LC Share definition

LC Share means for each LC Participant, a percentage equal to (i) the Commitment of such LC Participant at such time, divided by (ii) the aggregate of the Commitments of all LC Participants at such time.
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LC Share means, as to each Bank, its participating share of a Letter of Credit issued pursuant to Section III determined by multiplying the LC Amount for such Letter of Credit by the Bank's Percentage.
Sample 1

Examples of LC Share in a sentence

  • At such time as, and to the extent that, any such Letter of Credit is drawn, the Allocable L/C Share attributable to such Letter of Credit (or such ratable portion thereof as has been drawn in the event such Letter of Credit is drawn only in part) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank.

  • Immediately upon the issuance of each Letter of Credit, each Bank hereby agrees to irrevocably purchase, and shall be deemed to have irrevocably purchased, from the Issuing Bank a participation in such Letter of Credit and drawing thereunder in an amount equal to such Bank's LC Share determined on the maximum amount which is or at any time may become available to be drawn thereunder (the "LC Amount").

  • Appropriate sections from the Municipal SALDO and other applicable ordinances shall be followed in preparing the SWM Site Plans.

  • The issuance of any Letter of Credit in accordance with the provisions of this Section III shall be given effect in the calculation of and thereby reduce the remaining Loan Commitment available for Loans, with each Bank's Share of the Commitment available for Loans being reduced by such Bank's LC Share of such Letter of Credit due to the participation in such Letters of Credit provided for below, and shall require the satisfaction of the conditions herein as if such issuance were the making of a Loan.

  • No course of performance or other conduct hereafter pursued, accepted or acquiesced in, and no oral agreement or representation made in the future, by Seller or Purchaser, whether or not relied or acted upon, and no usage of trade, whether or not relied or acted upon, shall modify or terminate this Agreement, impair or otherwise affect any obligation of Seller or Purchaser pursuant to this Agreement or otherwise or operate as a waiver of any such right or remedy.

  • At such time as any such Letter of Credit is drawn, the Allocable L/C Share attributable thereto (in an amount not exceeding the amount of such drawing) shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank.

  • In accordance with the terms and conditions set forth herein, the LC Bank hereby agrees to issue Letters of Credit in return for (and each LC Participant hereby severally agrees to make Participation Advances in connection with any draws under such Letters of Credit equal to such LC Participant’s LC Share of such draws), undivided percentage ownership interests with regard to the Purchaser Interests from the Sellers from time to time from the date hereof to but not including the Facility Termination Date.

  • At such time as any such Letter of Credit is drawn, the Allocable L/C Share attributable to such Letter of Credit shall be disbursed from the L/C Holding Account by the Collateral Agent to the Issuing Bank.

  • At any time during such twenty (20) business day period, PDM will notify CB&I of its election to exercise such right (the "PDM Put Notice-LC Shares"), which Notice will contain PDM's notice of election to sell the specified LC Shares subject to such put right, the aggregate purchase price payable by CB&I at $17.15 per LC Share, and the date for consummation of such purchase and sale (not less than two (2) nor more than thirty (30) days after the date of such PDM Put Notice-LC Shares).

Related to LC Share

  • LC Payment Date is defined in Section 2.20.5.

  • Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.

  • Letter of Credit Fee has the meaning specified in Section 2.03(h).

  • LC Participation Fee shall have the meaning assigned to such term in Section 2.05(c).

  • Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Fronting Fee shall have the meaning provided in Section 4.1(c).

  • LC Payment Notice has the meaning specified in Section 2.04(e).

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.”

  • Standby Letter of Credit Fee shall have the meaning assigned to such term in Section 3.5(b)(i).

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Fee Rate means, at any time, the percentage rate per annum applicable to Letter of Credit Fees at such time as set forth in the Pricing Schedule.

  • Letter of Credit Exposure means, with respect to any Lender, at any time, the sum of (a) the Dollar Equivalent amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuer pursuant to Section 3.4(a) at such time and (b) such Lender’s Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuer pursuant to Section 3.4(a)).

  • LC means Letter of Credit

  • Applicable Percentage means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments.

  • Standby LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus (b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Standby LC Exposure at such time.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • Drawing Fee means, with respect to each Draft drawn by TCCI and purchased by any Person on any Drawing Date and subject to the provisions of Section 2.15, an amount equal to the product of (i) the Applicable Rate times the aggregate Face Amount of the Draft, multiplied by (ii) a fraction the numerator of which is the number of days in the term to maturity of such Draft and the denominator of which is 365 or 366, as applicable.

  • Letter of Credit Obligation means, as of any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if any Letter of Credit shall increase in amount automatically in the future, such aggregate amount available to be drawn shall currently give effect to any such future increase) plus the aggregate Reimbursement Obligations and Letter of Credit Borrowings on such date.

  • Letter of Credit Liabilities means, at any time and in respect of all Letters of Credit, the sum of (a) the aggregate amount available to be drawn under all such Letters of Credit plus (b) the aggregate unpaid amount of all Reimbursement Obligations then due and payable in respect of previous drawings under such Letters of Credit.

  • L/C Participants means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other than the applicable Issuing Lender.

  • Letter of Credit Maturity Date the date occurring 15 days prior to the Revolving Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Letter of Credit Disbursement means a payment made by Issuing Lender or Underlying Issuer pursuant to a Letter of Credit.