LC Guaranty definition
LC Guaranty any guaranty pursuant to which Agent or any Affiliate of Agent shall guaranty the payment or performance by Borrower of its reimbursement obligation under any letter of credit.
LC Guaranty a guaranty executed by Lender at Borrower's request in favor of a Person who has issued a Letter of Credit. Letter of Credit - a letter of credit at any time issued for the account of Borrower.
LC Guaranty any guaranty pursuant to which Agent or any Affiliate of Agent shall guaranty the payment or performance by any Borrower of its reimbursement obligation under any letter of credit. Legal Requirement - any requirement imposed upon Lender by any law of the United States of America or by any regulation, order, interpretation, ruling or official directive (whether or not having the force of law) of the Federal Reserve Board, or any other board, central bank or governmental or administrative agency, institution or authority of the United States of America, the United Kingdom or any political subdivision of either thereof. Letter of Credit - any letter of credit issued by Agent or any of Agent's Affiliates for the account of any Borrower. LIBOR Interest Payment Date - with respect to any LIBOR Portion, the last day of each calendar month during the applicable LIBOR Period. LIBOR Option - the option granted pursuant to Section 2.3 of the Agreement to have the interest on all or any portion of the principal amount of the Revolving Credit Loans or the Term Loans based on a LIBOR Rate. LIBOR Period - any period of one month, two months, three months or six months, commencing on a Business Day, selected as provided in subsection 2.3(i); provided, however that no LIBOR Period shall extend beyond the last day of the Term unless Borrowers and Lender have agreed to an extension of the Term beyond the expiration of the LIBOR Period in question and that, with respect to any LIBOR Term Portion, no applicable LIBOR Period shall extend beyond the scheduled installment payment date for such LIBOR Term Portion. If any LIBOR Period so selected shall end on a date that is not a Business Day, such LIBOR Period shall instead end on the next preceding or succeeding Business Day as determined by Agent in accordance with the then current banking practice in London; provided, that Borrowers shall not be required to pay double interest, even though the preceding LIBOR Period ends and the new LIBOR Period begins on the same day. Each determination by Agent of the LIBOR Period shall, in the absence of manifest error, be conclusive. LIBOR Portion - a LIBOR Revolving Credit Portion or a LIBOR Term Portion.
Examples of LC Guaranty in a sentence
Interest, Letter of Credit and LC Guaranty fees and Unused Line Fees hereunder shall be calculated daily and shall be computed on the actual number of days elapsed over a year of 360 days.
Such request shall be accompanied by an executed application and reimbursement agreement in form and substance satisfactory to Agent and the Person being asked to issue the Letter of Credit or LC Guaranty, as well as any required resolutions.
No Letter of Credit or LC Guaranty may have an expiration date after the last day of the Term.
Immediately upon the issuance of a Letter of Credit or an LC Guaranty under this Agreement, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from Agent, without recourse or warranty, an undivided interest and participation therein equal to such LC Obligations multiplied by such Lender's Revolving Loan Percentage.
Borrower hereby agrees to indemnify, save, defend, and hold Foothill harmless with respect to any loss, cost, expense (including reasonable attorneys fees), or liability incurred by Foothill under any L/C Guaranty as a result of Foothill's indemnification of any such issuing bank.
More Definitions of LC Guaranty
LC Guaranty means the guaranty delivered by CIT to an Issuing Bank of Borrower's reimbursement obligation under such Issuing Bank's reimbursement agreement, application for Letter of Credit or other like document.
LC Guaranty means a guaranty or indemnity in form and substance satisfactory to the Agent and the Issuing Lender pursuant to which the Agent shall guarantee the payment or performance by the Borrower and each Canadian Borrower of its reimbursement obligations in respect of Letters of Credit.
LC Guaranty means the Guaranty Agreement, dated January 1, 1996, made by LMC, MMC and Lockheed in favor of SunTrust Bank, Atlanta.
LC Guaranty. Fee shall mean the fees payable by Borrower under Section 4.2.4 for: (i) issuing a LC Guaranty and/or (ii) otherwise aiding Borrower in obtaining Letters of Credit pursuant to section 3.3 hereof.
LC Guaranty means any document, instrument or agreement pursuant to which Agent or the Lenders request or apply for the issuance of Letter of Credit at Borrower's request or Agent or the Lenders assure an Issuing Bank of Borrower's payment or performance of some or all of its obligations in connection with such letter of credit (including without limitation any obligations of reimbursement), which term shall include (i) any reimbursement agreement or application entered into by Agent or the Lenders (whether with or without Borrower as a co-signer, joint or primary obligor or otherwise), or any guaranty entered into by Agent or the Lenders, and (ii) this Agreement if a Lender is the Issuing Bank. "LC GUARANTY REQUEST" - see Section 12.2(c).
LC Guaranty where they appear and inserting in lieu thereof the words "Letter of Credit" and (ii) deleting the words "LC Guaranties" where they appear and inserting in lieu thereof the words "Letters of Credit."
LC Guaranty a guaranty executed by any Lender or by Agent, as agent for Lenders, at either Borrower's request in favor of a Person who has issued a letter of credit for the account of either Borrower. Legal Requirement - any requirement imposed upon any Lender by any law of the United States of America or the United Kingdom or by any regulation, order, interpretation, ruling or official directive (whether or not having the force of law) of the Board, the Bank of England or any other board, central bank or governmental or administrative agency, institution or authority of the United States of America, the United Kingdom or any political subdivision of either thereof. Letter of Credit - a standby or documentary letter of credit at any time issued by Agent or any Lender for the account of either Borrower. LIBOR Interest Payment Date - with respect to any LIBOR Revolving Credit Portion, the last day of the applicable LIBOR Period.