Fleets LC Exposure

Fleets LC Exposure. Shall mean, at any time, the sum of (i) 100% of the aggregate undrawn amount of all outstanding standby and documentary letters of credit issued by Fleet to or for the account of the Pledgor at such time plus (y) the aggregate amount of all disbursements made by Fleet in respect of letters of credit issued by Fleet to or for the account of the Pledgor that have not yet been reimbursed by or on behalf of the Pledgor at such time.