Lc Subfacility Sample Clauses
The LC Subfacility clause establishes a specific portion of a broader credit facility that is dedicated to issuing letters of credit (LCs) to the borrower. Under this clause, the lender agrees to make available a set amount within the overall loan facility exclusively for the issuance of LCs, which can be used by the borrower to support trade transactions or guarantee payment obligations to third parties. This arrangement ensures that the borrower has access to necessary trade finance tools while clearly delineating the maximum exposure the lender is willing to accept for LCs, thereby managing risk and providing operational clarity for both parties.
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Lc Subfacility. (a) Subject to the terms and conditions of this Agreement and applicable Law, Agent agrees to issue LCs under Facility A upon Borrower's delivery of an LC Request and a duly executed LC Agreement, each of which must be received by Agent no later than 10:00 a.m. on the third Business Day before the requested LC is to be issued; PROVIDED THAT the LC Exposure may not exceed $20,000,000 and the Facility A Commitment Usage may not exceed the Facility A Commitment. Each LC must expire no LATER than the EARLIER of 30 days before the Facility A Termination Date AND 13 months after such LC's issuance (PROVIDED THAT LCs may be self-extending with up to 120 days cancellation notice by Agent to beneficiary).
(b) Immediately upon Agent's issuance of any LC (and as of the date of the initial Loan, with respect to existing LCs issued by NationsBank and included in the Existing Bank Debt), Agent shall be deemed to have sold and transferred to each other Lender, and each other Lender shall be deemed irrevocably and unconditionally to have purchased and received from Agent, without recourse or warranty, an undivided interest and participation (to the extent of such Lender's Pro Rata Part of the Facility A Commitment) in the LC and all applicable Rights of Agent in the LC (OTHER THAN Rights to receive certain fees provided for in SECTION 4.3). Agent agrees to provide a copy of each LC to each other Lender upon request. However, Agent's failure to send a copy of an issued LC shall not affect the rights and obligations of Agent and Lenders under this Agreement.
(c) To induce Agent to issue and maintain LCs, and to induce Lenders to participate in issued LCs, Borrower agrees to pay or reimburse Agent (i) within one (1) Business Day after Borrower receives notice from Agent that any draft or draw request has been properly presented under any LC, or, if the draft or draw request is for payment at a future date, within one (1) Business Day before the payment date specified in the draw request, the amount paid or to be paid by Agent and (ii) promptly, upon demand, the amount of any additional fees Agent customarily charges for confirming, negotiating or amending LC Agreements, for honoring drafts and draw requests, and taking similar action in connection with letters of credit. Borrower hereby requests and irrevocably authorizes Agent to fund Borrower's reimbursement obligations as a Base Rate Loan under Facility A, and the proceeds of the Facility A Base Rate Loan shall be advance...
Lc Subfacility. (a) Subject to the terms and conditions of this Agreement and applicable Law, Agent agrees to issue LCs under the Revolving Credit Tranche upon Borrower's delivery of an LC Request and an LC Agreement, each of which must be received by Agent no later than 1:00 p.m. on the third Business Day preceding the date on which the requested LC is to be issued; provided that the LC Exposure may not exceed $60,000,000 and the Revolving Credit Commitment Usage may not exceed the aggregate commitment under the Revolving Credit Tranche (as such amount is reduced and canceled in accordance with this Agreement). Each LC (other than ▇▇▇▇▇ Creek LCs) must expire no later than 13 months from its issuance; provided that any LC (other than ▇▇▇▇▇ Creek LCs) may, at Borrower's request, provide that it is self-extending upon its expiration date for successive periods of 6 to 12 months each (as selected by Borrower), unless Agent has given the beneficiary thereunder at least 30 days (but no more than 120 days) prior written notice to the contrary (provided, however, that such notice shall in no event be given by Agent unless (i) Agent is directed so to do by Borrower or (ii) a Default exists). Amounts drawn under ▇▇▇▇▇ Creek LCs are subject to reinstatement upon the terms set forth therein. In no event may any LC have an expiration date later than the Revolving Credit Termination Date.
Lc Subfacility. 13 SECTION 3
Lc Subfacility. (a CONDITIONS. Subject to the terms and conditions of this Agreement and applicable Law, Administrative Agent agrees to issue LCs upon Borrower's application therefor (denominated in Dollars) by delivering to Administrative Agent a properly completed Notice of LC and an LC Agreement with respect thereto no later than 10:00 a.m. Dallas, Texas time three (3) Business Days before such LC is to be issued; PROVIDED THAT (i) on any date of determination and after giving effect to any LC to be issued on such date, the Commitment Usage shall never exceed the Total Commitment then in effect, (ii) on any date of determination and after giving effect to any LC to be issued on such date, the LC Exposure shall never exceed $25,000,000, (iii) at the time of issuance of such LC, no Potential Default or Default shall exist, (iv) each LC requested by Borrower must be in an amount not less than $1,000,000, and (v) each LC must expire NO LATER than the EARLIER of the fifteenth (15th) day prior to the Termination Date or one (1) year from its issuance; PROVIDED THAT any LC may provide for automatic renewal for successive twelve (12) month periods (but no renewal period may extend beyond the fifteenth (15th) day prior to the Termination Date) unless Administrative Agent has given prior notice to the applicable beneficiary of its election not to extend such LC.
Lc Subfacility. 21 2.4 Requests..................................................... 23 2.5 Termination.................................................. 24
Lc Subfacility. SWING LINE SUBFACILITY...
Lc Subfacility. (a) $6,000,000 LC Subfacility. Subject to the terms and conditions of this Agreement and applicable Law, a portion of the Facility not in excess of $6,000,000 shall be available to Borrower for the issuance of LCs by Agent, in the capacity of Issuing Lender, for Borrower's account upon Borrower's delivery of an LC Request in the form of EXHIBIT D, which must be received by Agent no later than 10:00 a.
Lc Subfacility. 13 2.4 Termination of Revolving Facilities. . . . . . . . . . . . . . . . . . . 16
Lc Subfacility. (a) Subject to the terms and conditions of this Agreement and applicable Law, Issuing Lender agrees, at any time and from time to time (but not later than 30 days prior to the Revolving Credit Termination Date), to issue LCs under the Revolving Credit Facility upon Borrower's delivery of an LC Request and a duly executed LC Agreement, each of which must be received by Issuing Lender no later than 12:00 noon on the second Business Day before the requested LC is to be issued; provided that the LC Exposure may not exceed $15,000,000, and the Revolving Credit Commitment Usage may not exceed the Revolving Credit Commitment (as such amount is reduced and canceled in accordance with this Agreement). Each LC must expire no later than 13 months after such LC's issuance, provided that (i) any LC may, at Borrower's request, provide that it is self-extending upon its expiration date for successive periods of 6 to 12 months each unless Issuing Lender has given the beneficiary under such LC at least 30 days (but no more than 120 days) prior written notice to the contrary, and (ii) each LC must expire no later than the Revolving Credit Termination Date.
Lc Subfacility. 23 2.5 Swing Line Subfacility..........................................26 2.6 Terminations or Reductions of Commitments.......................27 2.7