LC Conditions Sample Clauses
The 'LC Conditions' clause defines the specific terms and requirements that must be met for a Letter of Credit (LC) to be valid and effective under a contract. Typically, this clause outlines the documentation, timelines, and procedural steps necessary for the beneficiary to draw on the LC, such as presenting shipping documents or invoices within a set period. By clearly specifying these conditions, the clause ensures both parties understand the obligations related to payment security, reducing the risk of disputes and facilitating smooth international transactions.
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LC Conditions. With respect to issuance of a Letter of Credit, the LC Conditions shall be satisfied (or waived). Each request (or deemed request) by Administrative Borrower, on behalf of Borrowers, for funding of a Loan or issuance of a Letter of Credit to or for the benefit of Borrowers (other than, for the avoidance of doubt, any conversion or continuation of an existing Loan) shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding or issuance.
LC Conditions upon giving effect to any issuance or Modification of a Letter of Credit, (a) the conditions in Section 6 are satisfied; (b) total LC Obligations do not exceed the Letter of Credit Subline and Revolver Usage does not exceed the Borrowing Base; (c) the Letter of Credit and payments thereunder are denominated in Dollars or other currency satisfactory to Agent and Issuing Bank; and (d) the purpose and form of the Letter of Credit are reasonably satisfactory to Agent and Issuing Bank in their discretion. LC Documents: all documents, instruments and agreements (including requests and applications) delivered by any Borrower or other Person to Issuing Bank or Agent in connection with a Letter of Credit.
LC Conditions. With respect to the procurement of any Letter of Credit after the Closing Date, each of the LC Conditions is satisfied.
LC Conditions. With respect to issuance of any Letter of Credit, each of the LC Conditions shall be satisfied or waived in accordance with the terms of this Agreement;
LC Conditions. With respect to the issuance of any Letter of Credit on the Closing Date, each of the conditions listed at Section 1.2.3 is satisfied.
LC Conditions. With respect to the issuance of any Letter of Credit on the Post-Confirmation Effective Date, each of the LC Conditions is satisfied.
LC Conditions. Each of the LC Conditions shall have been ------------- satisfied.
LC Conditions. With respect to the procurement of any Letter of Credit each of the LC Conditions is satisfied.
LC Conditions. With respect to the issuance of any Letter of Credit on the Closing Date, other than the Existing Letter of Credit, each of the LC Conditions is satisfied.
LC Conditions. Each Borrower may borrow by way of LC subject to the following conditions:
(a) each LC shall expire on a Business Day and the expiry date shall not be more than 364 days after the date of issuance unless the Bank has advised the Borrowers it is not extending the Credit Facility in which case such expiry date shall not be later than the Maturity Date.
(b) prior to the issue of an LC, the Borrower shall execute a duly authorized application and/or indemnity with respect to such LC in form and substance satisfactory to the Bank, acting reasonably.