Total Working Capital/Project LC Commitment Clause Samples
Total Working Capital/Project LC Commitment. A Project's Allocated Portion of the Total Working Capital/Project LC Commitment cannot be used for Borrowings of Working Capital Loans or issuances of Project Letters of Credit unless and until such Project becomes an Approved Project in accordance with the terms hereof. For so long as a Project is an Approved Project hereunder, such Project's Allocated Portion of the Total Working Capital/Project LC Commitment may be used for (i) prior to the Substantial Completion Date for such Project, issuances of Project Letters of Credit for all Approved Projects in accordance with the terms hereof, and (ii) on and after the Substantial Completion Date for such Project, Borrowings of Working Capital Loans and issuances of Project Letters of Credit for all Approved Projects in accordance with the terms hereof. Notwithstanding anything in this clause (b) or any other provision of any Credit Document to the contrary, (1) no Borrowings of Working Capital Loans for an Approved Project may be made prior to the Substantial Completion Date for such Approved Project, (2) so long as the Millennium O&M Cost Contribution Agreement is in effect, no Borrowings of Working Capital Loans may be used to pay (A) O&M Costs (other than insurance premiums and payments made in connection with any finite risk insurance contemplated by Exhibit M to the Project Company Guaranty for the Millennium Project) incurred for the Millennium Project during Transition Outages and Schedule A Outages or (B) repair and/or replacement costs associated with Transition Outages and Schedule A Outages.
Total Working Capital/Project LC Commitment. Subject to Section 2.3.5(b), the Total Working Capital/Project LC Outstandings shall not at any time exceed the then current Committed Working Capital/Project LC Dollar Amount or, if the then current Committed Working Capital/Project LC Dollar Amount is (1) reduced by Borrower pursuant to Section 2.3.6(a), (2) automatically reduced pursuant to Section 2.3.6(b) or (3) automatically increased pursuant to the proviso to Section 2.3.6(b)(ii), such adjusted Committed Working Capital/Project LC Dollar Amount (such then current Committed Working Capital/Project LC Dollar Amount, as so adjusted from time to time, the "Total Working Capital/Project LC Commitment"). The amount of each Bank's Working Capital/Project LC Commitment is set forth in Exhibit I hereto (which Exhibit shall be automatically amended without further action (x) upon the assignment of any Bank's Construction Loan Commitment in accordance with the terms hereof to give effect to any such assignment, (y) upon the addition of a Bank hereunder pursuant to a Joinder Agreement entered into in accordance with Section 9.17 or (z) upon any adjustment of the Total Working Capital/Project LC Commitment in accordance with this Section 2.3.3 to give effect to any such adjustment).