PPA Letter of Credit means one or more letters of credit issued by Bank of the West in favor of the Power Purchaser on behalf of the Issuer as required under the Power Purchase Agreement, including without limitation that certain letter of credit No. MB60513201 issued on November 20, 2008 by Bank of the West in favor of the Power Purchaser on behalf of Issuer and any replacement therefor.
Each DSR Letter of Credit and PPA Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date twelve months after the date of the issuance of such DSR Letter of Credit or PPA Letter of Credit, as the case may be (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of such DSR Letter of Credit or PPA Letter of Credit, as the case may be) and (ii) 5 Business Days prior to the Letter of Credit Expiry Date.
No Issuer shall purchase, repurchase or otherwise acquire any Indebtedness of other Persons except for Permitted Investments, the PPA Letter of Credit Indebtedness and the Equity Contribution Indebtedness.
With respect to its Commitment and participation in the PPA Letter of Credit, the Agent and the Issuing Bank shall have the same rights and powers under this Agreement as any other Bank and may exercise the same as though it were not the Agent or the Issuing Bank, as the case may be; and the term "BANK" or "BANKS" shall, unless otherwise expressly indicated, include the Agent and Issuing Bank in their capacity as a Bank (including the Issuing Bank in its capacity as such).
The Agent shall promptly advise each Bank of any cancellation or other termination of the PPA Letter of Credit and any Drawing; PROVIDED, HOWEVER, that failure to provide such notice shall not limit or impair the rights of the Agent hereunder or under the Financing Documents.
The Company shall promptly pay when due all reasonable fees and expenses which such Bank incurs in connection with such transfer or assignment and the Company shall cause the Replacement Bank to pay to the Agent for the account of the assigning Bank in immediately available funds all amounts outstanding or payable under this Agreement to each Bank assigning its interest in the PPA LOC Loans or other obligations with respect to the PPA Letter of Credit.