GLC Clause Samples
The GLC clause, or Governing Law and Choice of Law clause, establishes which jurisdiction's laws will be used to interpret and enforce the contract. In practice, this clause specifies a particular state or country's legal system that will apply to any disputes or questions arising from the agreement, regardless of where the parties are located or where the contract is performed. By clearly designating the applicable law, the GLC clause provides predictability and reduces uncertainty, helping parties avoid conflicts over which legal rules should govern their relationship.
GLC. The Borrower shall not permit GLC to engage in any business or activity (including, without limitation, the incurrence of any Indebtedness or the encumbrance of any of its assets) other than the operation of building material supply centers (and activities reasonably related thereto) and those activities contemplated by the Consignment Agreement.
GLC. ▇▇▇ and Subco entered into an amalgamation agreement dated July 5, 2017 (the “Amalgamation Agreement”); and
GLC. The Borrower shall not permit GLC to engage in any business --- or activity (including, without limitation, the incurrence of any Indebtedness or trade liabilities) other than the ownership and operation of building material supply centers (and activities reasonably related thereto). Notwithstanding Section 8.11(f), Borrower shall not make any Investment on or after the Closing Date in GLC.