Project LC Loans definition

Project LC Loans means any loan made to the Borrower by any Project LC Issuing Bank as a result of a Drawing on a Project Letter of Credit issued by such Issuing Bank as set forth in Section 2.16(e).
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Examples of Project LC Loans in a sentence

  • Subject to Section 11.20, all Project LC Loans shall be repaid on each Monthly Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Monthly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Monthly Date; provided, however, that each Project LC Loan shall be repaid in full on the Final Maturity Date.

  • As of the date hereof, (a) the aggregate outstanding principal amount of (i) Construction Loans is $1,024,552,000.07, (ii) Working Capital Loans is $0, (iii) Project LC Loans is $0 and (iv) DSR LC Loans is $0, and (b) the aggregate undrawn face amount of (i) Project Letters of Credit is $4,895,000.00 and (ii) DSR Letters of Credit is $0.

  • Upon the making of any Drawing Payment, Borrower shall be obligated to reimburse the LC Bank for such Drawing Payment and, for convenience, such Reimbursement Obligation shall be deemed to constitute a Borrowing of Loans (each, a "Project LC Loan" and, collectively, the "Project LC Loans") in the amount of such Drawing Payment, consisting of a Project LC Loan made by each applicable Bank in the amount of such Bank's Proportionate Share of such Drawing Payment.

  • All Project LC Loans shall be repaid on each Quarterly Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Quarterly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Quarterly Date; provided, however, that each Project LC Loan shall be repaid in full on the Final Maturity Date.

  • Upon the making of any Drawing Payment, Borrower shall be obligated to reimburse the LC Bank for such Drawing Payment and, for convenience, such Reimbursement Obligation shall be deemed to constitute a Borrowing of loans (each, a "Project LC Loan" and, collectively, the "Project LC Loans") in the amount of such Drawing Payment, consisting of a Project LC Loan made by each Bank in the amount of such Bank's Proportionate Share of such Drawing Payment.