Canadian Letter of Credit Commitment definition
Examples of Canadian Letter of Credit Commitment in a sentence
Any such notice may also include the request to increase the US Letter of Credit Commitment with a corresponding reduction of the Canadian Letter of Credit Commitment or to increase the Canadian Letter of Credit Commitment with a corresponding reduction of the US Letter of Credit Commitment.
In the case of a Lender in respect of a Canadian Revolving Credit Commitment or a Canadian Letter of Credit Commitment, the Register shall also record the address of the lending office of the Lender through which such Lender acts under this Agreement.
CIBC agrees, subject to the terms and conditions of this Agreement, to maintain the Existing Canadian Letters of Credit as Canadian Letters of Credit hereunder and, upon request of TD Canada, to issue from time to time for the account of the TD Canada Canadian Letters of Credit upon delivery to CIBC of a Letter of Credit Application in form and content acceptable to CIBC; provided, that the Canadian Letter of Credit Outstandings hereunder shall not exceed the Canadian Letter of Credit Commitment.
Within the limits of the Canadian Letter of Credit Commitment, and subject to the limits referred to above, the Canadian Borrower may request the issuance of Canadian Letters of Credit under this Section 2.1(e)(ii), repay any Canadian Letter of Credit Loans resulting from drawings thereunder pursuant to Section 2.2(j) and request the issuance of additional Canadian Letters of Credit under this Section 2.1(e)(ii).
The letters of credit listed in Schedule VI shall be deemed to be Canadian Letters of Credit Outstandings under the Canadian Letter of Credit Commitment.