Average Stated Amount definition
Average Stated Amount means, on any date and with respect to a particular Letter of Credit, the average daily maximum amount available to be drawn under such Letter of Credit.
Examples of Average Stated Amount in a sentence
The Borrowers agree to pay to the Administrative Agent, for the pro rata account of each Lender, a Standby Letter of Credit fee in an amount equal to 100% of the then effective Applicable Margin for Revolving Loans maintained as LIBO Rate Loans, multiplied by the Average Stated Amount for all Standby Letters of Credit, such fees being payable in arrears on each Payment Date following the date of issuance of each such Standby Letter of Credit and on the Commitment Termination Date.