Examples of Support Letter of Credit in a sentence
If the Borrower exercises its option to convert the interest rate borne by the Bonds from the Weekly Interest Rate to the Fixed Interest Rate pursuant to the terms and provisions of the Indenture, the Borrower may cause to be delivered to the Trustee an Alternate Credit Facility, effective as of the Fixed Rate Date, in lieu of keeping the Letter of Credit and the Support Letter of Credit in place as required by Section 5.08 hereof.
AtWADA’s request, the CAS panel shall appoint an appropriate scientific expert to assist the panel in its evaluation of the challenge.
The obligation of the Borrower to make any payment under this subsection (a) shall be deemed to have been satisfied to the extent of any corresponding payment made by the Bank or the Support Credit Provider to the Trustee as a result of a drawing under the Letter of Credit or the Support Letter of Credit, respectively.
After the expiration or termination of the Support Letter of Credit, all references to the Support Credit Provider and the Support Letter of Credit contained herein shall be null and void and of no further force and effect.
The Revenue Support Letter of Credit may be used to make up any shortfalls in interest payments owing and may also be used toward curing any default arising from interest coverage ratios dropping below 1.05 to 1.0 for applicable reference periods.