U.S. Letter of Credit definition

U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

U.S. Letter of Credit means a Letter of Credit issued for the account of the US Borrower.

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

Examples of U.S. Letter of Credit in a sentence

• Upon the issuance of any U.S. Letter of Credit or amendment or modification to a U.S. Letter of Credit, the Issuing Bank shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each Lender with a U.S. Revolving Commitment, of such issuance, or amendment or modification and the amount of such Lender’s respective participation in such U.S. Letter of Credit pursuant to Section 2.04(e).

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

• The obligation of U.S. Borrowers to reimburse U.S. Issuing Bank for any payment made under a U.S. Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any U.S. Letter of Credit or the existence of any claim, setoff, defense or other right that U.S. Borrowers may have at any time against the beneficiary.

• If any draft shall be presented for payment (a) under any U.S. Letter of Credit, the applicable U.S. Issuing Lender shall promptly notify the U.S. Borrower of the date and amount thereof and (b) under any Canadian Letter of Credit, the applicable Canadian Issuing Lender shall promptly notify the Canadian Borrower and the U.S. Borrower of the date and amount thereof.

• Each U.S. Letter of Credit shall comply with the related U.S. LOC Documents.

More Definitions of U.S. Letter of Credit

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

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

U.S. Letter of Credit means any standby letter of credit issued under the U.S. Tranche (including the U.S. Existing Letters of Credit). U.S. Letters of Credit may only be issued in Dollars and Canadian Dollars.

U.S. Letter of Credit is defined in clause (b) of Section 2.1.2.

U.S. Letter of Credit means any standby or commercial letter of credit issued by the US Issuing Lender for the account of the US Borrower or any US Subsidiary Guarantor pursuant to the terms of this Agreement, in such form as may be agreed by the US Borrower, such US Subsidiary Guarantor and the US Issuing Lender.

U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

U.S. Letter of Credit means any standby letter of credit issued hereunder and shall include the Existing Letters of Credit. A U.S. Letter of Credit may be a commercial letter of credit or a standby letter of credit.