RC Lender definition
Examples of RC Lender in a sentence
Without the consent of the Pre-Funded RC Deposit Bank, the Pre-Funded RC Deposit funded by any Pre-Funded RC Lender shall not be released in connection with any assignment of its Pre-Funded RC Commitment, but shall instead be purchased by the relevant assignee and continue to be held for application (if not already applied) pursuant to Section 2.05 in respect of such assignee’s obligations under the Pre-Funded RC Commitment assigned to it.
Each Joining Subsidiary and each existing Borrower shall execute and deliver to the Administrative Agent a replacement Note or Allonge for each Tranche A Lender and each RC Lender, as necessary.
Notwithstanding anything herein to the contrary, the funding obligation of each Pre-Funded RC Lender in respect of its participation in Pre-Funded RC Borrowings shall be satisfied in full upon the funding of its Pre-Funded RC Deposit.
Each Pre-Funded RC Lender hereby irrevocably authorizes the Administrative Agent to fund each Pre-Funded RC Loan to be made by such Pre-Funded RC Lender hereunder solely by requesting the Pre-Funded RC Deposit Bank (and the Pre-Funded RC Deposit Bank hereby agrees) to withdraw such Pre-Funded RC Lender’s Pro Rata Share of the Pre-Funded RC Deposits on deposit with the Pre-Funded RC Deposit Bank in the Pre-Funded RC Deposit Account and to pay same over to the Administrative Agent.
Until each Working Capital RC Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro Rata Share shall be solely for the account of the Swing Line Lender.
Upon receipt of any such notice, the Administrative Agent shall promptly notify each RC Lender of the contents thereof and the amount (based on a pro rata reduction to each RC Lender's Commitment) to which such RC Lender's RC Commitment is to be reduced.
A Working Capital RC Lender may become an additional L/C Issuer hereunder pursuant to a written agreement among the Borrower, the Administrative Agent and such Working Capital RC Lender.
A certificate of the relevant L/C Issuer submitted to any Working Capital RC Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error.
In the event that the Administrative Agent receives such funds from an RC Lender at or before 2:00 p.m. (Philadelphia, Pennsylvania time) on any day, the Administrative Agent shall make available the amount thereof to the Issuer, in immediately available funds no later than 4:00 p.m. (Philadelphia, Pennsylvania time) on that same day.
The Issuer shall refund through the Administrative Agent any costs and expenses reimbursed by such RC Lender that are subsequently recovered from the Borrowers in an amount equal to such RC Lender's ratable share thereof.