Lc Facility Clause Samples
The LC Facility clause defines the terms under which a Letter of Credit (LC) facility is made available to a party, typically in a commercial or financial agreement. It outlines the conditions for issuing, drawing upon, and repaying amounts under the LC, as well as any fees, limits, or security requirements associated with its use. For example, it may specify the maximum amount available under the facility and the process for requesting an LC from the issuing bank. The core function of this clause is to provide a structured mechanism for facilitating secure payments or guarantees in transactions, thereby reducing credit risk and ensuring payment obligations are met.
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Lc Facility. The “Closing Date” under and as defined in the LC Facility Credit Agreement shall have occurred.
Lc Facility. Subject to the terms and conditions of this Agreement, the LC Lender hereby establishes in favour of the Borrowers as of the Effective Date a revolving credit facility (the “LC Facility”) in an amount not to exceed the LC Facility Amount.
Lc Facility. The Borrower shall repay to the Administrative Agent for the ratable account of the LC Facility Lenders on the LC Facility Termination Date the aggregate principal amount of the LC Facility Advances and all LC Facility Unreimbursed Amount Borrowings then outstanding.
Lc Facility. The LC Issuer agrees to establish the LC Facility for the benefit of the Borrowers, it being acknowledged and agreed that the Tranche A Lenders and the Tranche B Lenders shall participate in each LC Issuance in accordance with this Agreement. Subject to Section 2.13, all Tranche A Loans and Tranche B Loans shall be subject to identical treatment under this Agreement and the other Loan Documents (including as to maturity, interest, security, repayment, prepayment and voting rights) and shall possess the same attributes to the fullest extent permitted under Applicable Law. For the avoidance of doubt, the Security Interests granted pursuant to the Security Documents shall secure all Tranche A Loans and Tranche B Loans on a pari passu basis.
Lc Facility. Section 2.3(a) of the Credit Agreement is hereby amended to read as follows:
(a) Upon the terms and subject to the conditions herein set forth, the Lenders severally agree to make a letter of credit facility available to the Borrower by, from time to time prior to the Maturity Date, having the Issuing Lender issue one or more Tranche B Letters of Credit for the account of the Borrower, provided that the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the lesser of (i) 80% of the appraised orderly liquidation value of the Borrower's Equipment and (ii) the LC Commitment, and provided further that, following the completion of the ▇▇▇▇▇▇▇▇▇ Sale, the aggregate face amount of all Tranche B Letters of Credit outstanding hereunder shall not at any time exceed the amount of cash deposited in an account or accounts with the Agent and pledged to the Lenders to secure such Tranche B Letters of Credit. No Tranche B Letter of Credit shall have an expiration date that is later than the Maturity Date. Following the date of Amendment No. 4, no additional Tranche B Letters of Credit shall be issued and no outstanding Tranche B Letter of Credit shall be extended beyond its existing term or renewed. The Borrower agrees that, by September 25, 2000, it will either replace the Tranche B Letter of Credit dated December 13, 1999, No. NZS338170 in favor of SouthTrust Bank, National Association, and the Tranche B Letter of Credit dated April 20, 2000, No. NZS351717 in favor of the United States Department of Transportation, or use the cash collateral securing such Tranche B Letters of Credit to prepay or repay the obligations secured by such Tranche B Letters of Credit. The Borrower agrees to return the originals of the foregoing Tranche B Letters of Credit to the Agent no later than September 29, 2000."
Lc Facility. As of the Effective Date, Revolving Loan Commitments of each LC Facility Lender in an amount equal to the amount set forth opposite such LC Facility Lender’s name under the heading “LC Facility Commitments” in Part B of Schedule 1 of the First Amendment were converted to LC Facility Commitments pursuant to and in accordance with the First Amendment.
Lc Facility. Sub-Limit: Letter of Credit: Term:
Lc Facility. Subject to the terms and conditions set forth herein, the Lenders agree to permit the issuance of Letters of Credit by the Issuing Bank in accordance with Section 2.05. Notwithstanding anything to the contrary herein, no Lender (other than Issuing Bank) shall be required to purchase participations in or reimburse draws under any Letter of Credit.
Lc Facility. Issuance of Letters of Credit . Subject to all of the terms and conditions hereof, Issuing Bank agrees to establish the LC Facility pursuant to which, during the period from the date hereof to (but excluding) the 30th day prior to the last day of the Term, Issuing Bank shall issue one or more Letters of Credit on any Borrower's request therefor from time to time, subject to the following terms and conditions:
Lc Facility. ▇▇▇▇▇ Ventures, L.P., LJH Corporation, ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇ or their designees shall have entered into a credit enhancement facility with ▇▇▇▇▇▇▇▇▇ pursuant to which such persons shall make available to the lenders under the ▇▇▇▇▇▇▇▇▇ Credit Facility $8,000,000 in direct pay letters of credit as a credit enhancement to the ▇▇▇▇▇▇▇▇▇ Credit Facility containing the terms summarized on Exhibit R attached hereto and such other terms as ▇▇▇▇▇▇▇▇▇ and the lenders under the ▇▇▇▇▇▇▇▇▇ Credit Facility may require.