LOC Commitment Amount definition
Examples of LOC Commitment Amount in a sentence
LOC Disbursements under this LOC, the reimbursement of which has not caused a reinstatement of this LOC pursuant to the previous sentence, shall not, in the aggregate, exceed the LOC Commitment Amount.
All references in the Loan Documents to the maximum LOC Commitment Amount shall be revised to refer to the New LOC Commitment Amount set forth herein.
However, notwithstanding the increase in the Borrowing Base, the Maximum LOC Commitment Amount shall never exceed $3,000,000.00.
Borrower also agrees to pay to the Bank on a monthly basis a commitment fee on the average daily unused portion of the Maximum LOC Commitment Amount, from and including March 6, 2000 to and including the Maturity Date (as defined in the LOC Note) at the rate of one quarter of one percent (.25%) per annum based on a 365 day year and the actual number of days elapsed, payable on the 30th day of each month, commencing March 6, 2000, and ending on the Maturity Date.
From and after the Modification Closing Date, the maximum LOC Commitment Amount is hereby increased from the current amount of Five Million Dollars ($5,000,000.00) to the New LOC Commitment Amount of Six Million Dollars ($6,000,000.00).
If at any time the aggregate outstanding principal amount of all LOC Obligations exceeds the LOC Commitment Amount or the Required Collateral Value, the Borrower shall pay, within three (3) Business Days after receipt of notice by the Borrower from the Lender, an amount equal to such excess.
Each LOC shall be dated its date of issuance and shall be issued by the related LOC Issuer in the initial stated amount (such respective amounts, each an "LOC Commitment Amount") equal to the dollar equivalent of its Percentage (set forth on Schedule 1 hereto) of $15,000,000 on the date of issuance for a term expiring on the LOC Expiration Date, subject to extension as set forth in Section 2.01(c) and early termination as set forth in Sections 2.03(d) and 2.08.
Any action by Borrower to pledge Additional Collateral may allow the Maximum LOC Commitment Amount to be increased as supported by the Borrowing Base, but never to an amount in excess of $3,000,000.00.