LC Lease definition
Examples of LC Lease in a sentence
In this Agreement, "LC Lease" means the Master Lease and the Facility Sublease as applicable to each Facility.
Terms used but not otherwise defined in this Agreement shall have the respective meanings given them in the LC Lease.
If for any reason the amount drawn exceeds the amount owing at the time of the drawing under the Letter of Credit, Lessor shall retain the excess amount so drawn as a Security Deposit under the LC Lease and shall hold such cash pursuant to the terms of the LC Lease providing for the treatment of cash held as a Security Deposit under the LC Lease.
Lessor shall apply all amounts drawn under the Letter of Credit to pay Rent, Additional Charges and any other sums due under the LC Lease.
Lessee and each of Sublessees waives, to the fullest extent permitted by law, any right to (i) require Lessor to proceed against or exhaust any collateral or security held by Lessor pursuant to the LC Lease and/or any of the other documents executed and/or delivered by Lessee or any of the Sublessees to Lessor in connection therewith or (ii) pursue any other remedy in Lessor's power.
The Letter of Credit shall provide that it is transferrable by Lessor in connection with any transfer by Lessor of its interest in the LC Lease; however, if Lessor wishes to transfer the Letter of Credit with respect to the LC Lease it shall notify Lessee, who shall, within fifteen (15) business days of such Notice, deliver to Lessor or Lessor's assignee one or more replacement Letters of Credit in the Initial Letter of Credit Amount.