Common use of Refunding Advances Clause in Contracts

Refunding Advances. (a) Upon receipt from DTFC of notice (not later than 12:15 p.m., New York City time) pursuant to Section 5(b) of the Depositary Agreement that, on any Business Day that any Commercial Paper Notes mature, the amount required to pay in full all Commercial Paper Notes maturing on such Business Day will be more than the net amount obtained by the issuance of Commercial Paper Notes on such day plus the amount available for payment of such Commercial Paper Notes in the Commercial Paper Account (the amount of such excess, the "Commercial Paper Deficit"), the Collateral Agent shall, if such notice contains an instruction from the Depositary to the Collateral Agent to deliver a Borrowing Request, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 2:00 p.m., New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 12:30 p.m., New York City time, on the date of a proposed Borrowing, that a Borrowing be made in an aggregate principal amount equal to the excess, if any, of (A) the Commercial Paper Deficit over (B) the sum of the aggregate amount, if any, applied or to be applied on such Business Day to the Commercial Paper Deficit from amounts available therefor in the Collateral Account and the Termination Advance Account that are allocated to the payment of maturing Commercial Paper Notes and from the proceeds of Swing Line Advances being made on such day. On the terms and subject to the conditions of this Liquidity Agreement, each such Borrowing shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.8) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section 3.6.1, Commercial Paper Notes maturing on any day which have been paid with proceeds of an advance made by the Depositary that has not been reimbursed shall nonetheless be deemed to be unpaid. (b) If on any Business Day in a Related Month the weighted average interest rate of the Outstanding Commercial Paper Notes and Outstanding Liquidity Advances exceeds 10% per annum, then DTFC shall notify the Liquidity Agent thereof in writing no later than 11:00 a.m. (New York City time), that unless the requirements for the continued issuance of Commercial Paper Notes set forth in Section 2.1(d) shall have been complied with not later than 11:00 a.m. (New York City time) on the last Business Day before the Payment Date with respect to such Related Month, the Collateral Agent (provided DTFC shall have delivered the notice specified above), shall, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 11:30 a.m., New York City time, on such last Business Day before such Payment Date, that such Borrowing be made in an aggregate principal amount equal to the lesser of (i) the Aggregate Liquidity Commitment on such date minus the aggregate principal amount of all Liquidity Advances (including any Swing Line Advances) Outstanding on such date as determined immediately prior to such Borrowing Request and (ii) the Aggregate Outstanding CP on such date.

Refunding Advances. (a) Upon receipt from DTFC the Depositary of notice (not later than 12:15 p.m.11:15 a.m., New York City time) pursuant to Section 5(b) of the Depositary Agreement that, on any Business Day that any Commercial Paper Notes mature, the amount required to pay in full all Commercial Paper Notes maturing on such Business Day will be more than the net amount obtained by the issuance of Commercial Paper Notes on such day plus the amount available for payment of such Commercial Paper Notes in the Commercial Paper Account (the amount of such excess, the "Commercial Paper Deficit"), the Collateral Agent shall, if such notice contains an instruction from the Depositary to the Collateral Agent to deliver a Borrowing Request, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 2:00 p.m.12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 12:30 p.m.11:30 a.m., New York City time, on the date of a proposed Borrowing, that a Borrowing be made in an aggregate principal amount equal to the excess, if any, excess of (Ai) the Commercial Paper Deficit over (Bii) the sum of the aggregate amount, if any, applied or to be applied on such Business Day to the Commercial Paper Deficit from amounts available therefor in the Collateral Account and the Termination Advance Account that are allocated to the payment of maturing Commercial Paper Notes and from the proceeds of Swing Line Advances being made on such day. On the terms and subject to the conditions of this Liquidity Agreement, each such Borrowing shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.8) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section 3.6.1Section, Commercial Paper Notes maturing on any day which have been paid with proceeds of from an advance made by the Depositary that has not been reimbursed shall nonetheless be deemed to be unpaid. (b) If on any Business Day in a Related Month the weighted average interest rate of the Outstanding Commercial Paper Notes and Outstanding Liquidity Advances exceeds 10% per annum, then DTFC shall notify the Liquidity Agent thereof in writing no later than 11:00 a.m. (New York City time), that unless the requirements for the continued issuance of Commercial Paper Notes set forth in Section 2.1(d) shall have been complied with not later than 11:00 a.m. (New York City time) on the last Business Day before the Payment Date with respect to such Related Month, the Collateral Agent (provided DTFC shall have delivered the notice specified above), shall, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 11:30 a.m., New York City time, on such last Business Day before such Payment Date, that such Borrowing be made in an aggregate principal amount equal to the lesser of (i) the Aggregate Liquidity Commitment on such date minus the aggregate principal amount of all Liquidity Advances (including any Swing Line Advances) Outstanding on such date as determined immediately prior to such Borrowing Request and (ii) the Aggregate Outstanding CP on such date.

