Examples of Letter of Credit Loans in a sentence
Any prepayment of Revolving Loans shall be applied (A) first, to prepayment of the Letter of Credit Loans then outstanding until such Loans are paid in full, (B) second, to prepayment of Revolving Loans then outstanding until such Loans are paid in full and (C) third, to be deposited in the L/C Collateral Account to cash collateralize the aggregate Available Amount of the Revolving Letters of Credit then outstanding.
All Letter of Credit Loans shall accrue interest at the Base Rate and shall be payable on demand.
Any mandatory prepayments of the Revolving Loans, the LC Facility Loans or the Synthetic Letter of Credit Loans, as the case may be, pursuant to subsection 2.4B(iii) shall be applied to prepay the Revolving Loans, the LC Facility Loans and the Synthetic Letter of Credit Loans on a pro rata basis (in accordance with the respective outstanding principal amounts thereof).
The Company shall use the proceeds of the Revolving Credit Loans hereunder for working capital, general corporate purposes and to back up the Company’s use of commercial paper and the proceeds of the Letter of Credit Loans for purchase of a share of a coal generating plant being built near Osceola, Arkansas, and for the payment of related construction expenses.
The aggregate amount of the Revolving Credit Loans outstanding at any one time shall not exceed the Revolving Credit Commitments, as in effect from time to time and the aggregate amount of the Letter of Credit Loans outstanding at any one time shall not exceed the Letter of Credit Commitments, as in effect from time to time.
Any Reimbursement Amount that is not paid in full when due shall be deemed to be and shall constitute a demand loan made to the Company by Bank One on such due date in the principal amount of the unpaid Reimbursement Amount (each such loan being referred to herein as a "Letter of Credit Loan", and collectively as "Letter of Credit Loans"), which Letter of Credit Loans shall bear interest, until paid in full, at a per annum rate equal to the Floating Rate plus Three Percent (3%) per annum.
The record thereof, whether shown on such books or records or on the schedule to this Note, shall be prima facie evidence as to all such amounts absent manifest error; provided, however, that the failure of the Bank to record any of the foregoing shall not limit or otherwise affect the obligation of the Company to repay all Letter of Credit Loans made under the Credit Agreement, together with accrued interest thereon.
The maximum amount of the Letter of Credit Loans which may be outstanding shall be automatically reduced by the amounts and on the dates set forth in the Letter of Credit.
The Administrative Agent shall use the Credit-Linked Deposits (i) to fund the Synthetic Letter of Credit Loans on behalf of the Synthetic Letter of Credit Lenders pursuant to subsection 3.3B(iii) and (ii) to fund the payments on behalf of the Synthetic Letter of Credit Lenders to be made to the Synthetic Letter of Credit Issuing Lenders as (and to the extent) required by subsection 3.3C(i)(c).
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the Letter of Credit Lenders the outstanding principal amount of the Letter of Credit Loans on the Letter of Credit Maturity Date applicable thereto.