Definition of Term Letter of Credit Usage


Term Letter of Credit Usage means an amount equal to the face amount of all outstanding Term Letters of Credit plus the aggregate amount of any unpaid obligations in respect of Term Letters of Credit (including all amounts due to any L/C Issuer in connection therewith).
Sample 1

Examples of Term Letter of Credit Usage in a sentence

Any such notice of cancellation or reduction of the Term Letter of Credit Usage shall be accompanied by the payment of all fees (including the Commitment Fee due on the Term Letter of Credit Usage being reduced) accrued through the date of such cancellation or reduction plus payment of the Applicable Reduction Fee.
Partial reductions of the Term Letter of Credit Usage shall be in a minimum amount of five million Dollars ($5,000,000) or such lesser amount as may then remain outstanding or integral multiples of one million Dollars ($1,000,000) in excess thereof and shall reduce each Lender's Loan Exposure on a pro rata basis based upon such Lender's Pro Rata Share.