Maximum LC Amount definition
Examples of Maximum LC Amount in a sentence
Holdings and the Payer shall execute and deliver to the Payee such documentation as the Payee shall reasonably specify to evidence the increase in the Maximum LC Amount.
If on any date the effective amount of L/C Obligations exceeds the Maximum L/C Amount, the Borrower shall cash collateralize on such date the outstanding L/Cs in an amount equal to the excess of the maximum amount then available to be drawn under the L/Cs over the Maximum L/C Amount.
On the LC Release Date, subject to the procurement of the release of all Letters of Credit on the LC Release Date, the Maximum LC Amount shall be reduced to zero.
The Payer shall have paid the Payee an amount in Sterling equal to the Dollar equivalent of one and a half percent (1.5%) of 102% of the Maximum LC Amount in HN\1118344.20 effect on the Closing Date (calculated by reference to the Fixed Exchange Rate), which amount shall be deposited by the Payee with the LC Bank on the Closing Date and shall constitute a portion of the Payee Deposit.
No Agent nor any of its affiliates or any of its officers, directors, agents, or employees shall be responsible for or have any duty or obligations to any Issuing Lender to ascertain or inquire into the the utilization of any Issuing ▇▇▇▇▇▇’s Maximum L/C Amount (it being understood and agreed that each Issuing Lender shall monitor compliance with its own Maximum L/C Amount without any further action by the Administrative Agent).
Such notice shall set forth (i) the amount of the increase of the Maximum LC Amount being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000) and (ii) the date on which such increase is requested to become effective (which shall not be less than 10 Business Days nor more than 60 days after the date of such notice).
Each Revolving Credit Lender severally -------------------- agrees to participate with LC Bank in the extension of credit arising from the issuance of the Letters of Credit in an amount not to exceed such Revolving Credit Lender's Pro Rata Portion of the Maximum LC Amount and the issuance of each Letter of Credit shall be deemed a confirmation by such Revolving Credit Lender of such participation.
Additionally, notwithstanding anything in this Agreement to the contrary, the aggregate Credit Exposure of all of the Lenders with respect to Facility LCs shall not exceed the lesser of the Maximum LC Amount or the amount of cash on deposit in the LC Blocked Account.
Maximum LC Amount; Release of Payee Deposit 56 Section 3.01 Voluntary Reduction of Maximum LC Amount 56 Section 3.02 Mandatory Posting of Payer Deposit 56 Section 3.03 Increase of Maximum LC Amount 58 Section 3.04 Release of Payee Deposit 58 Section 3.05 FX True Up 58 Article IV.
The amount of each remaining quarterly increase in the Payer Deposit required pursuant to this clause shall be ratably reduced by the amount of the Payee Deposit released to the Payee pursuant to Section 3.04 as a result of (x) any voluntary reduction of the Maximum LC Amount pursuant to Section 3.01 or (y) any increase in Payer Deposit as a result of any mandatory posting of Payer Deposit pursuant to Sections 3.02(a), 3.02(b) and 3.02(c), in each case that results in a prepayment of Term B Loans.