European Letters of Credit definition

European Letters of Credit means any Letter of Credit issued for the account of the European Borrower.
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European Letters of Credit as defined in Section 2.2.1 hereof. European Revolver Exposure: on any date, an amount equal to the sum of the Dollar Equivalent of the European Revolver Loans outstanding on such date plus the European LC Obligations (excluding amounts specified in clause (c) of such definition) on such date.
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European Letters of Credit as defined in Section 2.2.1 hereof.
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Examples of European Letters of Credit in a sentence

  • If any amount remains on deposit as Cash Collateral after all European Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other European Obligations, if any, in the order set forth above.

  • Each European Revolving Loan Participant shall fund its participation in all payments or disbursements made under the European Letters of Credit in the same manner as provided in the Agreement with respect to European Revolving Credit Advances.

  • Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of European Letters of Credit pursuant to clause Sixth above shall be applied to satisfy drawings under such European Letters of Credit as they occur.

  • The Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing; provided that the European Borrower’s obligation to pay such amounts shall be limited to amounts relating to the European Obligations and allocable to the European Borrower Loans and European Letters of Credit .

  • US Letters of Credit may only be used for the business and operations of the US Credit Parties and Designated US Cash Management Credit Parties and (ii) European Letters of Credit may only be used for the business and operations of the European Credit Parties.

  • European Letters of Credit shall be issued in Sterling, Euro or Dollars at the election of the Borrower Representative.

  • Such request shall be subject to the approval of the Administrative Agent and each of the Revolving Lenders with European Revolving Commitments; and in the case of any such request with respect to the issuance of European Letters of Credit, such request shall be subject to the approval of the Administrative Agent and applicable Issuing Banks (any such approved issuing currency with respect to the issuance of European Letters of Credit, an “Approved Issuing Currency”).

  • European Letters of Credit outstanding under the Existing Credit Agreement shall remain outstanding and shall be governed hereby.

  • With respect to European Letters of Credit, the proceeds of Swingline Loans shall be used to repay the European Unreimbursed Amount, and such Swingline Loans shall be settled among the Administrative Agent and the Lenders as soon as practicable pursuant to Section 2.02(i).

  • The European Letter of Credit Bank shall have no obligation to issue the European Letters of Credit in the event the Lenders shall, for any reason, have no obligation to participate therein as hereinafter provided.


More Definitions of European Letters of Credit

European Letters of Credit shall have the meaning set forth in Section -------------------------- 2.9 hereof.
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European Letters of Credit means those certain standby letters of credit issued by the European Letter of Credit Bank for the account of the Borrowers to secure repayment of loans made by KBC to the European Borrowers under the KBC Loan Agreements, as the same are issued pursuant to, and from time to time extended or amended in accordance with, the terms hereof and of the European Letter of Credit Agreements.
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European Letters of Credit means documentary or standby letters of credit issued or continued for the account of European Borrower by any European L/C Issuer, or bank guaranties by any European L/C Issuer executed for the benefit of European Borrower, and bankers’ acceptances issued by European Borrower, for which European L/C Issuer and European Lenders have incurred European Letter of Credit Obligations.
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European Letters of Credit the U.S. Letters of Credit and/or the European Letters of Credit, as applicable”: as defined in Section 2.2.1 hereof.
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Related to European Letters of Credit

  • Trade Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • Commercial Letters of Credit means those letters of credit subject to the UCP payable in Dollars and issued or caused to be issued by Lender on behalf of Borrower under a Loan Facility for the benefit of a supplier(s) of Borrower in connection with Borrower's purchase of goods or services from the supplier in support of the export of the Items.

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Letters of Credit as defined in Section 3.1(a).

  • 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.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

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

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • 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 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.

  • 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.

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

  • Standby Letters of Credit shall have the meaning assigned to such term in Section 2.05(a).

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Foreign Currency Letter of Credit means a Letter of Credit denominated in a Foreign Currency.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters 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 Agreement has the meaning specified in Section 2.03(a).

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

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

  • Letter of Credit Accommodations means, collectively, the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Agent or any Lender for the account of any Borrower or Obligor or (b) with respect to which Agent or Lenders have agreed to indemnify the issuer or guaranteed to the issuer the performance by any Borrower or Obligor of its obligations to such issuer; sometimes being referred to herein individually as "Letter of Credit Accommodation".

  • Revolving Loan Documents has the meaning specified for the term “Loan Documents” in the Revolving Credit Agreement.