LC Deposits definition

LC Deposits means $625,000, plus interest thereon, which is the amount deposited to secure the Letter of Credit.
Sample 1
LC Deposits shall have the meaning given to such term in the Related Purchase Agreement.
Sample 1
LC Deposits. As defined in Section 3.4.1(a).
Sample 1

Examples of LC Deposits in a sentence

  • After giving effect to the actions taken (or required to be taken) pursuant to the preceding sentence, Administrative Agent shall request that Deposit Bank return (in which case Deposit Bank shall return) to Administrative Agent who shall, in turn, return to the Pre-Funded L/C Lenders amounts (if any) representing Pre-Funded L/C Deposits which are permitted to be returned to the Pre-Funded L/C Lenders at such time in accordance with Section 2.1(b)(vi) hereof.

  • At the time of the reduction of the Pre-Funded L/C Commitments to zero, Administrative Agent shall request Deposit Bank to withdraw from the Pre-Funded L/C Deposit Account the Pre-Funded L/C Deposits and to pay the same over to Administrative Agent, and Administrative Agent shall return to the Pre-Funded L/C Lenders (ratably in accordance with their respective Pro Rata Share) their Pre-Funded L/C Deposits.

  • The Synthetic LC Deposit Return accrued through and including March 31, June 30, September 30 and December 31 of each year shall be paid by the Synthetic LC Depositary Bank to Administrative Agent, for payment to each Synthetic LC Lender, on the second Business Day following such last day, commencing on the first such date to occur after the Closing Date, and on the date on which each of the total Synthetic LC Deposits and the Synthetic LC Usage shall have been reduced to zero.

  • The Agent shall have received from the U.S. Borrower for the account of each Lender that has executed a counterpart to the Amendment Agreement on or prior to noon, New York City time on March 19, 2010, a fee equal to 0.05% of the aggregate amount of Term Loans, Revolving Commitments and LC Deposits of such Lender outstanding under the Original Credit Agreement at such time.

  • This Agreement shall, except as otherwise expressly set forth herein, supersede the Existing First Lien Credit Agreement from and after the Closing Date with respect to the Loans, Synthetic LC Deposits and Synthetic Letters of Credit outstanding under the Existing First Lien Credit Agreement as of the Closing Date.

  • The date of such recordation of a transfer shall be referred to herein as the “Assignment Effective Date.” Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments, Synthetic LC Deposits or Loans.

  • The funding of the Synthetic LC Deposits, the establishment and funding of the Synthetic LC Deposit Account and the agreements with respect thereto set forth in this Agreement constitute arrangements among Administrative Agent, Collateral Agent, Synthetic LC Issuing Bank and the Synthetic LC Lenders with respect to the funding obligations of the Synthetic LC Lenders under this Agreement, and the amounts in the Synthetic LC Deposit Account do not constitute a loan or extension of credit to any Credit Party.

  • The foregoing provisions of this Article III shall apply, mutatis mutandis, to Pre-Funded L/C Participation Fees and the Pre-Funded L/C Deposit Return as if Pre-Funded L/C Participation Fees were interest on Loans and to Pre-Funded L/C Deposits as if Pre-Funded L/C Deposits and the Pre-Funded L/C Deposit Return were Eurodollar Rate Loans.

  • The Pre-Funded L/C Deposits paid to Administrative Agent shall be held by Deposit Bank in the Pre-Funded L/C Deposit Account, and no party other than Issuing Bank shall have a right of withdrawal from the Pre-Funded L/C Deposit Account, or any other right power or interest in or with respect to the Pre-Funded L/C Deposits, except as expressly set forth in Section 2.1(b)(iii), 2.1(b)(iv) and 2.1(b)(vi).

  • In connection with each assignment of Pre-Funded L/C Deposits, the Pre-Funded L/C Deposit of the assignor Lender shall not be released, but shall instead be purchased by the relevant assignee and continue to be held for application (to the extent not already applied) in accordance with Article II to satisfy such assignee’s obligations in respect of Pre-Funded L/C Deposit Account Loans and Pre-Funded Letters of Credit.


