Credit Instruments definition
Examples of Credit Instruments in a sentence
The provisions of Sections 2.17, 2.18, 2.19 and 9.3 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit, the Foreign Credit Instruments or the Commitments or the termination of this Agreement or any provision hereof.
If the Reserve Requirement is being maintained with two or more Qualified Reserve Account Credit Instruments, any draw to meet a deficiency which may exist from time to time in the Interest Account or the Principal Account for the purpose of making payments required pursuant to Sections 4.03(a), 4.03(b) or 4.03(c) of this Indenture shall be pro-rata with respect to each such instrument.
The remaining amount of such Foreign Issuing Lender’s Commitment shall be cancelled automatically in whole, or, as the case may be, in part with the receipt by the Foreign Trade Facility Agent of the Utilization Reduction Notice(s) with respect to the Foreign Credit Instruments issued by such Foreign Issuing Lender and still outstanding.
Each Borrower may, at any time and from time to time during the period from the Effective Date until the Foreign Trade Maturity Date, request the issuance of Foreign Credit Instruments or an extension or other amendment of any outstanding Foreign Credit Instrument by sending to the Foreign Trade Facility Agent a duly completed request for issuance (each, a “Utilization Request”) by electronic transfer using the db direct internet in accordance with the terms of the DB Direct Internet Agreement.
A Facility C Declining Lender shall not participate in any further utilisations of Facility C (including any rollovers) after the expiry of the Facility C Declining Notice Period and shall cease to be a Facility C Lender provided that a Facility C Declining Lender shall remain committed for Credit Instruments that were made before and during the Facility C Declining Notice Period even though such Credit Instruments may have a maturity in excess of the Facility C Declining Notice Period.
The Borrowers will obtain Credit Instruments solely for general working capital and general corporate purposes.
The Foreign Credit Instruments will be used only for the operational business of the Parent Borrower and its Subsidiaries; provided that no Foreign Credit Instrument may be issued for the benefit of financial creditors.
In the terms of Article 294 of the General Law of Credit Instruments and Operations (Ley General de Títulos y Operaciones de Crédito), it is expressly agreed that the Bank reserves the right to terminate this Agreement exclusively in case the Borrower is in default of the obligations contained in the Twelfth and Thirteenth Clauses herein.
In the event that more than one Qualified Reserve Account Credit Instrument shall be maintained as all or a portion of the Reserve Account Requirement, and the Trustee is otherwise required hereunder to draw on such Qualified Reserve Account Credit Instruments, the Trustee shall draw pro rata on each such Qualified Reserve Account Credit Instrument.
Notwithstanding anything to the contrary contained in this Agreement, cash collateral provided under this Section 2.24 in respect of Letters of Credit, Swingline Loans or Participation Foreign Credit Instruments shall be held and applied in satisfaction of the specific obligations for which the cash collateral was so provided, prior to any other application of such property as may be provided herein or in any other Loan Document.