Existing LCs definition

Existing LCs means those letters of credit described on Schedule 1.2 issued pursuant to the Existing Credit Agreement.

Existing LCs means the outstanding letters of credit existing as of the Effective Date and listed on Schedule 1.01(b).

Existing LCs means letters of credit (i) issued under the Existing Credit Facility; (ii) outstanding and available to be drawn as of the Closing Date; and (iii) identified on Schedule III hereto.

Examples of Existing LCs in a sentence

• Notwithstanding anything herein to the contrary, the Existing L/Cs (all of which are listed and described on Schedule 1.2(a) hereto) shall each constitute a “Letter of Credit” herein for all purposes of the Agreement to the same extent, and with the same force and effect, as if such Existing L/Cs had been issued at the request of the Company on behalf of the Borrowers under the Revolving Credit.

• Until the Purchaser replaces the Existing L/Cs, the Sellers shall use the Base Cash Consideration to cash collateralize the Existing L/Cs at 100% of their face amount.

• Upon the issuance of replacement letters of credit, the Base Cash Consideration used to cash collateralize the Existing L/Cs shall be returned to the Purchaser.

• On the Closing Date or as soon thereafter as is practicable, Purchaser shall use reasonable efforts to (a) replace any letters of credit securing any Seller’s obligations and issued under the DIP Credit Agreement (the “Existing L/Cs”) and (b) cause the original Existing L/Cs to be returned to Sellers with no drawings having been made thereunder since the date hereof unless such drawing resulted from a default or other event caused by one of the Sellers prior to the Closing.

More Definitions of Existing LCs

Existing LCs means each letter of credit set forth on Section 1 of Schedule 6.01.

Existing LCs as defined in Section 3.1.

Existing LCs has the meaning set forth in Section 2.06.

Existing LCs means each letter of credit identified on Schedule 1.01(b).

Existing LCs means the existing letters of credit set out in Annex D, as such annex shall be updated to the date of Closing.

Existing LCs means those Letters of Credit previously issued by an Existing Lender at the request of the Borrower pursuant to the Original Credit Agreement which remain outstanding on the Closing Date.

Existing LCs means those Letters of Credit issued for the account of the Borrower prior to the date hereof and listed on Schedule 2 hereto.