Tender Advances. (a) If any LC Issuer shall make any payments under a Xxxx XX pursuant to a Tender Draft to pay the purchase price of Bonds being purchased upon a tender thereof, and the conditions set forth in Section 2.2 shall have been fulfilled, such payments shall automatically be deemed to constitute and shall be an advance made by such LC Issuer to the Borrower on the date and in the amount of such payment, each such advance being a “Tender Advance” and collectively the “Tender Advances”; provided, that if such conditions are not satisfied the payments made by such LC Issuer shall immediately become due and payable.
Appears in 4 contracts
Samples: Credit Agreement (Baltimore Gas & Electric Co), Credit Agreement, Credit Agreement (Commonwealth Edison Co)
Tender Advances. (a) If any LC L/C Issuer shall make any payments under a Xxxx XX Letter of Credit pursuant to a Tender Draft to pay the purchase price of Bonds being purchased upon a tender thereof, and the conditions set forth in Section 2.2 3.03 shall have been fulfilled, such payments shall automatically be deemed to constitute and shall be an advance made by such LC L/C Issuer to the Borrower Company on the date and in the amount of such payment, each such advance being a “Tender Advance” and collectively the “Tender Advances”; provided, that if such conditions are not satisfied the payments made by such LC L/C Issuer shall immediately become due and payable.
Appears in 2 contracts
Samples: Credit and Reimbursement Agreement, Letter of Credit and Reimbursement Agreement (Commonwealth Edison Co)
