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Lc Application
Lc Application contract clause examples

LC Issuances. During the Revolving Facility Availability Period, any Borrower may request an LC Issuer at any time and from time to time to issue, for the account of any Borrower or any Subsidiary Guarantor, and subject to and upon the terms and conditions herein set forth, each LC Issuer agrees to issue from time to time Letters of Credit, denominated and payable in U.S. Dollars and issued on a sight basis only, in such form as may be approved by such LC Issuer and such Borrower; provided, however, that notwithstanding the foregoing, no LC Issuance shall be made if, after giving effect thereto, # the LC Outstandings (including each Existing Letter of Credit deemed issued on the Third Amendment Effective Date[[SunTrustTruist Bank:Organization]] would exceed the LC Commitment Amount, # unless otherwise agreed to by the applicable LC Issuer, the Stated Amount of such Letter of Credit would exceed, when added together with all other Letters of Credit issued by such LC Issuer, the Letter of Credit Percentage for such LC Issuer multiplied by the LC Amount, # the Revolving Facility Exposure of any Lender would exceed such Lender’s Revolving Commitment, # the Aggregate Revolving Facility Exposure would exceed the Total Revolving Commitment, # any Borrower would be required to prepay Loans or Cash Collateralize Letters of Credit pursuant to Section 2.13(c[[SunTrustTruist Bank:Organization]] or (vi[[SunTrustTruist Bank:Organization]] the applicable LC Issuer has been notified in writing by the Administrative Agent that a Default or Event of Default exists (or any other applicable condition under Section 4.02 cannot be satisfied[[SunTrustTruist Bank:Organization]]; provided that a Borrower shall be a co-applicant, and be jointly and severally liable, with respect to each Letter of Credit issued for the account of a Subsidiary Guarantor. Subject to Section 2.05(c[[SunTrustTruist Bank:Organization]] below, each Letter of Credit shall have an expiry date (including any renewal or extension periods[[SunTrustTruist Bank:Organization]] occurring not later than the earlier of # one (1[[SunTrustTruist Bank:Organization]] year (in the case of Standby Letters of Credit[[SunTrustTruist Bank:Organization]] or one hundred and eighty (180[[SunTrustTruist Bank:Organization]] days (in the case of Commercial Letters of Credit[[SunTrustTruist Bank:Organization]] from the date of issuance thereof[[SunTrustTruist Bank:Organization]], or # five (5[[SunTrustTruist Bank:Organization]] Business Days prior to the Revolving Facility Termination Date applicable to each applicable Class of Revolving Commitments (the “Letter of Credit Expiration Date”); provided that any Letter of Credit may extend beyond the date referred to in [clause ([[SunTrustTruist Bank:Organization]]) above] to the extent such Letter of Credit is Cash Collateralized in a manner consistent with Section 2.15(d[[SunTrustTruist Bank:Organization]] or backstopped in a manner and in an amount reasonably satisfactory to the relevant LC Issuer.

Immediately upon each LC Issuance, the LC Issuer of such Letter of Credit shall be deemed to have sold and transferred to each Lender with a Revolving Commitment, and each such Lender (each, an “LC Participant”) shall be deemed irrevocably and unconditionally to have purchased and received from such LC Issuer, without recourse or warranty, an undivided interest and participation (an “LC Participation”), to the extent of such Lender’s Revolving Facility Percentage of

LC Fees. The Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, with respect to each Facility LC, a letter of credit fee at a per annum rate equal to the Applicable Margin for Eurocurrency Advances in effect from time to time on the average daily undrawn face amount of such Facility LC for the period from the date of issuance to the scheduled expiration date of such Facility LC, such fee to be payable in arrears on each Quarterly Payment Date (the “LC Fee”). The Borrower shall also pay to each LC Issuer for its own account, # a fronting fee in an amount equal to 0.125% per annum of the average daily undrawn amount under such Facility LC issued by it, such fee to be payable in arrears on each Quarterly Payment Date and # on demand, all amendment, drawing and other fees regularly charged by such LC Issuer to its letter of credit customers and all out-of-pocket expenses incurred by such LC Issuer in connection with the issuance, Modification, administration or payment of any Facility LC.

LC Outstandings Exceed LC Commitment. If on any date the LC Outstandings exceed the LC Commitment Amount then in effect, then the applicable LC Obligor or the Parent Borrower shall, on such day, Cash Collateralize any LC Outstandings that have not previously been Cash Collateralized to the extent of such excess in accordance with Section 2.15(d[[SunTrustTruist Bank:Organization]].

LC Application” means any application for a Letter of Credit hereafter made by Borrower to LC Issuer.

LC Facility Fees. Borrowers shall pay to Lender # a fee equal to the Applicable Margin in effect for BSBY Loans times the average daily Stated Amount of Letters of Credit, payable in arrears on the first day of each month; # a fronting fee equal to 0.125% per annum on the Stated Amount of each Letter of Credit, payable in arrears on the first day of each month; and # all customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred. At any time an Event of Default has occurred and is continuing, the fee payable under clause (a) shall be increased by 2% per annum.

LC Facility Fees. The Borrower shall pay # to the Administrative Agent, for the Pro Rata benefit of the Lenders, a fee equal to # the Applicable Margin in effect for Eurodollar Loans times the average daily Stated Amount of outstanding “standby” Letters of Credit and # 50% of such Applicable Margin times the average daily Stated Amount of outstanding “commercial” Letters of Credit, in each case, which fee shall be payable in arrears, on the first Business Day of each fiscal quarter; # to the applicable Issuing Bank, for its own account, a fronting fee not in excess of 0.125% per annum of the Stated Amount of each Letter of Credit (“Issuing Bank Fee”), which fee shall be calculated based upon the actual number of days elapsed over a 360-day year and payable in arrears, on the first calendar day of each fiscal quarter (it being understood that any Issuing Bank Fee payable to Wells Fargo Bank, N.A., in its capacity as Issuing Bank, will be payable in arrears, on the first Business Day of each fiscal quarter[[Borrower:Organization]]; and # to the applicable Issuing Bank, for its own account, all customary charges associated with the issuance, registration, amending, negotiating, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred upon demand (all fees pursuant to this clause (c[[Borrower:Organization]], together with the Agency Fees and the Unused Line Fees, the “Fees”).

Additional LC Issuers. The Borrower Representative may, at any time and from time to time, designate one or more additional Revolving Lenders to act as an LC Issuer under the terms of this Agreement, with the consent of each of the Administrative Agent (which consent shall not be unreasonably withheld), the LC Issuer (which consent shall not be unreasonably withheld) and such Revolving Lender(s). Any Revolving Lender designated as an LC Issuer pursuant to this [Section 2.3(j)] shall be deemed (in addition to being a Revolving Lender) to be the LC Issuer with respect to Letters of Credit issued or to be issued by such Revolving Lender, and all references herein and in the other Credit Documents to the term “LC Issuer” shall, with respect to such Letters of Credit, be deemed to refer to such Revolving Lender in its capacity as LC Issuer, as the context shall require.

LC Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at the time of determination.

LC Exposure Determination. For all purposes of this Agreement, # the

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