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.
Examples of PPA Letter of Credit in a sentence
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.
Each Bank irrevocably agrees severally, on the terms and conditions contained in this Agreement, to participate in the PPA Letter of Credit and in the Drawing thereunder in the Percentage Interest of such Bank and in an aggregate amount not to exceed at any time such Bank's Commitment.
So long as any Commitment is in effect, the PPA Letter of Credit is outstanding or the Obligations remain unpaid, the Company shall observe and perform all of the covenants of the Company contained in Article VI of the Indenture (which covenants are incorporated herein by reference as if fully set forth herein).
Upon a Drawing on the PPA Letter of Credit, a portion of the amount in the separate account equal to such Drawing's proportionate share of the Stated Amount shall be transferred by the Collateral Agent to the PPA LOC Provider.
The PPA Letter of Credit Issuing Bank will make available to the beneficiary thereof the original of the PPA Letter of Credit issued by it hereunder.