LC Reserve Account definition

LC Reserve Account has the meaning set forth in Section 9.02(a).

LC Reserve Account shall have the meaning provided in Section 2.16(i).

LC Reserve Account shall have the meaning provided in Section 2.21(c).

Examples of LC Reserve Account 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.

• Borrower shall not use, or permit the use of, funds on deposit in the TI and LC Reserve Account for any purpose, except for the purposes specified in the definition of TI and LC Reserve Account as set forth in Section 3 of this Agreement, and shall not make any withdrawals or disbursement from the said account at any time when a Default exists or a Potential Default exists.

• 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.

More Definitions of LC Reserve Account

LC Reserve Account has the meaning assigned to that term in Section 13.2(a).

LC Reserve Account means a single, segregated, non-interest bearing securities account titled "Dryden 30 LC Reserve Account" established with the Custodian in the name of the Issuer, subject to the lien of the Trustee, for the benefit of the Secured Parties pursuant to Section 10.2(e) hereof.

LC Reserve Account means a reserve account opened by, and held in the name of, the Issuer and maintained with and by a Qualifying Bank in England;

LC Reserve Account is defined in Section 15.02.

LC Reserve Account is defined in Section 10.02(a).

LC Reserve Account means the interest bearing account so named opened in the name of the Issuer at the English Account Bank and operated in accordance with the English Account Agreement and such other accounts as may be in addition thereto or in substitution therefor in accordance with the provisions of the Cash Management Agreement;

LC Reserve Account. The account established pursuant to Section 10.6.