Cost Overrun LC definition
Cost Overrun LC means one or more standby letters of credit required to be delivered pursuant to Section 6.01(q) of the Common Agreement or otherwise delivered by the Borrower at any time to the Intercreditor Agent, in an aggregate amount not exceeding U.S.$28,000,000 and in substantially the form attached as Exhibit A or otherwise in form and substance satisfactory to the Intercreditor Agent, issued or confirmed by a Cost Overrun LC Provider in favor of the Offshore Collateral Agent or, in the case of any such standby letter of credit issued or confirmed by any Cost Overrun LC Provider that is an Affiliate of the Offshore Collateral Agent, the Intercreditor Agent.
Examples of Cost Overrun LC in a sentence
Neither the Intercreditor Agent nor the Offshore Collateral Agent shall be under any obligation to determine or verify whether the issuer or confirming institution of any Disbursement LC or Cost Overrun LC is an Acceptable LC Provider or whether a Disbursement LC or Cost Overrun LC or any Performance Guarantee in favor of the Intercreditor Agent or the Offshore Collateral Agent constitutes an acceptable Disbursement LC, Cost Overrun LC or Performance Guarantee, as applicable.