Letter of Credit Reserve definition

Letter of Credit Reserve has the meaning set forth in Section 2.1.2(d).

Letter of Credit Reserve means, at any time, an amount equal to (i) the aggregate Letters of Credit Outstanding at such time plus, without duplication, (ii) the aggregate amount theretofore paid by the issuer under the Letters of Credit and not debited to the Borrowers’ account or otherwise reimbursed by the Borrowers.

Letter of Credit Reserve is defined in Section 2.3(e).

Examples of Letter of Credit Reserve in a sentence

• The amount of the Letter of Credit Reserve may be adjusted by Bank from time to time to account for fluctuations in the exchange rate.

• The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of Credit remains outstanding.

• Example for a 5-year grant:CanVECTOR Project Fee $20,000: $4,000/year X 5 years for network services and resources (see Letter of Support) Contact info@canvector.ca to request assistance to include the CanVECTOR Project Fee or CanVECTOR Patient Partner compensation in your grant budget or budget justification.

• The Indenture is amended (after giving effect to all other modification set forth above) by removing all references to Letter(s) of Credit, Prefunded Letter(s) of Credit, LOC Agent Bank and Letter of Credit Reserve Account, including by deleting in their entirety any clauses or provisions that relate solely thereto (including, without limitation, Section 10.4), and inserting “[Reserved]” where necessary to maintain section and clause designations.

• To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a Foreign Currency, Bank may require Borrower to create a reserve (the “ Letter of Credit Reserve”) in an amount equal to ten percent (10%) of the face amount of such Letter of Credit, which Letter of Credit Reserve shall be maintained in a blocked account at Bank.

More Definitions of Letter of Credit Reserve

Letter of Credit Reserve means, at any time, the aggregate Letter of Credit Obligations at such time, other than Letter of Credit Obligations that are fully secured by Cash Collateral.

Letter of Credit Reserve means as of any date of determination, an amount equal to the aggregate principal amount of all undrawn Letters of Credit issued by Bank for the account of Company under and pursuant to this Agreement and the amount of all draws under Letters of Credit paid by Bank and not reimbursed by Company.

Letter of Credit Reserve has the meaning set forth in Section 2.1.3(g).

Letter of Credit Reserve means as of any date of determination thereof, an amount equal to the undrawn amount of all Letters of Credit plus the unreimbursed amount of any draws under Letters of Credit honored by Bank.

Letter of Credit Reserve means, at any time, the aggregate Letter of Credit Obligations at such time, excluding Letter of Credit Obligations that are fully secured by Cash Collateral.

Letter of Credit Reserve means, at any time, 100% of the sum of (i) the aggregate undrawn amount of all Letters of Credit outstanding at such time, plus (ii) the aggregate amount of all drawings under Letters of Credit for which the Lender has not been reimbursed.

Letter of Credit Reserve means, at any time, an amount equal to (a) the Dollar Equivalent amount of the aggregate Letters of Credit Outstanding at such time plus, without duplication, (b) the aggregate Dollar Equivalent amount theretofore paid by the Issuing Bank under the Letters of Credit and not debited to the Borrower's account or otherwise reimbursed by the Borrower.