Common use of Aggregate Amount Clause in Contracts

Aggregate Amount. The aggregate face amount of Letters of Credit issued and outstanding under the Credit Facility at any one time shall not exceed U.S. $200,000,000 or the Equivalent Amount in Cdn. Dollars. The aggregate face amount of Fronted Letters of Credit (determined in U.S. Dollars with the face amount of any Letter of Credit issued in Cdn. Dollars being converted to the Equivalent Amount thereof in U.S. Dollars) issued by a Fronting Lender shall not exceed its Fronted LC Commitment. Any Letter of Credit issued under the Credit Facility shall be issued by a Fronting Lender (to the extent it has a Fronted LC Commitment for the type of Letter of Credit being issued) on behalf of the Lenders, and the Borrower shall have the right to select which Fronting Lender shall issue any particular Letter of Credit.

Appears in 2 contracts

Sources: Credit Agreement (PRECISION DRILLING Corp), Credit Agreement (Precision Diversified Oilfield Services Corp.)

Aggregate Amount. The aggregate face amount of Letters of Credit issued and outstanding under the Credit Facility at any one time shall not exceed U.S. $200,000,000 or the Equivalent Amount thereof in Cdn. Dollarsthe applicable currencies of issuance. The aggregate face amount of Fronted Letters of Credit (determined in U.S. Dollars with the face amount of any Letter of Credit issued in Cdn. Dollars any other currency permitted hereunder being converted to the Equivalent Amount thereof in U.S. Dollars) issued by a Fronting Lender shall not exceed its Fronted LC Commitment. Any Letter of Credit issued under the Credit Facility shall be issued by a Fronting Lender (to the extent it has a Fronted LC Commitment for the type of Letter of Credit being issued) on behalf of the Lenders, and the Borrower shall have the right to select which Fronting Lender shall issue any particular Letter of Credit.”

Appears in 1 contract

Sources: Credit Agreement (PRECISION DRILLING Corp)

Aggregate Amount. The aggregate face amount of Letters of Credit issued and outstanding under the Credit Syndicated Facility at any one time shall not exceed U.S. $200,000,000 the Fronting LC Cap or the Equivalent Amount thereof in Cdn. Dollarsthe applicable currencies of issuance. The aggregate face amount of Fronted Letters of Credit (determined in U.S. Dollars with the face amount of any Letter of Credit issued in Cdn. Dollars any other currency permitted hereunder being converted to the Equivalent Amount thereof in U.S. Dollars) issued by a Fronting Lender shall not exceed its Fronted LC Commitment. Any Letter of Credit issued under the Credit Syndicated Facility shall be issued by a Fronting Lender (to the extent it has a Fronted LC Commitment for the type of Letter of Credit being issued) on behalf of the Syndicated Lenders, and the Borrower shall have the right to select which Fronting Lender shall issue any particular Letter of Credit.

Appears in 1 contract

Sources: Credit Agreement (PRECISION DRILLING Corp)