Principal Component. With respect to reinstatement of a reduction in the Principal Component resulting from any Tender Drawing, IF: (i) such reduction has not been reinstated pursuant to Paragraph 5(ii)(A) of the Letter of Credit; (ii) the Issuing Bank and/or the Participating Banks shall have been reimbursed by the Account Party for such Tender Drawing; (iii) any demand loan(s) and Advance(s) made in respect of such Tender Drawing shall have been repaid by the Account Party, together with any interest thereon and any other amounts payable hereunder in connection therewith; AND (iv) no Event of Default shall have occurred and then be continuing; THEN, the Issuing Bank shall deliver to the Paying Agent, by hand delivery or facsimile transmission, a Notice of Reinstatement in the form of Exhibit 5 to the Letter of Credit reinstating the Principal Component to the extent of such Tender Drawing.
Appears in 5 contracts
Samples: Letter of Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh), Letter of Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh), Letter of Credit and Reimbursement Agreement (North Atlantic Energy Corp /Nh)
