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 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 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 a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • 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 shall have the meaning provided in Section 2.01(a).

  • Commercial Letter of Credit means any Letter of Credit issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by a Borrower in the ordinary course of business of such Borrower.

  • Acceptable Letter of Credit means an on-first-demand irrevocable standby letter of credit naming the XXXXX Xxxxxx as beneficiary (a) issued by a Qualified Financial Institution, (b) the stated maturity date of which is at least one year from the date of issuance (except that for letters of credit issued as a replacement letter of credit with less than one year remaining until the stated expiration date of the original letter of credit, the term shall be for such shorter period), and (c) which allows drawing (i) during the ten (10) Business Day period prior to expiry (unless otherwise replaced or extended) and (ii) upon downgrade of the issuer thereof such that it is no longer a Qualified Financial Institution if not replaced within thirty (30) Business Days of such downgrade.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • 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).

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

  • 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.

  • 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.