Common use of Amount and Terms of Letter of Credit Clause in Contracts

Amount and Terms of Letter of Credit. (a) LETTER OF CREDIT COMMITMENTS, TERMS OF LETTERS OF CREDIT. (i) Subject to and upon the terms and conditions herein set forth and such other conditions as are applicable to its customers generally, at any time and from time to time on or after the Initial Borrowing Date and prior to the Business Day (or the 30th day in the case of Commercial Letters of Credit) preceding the Termination Date, BT agrees to issue, in its own name (in such capacity, "FACING AGENT"), but for the ratable benefit of all Lenders (including Facing Agent) one or more Letters of Credit, each having a Stated Amount in Dollars, for the account of Borrower in an aggregate undrawn amount at any one time outstanding that together with the aggregate Stated Amount of other Letters of Credit then outstanding, does not exceed $15,000,000; PROVIDED, HOWEVER, that Facing Agent shall not issue or extend the expiration of any Letter of Credit if, immediately after giving effect to such issuance or extension, (A) the aggregate LC Obligations at such time would exceed $15,000,000 or (B) the Available Revolving Commitment of any Lender would be less than zero. Each Lender severally, but not jointly, agrees to participate in each such Letter of Credit issued by Facing Agent to the extent of its Commitment Percentage and to make available to Facing Agent such Lender's Commitment Percentage of any payment made to the beneficiary of such Letter of Credit to the extent not reimbursed by Borrower; PROVIDED, HOWEVER, that no Lender shall be required to participate in any Letter of Credit to the extent that such participation therein would exceed such Lender's Available Revolving Commitment then in effect. No Lender's obligation to participate in any Letter of Credit or to make available to Facing Agent such Lender's Commitment Percentage of any Letter of Credit Payment made by Facing Agent shall be affected by any other Lender's failure to participate in the same or any other Letter of Credit or by any other Lender's failure to make available to Facing Agent such other Lender's Commitment Percentage of any Letter of Credit Payment. Notwithstanding the foregoing, in the event a Lender Default exists, Facing Agent shall not be required to issue any Letter of Credit unless Facing Agent has entered into arrangements satisfactory to it and Borrower to eliminate such Facing Agent's risk with respect to the participation in Letters of Credit of the Defaulting Lender or Lenders, including by cash collateralizing such Defaulting Lender's or Lenders' Commitment Percentage of the LC Obligations. (ii) Each Letter of Credit issued or to be issued hereunder shall have an expiration date of one (1) year or less from the issuance date thereof; PROVIDED, HOWEVER, that each Standby Letter of Credit may provide by its terms that it will be automatically extended for additional successive one (1) year periods unless Facing Agent shall have given notice to the applicable beneficiary (with a copy to Borrower) of the election by Facing Agent (such election to be in the sole and absolute discretion of Facing Agent) not to extend such Letter of Credit; PROVIDED, FURTHER, that no Standby Letter of Credit or extension thereof shall be stated to expire later than the Business Day preceding the Termination Date and no Commercial Letter of Credit or extension thereof shall be stated to expire later than the day thirty (30) days prior to the Revolver Termination Date.

