Funded L/C Exposure definition

Funded L/C Exposure means the aggregate principal amount, as of any date of determination, of all payments that were made by an L/C Issuer under any Letter of Credit or L/C Undertaking, but which have not been reimbursed to such L/C Issuer by the Borrower.

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Funded L/C Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Funded Letters of Credit at such time and (b) the aggregate amount of all Funded L/C Disbursements that have not yet been reimbursed at such time (or deemed to have not yet been reimbursed at such time pursuant to Section 2.23(e)). The Funded L/C Exposure of any Funded L/C Lender at any time shall equal its Pro Rata Percentage of the aggregate Funded L/C Exposure at such time.

Funded L/C Exposure means have the meaning assigned to such term in the Second Restated Credit Agreement. It is understood and agreed for all purposes hereunder that the Funded L/C Exposure as of the Third Restatement Date shall be equal to zero and that no Lender shall have or hold any interest in the Funded L/C Exposure as of the Third Restatement Date.

Examples of Funded L/C Exposure in a sentence

If at any time the Funded L/C Exposure shall exceed the Total Credit-Linked Deposit, the Borrower shall deposit cash in a cash collateral account established with the Administrative Agent pursuant to Section 2.23(j) in an amount equal to such excess.
A Funded Letter of Credit shall be issued, amended, renewed or extended only if, and upon issuance, amendment, renewal or extension of each such Funded Letter of Credit the Borrower shall be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal or extension the Funded L/C Exposure shall not exceed the Total Credit-Linked Deposit and that the other conditions expressly set forth herein are satisfied in respect thereto.
In the event that the Borrower elects to reimburse the Issuing Bank for any Funded L/C Disbursement, for a period of 91 days following such reimbursement payment by the Borrower, the Funded L/C Exposure shall be deemed to include for all purposes hereunder (including for purposes of the issuance of any new Funded Letter of Credit during such period) the amount of such reimbursement payment until the end of such 91-day period.
In the event that the Term Loan Borrower elects to reimburse the Issuing Bank for any Funded L/C Disbursement, for a period of 91 days following such reimbursement payment by the Term Loan Borrower, the Funded L/C Exposure shall be deemed to include for all purposes hereunder (including for purposes of the issuance of any new Funded Letter of Credit during such period) the amount of such reimbursement payment until the end of such 91-day period.
A Funded Letter of Credit shall be issued, amended, renewed or extended only if, and upon issuance, amendment, renewal or extension of each such Funded Letter of Credit the Term Loan Borrower shall be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal or extension the Funded L/C Exposure shall not exceed the Total Credit-Linked Deposit at such time.
All Funded L/C Exposure shall bear interest at a per annum rate equal to the interest rate charged to other Advances.
The Deposit of the assignor Deposit Funded Lender shall not be released, but shall instead be purchased by the relevant assignee and continue to be held for application (to the extent not already applied) in accordance with this Agreement to satisfy such assignee’s obligations in respect of Deposit Funded Loans and the Deposit Funded LC Exposure.
In the event that Borrower is required to reimburse the Issuing Bank for any Funded LC Disbursement, for a period of 91 days following such reimbursement payment by Borrower, the Funded LC Exposure shall be deemed to include for all purposes hereunder (including for purposes of the issuance of any new Funded Letter of Credit during such period) the amount of such reimbursement payment until the end of such 91-day period.
At its option, Bor- rower may at any time in whole permanently reduce, or from time to time in part permanently reduce, the Total Credit-Linked Deposit; provided that (i) each partial reduction of the Total Credit-Linked Deposit shall be in an integral multiple of $500,000 and not less than $2.0 million and (ii) the Total Credit-Linked Deposit shall not be reduced to an amount that would result in the aggregate Funded LC Exposure exceeding the Total Credit-Linked Deposit.
If at any time the Funded L/C Exposure shall exceed the Total Credit-Linked Deposit, the Borrower shall cash collateralize Funded Letters of Credit pursuant to Section 2.22(j) in an amount sufficient to eliminate such excess.

More Definitions of Funded L/C Exposure

Funded L/C Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Funded Letters of Credit at such time and