Common use of Bond L/Cs Clause in Contracts

Bond L/Cs. (i) If the Issuing Lender shall make any payment under a Bond L/C in response to a Term Drawing and, on the date of such payment, the conditions precedent set forth in Section 4.03 shall have been fulfilled, then, unless the Borrower shall immediately notify the Issuing Lender that the Borrower intends to reimburse the Issuing Lender for any such drawing under such Bond L/C from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Loan to the Borrower equal to the principal amount of the Bonds purchased with the proceeds of such Term Drawing (each such Revolving Loan being a “Tender Advance Revolving Loan”). Each Tender Advance Revolving Loan shall bear interest, initially at the Base Rate plus the Applicable Base Rate Margin and shall be deemed to be a Base Rate Loan, and thereafter at the Base Rate plus the Applicable Base Rate Margin or the LIBOR Rate plus the Applicable LIBOR Margin, as selected by the Borrower in accordance with Section 2.13. Notwithstanding anything to the contrary set forth in this Agreement, principal of each Tender Advance Revolving Loan, together with all accrued interest thereon, shall be due and payable on the earliest to occur of (A) the Termination Date, (B) the date on which the applicable Pledged Bonds are redeemed or cancelled, (C) the date on which the applicable Pledged Bonds are remarketed and (D) the date on which the applicable Letter of Credit is replaced by a substitute letter of credit. To the extent that the Administrative Agent receives interest payable on account of any Pledged Bonds such interest received shall be applied and credited first against accrued and unpaid interest on the Tender Advance Revolving Loan that financed the Term Drawing in respect of which such Pledged Bonds were purchased.

Bond L/Cs. (i) If the Issuing Lender shall make any payment under a Bond L/C in response to a Term Drawing and, on the date of such payment, the conditions precedent set forth in Section 4.03 shall have been fulfilled, then, unless the Borrower shall immediately notify the Issuing Lender that the Borrower intends to reimburse the Issuing Lender for any such drawing under such Bond L/C from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Loan to the Borrower equal to the principal amount of the Bonds purchased with the proceeds of such Term Drawing (each such Revolving Loan being a “Tender Advance Revolving Loan”). Each Tender Advance Revolving Loan shall bear interest, initially at the Base Rate plus the Applicable Base Rate Margin and shall be deemed to be a Base Rate Loan, and thereafter at the Base Rate plus the Applicable Base Rate Margin or the LIBOR Rate plus the Applicable LIBOR MarginRate, as selected by the Borrower in accordance with Section 2.13. Notwithstanding anything to the contrary set forth in this Agreement, principal of each Tender Advance Revolving Loan, together with all accrued interest thereon, shall be due and payable on the earliest to occur of (Ai) the Termination Date, (Bii) the date on which the applicable Pledged Bonds are redeemed or cancelled, (Ciii) the date on which the applicable Pledged Bonds are remarketed and (Div) the date on which the applicable Letter of Credit is replaced by a substitute letter of credit. To the extent that the Administrative Agent receives interest payable on account of any Pledged Bonds such interest received shall be applied and credited first against accrued and unpaid interest on the Tender Advance Revolving Loan that financed the Term Drawing in respect of which such Pledged Bonds were purchased.