L/C Commitment definition

L/C Commitment. $50,000,000.

L/C Commitment means the lesser of (a) $10,000,000 and (b) the Revolving Credit Commitment.

L/C Commitment means the commitment of each Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

Examples of L/C Commitment in a sentence

• The L/C Commitment Advances deemed made pursuant to the first proviso to the preceding sentence shall be made without any actual funding on the Closing Date and shall bear interest on the Closing Date at the Contract Rate as if such Advances were Domestic Rate Loans, except to the extent that the Borrowers have timely delivered notice in accordance with Section 2.2 requesting that such Advances be Eurodollar Rate Loans.

• The aggregate balance of Revolving Advances, L/C Commitment Advances and/or Roll-Up L/C Commitment Advances taken as a whole outstanding at any time in excess of the maximum amount of Revolving Advances, L/C Commitment Advances and/or Roll-Up L/C Commitment Advances (as applicable) permitted hereunder shall be immediately due and payable without the necessity of any demand, at the Payment Office, whether or not a Default or Event of Default has occurred.

• Amounts borrowed as L/C Commitment Advances which are repaid or prepaid may not be reborrowed and the L/C Commitments shall be reduced by the amount of each L/C Commitment Advance.

• Immediately upon the issuance of the WTC Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from Issuer a participation in such WTC Letter of Credit and each drawing thereunder in an amount equal to such Xxxxxx’s L/C Commitment Percentage of the Maximum Undrawn Amount of such WTC Letter of Credit (as in effect from time to time) and the amount of such drawing, respectively.

• The aggregate principal amount of all Roll-Up L/C Commitment Advances made after the Closing Date shall not exceed the initial aggregate Roll-Up L/C Commitments, and upon the making of each Roll-Up L/C Commitment Advance after the Closing Date the Roll-Up L/C Commitments shall be reduced by the principal amount of such Roll-Up L/C Commitment Advance.

More Definitions of L/C Commitment

L/C Commitment. $25,000,000.

L/C Commitment. $10,000,000. "L/C Fee Payment Date": the last day of each March, June, September and December and the last day of the Revolving Credit Commitment Period.

L/C Commitment means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

L/C Commitment as to any L/C Lender, the obligation of such L/C Lender, if any, to purchase an undivided interest in the Issuing Lenders’ obligations and rights under and in respect of each Letter of Credit (including to make payments with respect to draws made under any Letter of Credit pursuant to Section 3.5(b)) in an aggregate principal amount not to exceed the amount set forth under the heading “L/C Commitment” opposite such L/C Lender’s name on Schedule 1.1A or in the Assignment and Assumption or Increase Joinder pursuant to which such L/C Lender becomes a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The L/C Commitment is a sublimit of the Revolving Commitment and the aggregate amount of the L/C Commitments shall not exceed the amount of the Total L/C Commitments at any time.

L/C Commitment means the commitment of the Issuing Bank to Issue, and the commitment of the Lenders severally to participate in, Letters of Credit from time to time Issued or outstanding under Article 3, in an aggregate amount not to exceed on any date the amount of $150,000,000, as the same shall be reduced as a result of a reduction in the L/C Commitment pursuant to Section 2.06. The L/C Commitment is a part of the combined Commitments, rather than a separate, independent commitment.

L/C Commitment means, with respect to the L/C Issuer, the commitment of the L/C Issuer to issue Letters of Credit hereunder. The initial amount of the L/C Issuer’s Letter of Credit Commitment is set forth on Schedule 2.03. The Letter of Credit Commitment of the L/C Issuer may be modified from time to time by agreement between the L/C Issuer and the Borrower, and notified to the Administrative Agent.

L/C Commitment. $10,000,000.