Foreign Letter of Credit definition

Foreign Letter of Credit a Letter of Credit whose beneficiary is a Person which is directly or indirectly extending credit to a Foreign Subsidiary.

Foreign Letter of Credit means a Letter of Credit denominated in a Foreign Currency.

Foreign Letter of Credit means any Bank Guarantee or any commercial or standby letter of credit issued or to be issued by the Issuing Bank for the account of the Foreign Borrower pursuant to this Agreement and including, for the avoidance of doubt, all such letters of credit issued pursuant to the Original Credit Agreement and outstanding on the Restatement Date.

Examples of Foreign Letter of Credit in a sentence

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

• The obligation of Foreign Borrowers to reimburse Foreign Issuing Bank for any payment made under a Foreign 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 Foreign Letter of Credit or the existence of any claim, setoff, defense or other right that any Foreign Domiciled Obligor or any other Obligor may have at any time against the beneficiary.

• If as a result of fluctuations in exchange rates or otherwise the Foreign LC Obligations exceed the Foreign Letter of Credit Sublimit, Foreign Borrowers shall Cash Collateralize the Foreign Letters of Credit to the extent necessary to eliminate such excess amount within three Business Days following demand by Agent.

• Upon receipt of any Letter of Credit Application from the U.S. Borrower, or, in the case of a Foreign Letter of Credit, from the U.S. Borrower and the Foreign Subsidiary that is an account party on such Letter of Credit, such Issuing Lender will promptly, but in no event later than five Business Days following receipt of such Letter of Credit Application, notify each U.S. Lender thereof.

• No Foreign Letter of Credit shall (x) have an original expiry date more than one year from the date of issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Termination Date.

More Definitions of Foreign Letter of Credit

Foreign Letter of Credit means any Bank Guarantee or any commercial or standby letter of credit issued or to be issued by an Issuing Bank for the account of the Foreign Borrower or any of its Subsidiaries pursuant to Section 2.04(a)(ii) of this Agreement, and any letter of credit listed on Schedule 1.01(j) issued and outstanding as of the Restatement Date. Each such letter of credit listed on Schedule 1.01(j) shall be deemed to constitute a Foreign 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.

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

Foreign Letter of Credit means a standby letter of credit (or a bank guarantee or similar instrument issued outside the United States and serving the same function as a standby letter of credit) that is denominated in French francs or Italian lire or another European currency acceptable to BofA in its sole discretion and that is issued by BofA for the account of one or more Acquisition Newcos pursuant to subsection 2.8 to support payment of an individual Seller Note Tranche, and "FOREIGN LETTERS OF CREDIT" means all such standby letters of credit, collectively.

Foreign Letter of Credit shall have the meaning provided in Section 3.1(a).

Foreign Letter of Credit means a Letter of Credit where either the applicant or the Beneficiary is located outside India and is arising out of export or import of goods/services out of/into the country of issue. Inland Guarantee means a bank guarantee where both the applicant and the Beneficiary are located in India and arising out of export or import of goods/services within India. Issuing Bank means the bank that issues the credit, usually following a request from the Applicant. Import Letter of Credit means a Letter of Credit extended on behalf of a purchaser to a seller in connection with the import of goods. Inland Letter of Credit means a Letter of Credit where both the applicant and the Beneficiary are located in India. Inward Documentary Collection is handling of inward documents (Foreign/ Inland) received from a remitting bank and/ or seller for presentation to a buyer/ importer to accept the payment at sight or acceptance of usance xxxx of exchange for payment in a future date. Letter of Credit means a written commitment from a bank on behalf of one party guaranteeing the payment to be made to a third party, provided the terms and conditions as set out in the letter of credit have been met. Outward Documentary Collection means a process under which a seller/exporter instructs its bank to forward documents related to the sale of goods to a buyer's bank with a request to present these documents to the buyer for payment, indicating when and on what conditions these documents can be released to the buyer. Outward Remittance means a transfer of money in foreign exchange by a resident in India to a beneficiary situated outside India for a purpose as approved under the Foreign Exchange Management Act, 1999 and the rules and regulations framed thereunder. Packing Credit Finance means pre shipment credit provided by the Bank for financing expenses of the Customer (or on behalf of the customer in favour of some other person), for the export of goods / services. Post Shipment/Xxxx Financing means a credit facility extended by Bank to an exporter/Seller after the shipment of goods has taken place till the realization of the Foreign/Inland Xxxx proceeds, which included two types of post shipment finance, namely, (i) Foreign/Inland bills purchased/discounted and (ii) Foreign/Inland bills negotiated under a Letter of Credit. Sight means a payment to be made immediately to the beneficiary/Seller/exporter upon presentation of correct documents. The Collecting Bank is the Buyer’s/Importer...

Foreign Letter of Credit means any letter of credit issued by the Issuing Lender for the account of Xxxx Europe or Xxxx BV in accordance with the terms of Section 2.6.

Foreign Letter of Credit means each Letter of Credit issued for the account of a Foreign Borrower pursuant to Section 2.01.