Issuer Exposure definition
Issuer Exposure means, at any time with respect to any Issuer, the sum of (x) the aggregate undrawn amount at such time of all outstanding Letters of Credit issued by such Issuer plus (y) the aggregate amount at such time of all LC Disbursements relating to Letters of Credit issued by such Issuer that have not yet been reimbursed by or on behalf of the Parent or the Relevant Borrower.
Issuer Exposure means at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired maximum amount of all then outstanding Letters of Credit (whether or not (i) such maximum amount is then in effect under any such Letter of Credit if such maximum amount increases periodically pursuant to the terms of such Letter of Credit or (ii) the conditions to drawing can then be satisfied), but excluding any such Letter of Credit that is backstopped by a Satisfactory Letter of Credit; plus (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed or discharged by (x) the Borrower, pursuant to Section 3.05, or (y) where the L/C Lenders have reimbursed the Issuing Bank, including where the Issuing Bank has reimbursed itself using funds on deposit in the Lender Cash Collateral Accounts pursuant to Section 3.04; provided that if any payment or withdrawal has been made and such payment is required to be rescinded, restored or returned upon the insolvency, bankruptcy, or reorganization of any Person or otherwise, such payment or withdrawal shall be deemed not to have occurred hereunder; plus (c) [reserved.]; plus (d) the amount of Available L/C Commitments. For all purposes of this Agreement, (a) if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn, and (b) with respect to any references to the Issuer Exposure being “zero” or no longer “outstanding”, the Available L/C Commitments referred to clause (d) hereof shall mean that all of the L/C Lenders’ L/C Commitments shall have been terminated or shall have expired, and the obligation of the Issuing Bank to issue Letters of Credit pursuant to Section 3.01(a) has been terminated.
Issuer Exposure means, with respect to specific Issuer, the sum (i) the absolute value of the Net Market Value of all Positions in such Issuer, (ii) 0.5 multiplied by the lesser of the Long Market Value for all Positions in such Issuer or the Short Market Value for all Positions in such Issuer, and (iii) 0.5 multiplied by the lesser of (a) or (b) where (a) is either (W) the Net Market Value of all Equity Security Positions in such Issuer if such amount is positive or (X) Zero (0) if the Net Market Value of all Equity Security Positions in such Issuer is less than or equal to 0, and (b) is either (Y) the absolute value of the Net Market Value of all Debt Security Positions in such Issuer if such Net Market Value is negative or (Z) 0 if such Net Market Value is greater than or equal to 0.
More Definitions of Issuer Exposure
Issuer Exposure means, at any time with respect to any Issuer, the sum of (i) the aggregate undrawn amount at such time of all outstanding Letters of Credit issued by such Issuer plus (ii) the aggregate amount at such time of all LC Disbursements relating to Letters of Credit issued by such Issuer that have not yet been reimbursed by or on behalf of the Parent or the Relevant Borrower.
Issuer Exposure means the Current Market Value of all Positions that are Eligible Securities in any given Issuer (as classified by Bloomberg).
Issuer Exposure means, as of any Measurement Date, the greater of (i) zero and (ii) the aggregate "Exposure" (as defined in, and determined in accordance with the provisions of, the 1994 ISDA Credit Support Annex (New York law)) of the Issuer to the Hedge Counterparty under the Hedge Agreement, assuming, for purposes hereof, that the Hedge Counterparty and the Issuer have entered into a 1994 ISDA Credit Support Annex (New York law).