Examples of European Letters of Credit in a sentence
If any amount remains on deposit as Cash Collateral after all European Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other European Obligations, if any, in the order set forth above.
US Letters of Credit may only be used for the business and operations of the US Credit Parties and Designated US Cash Management Credit Parties and (ii) European Letters of Credit may only be used for the business and operations of the European Credit Parties.
Such request shall be subject to the approval of the Administrative Agent and each of the Revolving Lenders with European Revolving Commitments; and in the case of any such request with respect to the issuance of European Letters of Credit, such request shall be subject to the approval of the Administrative Agent and applicable Issuing Banks (any such approved issuing currency with respect to the issuance of European Letters of Credit, an “Approved Issuing Currency”).
European Letters of Credit outstanding under the Existing Credit Agreement shall remain outstanding and shall be governed hereby.
Any such cash collateral shall be made available by European Security Agent to European L/C Issuers to reimburse European L/C Issuers for payments of drafts drawn under such European Letters of Credit and any Fees, Charges and expenses of European L/C Issuers with respect to such European Letters of Credit and the unused portion thereof, after all such European Letters of Credit shall have expired or been fully drawn upon, shall be applied to repay any other Obligations of the European Credit Parties.
European Letters of Credit shall be issued in Sterling, Euro or Dollars at the election of the Borrower Representative.
Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of European Letters of Credit pursuant to clause Sixth above shall be applied to satisfy drawings under such European Letters of Credit as they occur.
Any notice of termination given by the Borrowers shall be irrevocable unless all Lenders otherwise agree in writing, and no Lender shall have any obligation to make any Advances or issue any Letters of Credit or European Letters of Credit on or after the termination date stated in such notice.
European Borrowers hereby grant to European Security Agent, for the benefit of European L/C Issuers and each Lender with a participation in any European Letters of Credit then outstanding, a security interest in such cash collateral to secure all of the European Letter of Credit Obligations.
The aggregate amount of European Letter of Credit Obligations with respect to all European Letters of Credit outstanding at any time shall not exceed the Equivalent Amount of $10,000,000 (“European L/C Sublimit”).