European Letter of Credit definition

European Letter of Credit means any Letter of Credit issued pursuant to the European Revolving Credit Facility.

European Letter of Credit shall have the meaning assigned to such term in Section 2.18(a).

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

Examples of European Letter of Credit in a sentence

• Immediately upon the issuance of each European Letter of Credit, each Lender having a European Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the applicable Issuing Bank a participation in such European Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the European Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder.

• On and after the effective date of such resignation, U.S. Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise modify any U.S. Letter of Credit or European Letter of Credit, but shall continue to have all rights and other obligations of an U.S. Issuing Bank hereunder relating to any U.S. Letter of Credit and European Letter of Credit issued by it prior to such date.

• It being acknowledged and agreed that any currency appearing on Schedule 2.04(a) as of the Closing Date shall, solely with respect to the applicable European Letter of Credit listed thereon, be deemed to be an Approved Issuing Currency.

• The expiration date of each European Letter of Credit shall be on a date which is not later than the earlier of (a) one year from its date of issuance or (b) the thirtieth (30/th/) day prior to the date set forth in clause (a) of the definition of the term Commitment Termination Date.

• Any permanent reduction of such commitments will cause a concurrent proportionate reduction in the European Letter of Credit Commitment.

More Definitions of European Letter of Credit

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

European Letter of Credit means any Bank Guarantee or any commercial or standby letter of credit issued or to be issued by an Issuing Bank for the account of any Foreign Subsidiary pursuant to Section 2.04(a)(ii) of this Agreement, and any Bank Guarantee or any commercial or standby letter of credit, other than an Existing ABN Letter of Credit, issued and outstanding as of the Closing Date and designated by the Borrower Representative as a “European Letter of Credit” pursuant to a written notice delivered to the Administrative Agent on or prior to the Closing Date; provided that the issuer thereof is a Revolving Lender hereunder. Each such letter of credit so designated shall be deemed to constitute a European Letter of Credit and a Letter of Credit issued hereunder on the Closing Date for all purposes under this Agreement and the other Loan Documents.

European Letter of Credit means any Bank Guarantee or any commercial or standby letter of credit issued or to be issued by an Issuing Bank for the account of any Foreign Subsidiary pursuant to Section 2.04(a)(ii) of this Agreement, and any letter of credit issued and outstanding as of the Closing Date and designated by the Borrower Representative as a “European Letter of Credit” pursuant to a written notice delivered to the Administrative Agent on or prior to the Closing Date; provided that the issuer thereof is a Revolving Lender hereunder. Each such letter of credit so designated shall be deemed to constitute a European Letter of Credit and a Letter of Credit issued hereunder on the Closing Date for all purposes under this Agreement and the other Loan Documents.

European Letter of Credit means a UK-Dutch Letter of Credit and/or German Letter of Credit as the context requires.

European Letter of Credit as defined in subsection 8.1(a).

European Letter of Credit has the meaning specified in Section 2.01(a).

European Letter of Credit means a European L/C or a European L/C Undertaking, as the context requires.