L/C Obligations. The term “L/C OBLIGATIONS” means collectively at any time of determination an amount equal to the sum of: (a) the aggregate undrawn and unexpired amount of the then outstanding LETTERS OF CREDIT; and (b) the aggregate amount in U.S. dollars of drawings under LETTERS OF CREDIT which have not then been reimbursed.
Appears in 2 contracts
Sources: Loan and Security Agreement (Martek Biosciences Corp), Loan and Security Agreement (Martek Biosciences Corp)