Amount and Terms of Letter of Credit. (a) LETTER OF CREDIT COMMITMENTSThe Bank agrees, TERMS OF LETTERS OF CREDIT. (i) Subject to and upon on the terms and conditions herein set forth and such other conditions as are applicable to its customers generally, at any time and from time to time on or after the Initial Borrowing Date and prior subject to the Business Day (or conditions hereinafter set forth, to issue the 30th day Letter of Credit on the date of delivery of the Bonds to the initial purchaser(s) thereof. The Letter of Credit will be issued in the case of Commercial Letters of Credit) preceding the Termination Date, BT agrees to issue, in its own name (in such capacity, "FACING AGENT"), but for the ratable benefit of all Lenders (including Facing Agent) one or more Letters of Credit, each having a an initial Stated Amount in Dollars, equal to $25,308,220 representing the aggregate principal amount of the Bonds as of the Issuance Date plus interest on such principal amount for a period of 45 days at a rate equal to 10% per annum and computed on the basis of a 365/366-day year and actual days elapsed. The Letter of Credit shall be issued to the Bond Trustee for the account of Borrower in an aggregate undrawn amount at any one time outstanding that together with the aggregate Stated Amount of other Letters of Credit then outstanding, does not exceed $15,000,000; PROVIDED, HOWEVER, that Facing Agent shall not issue or extend the expiration of any Borrower. The Letter of Credit if, immediately after giving effect to shall be substantially in the form of Exhibit 2.01 attached hereto with such issuance changes as the Borrower and the Bank shall agree in writing are necessary or extension, (A) advisable. All drawings on the aggregate LC Obligations at such time would exceed $15,000,000 or (B) the Available Revolving Commitment of any Lender would be less than zero. Each Lender severally, but not jointly, agrees to participate in each such Letter of Credit issued shall be honored by Facing Agent to the extent Bank with its own funds and not with funds of its Commitment Percentage and to make available to Facing Agent such Lender's Commitment Percentage of any payment made to the beneficiary of such Borrower. (b) The Letter of Credit shall expire, subject to subsection (c) hereof, at 3:00 P.M. (prevailing Eastern time) on the extent not reimbursed by Borrower; PROVIDEDapplicable Stated Expiration Date, HOWEVER, that no Lender shall be required to participate or as otherwise provided in any the Letter of Credit to the extent that such participation therein would exceed such Lender's Available Revolving Commitment then in effect. No Lender's obligation to participate in any Letter of Credit or to make available to Facing Agent such Lender's Commitment Percentage of any Letter of Credit Payment made by Facing Agent shall be affected by any other Lender's failure to participate in the same or any other Letter of Credit or by any other Lender's failure to make available to Facing Agent such other Lender's Commitment Percentage of any Letter of Credit Payment. Notwithstanding the foregoing, in the event a Lender Default exists, Facing Agent shall not be required to issue any Letter of Credit unless Facing Agent has entered into arrangements satisfactory to it and Borrower to eliminate such Facing Agent's risk with respect to the participation in Letters of Credit of the Defaulting Lender or Lenders, including by cash collateralizing such Defaulting Lender's or Lenders' Commitment Percentage of the LC ObligationsCredit. (iic) Each Letter of Credit issued or to be issued hereunder shall have an expiration date of one Notwithstanding Section 2.01(b), (1i) year or less from the issuance date thereof; PROVIDED, HOWEVER, that each Standby Letter of Credit may provide by its terms that it will be automatically extended for additional successive one (1) year periods unless Facing Agent shall have given notice to terminate earlier than the applicable beneficiary Stated Expiration Date as provided therein, (with a copy to Borrower) of the election by Facing Agent (such election to be in the sole and absolute discretion of Facing Agentii) not to extend such Letter of Credit; PROVIDED, FURTHER, that no Standby Letter of Credit or extension thereof shall be stated to expire later than the Business Day preceding the Termination Date and no Commercial Letter of Credit or extension thereof shall be stated to expire later than the day thirty one hundred fifty (30150) days prior to each Stated Expiration Date, the Revolver Termination DateBank shall notify the Borrower and the Bond Trustee if it will not renew the Letter of Credit for an additional twelve-month period and (iii) the Borrower may elect to terminate the Letter of Credit and replace it with an Alternate Credit Facility as provided in Section 2.01(e) hereof. (d) The Stated Amount of the Letter of Credit is subject to reduction and reinstatement as provided therein. (e) The Borrower may provide an Alternate Credit Facility in connection with the Letter of Credit in accordance with the Bond Indenture; provided that, before such substitution takes effect, all Obligations then due and owing shall have been paid and the Borrower shall purchase, or cause to be purchased, all Pledged Bonds at a price of 100% of the principal amount thereof plus accrued and unpaid interest thereon at the rate provided for in Section 4.04 of the Bond Indenture. In the event that the Borrower terminates the Letter of Credit for any reason whatsoever, the Borrower shall pay to the Bank its customary termination fee; provided that such fee shall not be payable if (i) the unsecured short-term obligations of the Bank have been downgraded by the Rating Agency then rating the Bonds to below P-1, if Xxxxx’x, below A-1, if S & P, or below F1, if Fitch, (ii) the long-term obligations of the Bank have been downgraded by the Rating Agency then rating the Bonds to below A3, if Xxxxx’x, below A-, if S & P, or below A-, if Fitch or (iii) the Bank wrongfully dishonors or fails to honor a draw under the Letter of Credit.

