UK Letter of Credit definition

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

UK Letter of Credit means any letter of credit issued (or deemed issued) pursuant to Section 2.23 and designated (or deemed designated) as such.

UK Letter of Credit any standby, time (usance) or documentary letter of credit issued by a UK Fronting Bank for the account of a UK Borrower or a Restricted Subsidiary or any indemnity, guarantee or similar form of credit support issued by Agent or a Fronting Bank for the benefit of a UK Borrower or a Restricted Subsidiary, including any Existing UK Letter of Credit issued for the account of a UK Borrower or a Restricted Subsidiary.

Examples of UK Letter of Credit in a sentence

• The UK Swingline Lender shall not make any UK Swingline Loan if (i) the requested UK Swingline Loan exceeds Aggregate Availability (before giving effect to such UK Swingline Loan) or (ii) the making of such UK Swingline Loan would result in the sum of total UK Revolving Loans, plus UK Letter of Credit Exposure, plus UK Swingline Loans exceeding the UK Sublimit.

• By the issuance of a U.K. Letter of Credit and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each U.K. Revolving Credit Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Pro Rata Percentage of the aggregate amount available to be drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit.

• No UK Letter of Credit shall be issued, amended, renewed or extended if (and upon issuance, amendment, renewal or extension of each Letter of Credit, the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension, the sum of the UK Revolving Exposure plus the UK Letter of Credit Exposure would exceed the UK Sublimit.

• The UK Letter of Credit Fee shall be payable in Pounds Sterling or Euros, as applicable, or at the request of the Administrative Agent, Dollars, with the applicable exchange rate calculated in a manner acceptable to the Administrative Agent.

• Any action taken or omitted to be taken by a UK Issuing Lender under or in connection with any UK Letter of Credit issued by it shall not create for such UK Issuing Lender any resulting liability to any UK Borrower, any other UK Credit Party, any Lender or any other Person unless such action is taken or omitted to be taken with gross negligence or willful misconduct on the part of such UK Issuing Lender (as determined by a court of competent jurisdiction in a final and non-appealable decision).

More Definitions of UK Letter of Credit

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

UK Letter of Credit shall have the meaning provided in Section 3.02(a).

UK Letter of Credit means any standby or documentary letter of credit issued by the Issuing Bank for the account of the U.K. Borrower or any of the U.K. Borrower’s Subsidiaries, or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by the Administrative Agent or the Issuing Bank for the benefit of the U.K. Borrower or any of the U.K. Borrowers’ Subsidiaries. U.K. Letters of Credit may be issued in Dollars, Euro and Sterling.

UK Letter of Credit is defined in clause (a) of Section 3.1.

UK Letter of Credit means a Letter of Credit (other than any Letter of Credit issued under the US Formula Amount)issued or caused to be issued for the account of the UK Borrower.

UK Letter of Credit is defined in Section 2.1(a)(i) of this Agreement.

UK Letter of Credit any standby or commercial letter of credit, bank guarantee or similar instrument issued by Fleet UK or any Affiliate of Fleet UK for the account of a UK Borrower.