LC definition

LC means Letter of Credit

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LC means a documentary or standby letter of credit issued for the account of Borrower by an Issuing Lender under this agreement and under an LC Agreement.

LC means a standby letter of credit or a commercial letter of credit (in such form as shall be customary in respect of obligations of a similar nature) issued by Administrative Agent under this Agreement and under an LC Agreement.

Examples of LC in a sentence

• Not later than 1:00 p.m. on the date of any payment by the LC Issuer under an LC (or, if notice from LC Issuer is received after 11:00 a.m. on the date of a drawing, the immediately succeeding Business Day) (each such date, an “Honor Date”), Borrowers shall reimburse the LC Issuer in an amount equal to the amount of such drawing.

• If any Default shall occur and be continuing, Borrowers shall, if requested by the Administrative Agent or the LC Issuer, immediately Cash Collateralize the LC Exposure as security for the Obligations.

• If the reallocation described in Section 2.6(a)(iv) above cannot, or can only partially, be effected, Borrowers shall, without prejudice to any right or remedy available to it under this Agreement or under applicable Law, (A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure, and (B) second, Cash Collateralize the LC Issuer’s Fronting Exposure in accordance with the procedures set out in Section 2.5.

• Such LC fees shall be computed on a quarterly basis in arrears and be due and payable quarterly in arrears on the fifth (5th) day of each January, April, July, and October and are nonrefundable.

• At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written request of the Administrative Agent or the LC Issuer (with a copy to the Administrative Agent) Borrowers shall Cash Collateralize the LC Issuer’s Fronting Exposure solely with respect to such Defaulting Lender (determined after giving effect to Section 2.6(a)(iv) and any Cash Collateral provided by such Defaulting Lender).

More Definitions of LC

LC means the letter(s) of credit issued hereunder in the form agreed upon among Borrower, Administrative Agent, and the beneficiary thereof at the time of issuance thereof and participated in by Lenders pursuant to the terms and conditions of SECTION 2.2 hereof.

LC means Lethal Concentration

LC means a letter of credit in form satisfactory to and issued by the Operating Lender under the Operating Facility acting at the request of and in accordance with the instructions of the Borrower, to make payment in accordance with the terms and conditions thereof of an amount to or to the order of a third party.

LC means a documentary letter of credit, and includes the term credit as defined in UCP.

LC means a standby or documentary letter of credit or letter of guarantee in Cdn. Dollars or US Dollars issued by a Fronting Lender at the request of the Principal Borrower pursuant to this Agreement.

LC means LC Fund VI, L.P., LC Parallel Fund VI, L.P., LC HealthCare Fund I, and their Affiliates.

LC means any letter of credit issued by the LC Issuer for the account of any Loan Party under the terms of this Agreement (and the applicable LC Application), including, without limitation, each Prepetition LC.