Reduction and Reinstatement of Stated Amount Sample Clauses

Reduction and Reinstatement of Stated Amount. The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2.6, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 3.2.
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Reduction and Reinstatement of Stated Amount. (a) The Stated Amount of each Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Notwithstanding anything to the contrary contained in this Section 2.2, once so reduced, the Stated Amount of any Letter of Credit shall not be reinstated except (i) upon the prior written consent of Administrative Agent, LC Bank and the Required Banks or (ii) upon payment by Borrower of the Reimbursement Obligation corresponding to such Drawing Payment and satisfaction of the conditions for an increase in the Stated Amount of a Letter of Credit set forth in Section 2.2.3 and Article 3.
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Reduction and Reinstatement of Stated Amount. The Stated Amount shall be automatically reduced and reinstated as specified in the Letter of Credit.
Sample 1
Reduction and Reinstatement of Stated Amount. The Stated Amount of the Letter of Credit shall be reduced and reinstated as provided in the Letter of Credit. Without limiting the provisions of the Letter of Credit, the portion of the Stated Amount allocated to interest shall be reduced in an amount equal to each draw for interest on the Bonds, but shall be reinstated automatically ten (10) Business Days after drawing unless the Bank shall have notified the Trustee that an Event of Default has occurred and is continuing. In addition, and without limiting the provisions of the Letter of Credit, the portion of the Stated Amount allocated to principal shall be reduced in an amount equal to any draw thereunder for principal of the Bonds, but with respect to any Tender Drawing, will be reinstated upon receipt by the Trustee of notice from the Bank that the Tender Advance applicable thereto has been repaid.
Sample 1
Reduction and Reinstatement of Stated Amount. The Stated Amount of any Letter of Credit shall be reduced by the amount of Drawing Payments made in respect thereof. Borrower may not reduce the Stated Amount of any DSR Letter of Credit if, after giving effect to such reduction, the Debt Service Reserve Account would not be funded to the DSR Required Balance. Borrower may not reduce the Stated Amount of any Security Fund LC if, after giving effect to such reduction, Borrower would not be in compliance with the Power Purchase Agreement.
Sample 1
Reduction and Reinstatement of Stated Amount. The Stated Amount under a Letter of Credit will be reduced from time to time to the extent of any drawing thereunder, subject to reinstatement as hereinafter described. With respect to an "A Drawing" (as described in Section 2.4(a)(i) hereof), the amount representing principal and the corresponding amount representing interest thereon shall be reinstated in an amount equal to any such drawing only to the extent that the Bank has been reimbursed for the amounts so drawn either from the proceeds of a remarketing of the Bonds or otherwise, a "B Drawing" (as described in Section 2.4(a)(ii) hereof), shall permanently reduce the Stated Amount of the applicable Letter of Credit and the corresponding interest component. With respect to a "C Drawing" (as described in Section 2.4(a)(iii) hereof), if within five (5) calendar days from the date of such drawing the Bank does not send a notice to the Trustee that the Bank has not been reimbursed therefor, the amount of such drawing representing interest shall be reinstated on the sixth (6th) calendar day following such drawing.
Sample 1
Reduction and Reinstatement of Stated Amount. The Stated Amount of the Security Fund LC shall be reduced by the amount of Drawing Payments made in respect thereof. After a draw upon the Security Fund LC, where the terms of Section 11.1(E) of the Power Purchase Agreement (as in effect on the Closing Date) require the Stated Amount to thereafter be increased, without further condition or consent of the Lenders, the Stated Amount of the Security Fund LC shall be increased in the required amount by the LC Issuer issuing to NSP an amendment in the form attached to the Security Fund LC, any such increases not to exceed the Unutilized Security Fund LC Commitment.
Sample 1
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Related to Reduction and Reinstatement of Stated Amount

  • Termination and Reduction of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Optional Reduction and Termination of Commitments (a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date.

  • Termination and Reduction of Revolving Commitments (a) Unless previously terminated, the Revolving Commitments shall terminate on the Maturity Date.

  • Continuation and Reinstatement, etc Each Guarantor further agrees that its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent, the Issuing Lenders, any Lender or any other Secured Party upon the bankruptcy or reorganization of the Borrower or a Guarantor, or otherwise.

  • Reduction and Termination of the Commitments The Borrower shall have the right at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to reduce the Total Commitments by $5,000,000 or an integral multiple of $500,000 in excess thereof (provided that in no event shall the Total Commitment be reduced in such manner to an amount less than twenty-five percent (25%) of the largest Total Commitment ever existing under this Agreement) or to terminate entirely the Commitments, whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated, any such termination or reduction to be without penalty except as otherwise set forth in §4.8; provided, however, that no such termination or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving Credit Loans and Swing Loans and the Letter of Credit Liabilities would exceed the Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance thereof. Any reduction of the Commitment shall also result in a proportionate reduction (rounded to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and available Letters of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Lenders the full amount of any Facility Fee under §2.2 then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.

  • Termination, Reduction and Increase of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Termination and Reduction of the Commitments (a) Unless previously terminated, the Commitments shall terminate on the Termination Date.

  • Optional Termination and Reduction of Aggregate Credit Amounts (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments.

  • Termination and Reduction of Aggregate Maximum Credit Amounts (a) Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the Maturity Date. If at any time the Aggregate Maximum Credit Amounts are terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction.

  • No reinstatement of Commitments No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.

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