Master LC definition

Master LC means an irrevocable master standby letter of credit issued by a U.S. bank for the account of NFS in favor of “Beneficiaries” described therein and to be set forth on a Schedule thereto (including Lender as a Beneficiary) which can be changed from time to time in accordance with the terms thereof.
View Source

Examples of Master LC in a sentence

  • Each Letter of Credit shall be requested by Borrower in accordance with the terms and conditions of the Master LC Agreement, and Borrower shall comply with all terms and conditions of the Master LC Agreement relating to the issuance by the Letter of Credit Bank of each such requested Letter of Credit.

  • The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment in accordance with the terms of Section 8.04(a)(i) of the Master L/C Facility Agreement.

  • The Administrative Agent shall have received evidence satisfactory to it that, concurrently with the effectiveness of this Agreement, the Existing Credit Agreement and the Master L/C Agreement shall have been terminated and all of the obligations outstanding thereunder that are required to be paid upon termination thereof shall have been paid in full.

  • The Company agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment No. 3 in accordance with the terms of Section 8.04(a)(i) of the Master L/C Facility Agreement.

  • On and after the effectiveness of this Amendment No. 3, each reference in the Master L/C Facility Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Master L/C Facility Agreement, and each reference in each other Loan Document to “the Master LC Facility Agreement”, “thereunder”, “thereof” or words of like import referring to the Master L/C Facility Agreement, shall mean and be a reference to the Master L/C Facility Agreement, as amended by this Amendment No. 3.

  • In the event of any inconsistency between the terms of the Master L/C Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control.

  • The Master L/C Facility Agreement, as specifically amended by this Amendment No. 3, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

  • NFS may amend the Master LC from time to time without first obtaining Lender’s consent to such amendment or such other form of Letter of Credit, provided that such Collateral shall, while constituting Collateral hereunder, always have a Market Value at least equal to the Margin Percentage of the Market Value of the Loaned Securities.

  • In connection with the Master LC, Lender hereby authorizes NFS to increase or decrease from time to time the amount of such Letter of Credit issued for the benefit of Lender.

  • Any LC Issuance Fee paid by Borrower pursuant to the terms of the Master LC Agreement shall be for the account of the Letter of Credit Bank only.

Related to Master LC

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Letter of Credit means any letter of credit issued pursuant to this Agreement.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.