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.
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Examples of LC Share in a sentence

  • 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, 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").

  • 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 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.

  • 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.

  • 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).