Examples of Operating Lender in a sentence
Letters of Credit issued under the Operating Facility shall be in a form satisfactory to the Operating Lender, acting reasonably, and shall have an expiration date not in excess of one year from the date of issue and, in any event, not later than the then current Operating Facility Maturity Date.
To the extent any existing and currently outstanding Letters of Credit for which issuance fees have been paid in advance are presented, cancelled, terminated or reduced prior to their original expiry date, the Operating Lender shall reimburse the Borrower for the amount of any applicable overpayment of any such issuance fees in connection with any such presentment, cancellation, termination or reduction.
The Borrower will also pay to the Operating Lender its customary administrative charges in respect of the issue, amendment, renewal or transfer of such Letter of Credit, and each drawing made under such Letter of Credit.
All payments of principal, interest and other amounts to be made by the Borrowers under the Operating Facility and Subfacility shall be made to the Operating Lender or the U.S. Operating Lender, as the case may be, at their respective address noted in Section 18.8 or to such other address in Canada or the United States as either Lender may direct in writing from time to time.
If at any time the Outstanding Obligations under the MasterCard Facility exceed the MasterCard Facility Limit, the Canadian Borrower shall have three (3) Business Days to repay such excess to the Operating Lender.