Examples of L/C Commitment in a sentence
The L/C Commitment Advances deemed made pursuant to the first proviso to the preceding sentence shall be made without any actual funding on the Closing Date and shall bear interest on the Closing Date at the Contract Rate as if such Advances were Domestic Rate Loans, except to the extent that the Borrowers have timely delivered notice in accordance with Section 2.2 requesting that such Advances be Eurodollar Rate Loans.
The aggregate balance of Revolving Advances, L/C Commitment Advances and/or Roll-Up L/C Commitment Advances taken as a whole outstanding at any time in excess of the maximum amount of Revolving Advances, L/C Commitment Advances and/or Roll-Up L/C Commitment Advances (as applicable) permitted hereunder shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default has occurred.
Amounts borrowed as L/C Commitment Advances which are repaid or prepaid may not be reborrowed and the L/C Commitments shall be reduced by the amount of each L/C Commitment Advance.
Immediately upon the issuance of the WTC Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from Issuer a participation in such WTC Letter of Credit and each drawing thereunder in an amount equal to such Xxxxxx’s L/C Commitment Percentage of the Maximum Undrawn Amount of such WTC Letter of Credit (as in effect from time to time) and the amount of such drawing, respectively.
The aggregate principal amount of all Roll-Up L/C Commitment Advances made after the Closing Date shall not exceed the initial aggregate Roll-Up L/C Commitments, and upon the making of each Roll-Up L/C Commitment Advance after the Closing Date the Roll-Up L/C Commitments shall be reduced by the principal amount of such Roll-Up L/C Commitment Advance.