Refunding Advances. (a) Upon receipt from DTFC the Depositary of notice (not later than 12:15 p.m.11:15 a.m., New York City time) pursuant to Section 5(b) of the Depositary Agreement that, on any Business Day that any Commercial Paper Notes mature, the amount required to pay in full all Commercial Paper Notes maturing on such Business Day will be more than the net amount obtained by the issuance of Commercial Paper Notes on such day plus the amount available for payment of such Commercial Paper Notes in the Commercial Paper Account (the amount of such excess, the "Commercial Paper Deficit"), the Collateral Agent shall, if such notice contains an instruction from the Depositary to the Collateral Agent to deliver a Borrowing Request, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 2:00 p.m.12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 12:30 p.m.11:30 a.m., New York City time, on the date of a proposed Borrowing, that a Borrowing be made in an aggregate principal amount equal to the excess, if any, excess of (Ai) the Commercial Paper Deficit over (Bii) the sum of the aggregate amount, if any, applied or to be applied on such Business Day to the Commercial Paper Deficit from amounts available therefor in the Collateral Account and the Termination Advance Account that are allocated to the payment of maturing Commercial Paper Notes and from the proceeds of Swing Line Advances being made on such day. On the terms and subject to the conditions of this Liquidity Agreement, each such Borrowing shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.8) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section 3.6.1, Commercial Paper Notes maturing on any day which have been paid with proceeds of an advance made by the Depositary that has not been reimbursed shall nonetheless be deemed to be unpaid. (b) If on any Business Day in a Related Month the weighted average interest rate of the Outstanding Commercial Paper Notes and Notes, Outstanding Liquidity Advances and Outstanding Support Liquidity Disbursements exceeds 10% per annum, then DTFC shall notify the Liquidity Agent thereof in writing no later than 11:00 a.m. (New York City time)then, that unless the requirements for the continued issuance of Commercial Paper Notes set forth in Section 2.1(d) shall have been complied with not later than 11:00 a.m. (New York City time) on the last Business Day before the Payment Date with respect to such Related Month, the Collateral Agent (provided DTFC NFC shall have delivered the notice specified aboverequired pursuant to the last sentence of Section 2.1(d), ) shall, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 11:30 a.m., New York City time, on such last Business Day before such Payment Date, that such Borrowing be made in an aggregate principal amount equal to the lesser of of (i) the Aggregate Liquidity Commitment on such date minus the aggregate principal amount of all Liquidity Advances (including any Swing Line Advances) Outstanding outstanding on such date as determined immediately prior to such Borrowing Request and (ii) the Aggregate Outstanding CP on such date. (c) On the terms and subject to the conditions of this Liquidity Agreement, each Borrowing under this Section shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.8) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section, Commercial Paper Notes maturing on any day which have been paid from an advance made by the Depositary shall nonetheless be deemed to be unpaid.

Refunding Advances. (ai) Upon receipt from DTFC the Depositary of ------------------ notice (not later than 12:15 p.m.11:15 a.m., New York City time) pursuant to Section 5(b) of the Depositary Agreement that, on any Business Day that any Commercial Paper Notes mature, the amount required to pay in full all Commercial Paper Notes maturing on such Business Day will be more than the net amount obtained or to be obtained by the issuance of Commercial Paper Notes on such day plus the amount available for payment ---- of such Commercial Paper Notes in the Commercial Paper Account (the amount of such excess, the "Commercial Paper Deficit"), the Collateral Agent shallshall irrevocably request, if such notice contains an instruction from the Depositary to the Collateral Agent to deliver a Borrowing Request, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 2:00 p.m.12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, Advances not later than 12:30 p.m.12:00 noon, New York City time, on the date of a proposed Borrowing, that a Borrowing be made in an aggregate principal amount equal to the excess, if any, excess of (Ai) the Commercial Paper Deficit over (Bii) the sum of the aggregate amount, if any, applied or to be applied on such Business Day to the Commercial Paper Deficit from amounts available therefor in the Collateral Account and the Termination Advance Account that are allocated to the payment of maturing Commercial Paper Notes and from the proceeds of Swing Line Advances being made on such dayNotes. On the terms and subject to the conditions of this Liquidity Agreement, each such Borrowing under this Section 3.06(b) shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.83.08) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section 3.6.1Section, Commercial Paper Notes maturing on any day which have been paid with proceeds of from an advance made by the Depositary that has not been reimbursed shall nonetheless be deemed to be unpaid. (bii) Upon the occurrence of a Scheduled Liquidity Commitment Termination Date with respect to any Liquidity Lender's Liquidity Commitment and the receipt of a Borrowing Request pursuant to Section 5.06(b) of the Collateral Agreement, and subject to the terms and conditions of this Agreement, the Liquidity Agent shall notify each Liquidity Lender not later than 3:00 p.m., New York City time, on such Business Day and such Liquidity Lender shall, before 5:00 p.m., New York City time, on such Business Day, make available to the Liquidity Agent at the Liquidity Agent's address specified for such purpose, in immediately available funds, a Liquidity Advance in a principal amount equal to such Liquidity Lenders Percentage multiplied by the aggregate Commercial Paper Notes Outstanding; provided, -------- however, that no Liquidity Lender will be required to make any ------- Liquidity Advance to the extent that such Liquidity Advance would result in the aggregate principal amount of such Liquidity Lender's Liquidity Advances Outstanding exceeding such Liquidity Lenders Liquidity Commitment. After the Liquidity Agent's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article VI, the Liquidity Agent will make such funds available to Xxxxx by 5:45 p.m., New York City time. Any Liquidity Advance made pursuant to this Section 3.06(b) (ii) shall be a Base Rate Advance subject to conversion in accordance with the provisions of Section 3.08 hereof. (iii) If on at any Business Day in a Related Month the time Xxxxx'x weighted average interest rate of on the Outstanding Commercial Paper Notes and Outstanding Liquidity Advances exceeds 10shall be in excess of 12% per annum, then DTFC shall notify the Liquidity Agent thereof in writing no later than 11:00 a.m. (New York City time)then, that unless the requirements for the continued issuance of Commercial Paper Notes set forth in Section 2.1(d) 2.01 shall have been complied with not later than 11:00 a.m. (a.m., New York City time) on the last , within 10 Business Day before the Payment Date with respect to Days of such Related Monthdetermination, the Collateral Agent shall irrevocably request (provided DTFC that Xxxxx shall have delivered the notice specified aboverequired pursuant to the last sentence of Section 2.01(d), shall), by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 12:00 noon, New York City time) for ), a Borrowing consisting of Refunding Advances, irrevocably request, Advances not later than 11:30 11:15 a.m., New York City time, on such last tenth Business Day before such Payment DateDay, that such Borrowing be made made. In such case, each Liquidity Lender shall make a Liquidity Advance in an aggregate principal amount equal to such Liquidity Lender's Percentage of the lesser of (i) the Aggregate Liquidity Commitment on as of such date minus the aggregate principal amount of all Liquidity Advances (including any Swing Line Advances) Outstanding on such date as determined immediately prior to such Borrowing Request and (ii) the Aggregate Outstanding CP Commercial Paper Notes on such date.

