Operating Lender definition

Operating Lender means Royal in its capacity as lender under the Operating Credit Agreement;

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Operating Lender means the Lender having the Operating Facility Commitment, being Royal Bank of Canada on the date hereof.

Operating Lender means either one of them as the context requires.

Examples of Operating Lender in a sentence

• The sole obligation of the Operating Lenders, the Fronting Lenders, and the Agent and the Lenders with respect to Letters of Credit is to cause to be paid a Draft drawn or purporting to be drawn in accordance with the terms of the applicable Letter of Credit and for such purpose the relevant Operating Lender, the relevant Fronting Lender, or Agent, as the case may be, is only obliged to determine that the Draft purports to comply with the terms and conditions of the relevant Letter of Credit.

• For the purpose of determining standby fees, the Agent and the relevant Operating Lender shall determine the Outstanding Principal assuming the exchange rate for each day of any month is the Exchange Rate for conversions of United States Dollars to Canadian Dollars established by the Bank of Canada for the first day of such month.

• The Borrowers each covenant that they will not take any steps, issue any instructions to an Operating Lender, a Fronting Lender, the Agent, any Lender or any of their respective correspondents or institute any proceedings intended to derogate from the right or ability of any Operating Lender, any Fronting Lender, the Agent, any Lender or their respective correspondents to honour and pay any Letter of Credit or any Drafts.

• Amounts held in such cash collateral accounts may not be withdrawn by the applicable Borrower without the consent of all of the relevant Lenders, the applicable Fronting Lenders or the applicable Operating Lender, as the case may be; however, interest on such deposited amounts shall be for the account of such Borrower and may be withdrawn by such Borrower so long as no Default or Event of Default is then continuing.

• Subject to Section 11.2 and Article 7, each Borrower shall repay or pay, as the case may be, to the Agent, on behalf of the relevant Lenders, or to the relevant Operating Lender (as applicable) all Loans and other Obligations outstanding under each Credit Facility on or before the Maturity Date applicable thereto.

More Definitions of Operating Lender

Operating Lender means a Lender or an Affiliate thereof which has extended Operating Indebtedness to the Borrower or one of its Subsidiaries pursuant to an Operating Indebtedness Agreement.

Operating Lender means ATB in its capacity as the provider of the Operating Facility and any successor pursuant to terms hereof;

Operating Lender means The Toronto-Dominion Bank or any other Lender which hereafter has an Operating Facility Commitment.

Operating Lender means the Lender having the Operating Facility Commitment, being The Bank of Nova Scotia.

Operating Lender means Woodforest National Bank in its capacity as the provider of the Operating Facility;

Operating Lender means Royal Bank, acting in its capacity as the Lender providing an Operating Facility Commitment, and its successors and permitted assigns.

Operating Lender means TD or such other Lender as may be agreed to by the Borrower, the Agent and such other Lender from time to time.