Third Party LC definition
Third Party LC means a Letter of Credit issued for the account of the Borrower or a Subsidiary (other than a Facility LC). A Third Party LC may be either a Financial LC or a Performance LC.
Third Party LC means a letter of credit, with an expiry date falling after the Final Maturity Date, issued after the second anniversary of this Agreement by a third party on behalf of a member of the Group in accordance with Subclause 11.9 (Mandatory reduction of LC Facility-Third Party LCs).