Definition of Portion of Reimbursement Obligation


Portion of Reimbursement Obligation means the portion of such Reimbursement Obligation being funded or maintained by the LC Bank by reference to a particular interest rate basis.

Examples of Portion of Reimbursement Obligation in a sentence

Upon receipt of such notice, until the LC Bank notifies the Borrower and the Administrative Agent that the circumstances giving rise to such determination no longer apply, (i) no Portion of Reimbursement Obligation shall be funded at or by reference to Adjusted LIBOR or LMIR and (ii) the Interest Rate for any outstanding Portion of Reimbursement Obligation then funded at Adjusted LIBOR or LMIR shall automatically and immediately be converted to the Base Rate.