Gross Exposure. As defined in Section 8 of this Exposure Protection Schedule. Letter of Credit – One or more valid and outstanding irrevocable standby letters of credit that are (i) issued for the benefit of all Secured Parties, (ii) in form and substance acceptable to Servicer, as determined by Servicer in its sole discretion, (iii) issued by a financial institution acceptable to Servicer, as determined by Servicer in its sole discretion and (iv) expressly accepted by Servicer or Member, as agent for all Secured Parties. Lien – Any mortgage, pledge, security interest, encumbrance, lien, hypothec or charge of any kind (including any agreement to provide any of the foregoing), any conditional sale or other title retention agreement or any lease in the nature thereof, or any filing or agreement to file a financing statement as debtor on any property leased to any Person under a lease which is not in the nature of a conditional sale or title retention agreement. ***** Confidential portions of the material have been omitted and filed separately with the Securities and Exchange Commission.
Gross Exposure. As defined in Section 8 of this Exposure Protection Schedule. Letter of Credit – One or more valid and outstanding irrevocable standby letters of credit that are (i) issued for the benefit of Member, (ii) in form and substance acceptable to Member, as determined by Member in its reasonable discretion, and (iii) issued by a financial institution acceptable to Member, as determined by Member in its reasonable discretion (which may include taking into account regulatory limitations imposed on Member regarding exposure to particular institutions. Lien – Any mortgage, pledge, security interest, encumbrance, lien, hypothecation or charge of any kind (including any agreement to provide any of the foregoing), any conditional sale or other title retention agreement or any lease in the nature thereof, or any filing or agreement to file a financing statement as debtor on any property leased to any Person under a lease which is not in the nature of a conditional sale or title retention agreement.
Gross Exposure shall be calculated by the Member on a daily basis as follows:
Examples of Gross Exposure in a sentence
Among other things, Xxxxxxx understands that Gross Exposure includes the value of Travel Costs for goods or services sold to Cardholders who used their Cards to purchase such goods or services with respect to which Carrier has not yet provided such goods or services.
Xxxxxxx acknowledges that Xxxxxxxx has explained to it and it understands Servicer's Methodology for determining Gross Exposure and the amount of the Aggregate Protection and hereby agrees to be bound by such Methodology and the determinations made by Servicer as a result thereof, absent manifest error.
Gross Exposure - As defined in Section 8 of this Exposure Protection Schedule.
As the Required Amount is reduced because Gross Exposure has been reduced in a means acceptable to Servicer, Servicer is obligated to remit sufficient funds from the Deposit and/or return the Letter of Credit to Carrier within two (2) business days of such determination so that the Aggregate Protection does not exceed the Required Amount (except with respect to the Projected Exposure set forth in Section 11).
As the Required Amount is reduced because Gross Exposure has been reduced, Servicer is obligated to remit sufficient funds from the Deposit and/or return the Letter of Credit to Carrier within two (2) business days of such determination so that the Aggregate Protection does not exceed the Required Amount.
More Definitions of Gross Exposure
Gross Exposure means the full amount of charges submitted by you for goods and/or services not yet received or disputed by Cardmembers, including and without limitation: (i) the full amount of Charges for unflown tickets for domestic and foreign future air travel and related services (“Future Liability”); (ii) the full amount of Charges for unflown tickets for domestic and foreign air travel and unused related services when the itinerary is partially completed (“Stranded Liability”); (iii) the full amount of Charges for unflown or unused air travel and related services past the first scheduled travel date (“Past Liability”); and (iv) the full amount of Credits due to Cardmembers and amounts of Charges disputed by Cardmembers or otherwise subject to Amex’s rights to Full Recourse under the Agreement.
Gross Exposure. As defined in Section 8 of this Exposure Protection Schedule. ***** Letter of Credit – One or more valid and outstanding irrevocable standby letters of credit that are (i) issued for the benefit of all Secured Parties, (ii) in form and substance acceptable to Servicer, as determined by Servicer in its sole discretion, (iii) issued by a financial institution acceptable to Servicer, as determined by Servicer in its sole discretion and (iv) expressly accepted by Servicer or Member, as agent for all Secured Parties. Lien – Any mortgage, pledge, security interest, encumbrance, lien, hypothec or charge of any kind (including any agreement to provide any of the foregoing), any conditional sale or other title retention agreement or any lease in the nature thereof, or any filing or agreement to file a financing statement as debtor on any property leased to any Person under a lease which is not in the nature of a conditional sale or title retention agreement. ***** Methodology – As defined in Section 3 of this Exposure Protection Schedule. Obligations – All of Carrier’s obligations under the Agreement whether now existing or hereafter arising, whether now existing or hereafter arising (including any of the foregoing obligations that arise prior to or after any Insolvency Event and any obligations arising pursuant to this Exposure Protection Schedule). ***** ***** Rentals – For any applicable period, the amount paid by Carrier to rent aircraft under operating leases. Required Amount – ***** Secured Parties – Any of Servicer, Member, and each Association Obligor under the Signatory Agreement. *****
Gross Exposure means the sum of the funded and non-funded commitment;
Gross Exposure means the aggregate amounts of outstanding contingent liabilities assumed by ATI in its own name under all Insurance Contracts and Contracts of Guarantees, as calculated on the last day of each calendar month.
Gross Exposure shall have the meaning ascribed thereto in the Bankcard Agreement.
Gross Exposure. As defined in Section 8 of this Exposure Protection Schedule. Letter of Credit – One or more valid and outstanding irrevocable standby letters of credit that are (i) issued for the benefit of all Secured Parties, (ii) in form and substance acceptable to Servicer, as determined by Servicer in its sole discretion, (iii) issued by a financial institution acceptable to Servicer, as determined by Servicer in its sole discretion and (iv) expressly accepted by Servicer or Member, as agent for all Secured Parties. Servicer hereby confirms, acknowledges and agrees that (x) the form and substance of the letter of credit attached hereto as Exhibit A is acceptable to Servicer, (y) Bayerische Hypo– und Vereinsbank AG, as the issuer of such letter of credit is on the date of this Agreement acceptable to Servicer and (z) GS Bank U.S.A. as the issuer of such letter of credit is on the date of this Agreement acceptable to Servicer. Lien – Any mortgage, pledge, security interest, encumbrance, lien, hypothec or charge of any kind (including any agreement to provide any of the foregoing), any conditional sale or other title retention agreement or any lease in the nature thereof, or any filing or agreement to file a financing statement as debtor on any property leased to any Person under a lease which is not in the nature of a conditional sale or title retention agreement.