Letter of Credit Maximum definition

Letter of Credit Maximum means $1,500,000 maximum face amount of Letters of Credit that may be outstanding for the Borrower at any time.
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Letter of Credit Maximum means, as of any date: (a) with respect to Letters of Credit generally, the Maximum Amount from time to time in effect minus the aggregrate principal amount of outstanding Advances; and (b) with respect to Letters of Credit which are standby letters of Credit, Ten Million Dollars ($10,000,000)." Section 1. 37 of the Agreement is hereby amended and restated as follows:
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Letter of Credit Maximum means, as of any date, the lesser of: (a) Ten Million Dollars ($10,000,000); or (b) the Revolving Maximum minus the sum of the aggregate principal amount of outstanding Revolving Loans and Swing Loans.
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Examples of Letter of Credit Maximum in a sentence

  • The Irrevocable Standby Letter of Credit, dated the Certificate Closing Date, in the form of Exhibit G to the Original Participation Agreement and with a Maximum Stated Amount equal to the amount specified under "Letter of Credit Maximum Stated Amount" on Schedule IV to the Original Participation Agreement, from the LC Bank to and for the benefit of the Subordination Agent.

  • With respect to its Commitment, Loans, Letter of Credit Maximum Amount and Letters of Credit, the Person serving as the Administrative Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may be.

  • The Irrevocable Standby Letter of Credit, dated the Certificate Closing Date, in the form of Exhibit F to the Original Participation Agreement and with a Maximum Stated Amount equal to the amount specified under "Letter of Credit Maximum Stated Amount" on Schedule IV to the Original Participation Agreement, from the LC Bank to and for the benefit of the Subordination Agent.

  • The Irrevocable Standby Letter of Credit, dated the Certificate Closing Date, in the form of ExhibitG to the Original Participation Agreement and with a Maximum Stated Amount equal to the amount specified under "Letter of Credit Maximum Stated Amount" on Schedule IV to the Original Participation Agreement, from the LC Bank to and for the benefit of the Subordination Agent.

  • The Irrevocable Standby Letter of Credit, dated the Certificate Closing Date, in the form of Exhibit G to the Participation Agreement and with a Maximum Stated Amount equal to the amount specified under "Letter of Credit Maximum Stated Amount" on Schedule IV to the Participation Agreement, from the LC Bank to and for the benefit of the Subordination Agent.

  • The Irrevocable Standby Letter of Credit, dated the Certificate Closing Date, in the form of Exhibit F to the Participation Agreement and with a Maximum Stated Amount equal to the amount specified under "Letter of Credit Maximum Stated Amount" on Schedule IV to the Participation Agreement, from the LC Bank to and for the benefit of the Subordination Agent.

  • Subject to the terms and conditions of this Agreement, Agent may, at the request of TAG, at any time and from time to time from the Closing Date until the third (3rd) Business Day prior to the Maturity Date, issue additional Letters of Credit for the accounts of Loan Parties, in an aggregate amount at any one time outstanding not to exceed the Letter of Credit Maximum.

  • The Letter of Credit Liabilities shall not exceed the Letter of Credit Maximum Amount.

  • Subject to the terms and conditions of this Agreement, Bank shall, at the request of a Borrower at any time and from time to time from the Closing Date until the third (3rd) Business Day prior to the Revolving Credit Maturity Date, issue Letters of Credit for the accounts of the Borrowers, in aggregate amounts at any one time outstanding not to exceed the relevant Letter of Credit Maximum.

  • Subject to the terms and conditions of this Agreement, Bank may through its Issuing Office, in its sole discretion, at any time and from time to time from the Effective Date until the Revolving Credit Maturity Date, upon the request of Detrex, on behalf of the Companies, issue standby Letters of Credit for the account of Companies, in an aggregate amount at any one time outstanding not to exceed the Letter of Credit Maximum Amount.


More Definitions of Letter of Credit Maximum

Letter of Credit Maximum means One Million Dollars ($1,000,000).
Sample 1
Letter of Credit Maximum means, as of any date, the lesser of: (a) Fifty Million Dollars ($50,000,000); or (b) the Revolving Credit Commitment minus the sum of the aggregate principal amount of outstanding Revolving Credit Loans, Swing Loans and Bid Loans.
Sample 1
Letter of Credit Maximum means, as of any date, the lesser of: (a) Five Million Dollars ($5,000,000); or (b) the Utilized Commitment minus the sum of the aggregate principal amount of outstanding Advances.
Sample 1
Letter of Credit Maximum means US$1,000,000 or the Canadian Dollar Equivalent amount thereof in Canadian Dollars;
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Letter of Credit Maximum means, as of any date, the lesser of: (a) Six Million Dollars ($6,000,000); or (b) the Revolving Maximum minus the sum of the aggregate principal amount of outstanding Loans minus (in either case) the face amount of any Letters of Credit issued pursuant to the Existing Agreement which remain unexpired and unsurrendered.
Sample 1

Related to Letter of Credit Maximum

  • Letter of Credit Maximum Amount means $5,000,000; provided that, on and after the Maturity Date, the Letter of Credit Maximum Amount shall be zero.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Limit means $5,000,000.

  • Letter of Credit Subfacility means, at any time, an amount equal to the lesser of (a) the aggregate amount of the L/C Issuers’ Letter of Credit Sublimits at such time and (b) the Revolving Credit Facility at such time. The Letter of Credit Subfacility is part of, and not in addition to, the Revolving Credit Facility. On the Closing Date, the amount of the Letter of Credit Subfacility is $25,000,000.

  • Letter of Credit Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

  • Unused Letter of Credit Subfacility means an amount equal to the Letter of Credit Subfacility minus the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit plus, without duplication, (b) the aggregate Unpaid Drawings obligations with respect to a Letters of Credit.

  • Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

  • Letter of Credit Commitment means, with respect to any Issuing Bank at any time, the amount set forth opposite such Issuing Bank’s name on Schedule I hereto under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into one or more Assignment and Acceptances, set forth for such Issuing Bank in the Register maintained by the Administrative Agent pursuant to Section 9.07(d) as such Issuing Bank’s “Letter of Credit Commitment”, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Letter of Credit means any letter of credit issued hereunder. A Letter of Credit may be a commercial letter of credit or a standby letter of credit.

  • Letter of Credit Outstandings means, at any time, the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Letter of Credit Exposure means, at any time, the sum of (a) the aggregate undrawn maximum face amount of each Letter of Credit at such time plus (b) the aggregate unpaid amount of all Reimbursement Obligations at such time.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.

  • Letter of Credit Availability Period the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.