Account LC definition

Account LC means an unconditional and irrevocable Letter of Credit in favor of the Lessee or any Leasehold Mortgagee issued by a financial institution whose long-term senior unsecured indebtedness has obtained a rating of “BBB+” or better by Standard & Poor’s Ratings Services and an equivalent credit rating by another Rating Agency (or an equivalent credit rating from at least two nationally recognized Rating Agencies if the named Rating Agency ceases to publish ratings) and which Letter of Credit is not secured by the Lessee Interest and does not impose on the Lessee any obligation to reimburse draws in respect thereof.
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Account LC means an unconditional and irrevocable Letter of Credit in favor of the Concession Company or any Concession Mortgagee issued by a financial institution whose long- term senior unsecured indebtedness has obtained a rating of “BBB+” or better by Standard & Poor’s Ratings Services and an equivalent credit rating by another Rating Agency (or an equivalent credit rating from at least two nationally recognized Rating Agencies if the named Rating Agency ceases to publish ratings) and which Letter of Credit is not secured by the Concession Company Interest and does not impose on the Concession Company any obligation to reimburse draws in respect thereof.
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Examples of Account LC in a sentence

  • Borrower may substitute cash for the Collateral Account LC (in like amount) at any time, and upon delivery of said cash to Lender the Collateral Account LC shall be returned to Borrower.

  • Borrower shall provide $4,000,000.00 in the ------------------- form of a Letter of Credit unconditionally payable to Lender (the "Collateral Account LC") or in cash deposited with Lender and in a demand ------------------------ deposit account held in Borrower's name but under Lender's sole dominion and control (the "Collateral Account"), and said Collateral Account or -------------------- Collateral Account LC (in like amount) shall be pledged as additional security for the Phase 1 Loan.

  • Reserve Account; Contribution Account; LC Reserve Account; Non-Quarterly Interest Reserve Account ....................................................................................................