Canadian Letter of Credit Facility definition

Canadian Letter of Credit Facility means, at any time, an amount equal to the least of (a) the aggregate amount of the Issuing Banks’ Canadian Letter of Credit Commitments at such time and (b) $10,000,000 and (c) the aggregate amount of the Canadian Prime Rate Commitments, as such amount may be reduced at or prior to such time pursuant to Section 2.06 or increased pursuant to Section 2.19.
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Canadian Letter of Credit Facility means the facility described in Article III hereof providing for the issuance by CIBC for the account of TD Canada of Canadian Letters of Credit in an aggregate stated amount at any time outstanding not exceeding the Canadian Letter of Credit Commitment;
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Canadian Letter of Credit Facility has the meaning specified in SECTION 2.16(a).
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Examples of Canadian Letter of Credit Facility in a sentence

  • No Obligor may assign or transfer any of its Rights or obligations hereunder without the prior written consent of Lenders and, if such Rights or obligation relate to any Letter of Credit, the Letter of Credit Facility, any Canadian Letter of Credit or the Canadian Letter of Credit Facility, Issuing Bank or Canadian Issuing Bank, as the case may be.

  • Within the limits of the Canadian Letter of Credit Facility, and subject to the limits referred to above, the applicable Canadian Borrower may request the issuance of Canadian Letters of Credit under this Section 2.01(f)(ii), repay any Letter of Credit Advances resulting from drawings thereunder pursuant to Section 2.04(e) and request the issuance of additional Canadian Letters of Credit under this Section 2.01(f)(ii).

  • Each Canadian Revolving Lender, by their execution of a Lender Authorization and Consent agrees that, as of the Fourth Amendment Effective Date, their existing Canadian Revolving Commitments (and outstanding Canadian Revolving Loans) will have the Canadian Revolver Termination Date as set forth in Exhibit A hereto and they will risk participate in the Canadian Letter of Credit Facility pursuant to the terms of the amended Credit Agreement attached hereto as Exhibit A.

  • Letters of Credit issued under the US Letter of Credit Facility shall be issued in US Dollars; Letters of Credit issued under the Canadian Letter of Credit Facility may be issued in US Dollars or in Canadian Dollars or in any other currency acceptable to the Canadian Issuing Bank as selected by the applicable Facility Borrower.

  • We did not audit the consolidated financial statements of Community Bankshares, Inc.

  • Letters of Credit issued under the US Letter of Credit Facility shall be issued in Dollars and Letters of Credit issued under the Canadian Letter of Credit Facility may be issued in Dollars or in the Canadian Dollar Equivalent Amount of Canadian Dollars.

  • Within the limits of the Canadian Letter of Credit Facility, and subject to the limits referred to above, CA Canada may request the issuance of Canadian Letters of Credit under this SECTION 2.16(a), repay any Advances resulting from drawings thereunder pursuant to SECTION 2.16(c), and request the issuance of additional Canadian Letters of Credit under this SECTION 2.16(a).

  • The Outstandings under the Canadian Letter of Credit Facility shall not exceed US $10,000,000 and no Canadian Letter of Credit shall be issued if, after giving effect thereto, Outstandings on such day shall exceed the applicable Maximum Permissible Principal Amounts as of such day.

  • Notwithstanding anything contained in this Section 2.15 or Section 2.16, in no event shall the Reimbursement Obligations outstanding under the Letter of Credit Facility and the Canadian Letter of Credit Facility exceed the Borrowing Base.

  • The Canadian Letter of Credit Facility is a subfacility of the Canadian Commitment and is not an amount in addition to the Canadian Commitment.


More Definitions of Canadian Letter of Credit Facility

Canadian Letter of Credit Facility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the Canadian Issuing Banks' Canadian Letter of Credit Commitments at such time and (b) U.S.$20,000,000, as such amount may be reduced at or prior to such time pursuant to Section 2.06.
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Related to Canadian Letter of Credit Facility

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

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

  • 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.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • 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 Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Letter of Credit Commitment means, with respect to the Issuer, the Issuer's obligation to issue Letters of Credit pursuant to Section 2.1.3 and, with respect to each of the other Lenders that has a Revolving Loan Commitment, the obligation of each such Lender to participate in such Letters of Credit pursuant to Section 2.6.1.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.

  • Letter of Credit Limit means $5,000,000.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $25,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Collateral has the meaning specified in Section 6.02(b).

  • Letter of Credit Collateralization means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory to Agent, including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in Section 2.11(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Revolving Lenders in an amount equal to 105% of the then existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Bank, terminating all of such beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any such fees that accrue must be an amount that can be drawn under any such standby letter of credit).

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.