Here, Reilly Bodycomb demonstrates a Standing Leg Lace which he uses to counter when his opponent is attacking with an Outside Leg Triangle. The submission is pretty cool but more important are the principles surrounding the tekk.
The first principle, depending on how your opponent is attacking your legs, is to stand up over your opponent with the foot that is being attacked planted flat on the ground. This prevents any heel hook attempts.
The second principle that Reilly goes over in the video is to have your opponent's legs in front of you when you are standing. And the third is to smash your opponent's legs down to escape his leg control if they lock up an Outside Leg Triangle while you are standing.
The Leg Lace comes into play when your opponent has the Outside Leg Triangle but extends their legs to defend against you smashing their legs down in order to escape.