L/C Reimbursement Obligations. (a) For the purpose of reimbursing the payment of any draft presented under any Letter of Credit, the Master Issuer agrees to pay, as set forth in this Section 2.08, the L/C Provider, for its own account or for the account of the L/C Issuing Bank, as applicable, an amount in Dollars equal to the sum of (i) the amount of such draft so paid (the “L/C Reimbursement Amount”) and (ii) any taxes, fees, charges or other costs or expenses (including amounts payable pursuant to Section 3.02(c), and collectively, the “L/C Other Reimbursement Costs”) incurred by the L/C Issuing Bank in connection with such payment. Each drawing under any Letter of Credit shall (unless an Event of Bankruptcy shall have occurred and be continuing with respect to the Master Issuer or any Guarantor, in which cases the procedures specified in Section 2.09 for funding by Committed Note Purchasers shall apply) constitute a request by the Master Issuer to the Administrative Agent and each Funding Agent for a Base Rate Borrowing pursuant to Section 2.03 in the amount equal to the applicable L/C Reimbursement Amount plus the applicable L/C Other Reimbursement Costs minus any such amounts repaid pursuant to Section 4.03(b), and the Master Issuer shall be deemed to have made such request pursuant to the procedures set forth in Section 2.03. The applicable Investors in each Investor Group hereby agree to make Advances in an aggregate amount for each Investor Group equal to such Investor Group’s Commitment Percentage of the L/C Reimbursement Amount and L/C Other Reimbursement Costs to pay the L/C Provider. The Borrowing date with respect to such Borrowing shall be the first date on which a Base Rate Borrowing could be made pursuant to Section 2.03 if the Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the L/C Provider of such drawing under such Letter of Credit. Such Investors shall make the amount of such Advances available to the Administrative Agent in immediately available funds not later than 3:00 p.m. (Eastern time) on such Borrowing date, and the proceeds of such Advances shall be immediately made available by the Administrative Agent to the L/C Provider for application to the reimbursement of such drawing.
L/C Reimbursement Obligations. 86 ----------------------------- SECTION 8.03.
L/C Reimbursement Obligations. (a) In order to induce the L/C Bank to issue, extend, amend and renew the Letter of Credit, the Borrower hereby agrees to reimburse or pay to the L/C Bank with respect the Letter of Credit, subject in all events to the provisions of Section 7.06 hereof:
L/C Reimbursement Obligations. On any day on which the Issuing Bank makes any payment to Virginia Power under the terms and conditions of any Virginia Power Letter of Credit or to the beneficiary of any Trade Letter of Credit, an extension of credit from the Issuing Bank to Borrower in the form of the Issuing Bank’s payment under such Letter of Credit shall, (i) to the extent of such payment, be deemed to have occurred and shall be automatically continued in the form of an L/C Reimbursement Obligation of Borrower to reimburse the Issuing Bank for such payment with respect to such Virginia Power Letter of Credit or Trade Letter of Credit, as the case may be (a “Rova I Virginia Power L/C Reimbursement Obligation” in the case of payment under the Rova I Virginia Power Letter of Credit and a “Rova II Virginia Power L/C Reimbursement Obligation” in the case of payment under the Rova II Virginia Power Letter of Credit and a “Rova I Trade L/C Reimbursement Obligation” in the case of payment under any Rova I Trade Letter of Credit and a “Rova II Trade L/C Reimbursement Obligation” in the case of payment under any Rova II Trade Letter of Credit) and (ii) an extension of credit from each Lender to Borrower, in the form of its participation with respect to such Letter of Credit, shall, to the extent of such Lender’s pro rata share of such payment, be deemed to have occurred and shall be automatically continued in the form of a participation in the related L/C Reimbursement Obligation. 44
