Paid but Unexpired Letters of Credit as of any Borrowing Base Date, the sum of (a) the amount of any payment made by any Loan Party within 45 calendar days prior to such Borrowing Base Date to satisfy the obligation for which a Letter of Credit was issued solely to the extent that such Letter of Credit has not been reduced, cancelled or drawn upon and (b) for any Trade Letter of Credit with respect to which no amount can be drawn with respect to xxxx-to-market liability, an amount equal to 20%, times, the lesser of (i) the then applicable undrawn portion of such Trade Letter of Credit and (ii) the operational tolerance with respect to the underlying purchase contract with respect to which such Trade Letter of Credit was issued.
Paid but Unexpired Letters of Credit means, on any day, the maximum drawing amount of Letters of Credit on such day where no underlying obligation exists on such day, or if the amount of the Letter of Credit exceeds the underlying obligation on such day, the amount of such excess. As used herein, "underlying obligation" includes without limitation, all existing and future obligations to the beneficiary of such Letter of Credit in respect of Petroleum Inventory purchased or received on or prior to such day or in respect of Petroleum Inventory Borrower is then obligated to purchase or receive or has then nominated to purchase or receive.
Paid but Unexpired Letters of Credit means the amounts available for drawing under WC Letters of Credit issued to support obligations of the Borrowers if (a) such obligations, whether arising from the transactions contemplated by such WC Letters of Credit, or otherwise, have been fully paid and extinguished by the Borrowers and there are no existing claims or disputes between the Borrowers and the beneficiaries of such WC Letters of Credit which could give rise to additional liability thereunder and (b) such WC Letters of Credit are issued for standby purposes only, but only to the extent that the amounts available for drawing thereunder do not then support any underlying obligations and (c) such WC Letters of Credit have not expired, been returned or otherwise presented to a L/C Issuer for cancellation or been canceled.
Examples of Paid but Unexpired Letters of Credit in a sentence
This Agreement contains the entire agreement between the Parties concerning the Option, and no modifications of this Agreement will be binding upon the Parties unless approved in writing by each Party.
Paid but Unexpired Letters of Credit" means the aggregate maximum drawing amount on all Letters of Credit issued pursuant to Section 2.4, minus the initial aggregate amount of the underlying obligations with respect to such Letters of Credit, plus the aggregate amount paid by the Company or any of its Subsidiaries with respect to such underlying obligations.
More Definitions of Paid but Unexpired Letters of Credit
Paid but Unexpired Letters of Credit means the amounts available for drawing under Letters of Credit issued to support obligations of the Borrowers if (a) such obligations, whether arising from the transactions contemplated by such Letters of Credit, or otherwise, have been fully paid and extinguished by the Borrowers and there are no existing claims or disputes between the Borrowers and the beneficiaries of such Letters of Credit which could give rise to additional liability thereunder or (b) such Letters of Credit are issued for standby purposes only, but only to the extent that the amounts available for drawing thereunder do not then support any underlying obligations and (c) such Letters of Credit have not expired, been returned or otherwise presented to the Agent for cancellation or been canceled.
Paid but Unexpired Letters of Credit means the amounts available for drawing under WC Letters of Credit or WC Interim Letters of Credit issued to support obligations of the Borrowers if (a) such obligations, whether arising from the transactions contemplated by such WC Letters of Credit or WC Interim Letters of Credit, as the case may be, or otherwise, have been fully paid and extinguished by the Borrowers and there are no existing claims or disputes between the Borrowers and the beneficiaries of such WC Letters of Credit or WC Interim Letters of Credit, as applicable, which could give rise to additional liability thereunder and (b) such WC Letters of Credit or WC Interim Letters of Credit, as applicable, are issued for standby purposes only, but only to the extent that the amounts available for drawing thereunder do not then support any underlying obligations and (c) such WC Letters of Credit or WC Interim Letters of Credit, as applicable, have not expired, been returned or otherwise presented to a L/C Issuer for cancellation or been canceled.
Paid but Unexpired Letters of Credit at any given time, the amount by which (a) the maximum aggregate amount payable by the Obligors in connection with purchases (or, solely to the extent expressly permitted below, exchanges) of Petroleum Product by the Obligors supported by Letters of Credit has been reduced below (b) the maximum undrawn amount of all such Letters of Credit; provided that only fully-liquidated, cash sums certain that are not subject to market fluctuation or otherwise subject to change may be included as a reduction in the calculation of clause (a) above; and provided, further, that no amounts may be included as a reduction in the calculation of clause (a) above in respect of transactions involving the exchange of Petroleum Product, unless the Obligors have demonstrated to the reasonable satisfaction of Agent (unless Agent in its sole discretion waives any such requirement in writing) and the Agent has provided confirmation in writing that it is satisfied with each of the following (such confirmation not to be unreasonably withheld or delayed): (i) the contracts underlying such transactions expressly permit the Obligors to irrevocably convert such exchange transaction into a purchase and sale (for payment of only cash sums certain that are not subject to market fluctuation or otherwise subject to change) of Petroleum Product by the counterparty to such contract to one or more of the Obligors, (ii) such conversion does not arise upon or in connection with any breach or default by the Obligors under such contracts, (iii) all conditions (if any) to such conversion have been irrevocably satisfied in full or waived in writing, and (iv) such contract does not allow for the reversion of such transaction to an exchange or otherwise to any transaction other than a purchase for cash sums certain not subject to market fluctuation or otherwise subject to change.”
Paid but Unexpired Letters of Credit means at any given time, the difference between: (a) the Maximum Drawing Amount of all Letters of Credit issued in connection with purchases of Petroleum Product by the Borrower; and (b) the aggregate outstanding amounts payable by the Borrower to the suppliers of Petroleum Product delivered to the Borrower in connection with such purchases.
Paid but Unexpired Letters of Credit means the aggregate maximum drawing amount on all Letters of Credit issued pursuant to Section 2.4, plus the initial aggregate amount of the underlying obligations with respect to such Letters of Credit, plus the aggregate amount paid by the Company or any of its Subsidiaries with respect to such underlying obligations.
Paid but Unexpired Letters of Credit means, on any day, the maximum ------------------------------------ drawing amount of Letters of Credit on such day where no underlying obligation exists on such day, or if the amount of the Letter of Credit exceeds the underlying obligation on such day, the amount of such excess. As used herein, "underlying obligation" includes without limitation, all existing and future obligations to the beneficiary of such Letter of Credit in respect of Petroleum Products purchased or received on or prior to such day or in respect of Petroleum Products Borrower or Plains Marketing Canada, L.P. is then obligated to purchase or receive or has then nominated to purchase or receive.
Paid but Unexpired Letters of Credit as of any date, with respect to any Loan Party, the sum of (a) the amount of any payment made by any Loan Party within 45 calendar days prior to such date to satisfy the obligation for which a Letter of Credit was issued solely to the extent that such Letter of Credit has not been reduced, cancelled or drawn upon and (b) for any Trade Letter of Credit with respect to which no amount can be drawn with respect to mark-to-market liability, an amount equal to 20%, times, the lesser of (i) the then applicable undrawn portion of such Trade Letter of Credit and (ii) the operational tolerance with respect to the underlying purchase contract with respect to which such Trade Letter of Credit was issued. “Participant” and “Participants”: as defined in Section 11.7(b). “Participant Register”: as defined in Section 11.7(b). “Participation”: as defined in Section 11.7(b). “Payment Intangible”: as defined in Section 9-102 of the UCC.