Examples of Extended Duration LC in a sentence
Any draw under an Extended Duration LC funded as a 5-Year Advance shall be repaid by Borrower no later than the next Banking Day if such draw occurs after the 5-Year Maturity Date to the extent that it is not funded out of the Cash Collateral Account as provided above.
In addition, Borrower shall, on the date of issuance of each Extended Duration LC which is issued on, or any time subsequent to the date which is 105 days prior to, the 5-Year Maturity Date, deposit by wire transfer funds into such Cash Collateral Account in an amount equal to the face amount of each such Extended Duration LC unless a deposit was made on account of such Extended Duration LC pursuant to clause (y) above.
In addition, Borrower shall, on the date of issuance of each Extended Duration LC which is issued on, or any time subsequent to the date which is 105 days prior to, the 5-Year Maturity Date, deposit by wire transfer funds into such Cash Collateral Account in an amount equal to the face amount of each such Extended Duration LC unless a deposit was made pursuant to clause (y) (ii) above.
Any draw under an Extended Duration LC funded as an Advance shall be repaid by Borrower no later than the next Banking Day.
In the event that a 3-Year Advance is made on or subsequent to the 3-Year Maturity Date pursuant to Subsection 3.2.3 hereof on account of a draw under an Extended Duration LC, Borrower shall repay the full amount of each such 3-Year Advance on the Banking Day after such 3-Year Advance is made.
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Borrower agrees that, no later than the Banking Day following receipt of notice of such draw, it shall reimburse the Letter of Credit Bank for each draw under any Extended Duration LC if the draw occurs on or after the 3-Year Maturity Date.