German Letter of Credit definition

German Letter of Credit means any Letter of Credit issued by the German Issuing Bank pursuant to this Agreement.
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.
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Examples of German Letter of Credit in a sentence

  • The obligation of such German Borrower to reimburse the Issuing Bank for any payment made under a German Letter of Credit shall be absolute, unconditional, irrevocable, and, subject to Section 2.2.1(e), shall be paid without regard to any lack of validity or enforceability of any German Letter of Credit or the existence of any claim, setoff, defense or other right that the German Borrower may have at any time against the beneficiary.

  • 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.

  • 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.

  • 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.

  • 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.

  • The reports shall be delivered on or about January 1 and July 1 of each Calendar Year.

  • 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.

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

  • The obligation of the German Borrower to reimburse German Issuing Bank for any payment made under a German Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any German Letter of Credit or the existence of any claim, setoff, defense or other right that the German Borrower may have at any time against the beneficiary.


More Definitions of German Letter of Credit

German Letter of Credit is defined in Section 2.1(a)(ii) of this Agreement.
Sample 1
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 means any standby or sight commercial Letter of Credit issued pursuant to Section 2.05(a)(iv).
Sample 1

Related to German Letter of Credit

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

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

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • 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.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • 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 2.3(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 each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • 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 hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • 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 a Guarantor 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.