German Letter of Credit definition

German Letter of Credit means a letter of credit (as that term is defined in the Code) issued for the account of German Borrower pursuant to the terms of this Agreement by German Issuing Bank.
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 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 is defined in Section 2.1(a)(ii) of this Agreement.
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.

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Existing Letter of Credit means any letter of credit that (a) was issued under the Existing Credit Agreement by an Issuing Bank, (b) is outstanding on the Effective Date and (c) is listed in Schedule 1.01.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.