These letter of credit clauses are usually contained in Article II of a credit agreement in a typical syndicated loan transaction. These clauses include practical guidance, drafting notes, and optional clauses. Note that these clauses contemplate a financing that includes the following elements: • A senior secured credit facility consisting of a term loan A and a term loan B facility, both funded in full at closing • Agency roles for each of an administrative agent, collateral agent and issuing bank, acting for a syndicate of lenders • Collateral and guarantee support from the loan parties, generally including a group of the borrower’s subsidiaries and the borrower’s immediate parent entity These sample provisions do not include certain borrower refinancing and add-on options that have become common in credit agreements, including options for incremental facilities, refinancing facilities, loan buybacks and amend and extend transactions. For templates covering these provisions, see ...