More Definitions of LC Deposits

LC Deposits mean such deposits of all LC Lenders.
Sample 1

Related to LC Deposits

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the "Family Golf Centers, Inc. Letter of Credit Account" that shall be used solely for the purposes set forth in Sections 2.02(b) and 2.10(a) and (c).

  • Multicurrency LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Multicurrency Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Multicurrency LC Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage of the total Multicurrency LC Exposure at such time.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Liability means the sum of (x) aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus (y) the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to Section 2.8.

  • Letter of Credit Obligations means all outstanding obligations incurred by Agent and Lenders at the request of Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the issuance of Letters of Credit by Agent or another L/C Issuer or the purchase of a participation as set forth in Annex B with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent or Lenders thereupon or pursuant thereto.

  • LC Outstandings means, on any date of determination, the sum of (i) the undrawn stated amounts of all Letters of Credit that are outstanding on such date plus (ii) the aggregate principal amount of all unpaid reimbursement obligations of the Borrower on such date with respect to payments made by any LC Issuing Bank under any Letter of Credit (excluding reimbursement obligations that have been repaid with the proceeds of any Borrowing). The LC Outstandings with respect to any Lender at any time shall be its Commitment Percentage of the total LC Outstandings at such time.

  • Letter of Credit Collateral Account means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and the Lenders, and under its sole dominion and control.

  • LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

  • Letter of Credit Undrawn Amounts means, at any time, the aggregate undrawn face amount of all Letters of Credit outstanding at such time.

  • LC means Letter of Credit

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • LC Obligations means, at any time, the sum, without duplication, of (i) the aggregate undrawn stated amount under all Facility LCs outstanding at such time plus (ii) the aggregate unpaid amount at such time of all Reimbursement Obligations.

  • Aggregate Outstanding Extensions of Credit as to any Lender with respect to any Type of Loan at any time, an amount equal to the sum of (a) the aggregate principal amount of all Loans of such Type made by such Lender then outstanding and (b) such Lender's Commitment Percentage of the L/C Obligations then outstanding.

  • Dollar LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Dollar Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on behalf of the Borrower at such time. The Dollar LC Exposure of any Lender at any time shall be its Applicable Dollar Percentage of the total Dollar LC Exposure at such time.

  • Letter of Credit Advance means an advance made by the Issuing Bank or any Revolving Credit Lender pursuant to Section 2.03(c).

  • Letter of Credit Disbursement means a payment made by Issuing Bank pursuant to a Letter of Credit.

  • Alternate Currency Letter of Credit means any Letter of Credit denominated in an Alternate Currency.

  • Failed Bank Advances means the total sums paid by the Failed Bank to (i) protect its lien position, (ii) pay ad valorem taxes and hazard insurance, and (iii) pay credit life insurance, accident and health insurance, and vendor's single interest insurance.

  • Matured LC Obligations means all amounts paid by LC Issuer on drafts or demands for payment drawn or made under or purported to be under any Letter of Credit and all other amounts due and owing to LC Issuer under any LC Application for any Letter of Credit, to the extent the same have not been repaid to LC Issuer (with the proceeds of Loans or otherwise).

  • Letters of Credit as defined in Section 3.1(a).

  • Commercial LC Exposure means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding commercial Letters of Credit plus (b) the aggregate amount of all LC Disbursements relating to commercial Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers. The Commercial LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the aggregate Commercial LC Exposure at such time.

  • Revolving Loan Account has the meaning described in Section 2.1.9 (Revolving Loan Account).

  • Alternative Currency Letter of Credit means a Letter of Credit denominated in an Alternative Currency.

  • Letter of Credit Exposure means, at any time, the sum of (a) the aggregate undrawn maximum face amount of each Letter of Credit at such time plus (b) the aggregate unpaid amount of all Reimbursement Obligations at such time.