Amount and Terms of Letter of Credit. (a) LETTER OF CREDIT COMMITMENTSLetter of Credit Commitments, TERMS OF LETTERS OF CREDITTerms of Letters of Credit. (i) Subject to and upon the terms and conditions herein set forth and such other conditions as are applicable to its customers generally, at any time and from time to time on or after the Initial Borrowing Date and prior to the Business Day (or the 30th day in the case of Commercial Letters of Credit) preceding the Termination Date, BT agrees to issue, in its own name (in such capacity, "FACING AGENTFacing Agent"), but for the ratable benefit of all Lenders (including Facing Agent) one or more Letters of Credit, each having a Stated Amount in DollarsDollars and each being issued at sight, for the account of Borrower in an aggregate undrawn amount at any one time outstanding that together with the aggregate Stated Amount of other Letters of Credit then outstanding, does not exceed $15,000,00030,000,000; PROVIDEDprovided, HOWEVERhowever, that Facing Agent shall not issue or extend the expiration of any Letter of Credit if, immediately after giving effect to such issuance or extension, (A) the aggregate LC Obligations at such time would exceed $15,000,000 30,000,000 or (B) the Available Revolving Commitment of any Lender would be less than zero. Each Lender severally, but not jointly, agrees to participate in each such Letter of Credit issued by Facing Agent to the extent of its Commitment Percentage Revolver Pro Rata Share and to make available to Facing Agent such Lender's Commitment Percentage Revolver Pro Rata Share of any payment made to the beneficiary of such Letter of Credit to the extent not reimbursed by Borrower; PROVIDEDprovided, HOWEVERhowever, that no Lender shall be required to participate in any Letter of Credit to the extent that such participation therein would exceed such Lender's Available Revolving Commitment then in effect. No Lender's obligation to participate in any Letter of Credit or to make available to Facing Agent such Lender's Commitment Percentage Revolver Pro Rata Share of any Letter of Credit Payment made by Facing Agent shall be affected by any other Lender's failure to participate in the same or any other Letter of Credit or by any other Lender's failure to make available to Facing Agent such other Lender's Commitment Percentage Revolver Pro Rata Share of any Letter of Credit Payment. Notwithstanding the foregoing, in the event a Lender Default exists, Facing Agent shall not be required to issue any Letter of Credit unless Facing Agent has entered into arrangements satisfactory to it and Borrower to eliminate such Facing Agent's risk with respect to the participation in Letters of Credit of the Defaulting Lender or Lenders, including by cash collateralizing such Defaulting Lender's or Lenders' Commitment Percentage Revolver Pro Rata Share of the LC Obligations. (ii) Each Standby Letter of Credit issued or to be issued hereunder shall have an expiration date of one (1) year or less from the issuance date thereofthereof and each Commercial Letter of Credit issued or to be issued hereunder shall have an expiration date of one hundred eighty (180) days or less from the issuance date hereof; PROVIDEDprovided, HOWEVERhowever, that each Standby Letter of Credit may provide by its terms that it will be automatically extended for additional successive one (1) year periods unless Facing Agent shall have given notice to the applicable beneficiary (with a copy to Borrower) of the election by Facing Agent (such election to be in the sole and absolute discretion of Facing Agent) not to extend such Letter of Credit; PROVIDEDprovided, FURTHERfurther, that no Standby Letter of Credit or extension thereof shall be stated to expire later than the Business Day preceding the Revolver Termination Date and no Commercial Letter of Credit or extension thereof shall be stated to expire later than the day thirty (30) days prior to the Revolver Termination Date.

