Common use of LOC Clause in Contracts

LOC. The unconditional and irrevocable letter of credit from GreenPoint --- Bank to the Trustee for the benefit of the Class A Certificateholders and the Insurer, in the form attached as an Exhibit L hereto. LOC Default: The failure by the LOC Provider to make a required payment ----------- under the LOC in accordance with its terms. LOC Provider: GreenPoint Bank. ------------