Guarantee Instrument definition
Examples of Guarantee Instrument in a sentence
The Bank is free to accept or not the proposed form of the Guarantee Instrument, at its absolute discretion.
The value of the Guarantee Instrument shall be reduced with the payments made by the Bank and/or by the Borrower, as the case may be.
The Facility Limit or the Sublimit is not replenished if a Guarantee Instrument is enforced or in case the Bank honours its commitment under an endorsement, when the Bank recovered the thus enforced amount from the Multiproduct Facility collateral deposit.
If a Guarantee Instrument for global transit is issued, the Borrower expressly and irrevocably undertakes to the Bank, until complete fulfilment of all obligations to the Bank based on any Financing Document, to make any payment requested by the Bank if payment is made during the enforcement of the guarantee act (isolated or global) in a currency other than the currency in which the Guarantee Instrument was issued.
The Bank has discretionary power to accept or reject the proposed Guarantee Instrument form.
The request for Guarantee Instrument issuance or amendment under a Revolving Guarantee Facility can be provided to the Bank in writing, by e-mail or by facsimile, by the persons designated to represent the Borrower under the Financing Documents.
If the Borrower wishes the Guarantee Instrument to be issued with different content than that proposed by the Bank, the Guarantee Instrument issuance request must enclose the Borrower’s proposal on the form of the Guarantee Instrument to be issued by the Bank and the Bank must accept such provisions.
For the value of the Guarantee Instrument to remain within the limit of the security represented by the collateral deposit, the Bank re-evaluates daily the value of the issued Guarantee Instrument by reference to the value of the collateral deposit, according to the exchange rate of the National Bank of Romania.
The Borrower shall be subject to the exclusive jurisdiction of the courts of the Bank's headquarters or of the one chosen by the Bank, having jurisdiction over any action or procedure related to the terms and conditions applicable to the Guarantee Instrument use/issue/amendment application.
For Guarantee Instruments governed by laws other than Romanian law, the Borrower expressly and irrevocably agrees and undertakes all risks and costs arising from the Guarantee Instrument being governed by that respective foreign law.