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 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.

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.

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).

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.

• 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 4.02 and 4.03.

• 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.

• 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.

• 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.

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 3.1(a) with respect to all then outstanding Letters of Credit. In determining Letters of Credit Usage, any Letters of Credit 15 10 denominated in an Alternative Currency, shall be converted to the Dollar Equivalent (as of the Denomination Date for such Letter of Credit).

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.

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; 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 Banks have not bought by participation pursuant to Section 1.13(a).

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).

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).

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).

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.