UK Letter of Credit definition

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 means a Letter of Credit issued for the account of the UK Borrower.

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

• 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.

• 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.

• Each UK Issuing Lender shall give the respective UK Borrower prompt written notice of each UK Drawing under any UK Letter of Credit issued by it; provided that the failure to give any such notice shall in no way affect, impair or diminish the UK Borrowers’ obligations hereunder.

• U.K. Borrower: as defined in the preamble to this Agreement, provided that Callaway Golf Europe Limited as the U.K. Borrower shall not borrow any U.K. Revolver Loan or request any U.K. Letter of Credit under this Agreement until the U.K. Closing Date.

• By the issuance of a U.K. Letter of Credit and without any further action on the part of any Issuing Bank or the Lenders, the Issuing Bank with respect to such Letter of Credit hereby grants to each U.K. Revolving Credit Lender, and each such Lender hereby acquires from such 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.

More Definitions of UK Letter of Credit

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 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 means any sight commercial documentary letter of credit or any standby letter of credit that shall be issued by a Fronting Bank for the benefit of a UK Borrower, including amendments thereto, if any, and shall have an expiration date no later than the earlier of (a) one (1) year after its date of issuance or (b) thirty (30) days prior to the last day of the Commitment Period.

UK Letter of Credit means each Letter of Credit denominated in Pounds Sterling issued for the joint and several account of the U.K. Borrowers pursuant to Section 2.01.

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.