DSRA L/C Issuing Bank definition

DSRA L/C Issuing Bank. ING Capital LLC, as issuer of the Letters of Credit, and its successors in such capacity and any Additional DSRA L/C Issuing Bank and its successors in such capacity.

Examples of DSRA L/C Issuing Bank in a sentence

No failure to exercise and no delay in exercising, on the part of the Administrative Agent, any DSRA L/C Issuing Bank or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

The Administrative Agent shall not be under any obligation to any DSRA L/C Issuing Bank or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.

Accordingly, each DSRA L/C Issuing Bank and each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law, including federal and state securities laws.

Such DSRA L/C Application must be received by the applicable DSRA L/C Issuing Bank and the Administrative Agent not later than 11:00 a.m. (New York City time) at least three Business Days (or such shorter period as such DSRA L/C Issuing Bank and the Administrative Agent may agree in a particular instance) prior to the proposed issuance date or date of amendment, as the case may be.

If the Borrower fails to so reimburse such DSRA L/C Issuing Bank by such time, such failure shall not be considered a Default or an Event of Default hereunder and the Administrative Agent shall promptly notify each DSRA L/C Lender of such payment date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”) and the amount of such DSRA L/C Lender’s DSRA L/C Percentage thereof.

Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any DSRA L/C Issuing Bank or any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent.

This Agreement and the other Loan Documents represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, any DSRA L/C Issuing Bank or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

Notices and other communications to the DSRA L/C Issuing Banks or Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided, that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Administrative Agent and the applicable DSRA L/C Issuing Bank or Lender.

If requested by any DSRA L/C Issuing Bank, any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U.

The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a DSRA L/C Issuing Bank, a Lender or the Borrower, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”.

Related to DSRA L/C Issuing Bank

Business Day means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
Person means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
Board means the Board of Directors of the Company.