Issuing Bank to Notify First Mortgage Trustee, Others. The Issuing Bank shall, if so directed by the Majority Lenders, promptly notify the First Mortgage Trustee by telephone, confirmed in writing, of the occurrence of any Event of Default. In addition, the Issuing Bank shall furnish to the Agent, the Account Party, the Paying Agent and the Issuer a copy of (a) any notice furnished to the First Mortgage Trustee pursuant to the preceding sentence and (b) any notice delivered to the Trustee pursuant to clause (ii) or clause (iii) of Section 8.02. Notwithstanding the foregoing, no failure of the Issuing Bank to give any notice (or copy of a notice) as contemplated by this Section 8.03 shall limit or impair any rights of the Issuing Bank, the Agent or any Participating Bank or the exercise of any remedy hereunder, nor shall the Issuing Bank, the Agent or any Participating Bank incur any liability as a result of any such failure.
Appears in 4 contracts
Samples: Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh), Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh), Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh)
