LC Transaction definition
LC Transaction means the establishment of one or more Holdback Letters of Credit for the purpose of enabling the LC Beneficiaries to release an amount of cash equal to the Restricted Cash Amount from the holdback restrictions under the Company’s agreements with such LC Beneficiaries.
Examples of LC Transaction in a sentence
The Company and the Virgin Group shall take all reasonable steps necessary to effect the LC Transaction.
The Company shall on demand reimburse the Syndication Agent for all of its out-of-pocket costs, including legal fees and expenses, incurred by the Syndication Agent in connection with this Agreement, the transactions referenced herein (except for the L/C Transaction) and the administration of the facilities described in the Credit Agreement.