Issuance Allocation definition

Issuance Allocation means the commitment of each Issuing Bank to ------------------- issue Letters of Credit, subject to the terms hereof, initially in the amounts set forth below, and subsequently in such amounts as are agreed to pursuant to the provisions of Section 2.13: Initial Issuance ---------------- Name of Issuinq Bank Allocation -------------------- ---------- Bank of America National Trust and Savings Association $170,000,000 The Hongkong and Shanghai Banking Corporation Limited $ -▇- ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ $ 30,000,000 ABN AMRO Bank, N.V., acting through its Chicago Branch $ -0- ------------ $200,000,000 The Issuance Allocations need not be allocated on a pro rata basis among the Issuing Banks. Revised Issuance Allocations will be set forth in the notification letters sent by the Company to the Agent from time to time and confirmed by the Banks pursuant to subsection 2.13(b).
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Examples of Issuance Allocation in a sentence

  • Each Initial Allocation Notice, each Issuance Allocation Notice and each Reallocation Notice shall become effective in accordance with the terms of each Allocation Agreement.

  • The Existing Letters of Credit shall be deemed to utilize pro rata the Commitment of each Bank, and each Issuing Bank's Issuance Allocation shall be deemed utilized by outstanding Existing Letters of Credit and unpaid drawings in respect thereof.

  • At no time shall any Bank's Issuance Allocation be less than the L/C Obligations owed to such Issuing Bank.

  • The Issuance of Letters of Credit by an Affiliate of an Issuing Bank to fulfill an Issuing Banks' s Issuance Allocation shall not constitute an assignment.

  • On and after the effective date of any change in the Issuance Allocations and/or Tenor Allocations, each Issuing Bank shall Issue Letters of Credit in an amount not in excess of its new Issuance Allocation, and each such Letter of Credit shall comply with the Tenor Allocation, if any, applicable to such Issuing Bank.

  • If the Issuance Allocation or the Tenor Allocation of an Issuing Bank is being modified, such change shall not be effective until all Banks have returned to the Agent, within twenty-four (24) hours of such notification, signed copies of such notification, acknowledging the modifications, and the Agent has delivered copies of same to the Company.

  • For purposes of determining the outstanding L/C Obligations and a Bank's Issuance Allocation and Tenor Allocation on any date of determination, each outstanding Letter of credit shall be deemed to be outstanding in the undrawn face amount thereof for the thirty day period following its expiry date unless previously cancelled, but in no event shall any Letter of Credit constitute an L/C Obligation more than 30 days after its expiry date.