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.
(b) The Master Issuer’s obligations under Section 2.08(a) shall be absolute and unconditional, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances and irresp...
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:
(i) except as otherwise expressly provided in clause (ii) below in connection with a Downgrade Draw, on the Settlement Date next succeeding each date that any draft presented under the Letter of Credit is honored by the L/C Bank, or the L/C Bank otherwise makes a payment with respect thereto, (A) the amount paid by the L/C Bank under or with respect to the Letter of Credit, and (B) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the L/C Bank in connection with any payment made by the L/C Bank under, or with respect to, the Letter of Credit; and
(ii) in the case of a Downgrade Draw,
(A) on the Settlement Date next succeeding the date on which the draft presented under the Letter of Credit is honored by the L/C Bank, or the L/C Bank otherwise makes a payment with respect thereto, the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the L/C Bank in connection with the payment made by the L/C Bank under, or with respect to, the Letter of Credit, as set forth in the L/C Fee Letter, and
(B) on each Settlement Date next succeeding the date on which a transfer is made by the L/C Cash Collateral Bank at the direction of the Collateral Agent from the L/C Cash Collateral Account to the Collection Account under Section 8.13(e), the aggregate of all amounts so transferred from the L/C Cash Collateral Account to the Collection Account which, at any time of determination hereunder, have not been reimbursed to the L/C Bank under this clause (B), and
(C) on the Settlement Date next succeeding the Primary Collection Date, any remaining amounts paid by the L/C Bank under or with respect to the Letter of Credit which, on such date, have not been reimbursed to the L/C Bank under clause (B) above.
(b) Interest at the L/C Reimbursement Rate shall accrue on the aggregate of all amounts drawn under the Letter of Credit (including, without limitation, any amounts drawn pursuant to a Downgrade Draw), to the extent not already reimbursed pursuant to this Section 8.02, from the date on which any such draw takes place, until the date on which the aggregate amount of all such draws has been reimbursed in full and in cash (whether pursuant to this Section 8.02 ...
L/C Reimbursement Obligations. 86 ----------------------------- SECTION 8.03.
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
