Letters of Credit Usage definition

Letters of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount that is or at any time thereafter may become available under all Letters of Credit then issued and outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by all Issuing Banks and not theretofore reimbursed by the Borrower; provided, however, the Letters of Credit Usage of an Issuing Bank shall be deemed to be only such portion of the Letters of Credit Usage of such Issuing Bank which other Banks have not bought by participation pursuant to Section 1.13(A).
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Letters of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount that is or at any time thereafter may become available to be drawn under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by all Issuing Banks and not theretofore reimbursed by Borrower.
Sample 1Sample 2
Letters of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount that is or at any time thereafter may become available under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by all Issuing Banks and not theretofore reimbursed by the Borrower.
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Examples of Letters of Credit Usage in a sentence

  • The minimum aggregate principal amount of a Borrowing of Revolving Loans consisting of Reserve Adjusted Eurodollar Loans or Base Rate Loans shall be the Minimum Borrowing Amount (other than a Borrowing of Base Rate Loans such that the total amount of Revolving Loans and Letters of Credit Usage to be outstanding after giving effect to such Borrowing shall be equal to the Total Revolving Commitment) and, if greater, shall be in integral multiples of $100,000.

  • If the Commitments are duly terminated and all amounts owing under this Agreement, the Notes and the Letters of Credit become due and payable pursuant to Article 10, each Borrower shall deposit with the Administrative Agent, on the date such obligations become due and payable, an amount in cash equal to its Letters of Credit Usage as of such date and the Letter of Credit fees in accordance with Section 3.1(e).

  • During the Clean-down Period for each fiscal year of the Borrower, the aggregate unpaid principal amount of outstanding Revolving Loans and Supplemental Revolving Loans, plus outstanding Letters of Credit Usage (which are not cash collateralized in a manner satisfactory to the Administrative Agent) shall not exceed the Clean-down Amount.

  • The issuance of any Letter of Credit in accordance with the provisions of this Section 1.13 shall be given effect in the calculation of the aggregate principal amount of Revolving Loans outstanding and the Letters of Credit Usage and shall require the satisfaction of each condition set forth in Sections 4.01, 4.02 and 4.03.

  • Simultaneously with the reductions of any Tranche's Commitment pursuant to Section 2.06 and this Section 2.08, the Company shall prepay any Loans outstanding in accordance with subsection (g) below and/or Cash Collateralize outstanding Letters of Credit Usage in excess of such reduced Tranche's Commitment.

  • These initiatives have led to highly significant investments in diversifying the tech sector and removing barriers to opportunity for Palestinians on both sides of the Green Line.

  • Such amount shall be deposited in a cash collateral account to be established by the Administrative Agent, for the benefit of the Banks, and shall constitute collateral security for the Letters of Credit Usage and other amounts owing by such Borrower hereunder.

  • Each RMB Borrower agrees and acknowledges that it shall be liable for its pro rata share of such facility fees prorata with the other Credit Parties and all other Alternate Currency Borrowers (as defined in the Master Agreement) based upon its respective RMB Advances and RMB Letters of Credit Usage and the Advances, Letter of Credit Usage, Alternate Currency Advances and Alternate Currency Letter of Credit Usage of all other Credit Parties and other Alternate Currency Credit Parties, as applicable.

  • Borrower shall, if applicable, on each Business Day, prepay an aggregate principal amount of the Loans and the Letters of Credit Usage in an amount sufficient to cause (i) the Total Utilization of Revolving Commitments not to exceed the Borrowing Base Amount on such Business Day and (ii) the Total Utilization of Revolving Commitments not to exceed the aggregate Revolving Commitments of the Lenders.

  • All of the Guarantied Obligations shall in the manner and subject to the limitations provided herein for the acceleration of, the Notes and the Letters of Credit Usage, forthwith become due and payable without notice.


