LC Expiry Date definition
LC Expiry Date means, at any time for any Letter of Credit, the expiry date of such Letter of Credit.
LC Expiry Date means the first to occur of (i) the date the Company makes the last required Annual Contribution pursuant to Section 3.2 hereof, (ii) the date the Company contributes the Change of Control Funding Amount to the Trust pursuant to Section 3.3 hereof, (iii) the date that Executive's employment with the Company is terminated for Cause (as defined in, and in accordance with the procedures set forth in, the Employment Agreement), and (iv) the date the undrawn Letter of Credit Amount is drawn in full by the Trustee.
LC Expiry Date means, at any time for any Letter of Credit, the expiry date of such Letter of Credit. “LC Exposure” means, at any time, for any Bank, the sum of (a) such Bank’s Applicable Percentage of the undrawn portion of the Maximum Amount of all Letters of Credit at such time plus (b) such Bank’s Applicable Percentage of the aggregate amount of any and all LC Disbursements that have not been reimbursed by or on behalf of the Company at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn and the obligations of the Company and each Bank shall remain in full force and effect until the Issuing Bank and each Bank shall have no further obligations to make any payments or disbursements under any circumstances with respect to any Letter of Credit. “LC Reimbursement Obligation” means the obligation of the Company under Section 2.02 to reimburse to each Bank the amount of each LC Disbursement by such Bank. “LC Sublimit” means $500,000,000. “Lending Office” means, with respect to any Bank, the office of such Bank specified as its “Lending Office” in its Administrative Questionnaire, or such other office of such Bank as such Bank may from time to time specify to the Company and the Administrative Agent. “Letter of Credit” means (a) any letter of credit issued by an Issuing Bank pursuant to Section 2.01(a)(1)(i) and (b) each of the Existing Letters of Credit, and in each case any Replacement Letter of Credit therefor. “Leverage Ratio” means, at any time, the ratio of (a) Total Consolidated Debt to (b) Total Consolidated Capitalization; provided that the Leverage Ratio shall be computed without taking into account (i) “Net unrealized appreciation (depreciation), fixed maturities” as determined in accordance with GAAP in the consolidated balance sheets of the Company or (ii) “Postretirement pension benefits liability adjustment” as determined in accordance with GAAP in the consolidated balance sheets of the Company. “Lien” means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including the lien or retained security title of a conditional vendor.