and outstanding on the date of this Agreement shall be deemed to be Documentary Credits issued pursuant to this Agreement upon the making of the Initial Accommodation hereunder.
(4) The aggregate Face Amount of all Documentary Credits issued under the Operating Facilities shall not, at any time, exceed U.S. $10,000,000.
Documentary Credits. (a) The Tranche B Facility includes a Documentary Credit option.
(b) The maximum aggregate amount which may be outstanding under the Documentary Credits at any one time is €50,000,000.
Documentary Credits. (a) HSBC (UK) will only issue a Documentary Credit if the requested Documentary Credit:
(i) has an Opening Date which is a Business Day during the Availability Period;
(ii) has an Expiry Date which is not later than 120 days after the Opening Date and is before the Final Repayment Date;
(iii) is payable on a Business Day at the Lending Office of that Trade Financier where the Documentary Credit is issued or any other place approved by HSBC (UK) in writing;
(iv) is denominated in USD or an Approved Currency;
(v) is irrevocable and non-transferable;
(vi) is subject to the UCP; and
(vii) calls for a transport document / freight cargo receipt evidencing goods consigned / assigned to HSBC (UK), unless otherwise agreed by HSBC (UK).
(b) HSBC (UK) may pay immediately on demand (and without any prior notice to a US Trade Borrower) any amount demanded pursuant to the Documentary Credit despite:
(i) any dispute between the relevant US Trade Borrower and any person entitled to the Documentary Credit;
(ii) any right of set-off or other claim the relevant US Trade Borrower has against and any person entitled to the Documentary Credit;
(iii) any direction by the relevant US Trade Borrower to HSBC (UK) not to make the payment;
(iv) any breach by the relevant US Trade Borrower or any person entitled to the Documentary Credit of any agreement between them; or
(v) any Event of Default or Potential Event of Default.
(c) Each US Trade Borrower unconditionally and irrevocably indemnifies HSBC (UK) on demand against any Claim suffered or incurred or payable by HSBC (UK) arising directly or indirectly as a result of:
(i) HSBC (UK) issuing or making payment under a Documentary Credit;
(ii) any claim made or purportedly made under a Documentary Credit; or
(iii) any act of any person who is or claims to be entitled to the benefit of a Documentary Credit, whether or not the Documentary Credit may be void, voidable or unenforceable.
(d) The obligations of each US Trade Borrower under section 3.3(c) are absolute and unconditional.
(e) Each US Trade Borrower’s obligations under section 3.3(c) are not subject to any reduction or termination or otherwise affected or in any way limited by:
(i) any failure or default on the part of HSBC (UK) or its employees (other than negligent failure or wilful default); or
(ii) any falsity, inaccuracy, insufficiency or forgery of or in any document which on its face conforms to the requirements of the Documentary Credit under which it is given;
(iii) a...