Refunding Advances. (a) Upon receipt from DTFC the Depositary of notice (not later than 12:15 p.m.[11:00 a.m.], New York City time) pursuant to Section 5(b) of the Depositary Agreement that, on any Business Day that any Commercial Paper Notes mature, the amount required to pay in full all Commercial Paper Notes maturing on such Business Day will be more than the net amount obtained by the issuance of Commercial Paper Notes on such day plus the amount available for payment of such Commercial Paper Notes in the Commercial Paper Account (the amount of such excess, the "Commercial Paper Deficit"), the Series 1997-1 Collateral Agent shall, if such notice contains an instruction from the Depositary to the Series 1997-1 Collateral Agent to deliver a Borrowing Request, by delivering a Borrowing Request to the Series 1997-1 Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 2:00 [1:00 p.m.], New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 12:30 p.m.[11:30 a.m.], New York City time, on the date of a proposed Borrowing, that a Borrowing be made in an aggregate principal amount equal to the excess, if any, excess of (Ai) the Commercial Paper Deficit over (Bii) the sum of the aggregate amount, if any, applied or to be applied on such Business Day to the Commercial Paper Deficit from amounts available therefor in the Series 1997-1 Collateral Account and the Series 1997-1 Termination Advance Account that are allocated to the payment of maturing Commercial Paper Notes and from the proceeds of Swing Line Advances being made on such day. On the terms and subject to the conditions of this Series 1997-1 Liquidity Agreement, each such Borrowing shall be initially comprised of Base Rate Advances (subject to conversion in accordance with the provisions of Section 3.8) and shall be made on the Business Day specified in such Borrowing Request. For the purposes of this Section 3.6.1Section, Commercial Paper Notes maturing on any day which have been paid with proceeds of from an advance made by the Depositary that has not been reimbursed shall nonetheless be deemed to be unpaid. (b) If on any Business Day in a Related Month the weighted average interest rate of the Outstanding Commercial Paper Notes and Outstanding Liquidity Advances exceeds 10% per annum, then DTFC shall notify the Liquidity Agent thereof in writing no later than 11:00 a.m. (New York City time), that unless the requirements for the continued issuance of Commercial Paper Notes set forth in Section 2.1(d) shall have been complied with not later than 11:00 a.m. (New York City time) on the last Business Day before the Payment Date with respect to such Related Month, the Collateral Agent (provided DTFC shall have delivered the notice specified above), shall, by delivering a Borrowing Request to the Liquidity Agent (who will notify the other Liquidity Lenders of such Borrowing Request not later than 12:00 noon, New York City time) for a Borrowing consisting of Refunding Advances, irrevocably request, not later than 11:30 a.m., New York City time, on such last Business Day before such Payment Date, that such Borrowing be made in an aggregate principal amount equal to the lesser of (i) the Aggregate Liquidity Commitment on such date minus the aggregate principal amount of all Liquidity Advances (including any Swing Line Advances) Outstanding on such date as determined immediately prior to such Borrowing Request and (ii) the Aggregate Outstanding CP on such date.