LC Term definition

LC Term means, in respect of a Letter of Credit, the period during which the Issuing Bank may be under a liability under such Letter of Credit.
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LC Term means the period commencing upon the Title Commitment Outside Delivery Date and continuing until no Major Title Breaches or Minor Title Breaches exist, as evidenced by the removal of any exception of such Title Support Breach from Title Commitment or Title Insurance Policy (either directly or through an endorsement thereto) or the Survey.
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LC Term. With respect to any Letter of Credit, the period commencing on the LC Issuance Date thereof and ending on the Expiry Date thereof.
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Examples of LC Term in a sentence

  • Each L/C provided pursuant to this section shall have an expiration date which is at least one (1) year from such L/C’s date of issue except where the then-applicable expiration date of the L/C is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement L/C shall be for such lesser period.

  • If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this section) occurs prior to the end of the L/C Term, then Lessee shall deliver to Lessor a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this section, not later than sixty (60) days prior to the then-applicable expiration date.

  • Each Letter of Credit provided pursuant to this section shall have an expiration date which is at least one (1) year from such Letter of Credit’s date of issue except where the then-applicable expiration date of the Letter of Credit is less than one (1) year from the end of the L/C Term, in which case the renewal or replacement Letter of Credit shall be for such lesser period.

  • At the end of the LC Term, any outstanding Letters of Credit shall be canceled.

  • Tenant hereby covenants and agrees to take all necessary actions to keep the Letter of Credit in place and in full force and effect through the expiration of the L/C Term, pursuant to and in accordance with Section 2 (Renewal of L/C) of Exhibit F attached to the Master Lease.

  • Seller may, in its sole discretion, throughout the LC Term, replace Letters of Credit with other Acceptable Letters Credit.

  • If the expiration date of the Letter of Credit (or any renewal or replacement Letter of Credit provided pursuant to this section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the Letter of Credit or a replacement Letter of Credit meeting all of the terms and conditions of this section, not later than thirty (30) days prior to the then-applicable expiration date.

  • At all times during the LC Term, Seller shall maintain Acceptable Letter(s) of Credit in favor of Buyer and in an aggregate amount not less than the Required LC Amount.

  • The Borrowers hereby unconditionally jointly and severally promise to pay each Synthetic LC Term Loan in full on the Commitment Termination Date.

  • If the expiration date of the L/C (or any renewal or replacement L/C provided pursuant to this section) occurs prior to the end of the L/C Term, then Tenant shall deliver to Landlord a renewal of the L/C or a replacement L/C meeting all of the terms and conditions of this section, not later than thirty (30) days prior to the then applicable expiration date.


More Definitions of LC Term

LC Term has the meaning set forth in Section 10.10(b).
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Related to LC Term

  • Extended Term shall have the meaning given such term in Section 2.4.

  • Extension Term means the time period defined in §2.C.

  • Basic Term means that term commencing as of the date of this Lease and ending on April 1, 2024, subject to prior termination as specified in this Lease, but ending, in any event, when all of the principal of and interest on all Outstanding Bonds shall have been paid in full or provision made for their payment in accordance with the provisions of the Indenture.

  • Credit Period means with respect to any building that is included in a Tax Credit Project, the period of 10 years beginning with (i) the taxable year in which the building is Placed In Service, or (ii) at the election of the Developer, the succeeding taxable year.

  • Renewal Term has the meaning set forth in Section 2.