Reduction and Reinstatement of Stated Amount. The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2.6, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 3.2.
Reduction and Reinstatement of Stated Amount. (a) The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except (i) upon the prior written consent of Administrative Agent, LC Bank and the Required Banks or (ii) upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 2.2.3 and Article 3.
Reduction and Reinstatement of Stated Amount. The Stated -------------------------------------------- Amount shall be automatically reduced and reinstated as specified in the Letter of Credit; provided that the Letter of Credit shall be reinstated to the extent the Credit Bank is paid the full sale price with respect to Bonds (or portions thereof) purchased on its behalf which have been resold pursuant to the terms of the Remarketing Agreement.
Reduction and Reinstatement of Stated Amount. The Stated Amount of the Security Fund LC shall be reduced by the amount of Drawing Payments made in respect thereof. After a draw upon the Security Fund LC, where the terms of Section 11.1(E) of the Power Purchase Agreement (as in effect on the Closing Date) require the Stated Amount to thereafter be increased, without further condition or consent of the Lenders, the Stated Amount of the Security Fund LC shall be increased in the required amount by the LC Issuer issuing to NSP an amendment in the form attached to the Security Fund LC, any such increases not to exceed the Unutilized Security Fund LC Commitment.
Reduction and Reinstatement of Stated Amount. The Stated Amount of any Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Borrower may not reduce the Stated Amount of any DSR Letter of Credit if, after giving effect to such reduction, the Debt Service Reserve Account would not be funded to the DSR Required Balance. Borrower may not reduce the Stated Amount of any Security Fund LC if, after giving effect to such reduction, Borrower would not be in compliance with the Power Purchase Agreement.
Reduction and Reinstatement of Stated Amount. The Stated Amount under a Letter of Credit will be reduced from time to time to the extent of any drawing thereunder, subject to reinstatement as hereinafter described. With respect to an "A Drawing" (as described in Section 2.4(a)(i) hereof), the amount representing principal and the corresponding amount representing interest thereon shall be reinstated in an amount equal to any such drawing only to the extent that the Bank has been reimbursed for the amounts so drawn either from the proceeds of a remarketing of the Bonds or otherwise, a "B Drawing" (as described in Section 2.4(a)(ii) hereof), shall permanently reduce the Stated Amount of the applicable Letter of Credit and the corresponding interest component. With respect to a "C Drawing" (as described in Section 2.4(a)(iii) hereof), if within five (5) calendar days from the date of such drawing the Bank does not send a notice to the Trustee that the Bank has not been reimbursed therefor, the amount of such drawing representing interest shall be reinstated on the sixth (6th) calendar day following such drawing.
Reduction and Reinstatement of Stated Amount. The Stated Amount of the Letter of Credit shall be reduced and reinstated as provided in the Letter of Credit. Without limiting the provisions of the Letter of Credit, the portion of the Stated Amount allocated to interest shall be reduced in an amount equal to each draw for interest on the Bonds, but shall be reinstated automatically ten (10) Business Days after drawing unless the Bank shall have notified the Trustee that an Event of Default has occurred and is continuing. In addition, and without limiting the provisions of the Letter of Credit, the portion of the Stated Amount allocated to principal shall be reduced in an amount equal to any draw thereunder for principal of the Bonds, but with respect to any Tender Drawing, will be reinstated upon receipt by the Trustee of notice from the Bank that the Tender Advance applicable thereto has been repaid.
