Canadian Letter of Credit definition

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

Canadian Letter of Credit means any letters of credit issued or to be issued by the Canadian Issuing Bank under the Canadian Subfacility requested by a Canadian Borrower, if any, pursuant to Section 2.13.

Canadian Letter of Credit means any letter of credit issued hereunder by a Canadian L/C Issuer as the same may be amended, extended, renewed or otherwise modified from time to time. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit.

Examples of Canadian Letter of Credit in a sentence

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

• Table 3.5.2 shows the data for Males and Females for all Occupation Classes combined.

• The obligation of Canadian Borrower to reimburse Canadian Issuing Bank for any payment made under a Canadian 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 Canadian Letter of Credit or the existence of any claim, setoff, defense or other right that Canadian Borrower 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.

• Upon the drawing of any Canadian Letter of Credit for which funds are on deposit as cash collateral, such funds shall be applied to reimburse the L/C Issuer and, to the extent not so applied, shall thereafter be applied to satisfy other Canadian Liabilities.

More Definitions of Canadian Letter of Credit

Canadian Letter of Credit has the meaning assigned to such term in Section 2.05(a)(i)(B)

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

Canadian Letter of Credit any standby or documentary letter of credit, foreign guaranty, documentary bankers acceptance or similar instrument issued by Canadian Issuing Bank for the account or benefit of Canadian Borrower or an Affiliate of Canadian Borrower.

Canadian Letter of Credit is defined in clause (a) of Section 2.1.2.

Canadian Letter of Credit means a Letter of Credit denominated in Canadian Dollars.

Canadian Letter of Credit means any commercial or standby letter of credit issued or to be issued by an Issuing Bank for the account of the U.S. Borrower or any of its Subsidiaries pursuant to Section 2.04(a)(iii) of this Agreement, and any letter of credit listed on Schedule 1.01(i) issued and outstanding as of the Restatement Date. Each such letter of credit listed on Schedule 1.01(i) shall be deemed to constitute a Canadian Letter of Credit and a Letter of Credit issued hereunder on the Restatement Date for all purposes under this Agreement and the other Loan Documents.

Canadian Letter of Credit means any letter of credit and any bank guarantee issued pursuant to Section 2.05(a)(ii), including any Canadian Acceptance Credit and any Canadian Letter of Credit denominated in an Alternate Currency.