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.
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.
Performance LC means the irrevocable standby letter of credit in substantially the form of Exhibit G.
More Definitions of Performance LC
Performance LC shall have the meaning specified in Section 7.6.
Performance LC means a Letter of Credit that is not a Financial Letter of Credit.