Canadian Dollar Letter of Credit definition

Canadian Dollar Letter of Credit means any Letter of Credit denominated in Canadian Dollars.
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Canadian Dollar Letter of Credit. Letters of Credit denominated in Canadian Dollars.
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Canadian Dollar Letter of Credit in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
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Examples of Canadian Dollar Letter of Credit in a sentence

  • The U.S. Dollar Equivalent of each Canadian Dollar Letter of Credit Advance and of the Available Amount of each Canadian Dollar Letter of Credit shall be recalculated hereunder on each date on which it shall be necessary to determine the Unused Revolving Credit Commitment, or any or all Letter of Credit Advances outstanding on such date.

  • For purposes of determining, at any time, the aggregate principal amount of Letter of Credit Advances or the aggregate Available Amount of all Letters of Credit then outstanding at such time, the aggregate principal amount of all Canadian Dollar Letter of Credit Advances and the aggregate Available Amount of all Canadian Dollar Letters of Credit outstanding at such time shall be converted to the U.S. Dollar Equivalent determined as at such time.

  • On the day of any drawing under any Letter of Credit, such Issuing Bank shall notify the Administrative Agent of such drawing, specifying the amount thereof, and on the day of any payment under any Letter of Credit, such Issuing Bank shall notify the Administrative Agent of such payment, specifying the amount thereof and, in the case of a payment under a Canadian Dollar Letter of Credit, the U.S. Dollar Equivalent thereof.

  • If Borrowers fail to so reimburse the L/C Issuer by such time, Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Canadian Dollar Letter of Credit) (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof.

  • In the case of a Canadian Dollar Letter of Credit, Borrowers shall reimburse the L/C Issuer in Canadian Dollars, unless (A) the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, Borrowers shall have notified the L/C Issuer promptly following receipt of the notice of drawing that Borrowers will reimburse the L/C Issuer in Dollars.

  • The amount of any such Aggregate (USD) Commitment reduction shall not be applied to the Canadian Dollar Letter of Credit Sublimit, the Letter of Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Company, except as otherwise provided in clause (iv) above.

  • In the case of any such reimbursement in Dollars of a drawing under a Canadian Dollar Letter of Credit, the L/C Issuer shall notify Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof.

  • Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit or a Canadian Dollar Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under a Canadian Dollar Letter of Credit to be reimbursed in Canadian Dollars (each such date, an “Honor Date”), Borrowers shall reimburse the L/C Issuer through Agent in an amount equal to the amount of such drawing and in the applicable currency.


More Definitions of Canadian Dollar Letter of Credit

Canadian Dollar Letter of Credit means any Letter of Credit denominated in Canadian Dollars. Notwithstanding the foregoing, from and after the Amendment No. 5 Effective Date, no Canadian Dollar Letters of Credit may be requested or issued under this Agreement. (c) The definition of the term “Canadian Loan” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: “Canadian Loan” means any Loan denominated in Canadian Dollars. Notwithstanding the foregoing, from and after the Amendment No. 5 Effective Date, no Canadian Loans may be requested or made under this Agreement. (d) The definition of the term “Canadian Sublimit” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: “Canadian Sublimit” means $0. (e) The definition of the term “Commitment Termination Date” in Section 1.1 of the Credit Agreement is hereby amended by deleting therefrom the words “April 12, 2019” and substituting therefor the words “January 26, 2022”. (f) The definition of the term “Eurodollar Base Rate” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: “Eurodollar Base Rate” shall mean, with respect to any borrowing of Eurodollar Rate Loans for any Interest Period, the rate per annum determined by the Administrative Agent at approximately 11:00 a.m., London time, on the date which is two Business Days prior to the beginning of such Interest Period by reference to the ICE Benchmark Administration Interest Settlement Rates for deposits in Dollars (as published by any service selected by the Administrative Agent which has been nominated by the ICE Benchmark Administration Limited (or its successor) as an authorized information vendor for the purpose of displaying such rates, in each case, the “Screen Rate”) for a period equal to such Interest Period; provided that, if such rate is not available at such time for such Interest Period (an “Impacted Interest Period”) for any reason, the “Eurodollar Base Rate” shall be the Interpolated Rate; provided further that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition for any Interest Period, then the “Eurodollar Base Rate” shall mean (x) such other interbank rate with respect to such Interest Period set forth by any authorized service selected by the Administrative Agent that reflects an alternative index rate widely recognized in the U.S. syndicated loan market as the successor to the IC...
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Canadian Dollar Letter of Credit shall have the meaning provided in Section 3.1(a)(ii).
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Related to Canadian Dollar Letter of Credit

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Letter of Credit Exposure means, at any time, the sum of (a) the aggregate Available Amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all payments or disbursements made by an Issuing Bank pursuant to a Letter of Credit Advance that have not yet been reimbursed at such time.

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.