Performance LC definition

Performance LC means a Facility LC that is a documentary letter of credit which is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Company or a Subsidiary in the ordinary course of business.
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Performance LC means a Letter of Credit issued by a Lender or other Person for the account of the Borrower or a Subsidiary to a party, as beneficiary, to which the Borrower, or such Subsidiary owes certain performance obligations in connection with its real estate development and homebuilding activity in the ordinary course of business (for example, to a municipality, as beneficiary, to support the Borrower’s or a Subsidiary’s obligation to widen public streets in connection with a residential development project). A direct pay Letter of Credit to support community improvement bonds associated with the Borrower’s residential development operations is a Financial LC and not a Performance LC.
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Performance LC means the irrevocable standby letter of credit in substantially the form of Exhibit G.
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Examples of Performance LC in a sentence

  • Each such Person that becomes an L/C Issuer shall confirm to the Administrative Agent on such date that it has received evidence satisfactory to it from the Borrower that each such Existing Letter of Credit is correctly identified to the Administrative Agent as a Performance L/C or Financial L/C, as the case may be.

  • Except as otherwise expressly provided herein, all computations of interest, Commitment Fees, Financial L/C Fees, Performance L/C Fees or other fees shall be based on a 360-day year and paid for the actual number of days elapsed.

  • In each Letter of Credit Application, the Company shall designate whether the Letter of Credit is a Financial L/C or a Performance L/C and whether, if it is a Financial L/C, it is being issued to support worker's compensation obligations of the Company and its Subsidiaries.

  • Except with approval of the Lenders, any Refund Guarantee, the Modec Guarantee and/or any Builder’s Performance L/C shall not be varied.

  • Each holder of any Designated Cash Management Obligations, the Designated Hedging Obligations and the Designated Performance LC Obligations that has given the notice referred to in clause (ii) above shall, by such notice, be deemed to have agreed to be bound by the provisions of Article VIII of the Credit Agreement that are expressed to be applicable to it as a holder of such Secured Obligations.

  • Level Total Net Debt to EBITDA Ratio L/C Fee (Financial L/C) L/C Fee (Performance L/C) Base Rate Advances LIBOR and Other Advances Standby Fee [REDACTED - COMMERCIALLY SENSITIVE INFORMATION] All figures in the table represent per cent per annum.

  • Each L/C Issuer that is the issuer of an Existing Letter of Credit confirms that it has received evidence satisfactory to it from the Borrower that such Letter of Credit is correctly identified on SCHEDULE III as a Performance L/C or Financial L/C, as the case may be.

  • The definition of “Elected Performance L/C Cap” is amended by inserting “$5,000,000.00,” before “$10,000,000.00” on line three of such definition.

  • If the Performance LC Reduction Condition is satisfied, and provided that Tenant tenders the replacement or amended Letter of Credit to Landlord in the form required herein, Landlord shall exchange the Letter of Credit then held by Landlord for the replacement Letter of Credit tendered by Tenant or accept and acknowledge the amendment to the Letter of Credit then held by Landlord, as applicable.

  • Level Total Net Debt to EBITDA Ratio L/C Fee (Financial L/C) L/C Fee (Performance L/C) Prime Rate and Base Rate Advances LIBOR/BA and Other Advances Standby Fee [REDACTED - COMMERCIALLY SENSITIVE INFORMATION] All figures in the table represent per cent per annum.


More Definitions of Performance LC

Performance LC means a Facility LC that is a documentary or trade letter of credit which is drawable upon presentation of documents evidencing the sale or shipment of goods purchased by the Company or a Subsidiary in the ordinary course of its business.
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Performance LC shall have the meaning specified in Section 7.6.
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Performance LC means a Letter of Credit that is not a Financial Letter of Credit.
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Related to Performance LC

  • Cash Award means an award denominated in cash.

  • Performance Share Unit or “PSU” means a unit equivalent in value to a Share, credited by means of a bookkeeping entry in the books of the Corporation in accordance with Article 6;

  • Performance Share Award means an Award entitling the recipient to acquire shares of Stock upon the attainment of specified Performance Goals.

  • Performance Award means any right granted under Section 6(d) of the Plan.

  • Performance Unit means an Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section 10.

  • Performance Share means an Award denominated in Shares which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Administrator may determine pursuant to Section 10.

  • Performance Stock Unit means a right granted to a Participant pursuant to Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee.

  • Performance Units means an Award which may be earned in whole or in part upon attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator.

  • Performance Shares means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment of performance criteria established by the Administrator.

  • Performance Period means the one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award.

  • Performance Stock means a Target Number of Shares granted pursuant to Section 10(a) of the Plan.

  • Performance Cash means any cash incentives granted pursuant to Article 9 payable to the Participant upon the achievement of such performance goals as the Committee shall establish.