Amount and Terms of Letter of Credit. (a) LETTER OF CREDIT COMMITMENTSThe Bank agrees, TERMS OF LETTERS OF CREDIT. (i) Subject to and upon on the terms and subject to the conditions herein hereinafter set forth and such other conditions as are applicable relying upon the representations and warranties set forth herein and incorporated into Section 4.9 hereof by reference, to its customers generallyissue the Letter of Credit in an initial stated amount equal to $___________ (the “Initial Stated Amount”), at any time representing the maximum principal amount of the 2015 GR-3 Notes in the amount of $___,000,000 and from time to time interest thereon computed on or after the Initial Borrowing Date basis of an assumed interest rate of ten percent (10%) per annum for a period of 275 days and prior a year of 360 days. The Letter of Credit shall be issued to the Business Day (or the 30th day in the case of Commercial Letters of Credit) preceding the Termination Date, BT agrees to issue, in its own name (in such capacity, "FACING AGENT"), but for the ratable benefit of all Lenders (including Facing Agent) one or more Letters of Credit, each having a Stated Amount in Dollars, Issuing and Paying Agent for the account of Borrower the Authority, and shall be substantially in an aggregate undrawn amount at any one time outstanding that together the form of Exhibit A hereto, with such changes to such form as the aggregate Authority and the Bank shall agree in writing are necessary or advisable. The Stated Amount of other Letters of Credit then outstanding, does not exceed $15,000,000; PROVIDED, HOWEVER, that Facing Agent shall not issue or extend Expiration Date for the expiration of any Letter of Credit if, immediately after giving effect to such issuance or extension, (A) the aggregate LC Obligations at such time would exceed $15,000,000 or (B) the Available Revolving Commitment of any Lender would be less than zero. Each Lender severally, but not jointly, agrees to participate in each such Letter of Credit issued by Facing Agent to the extent of its Commitment Percentage and to make available to Facing Agent such Lender's Commitment Percentage of any payment made to the beneficiary of such Letter of Credit to the extent not reimbursed by Borrower; PROVIDED, HOWEVER, that no Lender shall be required to participate in any Letter of Credit to the extent that such participation therein would exceed such Lender's Available Revolving Commitment then in effect. No Lender's obligation to participate in any Letter of Credit or to make available to Facing Agent such Lender's Commitment Percentage of any Letter of Credit Payment made by Facing Agent shall be affected by any other Lender's failure to participate is set forth in the same or any other Letter of Credit or by any other Lender's failure to make available to Facing Agent such other Lender's Commitment Percentage of any Letter of Credit Payment. Notwithstanding the foregoing, in the event a Lender Default exists, Facing Agent shall not be required to issue any Letter of Credit unless Facing Agent has entered into arrangements satisfactory to it and Borrower to eliminate such Facing Agent's risk with respect to the participation in Letters of Credit of the Defaulting Lender or Lenders, including by cash collateralizing such Defaulting Lender's or Lenders' Commitment Percentage of the LC Obligations. (ii) Each Letter of Credit issued or to be issued hereunder shall have an expiration date of one (1) year or less from the issuance date thereof; PROVIDED, HOWEVER, that each Standby Letter of Credit may provide by its terms that it will be automatically extended for additional successive one (1) year periods unless Facing Agent shall have given notice to the applicable beneficiary (with a copy to Borrower) of the election by Facing Agent (such election to be in the sole and absolute discretion of Facing Agent) not to extend such Letter of Credit; PROVIDED, FURTHER, provided that no Standby Letter of Credit or extension thereof such date shall be stated subject to expire extension upon the request of the Authority and with the written consent of the Bank in its sole discretion. Any request made by the Authority shall be made by written notice to the Bank no earlier than one hundred eighty (180) days and no later than sixty (60) days prior to the Business Day preceding the Termination then existing Stated Expiration Date and no Commercial Letter of Credit the Bank shall consent to or deny the request for extension thereof shall be stated to expire later than the day within thirty (30) days prior following its receipt of the Authority’s request for extension. If for any reason the Bank fails to consent to or deny the Authority’s request for an extension, the request shall be deemed to be denied by the Bank. If the Stated Amount of the Letter of Credit is reduced or reinstated after any such reduction as provided in the Letter of Credit, the Bank may at its option, deliver to the Revolver Termination DateIssuing and Paying Agent a substitute Letter of Credit duly issued by the Bank in an initial stated amount equal to the then current Stated Amount of the Letter of Credit as so reduced or reinstated, as the case may be, as provided in the Letter of Credit (but otherwise having terms identical to the Letter of Credit) upon surrender by the Issuing and Paying Agent to the Bank of the Letter of Credit. Any substitute letter of credit issued pursuant to this Section 2.1(c) shall be dated the date of the Letter of Credit for which it is substituted.