Letter of Credit Availability definition

Letter of Credit Availability means, as at any time, an amount equal to the lesser of (a) an amount equal to (i) $10,000,000 less (ii) the then Letter of Credit Exposure and (b) the then Revolving Loan Availability.

Letter of Credit Availability means, at any time, the lesser of

Letter of Credit Availability means, at any date of determination thereof, the amount by which (a) the result of (i) the aggregate amount of the Revolving Credit Commitment as of such date minus (ii) the unpaid aggregate principal amount of the Revolving Credit Loans then outstanding exceeds (b) the aggregate amount of the Letter of Credit Obligations at such date; provided that in no event shall the Letter of Credit Obligations exceed $3,500,000 for Letters of Credit whose expiry date is more than 90 days from such date of determination.

Examples of Letter of Credit Availability in a sentence

• After giving effect to any Borrowing or the issuance of any Letter of Credit, Availability is not less than zero.

• After giving effect to any Borrowing or the issuance, amendment, renewal or extension of any Letter of Credit, Availability shall not be less than zero.

• Such fee for each Letter of Credit shall be due and payable on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, and on the Letter of Credit Availability Expiration Date.

• LC Issuer, in addition to the other terms of this Agreement, will have no obligation to issue the proposed Letter of Credit if, after giving effect to such proposed Letter of Credit, the Letter of Credit Availability will be less than zero Dollars.

• A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the Stand-by LC Exposure shall not exceed $50,000,000 and (ii) after giving effect to the issuance of such Letter of Credit, Availability shall not be less than zero.

More Definitions of Letter of Credit Availability

Letter of Credit Availability means, as of the date of determination, the aggregate amount of additional Letter of Credit Obligations which may be incurred at the time of determination in accordance with SECTION 2A.2, which shall be an amount equal to the lesser of (i) the Letter of Credit Facility minus the Letter of Credit Obligations and (ii) the Revolving Credit Availability, in each case, on such date.

Letter of Credit Availability means, at any time, the then existing Commitment Amount minus the sum of the aggregate outstanding principal amount of all Loans, together with the aggregate amount of all Letter of Credit Outstandings and Acceptance Obligations.

Letter of Credit Availability means U.S.$125,000,000;

Letter of Credit Availability means, as of the date of determination, the aggregate face amount of Letter of Credit Obligations available to be incurred hereunder at the time of determination in accordance with SECTION 3.2, which shall be an amount equal to the lesser of (i) the Letter of Credit Facility MINUS the Letter of Credit Obligations and (ii) the Loan Availability, on such date.

Letter of Credit Availability means, as at any time, an amount equal to the lesser of: (i) an amount equal to (a) $1,500,000 less (b) the then Letter of Credit Exposure and (ii) the then Revolving Loan Availability.

Letter of Credit Availability means U.S. $50,000,000;

Letter of Credit Availability means, at any particular time, the amount by which the Letter of Credit Sublimit exceeds the Letter of Credit Obligations outstanding at such time.