LC Support definition
LC Support means a guaranty, Cash Collateral or other support agreement in favor of Bank, acceptable to Bank in its sole and absolute discretion, pursuant to which the payment or performance by Borrower of its obligations under an LC Application, including the obligation to reimburse Bank for any payment made by the Bank under such Letter of Credit, is guaranteed or otherwise assured to the Bank’s sole satisfaction.
LC Support means a guaranty or other support agreement from FCC in favor of the Bank pursuant to which FCC shall guarantee or otherwise assure the payment or performance by the parties (other than FCC) to an LC Application of such parties' obligations with respect to the Letter of Credit issued thereon, including the obligation of such parties to reimburse the Bank for any payment made by the Bank under such Letter of Credit.
LC Support a guaranty or other support agreement from Fleet in favor of Bank pursuant to which Fleet has guaranteed or otherwise assured the payment or performance by any party (other than Fleet, if a party) of such party's obligations with respect to a Letter of Credit, including the obligation of such parties to reimburse Bank for any payment made by Bank under such Letter of Credit. LENDER INDEMNITEE - a Lender in its capacity as a lender under the Agreement and its present and future officers, directors and agents.
Examples of LC Support in a sentence
Administrative Agent will hold such amounts as security for the remaining LC Obligations and other Obligations (all such amounts, and all amounts delivered to Administrative Agent pursuant to this Section 2.10(a) and all Cash Collateral delivered to Administrative Agent as LC Support pursuant to Section 2.6, being herein collectively called “LC Collateral”).
More Definitions of LC Support
LC Support means a guaranty, cash collateral or other support agreement in favor of Administrative Agent (for the benefit of Lender Parties), reasonably acceptable to Administrative Agent, pursuant to which the payment or performance by Borrowers of their obligations under an LC Application and/or in respect of any Letter of Credit, including the obligation to reimburse LC Issuer for any payment made by the LC Issuer under such Letter of Credit, is guaranteed or otherwise assured.