Required LC Amount definition

Required LC Amount means the Required Liquid Credit Support Amount less the Seller Parent Guaranty LC Reduction Amount, if any.

Required LC Amount means an amount equal during each Security Period shown in the Applicable Security Table to the Total Security Amount for and during each such Security Period minus the corresponding Maximum Unsecured Strip Liability Amount for and during each such Security Period;

Required LC Amount means if on the Title Commitment Outside Delivery Date there exists: (i) one or more Major Title Support Breaches, the lesser of (x) thirty two million five hundred thousand dollars ($32,500,000.00) or (y) the sum of (1) the stated amount or amounts of all Liens that constitute a Major Title Support Breach plus (2) the amount, determined by Buyer, in its reasonable judgment, to be sufficient to remove or otherwise resolve all other Major Title Support Breaches that are not Liens; or (ii) one or more Minor Title Support Breaches, but no Major Title Support Breach, two million dollars ($2,000,000.00); provided, however, that in the event a Major Title Support Breach is resolved such that no other Major Title Support Breaches exist but one or more Minor Title Support Breaches exist, the Required LC Amount may be reduced to two million dollars ($2,000,000.00) following prior written notice to Buyer.

Examples of Required LC Amount in a sentence

• In the event that, on the Title Commitment Outside Delivery Date, there exists one or more Title Support Breaches, Seller shall deliver to Buyer, within five (5) days following the Title Commitment Outside Delivery Date, one or more Acceptable Letters of Credit in an aggregate amount not less than the Required LC Amount.

• At all times during the LC Term, Seller shall maintain Acceptable Letter(s) of Credit in favor of Buyer and in an aggregate amount not less than the Required LC Amount.

• Likewise, following the completion of each financial quarter throughout the Lease Term, in the event that the Required L-C Amount is greater than the their current L-C Amount, Tenant shall upon its receipt of written notice from Landlord (the “Reestablishment Notice”), cause the L-C Amount to be increased to equal the Required L-C Amount.

• In the event that, for any reason the amount available to be drawn under the Letter of Credit on any Transfer Date is less than the Required L/C Amount applicable to such Transfer Date, Transferor will specify in writing Base Foreign Currency Amounts applicable to such Transfer Date which Transferor wishes to reduce, so that, following such reduction, the amount available to be drawn under the Letter of Credit will be equal to or greater than the Required L/C Amount applicable to such Transfer Date.

• At all times that all or any portion of the Loan remains outstanding and all or any portion of Indemnitor’s obligations under the Interest and Carry Guaranty, Recourse Guaranty Agreement, Completion Guaranty and/or Environmental Indemnification Agreement remain outstanding, Borrower shall keep and maintain the Letter of Credit in full force and effect, in an amount not less than the applicable Required L/C Amount.

• The Letter of Credit and the Required L/C Amount shall not be deemed to be a limitation on Indemnitor’s obligations under the Interest and Carry Guaranty, Recourse Guaranty Agreement, Completion Guaranty and/or Environmental Indemnification Agreement, which obligations shall only be reduced by the amount actually drawn under the Letter of Credit in satisfaction thereof, if so drawn.

• If the Letter of Credit shall terminate or otherwise cease to be in full force and effect, Borrower shall post a replacement Letter of Credit in the Required L/C Amount, satisfying the requirements set forth in the definition of “Letter of Credit” or otherwise satisfactory to Lender within fifteen (15) Business Days after receiving notice thereof or otherwise becoming aware of the same (whichever is earlier), and failure to do so shall be an Event of Default hereunder.

• At all times from any Transfer Date to the day which falls 120 days after the applicable Settlement Date cause the Letter of Credit to be in full force and effect in favor of the Transferee in a face amount of not less than the Required L/C Amount applicable to such Transfer Date.

• Borrower hereby authorizes Xxxxxx to draw upon the Letter of Credit in the full amount of the Required L/C Amount pursuant to Section 8.21 of the Original Loan Agreement.

• In connection with each such reduction, the Required LC Amount for the then current period specified on Schedule 10.01-(2) and for each subsequent period specified thereon shall ------------------ automatically be reduced by the amount of such reduction of Commitments, and such reduction in the Required LC Amount shall be applied to each of the amounts set forth on such Schedule for each such period opposite the name of each Participating Partner on a pro rata basis.

More Definitions of Required LC Amount

Required LC Amount means the Required Liquid Credit Support Amount.

Required LC Amount means an amount that is at all times equal to 110% of the aggregate principal amount of the Notes at the time outstanding.

Required LC Amount means, at any time during any period specified in ------------------ Schedule 10.01-(2), the total Letter of Credit amount set forth for such period ------------------ on Schedule 10.01-(2) (as the same may be reduced from time to time as provided ------------------ in Section 1.08(a)), minus, in each case, the Available Cash Collateral Amount. Without limiting the foregoing, the increased Required LC Amount scheduled to take effect on an Increase Date shall take effect at the Administrative Agent's opening of business in the Administrative Agent's Office on such Increase Date.

Required LC Amount shall have the meaning specified in the LC Addendum.