L/C Value definition
L/C Value means, for any Permitted Letters of Credit on any date of determination, the undrawn face amount thereof plus, if any, the then unpaid reimbursement obligations, with respect thereto.
L/C Value means, as determined by the Bank, (i) with respect to any Letter of Credit, the Dollar Equivalent of the maximum amount available for drawing under such Letter of Credit together with all fees accrued thereon, and (ii) with respect to any L/C Borrowing, the principal amount thereof together with all interest and fees accrued thereon.
Examples of L/C Value in a sentence
Notwithstanding the foregoing, from and after the 48th month of the Lease Term, provided that no default or Event of Default has occurred and is then continuing hereunder, the Letter of Credit may be reduced by ▇▇▇▇▇▇, in its sole discretion, to an amount equal to the Original LC Value.