Examples of Revolving Issuing Lender in a sentence
Upon any such resignation, such Revolving Issuing Lender shall be discharged from any duties and obligations under this Agreement in its capacity as a Revolving Issuing Lender with regard to Revolving Letters of Credit not yet issued.
Unless the Borrower shall immediately notify the Revolving Issuing Lender and the Administrative Agent of its intent to otherwise reimburse the Revolving Issuing Lender, the Borrower shall be deemed to have requested a Mandatory LOC Borrowing in the amount of the drawing as provided in subsection (d) hereof, the proceeds of which will be used to satisfy the reimbursement obligations.
No failure on the part of the Administrative Agent, any Revolving Issuing Lender or any Lender to exercise, and no delay in exercising, any right, power or remedy hereunder or with regard to the Letters of Credit shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Any Revolving Letter of Credit issued hereunder shall be in a minimum original face amount of $100,000 or such lesser amount as approved by the Revolving Issuing Lender.
Such payment shall be made on the day such notice is received by such Revolving Lender from the Revolving Issuing Lender if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the day such notice is received.
The Revolving Issuing Lender will promptly upon request provide to the Administrative Agent for dissemination to the Revolving Lenders a detailed report specifying the Revolving Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred.
The Revolving Issuing Lender will further provide to the Administrative Agent promptly upon request copies of the Revolving Letters of Credit.
If the Borrower shall be given notice of a drawing by 12:00 Noon and shall fail to reimburse the Revolving Issuing Lender on the same date of such notice, the unreimbursed amount of such drawing shall bear interest from the date of notice until payment in full at a per annum rate equal to the ABR Default Rate.
No such amendment or modification may adversely affect the rights and obligations of the Administrative Agent or any Revolving Issuing Lender hereunder without its prior written consent.
O&R includes the regulated utilities of Rockland Electric Company and Pike County Light & Power.