Examples of LC Termination Date in a sentence
On the LC Termination Date, Landlord shall return to Tenant the Letter of Credit and any Letter of Credit Proceeds then held by Landlord (other than those Letter of Credit Proceeds Landlord is entitled to retain under the terms of this Paragraph 7(a)); provided, however, that in no event shall any such return be construed as an admission by Landlord that Tenant has performed all of its obligations hereunder.
It is understood that neither the Issuing Bank nor any LC Lender shall have any obligation whatsoever to agree to any request made by the Borrower for an extension of the LC Termination Date.
The Agent shall promptly notify the Issuing Bank and each LC Lender of such request, and the Issuing Bank and each LC Lender shall in turn, within 20 days prior to such LC Termination Date, notify the Borrower and the Agent in writing regarding whether the Issuing Bank or such LC Lender (as the case may be) will consent to such extension.
Subject to the terms and conditions set forth herein and in Section 2.12(d), the Borrower may request the issuance of Letters of Credit denominated in dollars for its own account (or for the account of any Subsidiary other than NMTC Subsidiaries), in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the period from the Fourth Restatement Closing Date to the third day prior to the LC Termination Date.
Notwithstanding the foregoing, in no event may (i) the expiration date of any Letter of Credit extend beyond the L/C Termination Date, (ii) any Letter of Credit have initial duration in excess of one year, or (iii) any Letter of Credit contain an automatic renewal provision which (x) would allow such Letter of Credit to be renewed more often than annually or (y) would allow, after giving effect to all renewal periods, the expiration date of such Letter of Credit to extend beyond the L/C Termination Date.