LC Loans Sample Clauses
The LC Loans clause defines the terms and conditions under which loans are issued or drawn using letters of credit (LCs) as the funding mechanism. Typically, this clause outlines the process by which a borrower may request a loan to be funded through the issuance of an LC, details the requirements for such requests, and specifies any limitations or conditions that must be met. For example, it may set forth the documentation required, the maximum amount available under the LC, and the procedures for repayment. The core practical function of this clause is to provide a clear framework for utilizing letters of credit as a means of financing, thereby facilitating secure and efficient loan disbursements while managing the associated risks for both lender and borrower.
LC Loans. Subject to the terms and conditions hereof, (a) each DSR Issuing Bank agrees to make DSR LC Loans to the Borrower in respect of the DSR Letter of Credit issued by it in an aggregate principal amount at any one time outstanding which does not exceed an amount equal to the DSR LC Commitment of such DSR LC Issuing Bank (less the Available Amount with respect to, and any unreimbursed Drawings under, such DSR Letters of Credit issued by such DSR LC Issuing Bank), and (b) each Project LC Issuing Bank agrees to make Project LC Loans to the Borrower in respect of the Project Letters of Credit issued by it in an aggregate principal amount at any one time outstanding which does not exceed an amount equal to the Project LC Commitment of such Project LC Issuing Bank (less the Available Amount with respect to, and any unreimbursed Drawings under, such Project Letters of Credit issued by such Project LC Issuing Bank), in each case deemed made in accordance with Section 2.16(e). Each Issuing Bank’s LC Commitments shall be reduced to zero on the LC Commitment Termination Date.
LC Loans. If all or a portion of an LC Disbursement is not reimbursed pursuant to Section 3.2, then the unreimbursed amount of such LC Disbursement shall be financed with a loan (an "LC LOAN") made by the Bank to the Borrower on the date reimbursement of such LC Disbursement is due. Each LC Loan shall be denominated in Dollars and be in an amount equal to the Dollar equivalent (determined under Section 3.4(b)) of the Pound Sterling amount of the LC Disbursement being financed by such LC Loan.
LC Loans. Each applicable Borrower shall repay to the Administrative Agent (for the ratable account of the LC Loan Lenders) in full the unpaid principal amount of each LC Loan upon the applicable Stated Maturity Date therefor.
LC Loans. (a) If a LC Issuer makes any Drawing Payment, Borrower shall reimburse such Drawing Payment by paying to Administrative Agent an amount equal to such Drawing Payment in Dollars, not later than 3:00 p.m., New York City time, on the Banking Day immediately following the date Borrower receives notice of such Drawing Payment; provided that so long as no Event of Default has occurred and is continuing, any Drawing Payment shall be deemed to be a request by Borrower for a Borrowing in an aggregate amount equal to the amount of Borrower’s LC Reimbursement Obligation with respect to the Security Fund LC (a “Security Fund LC Loan”) or the DSR Letters of Credit (a “DSR LC Loan”), as applicable, and, to the extent so financed, Borrower’s LC Reimbursement Obligation shall be discharged and replaced by the resulting LC Loan. Such requested amount shall be reduced, if necessary, such that the aggregate amount of applicable LC Exposure does not exceed the aggregate applicable LC Commitments, with the amount of such Drawing Payment that is not covered by LC Loans becoming due and payable on demand. With respect to any LC Reimbursement Obligation that is not financed with an LC Loan because an Event of Default has occurred and is continuing, such LC Reimbursement Obligation shall be due and payable on demand (together with interest) and shall bear interest as provided in Section 2.5.3. The LC Loans made pursuant to this Section 2.2.5(a) shall initially be Base Rate Loans.
(b) If Borrower fails to reimburse any Drawing Payment not covered or financed by LC Loans as contemplated by clause (a), then Administrative Agent shall promptly notify the applicable LC Issuer(s) and each other Lender of the applicable Drawing Payment, the payment then due from Borrower and, in the case of a Lender, such Lender’s Proportionate Share thereof. Promptly following receipt of such notice, each Lender shall pay to Administrative Agent in Dollars, its Proportionate Share of the payment then due from Borrower, by wire transfer of immediately available funds, in Dollars, by 1:00 p.m., New York City time on the proposed date of such Borrowing, to the account of Administrative Agent most recently designated by it for such purpose by notice to the Lenders (and Section 2.1.4 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and Administrative Agent shall promptly pay to the applicable LC Issuer(s) in Dollars, the amounts so received by it from the Lenders. Promptly following...
LC Loans. There are no LC Loans outstanding as a result of a Drawing on a PPA Letter of Credit.
LC Loans. No LC Loans shall be outstanding.