Common use of Project LC Loans Clause in Contracts

Project LC Loans. To the extent provided in Section 2.2.8, each Bank severally agrees to advance to the LC Bank, for the account of Borrower, such Bank's Proportionate Share of the full amount of any Drawing Payment under any Project Letter of Credit. 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. 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. In the event that any Project LC Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a Bankruptcy Event with respect to Borrower), then each Bank hereby agrees that it shall forthwith purchase from the LC Bank a participation interest in the unreimbursed Drawing Payment made by the LC Bank under the Project Letter of Credit, in an amount equal to such Bank's Proportionate Share of such unreimbursed Drawing Payment, as provided in Section 2.2.8.

Project LC Loans. To the extent provided in Section 2.2.8, each Bank severally agrees to advance to the LC Bank, for the account of Borrower, such Bank's Proportionate Share of the full amount of any Drawing Payment under any Project Secondary Letter of Credit and each Tranche A Bank severally agrees to advance to the LC Bank for the account of Borrower, such Tranche A Bank's Proportionate Share of the full amount of any Drawing Payment under any Primary Letter of Credit. 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 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 Subject to Section 11.20, all Project LC Loans shall be repaid on each Quarterly Monthly Date to the extent of Account Funds available for such purpose in the Debt Payment Account on such Quarterly Monthly Date, after giving effect to transfers from the Applicable Revenue Account to the Debt Payment Account on such Quarterly Monthly Date; provided, however, that each Project LC Loan shall be repaid in full on the Final Maturity Date. In the event that any Project LC Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a Bankruptcy Event with respect to Borrower), then each applicable Bank hereby agrees that it shall forthwith purchase from the LC Bank a participation interest in the unreimbursed Drawing Payment made by the LC Bank under the Project Letter of Credit, in an amount equal to such Bank's Proportionate Share of such unreimbursed reimbursed Drawing Payment, as provided in Section 2.2.8."