Multicurrency Issuing Lender definition
Examples of Multicurrency Issuing Lender in a sentence
Each such payment shall be made to such Multicurrency Issuing Lender at its address for notices specified herein in the currency in which such Multicurrency Letter of Credit was denominated and in immediately available funds.
Each payment in respect of Reimbursement Obligations in respect of any Multicurrency Letter of Credit shall be made to the Multicurrency Issuing Lender that issued such Multicurrency Letters of Credit.
The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Multicurrency Revolving Credit Loans (or, if applicable, Euro Swing Line Loans) could be made, pursuant to Section 2.5 if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Multicurrency Issuing Lender of such drawing under such Multicurrency Letter of Credit.
If any draft shall be presented for payment under any Multicurrency Letter of Credit, the relevant Multicurrency Issuing Lender shall promptly notify the Administrative Agent and the Borrower and, if applicable, the relevant Foreign Borrower, of the date and amount thereof.
The Borrower’s and each Foreign Borrower’s, obligations under this Section 3B shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower or any Foreign Borrower, may have or have had against any Multicurrency Issuing Lender, any beneficiary of a Multicurrency Letter of Credit or any other Person.
No Multicurrency Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Multicurrency Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Multicurrency Issuing Lender.
The Borrower or any Foreign Borrower, may from time to time request that a Multicurrency Issuing Lender issue a Multicurrency Letter of Credit by delivering to such Multicurrency Issuing Lender, with a copy to the Administrative Agent, at their addresses for notices specified herein an Application therefor, completed to the satisfaction of such Multicurrency Issuing Lender, and such other certificates, documents and other papers and information as such Multicurrency Issuing Lender may request.
A certificate of the Administrative Agent on behalf of such Multicurrency Issuing Lender submitted to any Multicurrency L/C Participant with respect to any such amounts owing under this Section shall be conclusive in the absence of manifest error.
Any Multicurrency Issuing Lender may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Multicurrency Issuing Lender and the successor Multicurrency Issuing Lender.
The Dollar amount of the Reimbursement Obligation of the Borrower or any Foreign Borrower and the Multicurrency L/C Participants shall be computed by the Multicurrency Issuing Lender based upon the Exchange Rate in effect for the day on which such conversion occurs.