LC Facility Issuing Bank definition

LC Facility Issuing Bank has the meaning assigned to such term in the preamble to this Agreement and its successors in such capacity as provided in Section 2.04(i)(ii), and any other Revolving Lender approved by the Agent and the U.S. Borrower (such approvals not to be unreasonably withheld). Each LC Facility Issuing Bank may, in its discretion, arrange for one or more LC Facility Letters of Credit to be issued by Affiliates of such LC Facility Issuing Bank, in which case the term “LC Facility Issuing Bank” shall include any such Affiliate with respect to LC Facility Letters of Credit issued by such Affiliate.

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LC Facility Issuing Bank means Bank of America, any Affiliate of Bank of America or one or more other issuing banks satisfactory to the Administrative Agent.

LC Facility Issuing Bank as the context may require, (i) Citibank, N.A. and/or (ii) any LC Facility Lender that, at the request of the Borrower and upon notice to the Administrative Agent, agrees, in such LC Facility Lender’s sole discretion, to also become a LC Facility Issuing Bank in accordance with subsection 2.6(i)(ii).

Examples of LC Facility Issuing Bank in a sentence

An Issuing Bank or the LC Facility Issuing Bank, as applicable, shall, promptly following its receipt thereof, subject to the terms of the applicable Letter of Credit, examine all documents purporting to represent a demand for payment under a Letter of Credit.
Moneys in such account shall be applied by the Agent to reimburse the Issuing Bank or the LC Facility Issuing Bank, as applicable, for LC Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of Borrowers for the LC Facility LC Exposure and/or Revolving LC Exposure, as applicable, at such time.
Any other fees payable to the LC Facility Issuing Bank pursuant to this clause (c) shall be payable within ten days after demand.
The foregoing shall not otherwise affect the rights and obligations of the entities acting as Issuing Banks and LC Facility Issuing Bank hereunder.
With respect to any Loan, the Agent shall have received a duly executed Borrowing Request, and, with respect to any Letter of Credit, the Agent and the relevant Issuing Bank or LC Facility Issuing Bank shall have received a request for a Letter of Credit complying with Section 2.04.
Without limiting the generality of the foregoing, to the extent permitted by law, the making of a Loan, the funding of an LC Facility Deposit or issuing of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Agent, the Issuing Bank, the LC Facility Issuing Bank or any Lender may have had notice or knowledge of such Default at the time.
Promptly following receipt by the Agent of any payment by or on behalf of the U.S. Borrower in respect of any LC Facility LC Disbursement, the Agent shall distribute such payment to the LC Facility Issuing Bank or, to the extent payments have been made from the LC Facility Deposits, to the LC Facility Agent to be added to the LC Facility Deposits of the LC Facility Lenders in the Credit-Linked Deposit Account in accordance with their respective Ratable Portions.
If requested by the applicable Issuing Bank or the LC Facility Issuing Bank, as applicable, the requesting Borrower shall also submit a letter of credit application on such Issuing Bank’s or the LC Facility Issuing Bank’s standard form in connection with any request for a Letter of Credit.
In the absence of gross negligence or willful misconduct on the part of an Issuing Bank or the LC Facility Issuing Bank, such Issuing Bank or LC Facility Issuing Bank shall be deemed to have exercised care in each such determination.
In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by such Borrower to, or entered into by such Borrower with, an Issuing Bank or the LC Facility Issuing Bank, as applicable, relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

More Definitions of LC Facility Issuing Bank

LC Facility Issuing Bank means Credit Suisse, New York Branch, and any successor thereto that becomes an LC Facility Issuing Bank pursuant to Section 2.6(j).

LC Facility Issuing Bank has the meaning assigned to such term in the preamble to this Agreement.

LC Facility Issuing Bank means each LC Facility Lender listed on Annex I as having an LC Facility Issuing Commitment as of the Effective Date, in its capacity as an issuer of an LC Facility Letter of Credit hereunder, and its successors in such capacity. An LC Facility Issuing Bank may, in its discretion, arrange for one or more LC Facility Letters of Credit to be issued by Affiliates of such LC Facility Issuing Bank, in which case the term “LC Facility Issuing Bank” shall include any such Affiliate with respect to LC Facility Letters of Credit issued by such Affiliate. Notwithstanding anything herein to the contrary, each LC Facility Issuing Bank and any of its branches or Affiliates shall only be obligated to issue standby letters of credit hereunder (and, for the avoidance of doubt, shall not be obligated to issue any trade or commercial letters of credit hereunder).

LC Facility Issuing Bank means Credit Suisse First Boston, acting through its New York Branch, and any successor thereto that becomes an LC Facility Issuing Bank pursuant to Section 2.6(j).

LC Facility Issuing Bank means, as the context may require, (a) UBS AG, Stamford Branch, with respect to the LC Facility Letter of Credit issued by it; (b) any other Lender that may become an LC Facility Issuing Bank pursuant to Section 2.18(k) with respect to the LC Facility Letter of Credit issued by such LC Facility Lender; or (c) collectively, all of the foregoing.