U.S. Borrower definition
Examples of U.S. Borrower in a sentence
Each of the Parent Borrower and the U.S. Borrower hereby acknowledge that the issuance of Letters of Credit for the account of subsidiaries inures to the benefit of the Parent Borrower and the U.S. Borrower, and that the Parent Borrower’s and U.S. Borrower’s business derives substantial benefits from the businesses of such subsidiaries.
In addition, the Parent Borrower or the U.S. Borrower, as applicable, shall pay directly to each L/C Issuer for its own account with respect to each Letter of Credit issued for the account of the Parent Borrower or the U.S. Borrower, as applicable, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.
The Parent Borrower and the U.S. Borrower each hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the U.S.2025 Refinancing Revolving Credit Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.
During the Covenant Relief Period, the U.S. Borrower shall not permit any of its Subsidiaries to create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to, or otherwise permit to exist, any Indebtedness (excluding Receivables Transactions or any Borrowing by a Euro Borrower) in an aggregate outstanding principal amount exceeding $350,000,000.
Each Lender, the Parent Borrower and the U.S. Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.