More Definitions of Letters of Credit Usage

Letters of Credit Usage means with respect to the Borrowers, as at any date of determination, the sum of (i) the maximum aggregate amount which is or at any time thereafter may become available (including any amounts drawn but not yet honored) under all Letters of Credit then outstanding and (ii) the aggregate amount of all drawings under Letters of Credit honored by the Agent and not theretofore reimbursed by a Borrower. Letters of Credit Usage of each Bank shall be determined as if the Banks had bought the participations referred to in Section 2.6(a) with respect to all then outstanding Letters of Credit. In determining Letters of Credit Usage, any Letters of Credit denominated in an Alternative Currency, shall be converted to the Dollar Equivalent (as of the Denomination Date for such Letter of Credit).
Sample 1
Letters of Credit Usage means, as of any date of determination, the sum of (i) the maximum aggregate amount which is or at any time thereafter may become available to be drawn under all Letters of Credit then outstanding (after giving effect to all contingencies thereunder including, without limitation, contingencies that increase the amount available to be drawn under certain terms and conditions, without regard to whether such conditions have in fact been satisfied and including any drafts drawn thereunder but not yet honored) and (ii) the aggregate amount of all drawings under Letters of Credit honored by the Agent and not theretofore reimbursed by the Company. Letters of Credit Usage of each Lender shall be determined as if the Lenders had bought the participations referred to in subsection 2.9A with respect to all then outstanding Letters of Credit.
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Letters of Credit Usage means with respect to the (ii) the aggregate amount of all drawings under Letters of Credit honored by the Agent and not theretofore reimbursed by a Borrower. Letters of Credit Usage of each Bank shall be determined as if the Banks had bought the participations referred to in Section 2.5(a) with respect to all then outstanding Letters of Credit. In determining Letters of Credit Usage, any Letters of Credit denominated in an Alternative Currency, shall be converted to the Dollar Equivalent (as of the Denomination Date for such Letter of Credit).
Sample 1
Letters of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount which is or at any time thereafter may become available under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by Fronting Bank and not theretofore reimbursed by Borrower. For purposes of this definition: (x) any amount described hereunder which is denominated in a currency other than dollars shall be valued based on the applicable Exchange Rate for such currency as of such date of determination; and (y) (aa) the first such date of determination with respect to any non-Dollar-denominated Letter of Credit shall be its date of issuance, and (bb) thereafter, Administrative Agent shall recalculate the value of all such Letters of Credit outstanding no less frequently than once per calendar week.
Sample 1
Letters of Credit Usage means, as at any date of determination, the sum of (i) the maximum aggregate amount that is, or, with respect to any Letter of Credit that by its terms provides for increases over time in the maximum amount available to be drawn thereunder, may become at any given time, available under all Letters of Credit then outstanding plus (ii) the aggregate amount of all drawings under Letters of Credit honored by all Issuing Lenders and not theretofore reimbursed by the Company; provided, however, the Letters of Credit Usage of an Issuing Lender shall be deemed to be only such portion of the Letters of Credit Usage of such Issuing Lender that is not subject to participation pursuant to Section 2.14(a).
Sample 1

Related to Letters of Credit Usage

  • Letter of Credit Usage means, as of any date of determination, the aggregate undrawn amount of all outstanding Letters of Credit.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

  • LC Outstandings means, on any date of determination, the sum of the undrawn stated amounts of all Letters of Credit that are outstanding on such date plus the aggregate principal amount of all unpaid reimbursement obligations of the Borrower on such date with respect to payments made by the LC Issuing Banks under Letters of Credit. The LC Outstandings with respect to any Lender shall equal such Lender’s Percentage of the sum in the immediately preceding sentence.

  • Letters of Credit as defined in Section 3.1(a).

  • Revolving Credit Outstandings means, at any particular time, the sum of (a) the principal amount of the Revolving Loans outstanding at such time, (b) the Letter of Credit Obligations outstanding at such time and (c) the principal amount of the Swing Loans outstanding at such time.

  • 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.

  • Aggregate Revolving Credit Outstandings shall have the meaning provided in Section 5.2(b).

  • Total Revolving Credit Outstandings means the aggregate Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Obligations.

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Multicurrency Letters of Credit means Letters of Credit that utilize the Multicurrency Commitments.

  • Dollar Letters of Credit means Letters of Credit that utilize the Dollar Commitments.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • 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.

  • Revolving Loan Outstandings means, at any time of calculation, (a) the then existing aggregate outstanding principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal amount of Revolving Loans advanced by such Lender.

  • Revolving Facility Usage means at any time the sum of the outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit Obligations.

  • Canadian Revolving Loans means the Loans extended by the Canadian Revolving Lenders to the Canadian Borrower pursuant to Section 2.01(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.

  • Aggregate Outstanding Extensions of Credit as to any Lender with respect to any Type of Loan at any time, an amount equal to the sum of (a) the aggregate principal amount of all Loans of such Type made by such Lender then outstanding and (b) such Lender's Commitment Percentage of the L/C Obligations then outstanding.

  • U.S. Revolving Credit Exposure means, with respect to any Lender at any time, the sum of such Lender’s outstanding U.S. Revolving Loans and its U.S. L/C Exposure and U.S. Swingline Exposure at such time.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Credit Obligations means all principal, interest, fees, reimbursements, indemnifications, and other amounts now or hereafter owed by the Borrower to the Agent and the Banks (or with respect to the Interest Hedge Agreements, any Affiliates of the Banks) under this Agreement, the Revolving Loan Notes, the Swing Line Note, the Letter of Credit Documents, and the other Credit Documents and any increases, extensions, and rearrangements of those obligations under any amendments, supplements, and other modifications of the documents and agreements creating those obligations.

  • 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.

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.