Honour Date definition

Honour Date means, with respect to any particular Letter of Credit, the date on which the Borrower receives notice of any payment by the Lender under such Letter of Credit.
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Examples of Honour Date in a sentence

  • In such event, the US Borrower shall be deemed to have requested that Base Rate Loans in an aggregate amount equal to the Unreimbursed Amount made by the Banks to be disbursed on the Honour Date, without regard to the minimum and multiples specified in Section 2.04 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Total Commitment and the conditions in Section 5.02 (other than delivery of Notice or Borrowing).

  • In the event that the US Borrower fails to so reimburse the Administrative Agent for the full amount of such drawing the Administrative Agent will promptly notify each Bank of the Honour Date, the amount of unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Bank’s Pro Rata Share thereof.

  • If any Bank so notified fails to make available to the applicable Issuing Bank the amount of such Lender's Pro Rata Share of the amount of the unreimbursed drawing by no later than 2:00 p.m. (Toronto time) on the Honour Date, then interest shall accrue on such Bank's obligation to make such payment, from the Honour Date to the date such Bank makes such payment, at a rate per annum equal to the Federal Funds Rate in effect from time to time during such period.

  • The applicable Borrower shall reimburse the Issuing Bank (by an L/C Loan or otherwise) prior to 12:00 Noon (Toronto time) on each date that any amount is paid by the Issuing Bank under any such Borrower's Letter of Credit (each such date, an "Honour Date"), in an amount equal to the amount so paid by the Issuing Bank.

  • If the Borrower fails to reimburse the Issuing Lender for the full amount of any drawing under any Letter of Credit by 12:00 noon (Toronto time) on the Honour Date, the Issuing Lender will promptly notify the Administrative Agent and each Lender thereof, and the Borrower shall be deemed to have requested that Prime Rate Loans be made by the Lenders to be disbursed on the Honour Date under such Letter of Credit, subject to the amount of the unutilized portion of the combined Commitments.