Revolving Loan Letter of Credit Applicable Margin definition

Revolving Loan Letter of Credit Applicable Margin means (a) on any date for which it is determined prior to the Revolving Period Commitment Termination Date and on which the ratio (expressed as a percentage) of the outstanding principal of Senior Debt, including any Revolving Loans outstanding, to the Borrowing Base then in effect shall equal those ratios set forth below, the percentage set forth opposite such ratio: Ratio of Senior Debt Letter of Credit to Borrowing Base Applicable Margin -------------------------- ----------------- Greater than 95% 1.500% Greater than 75% and less than or equal to 95% 1.250% Greater than 60% and less than or equal to 75% 1.000% Greater than 40% and less than or equal to 60% .750% Less than or equal to 40% .625%
Sample 1
Revolving Loan Letter of Credit Applicable Margin in Section 1.1 of the Credit Agreement is hereby amended by replacing the existing pricing grid with the following pricing grid: Ratio of Borrowing Base Debt to Borrowing Base Letter of Credit Applicable Margin Greater than or equal to 90% 2.000 % Greater than or equal to 66.6% and less than 90% 1.750 % Greater than or equal to 33.3% and less than 66.6% 1.500 % Less than 33.3% 1.250 %
Sample 1

Examples of Revolving Loan Letter of Credit Applicable Margin in a sentence

  • The Borrower agrees to -------------------------------- pay to the Agent, for the account of each Lender, a fee for each Letter of Credit for the period from and including the date of the issuance of such Letter of Credit to (but not including) the date upon which such Letter of Credit expires, at a per annum rate equal to the Revolving Loan Letter of Credit Applicable Margin on the outstanding face amount of each Letter of Credit in the case of Revolving Loan Letters of Credit.

  • The Borrower agrees to pay to the Agent, for the account of each Lender, a fee for each Letter of Credit for the period from and including the date of the issuance of such Letter of Credit to (but not including) the date upon which such Letter of Credit expires, at a per annum rate equal to the Revolving Loan Letter of Credit Applicable Margin on the outstanding face amount of each Letter of Credit in the case of Revolving Loan Letters of Credit.

Related to Revolving Loan Letter of Credit Applicable Margin

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

  • 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.

  • 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 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 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.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

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

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

  • 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 Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • 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.

  • Revolving Credit Advance means an advance by a Bank to a Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.

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

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

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

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Revolving Credit Agreement means that certain Revolving Credit Agreement dated as of August 30, 2004 between the Company, certain of its Subsidiaries and the banks and financial institutions listed therein, as such agreement may be replaced, amended, supplemented or otherwise modified from time to time.

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

  • 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.

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • Letter of Credit Application means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

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

  • 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.