Qualified LC definition

Qualified LC means a Letter of Credit that is designated as a Qualified LC in accordance with Section 14.4(b)(vi) and as to which no LC Default has occurred and is continuing.

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Qualified LC has the meaning set forth in the GCA.

Qualified LC means an irrevocable, unconditional standby letter of credit issued in favor of Landlord (as beneficiary) by a Qualified Bank (as issuer) for the account of Tenant (as applicant and account party) that satisfies all of the following requirements: (A) The letter of credit must have an initial expiration date no earlier than the first anniversary of the date it was issued to Landlord. It must also provide that it will be automatically renewed without any action by Landlord for a one year period on the initial expiration date and on each anniversary of such date, unless at least 60 days before the then- existing expiration date, the issuer notifies Landlord and Tenant (by certified mail return receipt requested or by recognized overnight courier service) that the issuer has elected not to renew the letter of credit for any additional one-year periods, provided that the final renewal period may be less than one year in order to end on the End Date. Tenant acknowledges that the election by the issuing bank not to renew the letter of credit will not, in any event, diminish the obligation of Tenant to maintain a Qualified LC in favor of Landlord through the End Date. (B) The letter of credit must state that it (and any proceeds drawn under it) may be transferred any number of times by letter of credit beneficiary, without charge to the transferor or the transferee. However, to accomplish the transfer of the letter of credit, the issuer may require that the letter of credit be surrendered to the issuer so that the issuer can provide a new substitute letter of credit that names the transferee as the beneficiary. (C) The minimum required dollar amount of any letter of credit issued to Landlord will depend on the date it is issued. If it is issued before the First Adjustment Date, the minimum required amount will be $4,700,000. If it is issued on or after the First Adjustment Date, and if no Default then exists at the time of Tenant’s proposed reduction, the minimum required amount will equal the applicable minimum amount specified as the Minimum LOC Balance set forth in Exhibit L attached to this Lease that corresponds to the most recent reduction date set forth in said Exhibit L. (D) The letter of credit must allow draws to be presented in a major city in USA’s contiguous 48 States. (E) The letter of credit must provide that it is payable at sight on presentment to the issuing bank with a simple sight draft or drawing certificate. The letter of credit may require t...

Examples of Qualified LC in a sentence

After receiving any such new, substitute Qualified LC, Landlord will promptly surrender the Letter of Credit it replaces to Tenant or to the issuer of such Letter of Credit.
Upon the issuance of a replacement Letter of Credit to the Lessor as contemplated in this Section 18.3(c), the Lessor shall surrender the original Letter of Credit to the Qualified L/C Issuer that originally issued the replaced Letter of Credit.
Notwithstanding anything to the contrary set forth in this Agreement, (a) each L/C Participant on the Closing Date represents and warrants that it is a Qualified L/C Participant and (y) no sale or assignment of, or grant of a participation in, the interests in any L/C Participant’s commitment hereunder after the Closing Date may be made to any Person that is not a Qualified L/C Participant.
In the event that Lessee fails to cause a replacement irrevocable letter of credit to be issued in the manner and within the 15 Business Day time period set forth above, Lessor shall have the right to immediately draw, in whole or in part, on the Letter of Credit issued by the downgraded Qualified L/C Issuer.
Any Letter of Credit issued to Landlord expires or is terminated before the End Date and before Tenant causes a Qualified Bank to issue a new, substitute Qualified LC to Landlord to replace the expired or terminated Letter of Credit.
Tenant fails to cause a Qualified Bank to deliver a new, substitute Qualified LC to Landlord on or before the date that such delivery is required according to Section 4(b) above.
The parties acknowledge that based on publicly-available information First Republic Bank (NYSE: FRC) is a Qualified L/C Issuer as of the date hereof.
If the Issuer (acting at the direction of the Sponsor) fails to substitute such institution within such 30- day period with a Qualified LC Bank, then the Issuer shall immediately notify the Indenture Trustee and the Indenture Trustee will draw the full amount of such Reserve LC attributable to the Series 2014-1 Debt Service Reserve Account and deposit such amount in the Series 2014-1 Debt Service Reserve Account.
If no successor Letter of Credit Issuing Bank shall have been so approved by Administrative Agent and the Majority Lenders and shall have accepted such appointment within 30 days after the retiring Letter of Credit Issuing Bank’s giving of notice of resignation, the retiring Letter of Credit Issuing Bank may appoint the successor Letter of Credit Issuing Bank hereunder, which shall be a Lender that is a Qualified LC Issuer and agrees, in its sole discretion, to be a Letter of Credit Issuing Bank.
Without limiting the forgoing, at any time when the amount of an outstanding Letter of Credit exceeds the minimum amount required under this Lease from time to time for any new Qualified LC, and so long as no Default then exists, Tenant may substitute a new Qualified LC for the outstanding Letter of Credit or may amend the outstanding Letter of Credit to reflect the new reduced minimum amount in accordance with the schedule therefor attached hereto as Exhibit L.

More Definitions of Qualified LC

Qualified LC has the meaning assigned to such term in the definition of “Qualified LC Obligations”.

Qualified LC means a Letter of Credit as to which no LC Default has occurred and is continuing. “Reduced Fee Barrels” has the meaning specified in Section 6.4(b).

Qualified LC means one or more letters of credit issued by a reputable bank or trust company that is organized under the laws of the United States of America or any state thereof or any foreign country recognized by the United States of America having capital, surplus and undivided profits in excess of $250,000,000 and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act)) supporting the guarantee of the Notes by the MYT Guarantor Entities, in an aggregate amount equal to the difference between (x) $200.0 million and (y) the amount of net cash proceeds of MYT Secondary Sales that has been irrevocably deposited in the MYT Account.