Facility LC Application Clause Samples
The Facility LC Application clause outlines the process and requirements for a borrower to request the issuance of a letter of credit (LC) under a credit facility. Typically, this clause specifies the form and content of the application, the timing for submission, and any supporting documentation that must be provided to the lender or issuing bank. For example, it may require the borrower to submit a completed application form and evidence of the underlying transaction. The core function of this clause is to ensure that all parties follow a standardized procedure for requesting LCs, thereby reducing administrative errors and ensuring that the lender has sufficient information to assess and process each request.
Facility LC Application. As to any Facility LC, the applicable LC Issuer shall have received the Facility LC Application and all other notices specified in Section 2.17(c);
Facility LC Application. If the initial Credit Extension will be the issuance of a Facility LC, the Administrative Agent shall have received a properly completed Facility LC Application.
Facility LC Application. If the initial Credit Extension will be the issuance of a Facility LC, a properly completed Facility LC Application; and