Canadian Letter of Credit definition

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

Canadian Letter of Credit means any letter of credit issued hereunder by a Canadian L/C Issuer as the same may be amended, extended, renewed or otherwise modified from time to time. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit.

Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

Examples of Canadian Letter of Credit in a sentence

• The renewal or extension of any Canadian Letter of Credit shall be treated as the issuance of a new Canadian Letter of Credit, except that delivery of a new LC Application shall be required at the discretion of Canadian Issuing Bank.

• The obligation of Canadian Borrower to reimburse Canadian Issuing Bank for any payment made under a Canadian 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 Canadian Letter of Credit or the existence of any claim, setoff, defense or other right that Canadian Borrower may have at any time against the beneficiary.

• If, in sufficient time to act, Canadian Issuing Bank receives written notice from Canadian Required Lenders that a LC Condition has not been satisfied, Canadian Issuing Bank shall not issue the requested Canadian Letter of Credit.

• Canadian Issuing Bank shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Canadian Borrower are discharged with proceeds of any Canadian Letter of Credit.

• Canadian Borrower assumes all risks of the acts, omissions or misuses of any Canadian Letter of Credit by the beneficiary.

More Definitions of Canadian Letter of Credit

Canadian Letter of Credit has the meaning assigned to such term in Section 2.05(a)(i)(B)

Canadian Letter of Credit any standby, time (usance) or documentary letter of credit issued by a Canadian Fronting Bank for the account of a Canadian Borrower or any Restricted Subsidiary, or any indemnity, guarantee or similar form of credit support issued by Agent or a Canadian Fronting Bank for the benefit of a Canadian Borrower or Restricted Subsidiary, including any Existing Canadian Letter of Credit issued for the account of a Canadian Borrower or any Restricted Subsidiary.

Canadian Letter of Credit shall have the meaning provided in Section 3.01(a).

Canadian Letter of Credit means any Letter of Credit or similar instrument (including a bank guarantee) acceptable to the applicable Issuing Bank issued hereunder for the purpose of providing credit support for the Canadian Borrower.

Canadian Letter of Credit is defined in clause (a) of Section 2.1.2.

Canadian Letter of Credit means any letters of credit issued or to be issued by the Canadian Issuing Bank under the Canadian Subfacility requested by a Canadian Borrower, if any, pursuant to Section 2.13.

Canadian Letter of Credit means a Letter of Credit issued under the Canadian LOC Subfacility, as referenced in Section 2.11(a) plus Existing Canadian Letters of Credit.