DAY ON WHICH
THE BORROWER IS TO REPAY ALL OR ANY PART OF AN OUTSTANDING LOAN FROM SUCH BANK,
SUCH BANK SHALL APPLY THE PROCEEDS OF ITS NEW LOAN TO MAKE SUCH REPAYMENT AND
ONLY AN AMOUNT EQUAL TO THE DIFFERENCE (IF ANY) BETWEEN THE AMOUNT BEING
BORROWED AND THE AMOUNT BEING REPAID SHALL BE MADE AVAILABLE BY SUCH BANK TO THE
AGENT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION 2.02, OR REMITTED BY THE
BORROWER TO THE AGENT AS PROVIDED IN SECTION 2.11, AS THE CASE MAY BE.
AES Fourth Amended and Restated Credit Agreement
34
(E)
UNLESS THE AGENT SHALL HAVE RECEIVED NOTICE FROM A BANK PRIOR TO THE DATE
OF ANY BORROWING THAT SUCH BANK WILL NOT MAKE AVAILABLE TO THE AGENT SUCH BANK'S
SHARE OF SUCH BORROWING, THE AGENT MAY ASSUME THAT SUCH BANK HAS MADE SUCH SHARE
AVAILABLE TO THE AGENT ON THE DATE OF SUCH BORROWING IN ACCORDANCE WITH
SUBSECTIONS (C) AND (D) OF THIS SECTION 2.02 AND THE AGENT MAY, IN RELIANCE UPON
SUCH ASSUMPTION, MAKE AVAILABLE TO THE BORROWER ON SUCH DATE A CORRESPONDING
AMOUNT.
IF AND TO THE EXTENT THAT SUCH BANK SHALL NOT HAVE SO MADE SUCH SHARE
AVAILABLE TO THE AGENT, SUCH BANK AND THE BORROWER SEVERALLY AGREE TO REPAY TO
THE AGENT FORTHWITH ON DEMAND SUCH CORRESPONDING AMOUNT TOGETHER WITH INTEREST
THEREON, FOR EACH DAY FROM THE DATE SUCH AMOUNT IS MADE AVAILABLE TO THE
BORROWER UNTIL THE DATE SUCH AMOUNT IS REPAID TO THE AGENT, AT (I) IN THE CASE
OF THE BORROWER, A RATE PER ANNUM EQUAL TO THE HIGHER OF THE FEDERAL FUNDS RATE
AND THE INTEREST RATE APPLICABLE THERETO PURSUANT TO SECTION 2.06 AND (II) IN
THE CASE OF SUCH BANK, THE FEDERAL FUNDS RATE.
IF SUCH BANK SHALL REPAY TO THE
AGENT SUCH CORRESPONDING AMOUNT, SUCH AMOUNT SO REPAID SHALL CONSTITUTE SUCH
BANK'S LOAN INCLUDED IN SUCH BORROWING FOR PURPOSES OF THIS AGREEMENT.
Section 2.03
Revolving Letters of Credit.
(A)
ISSUANCE OF LETTERS OF CREDIT.
SUBJECT TO THE TERMS AND CONDITIONS
HEREOF, EACH REVOLVING FRONTING BANK AGREES TO ISSUE LETTERS OF CREDIT UNDER
THIS SECTION 2.03(A) UPON THE BORROWER'S REQUEST AND FOR THE BORROWER ACCOUNT OR
THE ACCOUNT OF ANY OF THE BORROWER'S SUBSIDIARIES, FROM TIME TO TIME DURING THE
REVOLVING CREDIT PERIOD; PROVIDED, HOWEVER, THAT IN NO EVENT SHALL (I) THE
AGGREGATE AVAILABLE AMOUNT FOR ALL REVOLVING LETTERS OF CREDIT EXCEED THE
REVOLVING CREDIT LOAN FACILITY AT SUCH TIME AND (II) A REVOLVING LETTER OF
CREDIT BE ISSUED WITH AN AVAILABLE AMOUNT IN EXCESS OF THE UNUSED REVOLVING
CREDIT COMMITMENTS OF THE REVOLVING CREDIT LOAN BANKS AT SUCH TIME.
IN
ADDITION, AND NOTWITHSTANDING ANY REFERENCE IN ANY EXISTING LETTER OF CREDIT TO
THE FORMER BANK CREDIT AGREEMENT, ON AND AS OF THE EFFECTIVE DATE, (X) EACH
EXISTING LETTER OF CREDIT SHALL BE DEEMED TO BE A REVOLVING LETTER OF CREDIT AND
TO HAVE BEEN ISSUED ON THE EFFECTIVE DATE (BY THE REVOLVING FRONTING BANK THAT
ISSUED OR WAS DEEMED TO