Offshore Letter of Credit definition

Offshore Letter of Credit means a Letter of Credit, which shall always be a standby Letter of Credit, denominated in an Offshore Currency.
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Offshore Letter of Credit in Section 1.01 of the Credit Agreement is hereby amended in its entirety to read as follows:
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Offshore Letter of Credit any Letter of Credit which provides for the payment of drawings in an Offshore Currency.
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Examples of Offshore Letter of Credit in a sentence

  • Subject to Section 7.03, Offshore shall deliver to Company at least ten (10) days prior to the expiration of any Offshore Letter of Credit a new Offshore Letter of Credit in an amount equal to $7.5 million less any amount drawn down against the expiring Offshore Letter of Credit or any earlier Offshore Letter of Credit by reason of a failure to make a payment under Section 3.01, Section 4.01 (but only to the extent that an adjustment results in an increase in the amount of the Rig Tax) or Section 4.03.

  • Company (or its successor) may elect at any time to release Offshore from its obligation to provide the Offshore Letter of Credit which will in turn release Company from its obligation to provide the Company Letter of Credit.

  • The initial Offshore Letter of Credit shall, except as otherwise provided in the Offshore Letter of Credit, expire one year from the date hereof.

  • Within five (5) days of receipt by Company of the items described in the preceding sentence, Company shall deliver to Offshore the Offshore Letter of Credit and shall acknowledge to Offshore in writing that Offshore's obligations under this Article VII to provide the Offshore Letter of Credit have been discharged.

  • In the case of an Offshore Letter of Credit, each Offshore Revolving Lender shall make available to Issuing Lender an amount equal to its respective participation, in Dollars and in same day funds, at the office of Issuing Lender specified in such notice, not later than 12:00 Noon (London time) on the first business day (under the laws of the jurisdiction in which such office of Issuing Lender is located) after the date notified by Issuing Lender.

  • Upon receipt of such notice, Administrative Agent shall notify each Revolving Lender in the case of a Domestic Letter of Credit or each Offshore Revolving Lender in the case of an Offshore Letter of Credit, in writing of such issuance or amendment and the amount of such Lender’s respective participation in such Standby Letter of Credit or amendment, and, if so requested by such Lender, Administrative Agent shall provide such Lender with a copy of such Letter of Credit or amendment.

  • The Issuing Bank may charge any account either Applicant may have with it for any and all amounts the Issuing Bank pays under a Letter of Credit, plus charges and reasonable expenses as from time to time agreed to by the Issuing Bank and the Applicants; provided that, to the extent permitted by Section 2.01(b)(vi) hereof, amounts drawn under a Letters of Credit (including an Offshore Letter of Credit) shall be paid pursuant to US Facility Base Rate Refunding Loans.

  • The issuance of any Offshore Letter of Credit shall be subject to the approval of the Issuing Lender.

  • Packard may request the issuance of an Offshore Letter of Credit subject to the terms and conditions of this Section 3.9, in addition to the other conditions applicable to the issuance of Letters of Credit hereunder.

  • In the event that such adjustment with respect to any Offshore Letter of Credit causes the Total Outstandings to exceed the Total Commitment, the Applicant shall immediately repay the portion of US Facility Loans or Offshore Facility Loans necessary to ensure that, giving effect to the new Spot Rate of Exchange for such Offshore Letters of Credit, the sum of Total Outstandings does not exceed the Total Commitment.

Related to Offshore Letter of Credit

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

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

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

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

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

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • 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.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

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

  • 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.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • 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.

  • Auto-Extension Letter of Credit has the meaning specified in Section 2.03(b)(iii).

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

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

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

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

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

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.