LC Reserve definition

LC Reserve the aggregate of all LC Obligations, other than (a) those that have been Cash Collateralized; and (b) if no Default or Event of Default exists, those constituting charges owing to the Issuing Bank.

LC Reserve the aggregate of all LC Obligations, other than those that have been Cash Collateralized by Borrowers. Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and attorneys. Lenders: as defined in the preamble to this Agreement, including Agent in its capacity as a provider of Swingline Loans and any other Person who hereafter becomes a “Lender” pursuant to an Assignment and Acceptance.

LC Reserve the aggregate of all LC Obligations, other than (a) those that have been Cash Collateralized; and (b) if no Default or Event of Default exists, those constituting fees and other amounts owing to the Issuing Bank. Lender Indemnitees: Lenders and their officers, directors, employees, Affiliates, agents and attorneys. Lenders: as defined in the preamble to this Agreement, including Agent in its capacity as a provider of Swingline Loans and any other Person who hereafter becomes a “Lender” pursuant to an Assignment and Acceptance.

Examples of LC Reserve in a sentence

• The Trustee shall, on or prior to the Closing Date, establish a segregated non-interest bearing trust account in the name of the Trustee for the benefit of the Secured Parties, which shall be designated as the LC Reserve Account (the “LC Reserve Account”), and which shall be maintained with the Custodian in accordance with the Account Agreement.

• Borrower hereby grants to Lender a lien on and security interest in all of Borrower’s rights, title and interest in and to any and all deposit accounts of Borrower held by Lender including, without limitation, the Capital Reserve Account, the TI and LC Reserve Account, and the Property Tax Reserve Account.

• The Trustee shall, immediately upon receipt of fees on a Letter of Credit (other than a Qualifying Letter of Credit), notify the Portfolio Manager of its receipt, and based on an Issuer Order (which may be a standing order), the Trustee shall deposit the amount required to cover the full amount of withholding tax that would have been withheld with respect to such fee if it had been determined that such fee was subject to withholding tax at the time of such payment in the LC Reserve Account.

• The Issuer may also direct the Trustee to withdraw funds from the LC Reserve Account and transfer such funds to the Collection Account as Interest Proceeds (i) at the Stated Maturity or on a Redemption Date in connection with an Optional Redemption (other than pursuant to a Refinancing) or an Auction Call Redemption or (ii) on the Business Day prior to the Payment Date following receipt by the Trustee of an Issuer Order to the effect that the LC Release Condition has been satisfied.

• Amounts on deposit in the LC Reserve Account shall be invested in overnight funds that are Eligible Investments selected by the Portfolio Manager and earnings from all such investments shall be deposited in the Collection Account as Interest Proceeds.

More Definitions of LC Reserve

LC Reserve means an amount equal to 25% of the amount that (i) the maximum aggregate undrawn Dollar Equivalent amount of all Letters of Credit outstanding as of the Second Amendment Effective Date exceeds (ii) the maximum aggregate undrawn Dollar Equivalent amount of all Letters of Credit outstanding as of the last Business Day of any calendar week following the Second Amendment Effective Date, such amount not to be less than zero.

LC Reserve means, at any date, the aggregate of all LC Obligations on such date, other than LC Obligations that the Borrower shall Cash Collateralize on or prior to such date.

LC Reserve means an amount at any time equal to the aggregate face amount of outstanding Letters of Credit.

LC Reserve means a reserve in the aggregate amount of all LC Credit Support Obligations outstanding any time, other than any LC Credit Support Obligations that have been fully Cash Collateralized.

LC Reserve the aggregate of all U.S. LC Obligations, other than those that have been Cash Collateralized. U.S. Lenders: Bank of America and each other Lender (other than Canadian Lenders or U.K. Lenders) party hereto. U.S. Letter of Credit Subline: $20,000,000. U.S. Letters of Credit: any standby or documentary letter of credit issued by the U.S. Issuing Bank for the account of the U.S. Borrowers (or any U.S. Borrower), or any indemnity, guarantee, exposure transmittal memorandum or similar form of credit support issued by Agent or the U.S. Issuing Bank for the benefit of any U.S. Borrower, and shall include the Existing Letters of Credit. U.S. Net Excess Availability: as of any date of determination, an amount equal to the U.S. Availability minus the aggregate amount, if any, of all trade payables of U.S. Domiciled Obligors that are more than 60 days past due and all book overdrafts of U.S. Domiciled Obligors in excess of historical practices with respect thereto, in each case as determined by Agent in its Credit Judgment. U.S. Overadvance: as defined in Section 2.1.5. U.S. Overadvance Loan: a U.S. Revolver Loan made to the U.S. Borrowers or the amount owed by the U.S. Borrowers when a U.S. Overadvance exists or is caused by the funding thereof.

LC Reserve the aggregate of all LC Obligations, other than those that have been Cash Collateralized by Borrowers. Lebanon LLC: as defined in the preamble to this Agreement. Lebanon LP: as defined in the preamble to this Agreement.

LC Reserve. “Settlement Date”