Common use of LC Loans Clause in Contracts

LC Loans. The Class B Member(s) or any Affiliate of a Class B Member shall provide directly or procure and subsequently maintain (or cause to be maintained) on behalf of the Project Company all Project Credit Support, in each case, satisfying the terms of and in accordance with the terms of each applicable Material Project Contract, applicable Law or Governmental Approval. In the event that the Class B Member or any of its Affiliates provides Project Credit Support in the form of one or more letters of credit, bonds or surety contracts, then the Class A Members hereby agree that all actual out-of-pocket fees, costs and expenses incurred in connection therewith after the Substantial Completion Funding Date, or in the case of any Project Credit Support in the form of cash deposits, guaranties or other security (other than a letter of credit, bond or surety contract), an annual fee equal to two percent (2%), shall be included in the Approved Budget and shall be paid by the Company to such Class B Member or its Affiliate as and when due prior to distributions to the Members pursuant to Section 5.02.