LOC Facility definition
Examples of LOC Facility in a sentence
Notwithstanding anything to the contrary contained herein, the Note or any other document or instrument executed in connection herewith, Lender shall not be obligated to lend or advance any amounts of the Asset Based Loan or provide additional letters of credit under the L.O.C. Facility if such act would cause Lender to exceed or violate any limitation placed upon it by law, regulation or otherwise.
Borrowing Group shall pay all taxes, fees and expenses incurred in connection with the Asset Based Loan, the L.O.C. Facility and the closing of the transaction contemplated hereby.
Disbursements against the Asset Based Loan shall only be made and letters of credit will only be issued under the L.O.C. Facility after sufficient collateral is pledged in accordance herewith.
In consideration of the provision of the LOC Facility, the Borrower shall pay the Lender an annual fee of $100.00 for each year or part thereof during which the LOC Facility is available to the Borrower under this Agreement.
The LOC Facility shall be secured by a General Security Agreement in the standard form of the Lender and such other security as may be required by the Lender from time to time.
All payments to be made by the Borrower to the Lender shall be made by depositing cash, drahs, cheques, or other bills of exchange payable on the date of deposit for credit into the account maintained by the Borrower with the Lender for operating the LOC Facility or with any another branch of the Lender as the Lender may permit.
The obligations of Lender to make and continue the Asset Based Loan and to issue letters of credit under the L.O.C. Facility are, unless waived in writing by Lender, subject to the further conditions set forth in this Article VIII.
Subject to any terms hereof to the contrary, the Lender may cancel this Agreement and the LOC Facility at any time and may also decrease the Maximum Overdrah Amount by written notice to the Borrower from time to time.
In consideration of the provision of the LOC Facility, the Borrower shall pay the Lender a monthly stand-by fee of $15.00 for each month or part thereof during which the LOC Facility is available to the Borrower under this Agreement.
Notwithstanding the forgoing, to the extent that L.O.C.’s are issued under this L.O.C. Facility backed by Rated L.O.C.’s, the fee to Lender may be lower subject to negotiation on a case by case basis.