LC Reserves definition

LC Reserves means, at any time, the aggregate LC Exposure of all Lenders at such time that is not fully secured by cash collateral.
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LC Reserves means, as to any Letter of Credit Accommodation, (a) if the Letter of Credit Accommodation is for the purpose of purchasing Eligible Inventory and the documents of title with respect thereto are consigned to the issuer, the sum of (i) the percentage equal to one hundred (100%) percent minus the then applicable percentage with respect to the category of Eligible Inventory to be purchased with such Letter of Credit Accommodation set forth in the definition of the term Borrowing Base multiplied by the Value of such Eligible Inventory, plus (ii) the actual amount of freight, taxes, duty and other amounts that are or will be payable in connection with such Inventory upon arrival and for delivery to a Borrower's location for Eligible Inventory within the United States of America (or if the actual amounts cannot be determined by Agent using reasonable efforts, whether based on information provided by Administrative Borrower to Agent or otherwise, then Agent's good faith estimates of such amounts) and (b) if the proposed Letter of Credit Accommodation is for any other purpose or the documents of title are not consigned to the issuer in connection with a Letter of Credit Accommodation for the purpose of purchasing Inventory, an amount equal to one hundred (100%) percent of the face amount thereof and all other commitments and obligations made or incurred by Agent with respect thereto.
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Examples of LC Reserves in a sentence

  • If any amount of the outstanding principal balance of the Loan is comprised of LC Reserves, Borrower shall provide the Bank with cash collateral in an amount equal to the outstanding LC Reserve to secure the amount of the outstanding principal balance comprised of the LC Reserve.

  • For purposes of this Amendment and the Loan Agreement, the outstanding principal balance of the Loan at any time shall be the sum of (a) all amounts of the Loan Advances made under the Loan Agreement remaining unpaid plus (b) all outstanding LC Reserves.

  • On the Maturity Date, the outstanding principal balance of the Loan together with any accrued but unpaid interest thereon and any other costs or amounts owed to the Bank hereunder, excluding (for purposes of Paragraphs 2 and 3 hereof only) the aggregate amount of LC Reserves outstanding on the Maturity Date, shall be due and paid in full.

  • Notwithstanding the foregoing, in the event the Interim Maturity Date is the same date as the Maturity Date, and in any event, on the Maturity Date, the outstanding principal balance of the Loan together with any accrued but unpaid interest thereon and any other costs or amounts owed to the Bank hereunder, excluding (for purposes of this Paragraph 2 only) the aggregate amount of LC Reserves outstanding on the Maturity Date, shall be due and paid in full on such date.

  • Borrowing Base — on any date of determination thereof, an amount equal to the lesser of: (a) the aggregate amount of the Commitments on such date minus the LC Outstandings on such date, or (b) an amount equal to (i) the sum of the Accounts Formula Amount plus the Inventory Formula Amount on such date plus the Eligible Cash Collateral on such date minus (ii) the Availability Reserve on such date minus (iii) the LC Reserves on such date minus (iv) the Restructuring Expenses Reserve on such date.

  • Notwithstanding the foregoing, in the event the Interim Maturity Date is the same date as the Maturity Date, the outstanding principal balance of the Loan together with any accrued but unpaid interest thereon and any other costs or amounts owed to the Bank hereunder, excluding (for purposes of this Paragraph 3 only) the aggregate amount of LC Reserves outstanding on the Maturity Date, shall be due and paid in full on such date.

  • On the Maturity Date, the outstanding principal balance of the Loan together with any accrued but unpaid interest thereon and any other costs or amounts owed to the Bank hereunder, excluding the aggregate amount of any LC Reserves outstanding on the Maturity Date which shall be due and payable on the LC Maturity Date pursuant to the Loan Agreement, shall be due and paid in full.

  • Borrowing Base - on any date of determination thereof, an amount equal to the lesser of: (a) the aggregate amount of the Commitments on such date minus the LC Reserves on such date minus $5,000,000, or (b) an amount equal to (i) the sum of the Accounts Formula Amount plus the Inventory Formula Amount on such date plus the Equipment Formula Amount minus (ii) the Availability Reserve on such date minus (iii) $5,000,000 minus (iv) the LC Reserves on such date.

  • For purposes of this Amendment and the Loan Agreement, the outstanding principal balance of the Loan at any time shall be the sum of (a) all amounts of the Loan Advances made under the Loan Agreement remaining unpaid plus (b) all outstanding LC Reserves (as defined in the First Amendment and herein).