LC Demand definition

LC Demand means any demand for payment issued pursuant to and in accordance with a Letter of Credit.
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LC Demand has the meaning specified in Section 5.9;
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Examples of LC Demand in a sentence

  • Any action, inaction or omission taken or suffered by an LC Lender or its respective officers, directors, employees or agents under or in connection with a Letter of Credit or any LC Demand, if in good faith and in conformity with the provisions of the Letter of Credit, shall be binding on the Borrower and shall not place either the Administrative Agent or an LC Lender or its respective officers, directors, employees or agents under any resulting liability to the Borrower.

  • The Borrower shall immediately pay to the Administrative Agent, for the reimbursement of the applicable LC Lender, in the applicable currency, all amounts drawn under any Letter of Credit which is the subject of an LC Demand.

  • To the extent there is insufficient availability under the Commitment, the reimbursement obligations resulting from such drawings shall be evidenced by and subject to the terms of a single, master back-up demand note (the "Back-Up L/C Demand Note") in the form attached hereto as Exhibit "B".

  • The Borrower covenants that, in the absence of fraud, it will not take any steps, issue any instructions to an LC Lender or any of its respective officers, directors, employees or agents, or institute any proceedings intended to derogate from the right or ability of an LC Lender or its respective officers, directors, employees or agents to honour or pay any LC Demand.

  • A default in any of the terms and conditions of the Revolving Note, the Back-Up L/C Demand Note, the Letter of Credit Facility, the Back-up Foreign Exchange Notes or the Foreign Exchange Facility shall constitute a default of this Agreement and any default of this Agreement shall constitute a default of the Revolving Note, the Back-Up L/C Demand Note, the Letter of Credit Facility, the Back-up Foreign Exchange Notes and the Foreign Exchange Facility.

  • Further, the Association shall furnish all other Mortgagees with copies of the financial statements of the Association, upon written request therefore to the Association.