Avoidance Drawings Sample Clauses
The Avoidance Drawings clause defines the requirement for providing detailed drawings or plans that illustrate how construction or installation work will avoid existing obstacles, hazards, or restricted areas. Typically, these drawings are prepared by the contractor and submitted for approval before work begins, ensuring that all parties understand how the project will proceed without interfering with sensitive infrastructure or violating regulations. This clause helps prevent costly errors, delays, or safety incidents by mandating clear planning and communication regarding potential site conflicts.
Avoidance Drawings. If at any time prior to the expiration of the Policy the Subordination Agent shall have actual knowledge of the issuance of any Order, the Subordination Agent shall promptly give notice thereof to each Trustee, the Liquidity Providers and the Policy Provider. The Subordination Agent shall thereupon calculate the relevant Avoided Payment resulting therefrom and shall promptly: (a) send to the Class G Trustee a Written Notice of such amount and (b) prior to the expiration of the Policy, deliver to the Policy Provider or its fiscal agent a Notice of Avoided Payment, together with a copy of the documentation required by the Policy with respect thereto, requesting a Policy Drawing (for payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy and/or to the Subordination Agent for deposit into the Policy Account, as applicable) in an amount equal to the amount of the relevant Avoided Payment. To the extent that any portion of such Avoided Payment is to be paid to the Subordination Agent, such Written Notice shall also set the date for the distribution of such portion of the proceeds of such Policy Drawing which date shall constitute a Special Distribution Date and shall be the earlier of three Business Days after the date of the expiration of the Policy and the Business Day that immediately follows the 25th day after the date of such Written Notice. No later than 1:00 p.m. (New York City time) on the specified Special Distribution Date, the Subordination Agent shall make the specified Policy Drawing upon its receipt of the proceeds thereof and pay the amount thereof from the Policy Account to the Class G Trustee in reinstatement of the Avoided Payment.
Avoidance Drawings. If at any time the Drawing Agent shall have actual knowledge of the issuance of any Final Order, the Drawing Agent shall promptly give notice thereof to the Trustee, the Guarantor Trustee, the Cash Manager and the Policy Provider. The Cash Manager shall thereupon determine the Avoided Payment with respect to the Certificates resulting therefrom and shall promptly: (i) send to the Drawing Agent a Written Notice of such amount and (ii) prior to the expiration of the Policy, instruct the Drawing Agent to, and the Drawing Agent shall, deliver to the Policy Provider or its fiscal agent a Notice of Avoided Payment under the Policy, together with a copy of the documentation required by the Policy with respect thereto, requesting a Policy Drawing (each, an "Avoidance Drawing") thereunder (for payment to the receiver, conservator, debtor-in-possession, trustee in bankruptcy or the Drawing Agent (for deposit into the Certificate Account), as applicable), in an amount equal to the amount of the relevant Avoided Payment. To the extent that any portion of such Avoidance Drawing is to be paid to the Drawing Agent such Written Notice shall also set the date for the distribution of such portion of the proceeds of such Policy Drawing which date shall constitute a Special Distribution Date and shall be the third Business Day following the date of such Written Notice referred to in clause (b) above. Upon receipt, the Drawing Agent shall pay the proceeds of the specified Policy Drawing under the Policy to the Certificate Account and the Pass Through Trustee shall direct the payment of such amount in the Certificate Account to the holders of the Certificates.
Avoidance Drawings. If at any time the Subordination Agent shall have actual knowledge of the issuance of any Order, the Subordination Agent shall promptly give notice thereof to each Trustee, the Liquidity Providers and the Policy Provider. The Subordination Agent shall thereupon calculate the relevant Preference Amounts resulting therefrom and shall promptly: (a) send to the Class G Trustee a Written Notice of such amount and (b) prior to the expiration of the Policy, deliver to the Policy Provider or its fiscal agent a Notice of Avoided Payment, together with a copy of the documentation required by the Policy