Maximum Letter of Credit definition

Maximum Letter of Credit. Amount shall mean the maximum credit amount in any Letter of Credit.
Sample 1Sample 2
Maximum Letter of Credit. Amount” in Section 1.1 of the Loan Agreement is hereby amended in its entirety to read as follows:
Sample 1
Maximum Letter of Credit. Amount shall mean, at any date, the amount of $10,000,000 or the Equivalent Amount in U.S. Dollars.
Sample 1

Examples of Maximum Letter of Credit in a sentence

  • All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit, the Maximum Letter of Credit Facility and other applicable limits hereunder shall be subject to Lender’s continuing right to establish and revise Availability Reserves, upon not less than five (5) days’ prior written notice to Borrower.

  • Subsection 1.1 of the Credit Agreement is hereby further amended by deleting the reference to "$175,000,000" contained in the definition of "Letters of Credit Suballocation" and substituting "the Maximum Letter of Credit Amount" therefor.

  • Subject to the terms and conditions of this Agreement, Lender in its sole discretion and at its sole option may issue one or more standby and/or commercial Letters of Credit for the account of Borrower (each a "Letter of Credit"), provided that the L/C Outstandings shall not exceed at any one time the Maximum Letter of Credit Amount.

  • If at any time the Letter of Credit Obligations exceed the Maximum Letter of Credit Obligations for any reason, including without limitation upon the reduction or termination of the Revolving Loan Commitment, the Borrower shall provide cash collateral to the Bank in an amount equal to such excess, to be held by the Bank in an account maintained by the Bank in its own name, or in an account otherwise acceptable to the Bank, until such excess no longer exists.

  • The Borrower shall pay to the ---------------- Agent, for the ratable benefit of the Lenders, (i) a non-refundable fee (the "Revolver Unused Line Fee") equal to one-quarter of one percent (.25%) per annum of the unused portion of the Maximum Revolving Loan Amount and (ii) a non-refundable fee (the "Letter of Credit Unused Line Fee") equal to one-half of one percent (.5%) per annum of the unused portion of the Maximum Letter of Credit Amount.

  • All Revolving Loans otherwise available to Borrower pursuant to the lending formulas and subject to the Maximum Credit, the Maximum Letter of Credit Facility and other applicable limits hereunder shall be subject to Lender’s continuing right to establish and revise Availability Reserves, upon not less than 5 days’ prior notice to Borrower.

  • Aggregate Borrowings constituted by Letters of Credit cannot exceed at any time the Maximum Letter of Credit Amount.

  • Maximum Letter of Credit Outstandings; Final Maturities..........

  • In lieu of ----------- depositing cash for the full amount of the Security Deposit, Tenant shall, upon the execution of the Lease, deposit a letter of credit for $467,325.00 (the ----------- "Maximum Letter of Credit Amount"), with the balance of the Security Deposit in the form of cash.

  • Subject to the terms and conditions of this Agreement and the L/C Agreements, Lender in its sole discretion and at its sole option may issue one or more standby or commercial letters of credit for the account of Borrower (each a "Letter of Credit"), provided that the L/C Outstandings shall not exceed at any one time the Maximum Letter of Credit Amount.


More Definitions of Maximum Letter of Credit

Maximum Letter of Credit. Amount shall mean $3,610,000 of Letters of Credit (of which a maximum of $610,000 may be issued for standby letters of credit) and shall include (i) the aggregate undrawn face amount of outstanding Letters of Credit and (ii) the aggregate unreimbursed amount under drawn Letters of Credit. Maximum Revolving Loan shall mean $10,500,000 (including sums directly advanced or charged to the Loan Account in accordance with this Financing Agreement) minus the sum of the aggregate undrawn face amount of outstanding standby or documentary Letters of Credit and the unreimbursed amount under drawn Letters of Credit. Multiemployer Plan shall mean any employee benefit plan which is a multiemployer plan, as defined in Section 3(37) of ERISA, to which the Borrower or any ERISA Affiliate of the Borrower at any relevant time has any liability or obligation to contribute or which covers any employees of the Borrower or any of its ERISA Affiliates. Net Worth shall mean assets in excess of liabilities, determined in accordance with GAAP, on a consistent basis with the latest audited financial statements of the Borrower and its consolidated subsidiaries. Note shall mean each Revolving Loan Promissory Note. Obligations shall mean all loans and advances now or hereafter made by the Lenders to the Borrower or to others for the Borrower's account; any and all indebtedness and obligations which may at any time be owing by the Borrower to the Lenders or the Agent pursuant to this Financing Agreement (including, without limitation, the Out-of-Pocket Expenses) or any other Loan Document or any other document entered into in connection herewith or therewith or the transactions contemplated hereby or thereby, whether now in existence or incurred by the Borrower from time to time hereafter; whether secured by pledge, lien upon or security interest in any of the Borrower's assets or property or the assets or property of any other person, firm, entity or corporation; whether such obligations and indebtedness are absolute or contingent, joint or several, matured or unmatured, direct or indirect and whether the Borrower is liable to the Lenders for such indebtedness as principal, surety, endorser, guarantor or otherwise and shall include, after a Default or Event of Default, all obligations incurred by you to any other concern factored or financed by any Lender. Obligations shall include indebtedness, obligations or liability incurred by, or imposed on, the Lenders or the Agent as a result of...
Sample 1

Related to Maximum Letter of Credit

  • U.S. Letter of Credit means any Letter of Credit issued under the U.S. Facility.

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

  • 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.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Canadian Letter of Credit means each Letter of Credit issued hereunder for the account of the Canadian Borrower.

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

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Existing Letter of Credit means a letter of credit issued and outstanding under the Existing Credit Agreement and listed on Schedule 2.06 hereto.

  • 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 means any letter of credit issued pursuant to this Agreement.

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Performance Letter of Credit means any Letter of Credit of the Borrower or a Guarantor that is issued for the benefit of a municipality, other governmental authority, utility, water or sewer authority, or other similar entity for the purpose of assuring such beneficiary of the Letter of Credit of the proper and timely completion of construction work.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • 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.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Letter of Credit Liability means, without duplication, at any time and in respect of any Letter of Credit, the sum of (a) the undrawn face amount of such Letter of Credit, plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of Borrower at such time due and payable in respect of all drawings made under such Letter of Credit.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Tower Letter of Credit Account” that shall be used solely for the purposes set forth herein.