Draws on the Letter of Credit. Immediately upon, and at any time or from time to time after, the occurrence of any one or more Draw Events (as defined below), Landlord will have the unconditional right to draw on the Letter of Credit in accordance with this Article 57. Upon the payment to Landlord of the Draw Proceeds, Landlord will hold the Draw Proceeds in its own name and for its own account, without liability for interest, to use and apply any and all of the Draw Proceeds only (a) to cure any Event of Default by Tenant; (b) to pay any other sum to which Landlord becomes obligated by reason of Tenant’s failure to carry out its obligations under this Lease; or (c) to compensate Landlord for any monetary loss or damage which Landlord suffers thereby arising from Tenant’s failure to carry out its obligations under this Lease. In addition, if the Draw Event is the failure of Tenant to renew the Letter of Credit as required hereunder, then Landlord shall be entitled to draw the entire Letter of Credit as a cash security deposit, held as a pledge under the California Uniform Commercial Code to secure Tenant’s obligations under this Lease. Following any such draw, however, Tenant shall have the right to deliver to Landlord a substitute Letter of Credit, whereupon Landlord shall refund to Tenant the entire amount of such cash security deposit. Among other things, it is expressly understood that the Draw Proceeds will not be considered an advance payment of Base Rent or Additional Rent or a measure of Landlord’s damages resulting from any Event of Default hereunder (past, present or future). Further, immediately upon the occurrence and during the continuance of any one or more Draw Events, Landlord may, from time to time and without prejudice to any other remedy, use the Draw Proceeds (whether from a contemporaneous or prior draw on the Letter of Credit) to the extent necessary to make good any arrearages of Base Rent or Additional Rent, to pay to Landlord any and all amounts to which Landlord is entitled in connection with the pursuit of any one or more of its remedies hereunder, and to compensate Landlord for any and all other damage, injury, expense or liability caused to Landlord by any and all such Events of Default. Any delays in Landlord’s draw on the Letter of Credit or in Landlord’s use of the Draw Proceeds as provided in this Article 57 will not constitute a waiver by Landlord of any of its rights hereunder with respect to the Letter of Credit or the Draw Proceeds. Following any suc...
Draws on the Letter of Credit. (a) The Trustee shall draw moneys under any Letter of Credit in accordance with the terms thereof in an amount necessary to make timely payments of principal of, premium, if any, and interest on the Bonds secured by such Letter of Credit, other than Bonds owned by or for the account of the Borrower or the Bank, when due whether at maturity, interest payment date, redemption, acceleration or otherwise. In addition, the Trustee shall draw moneys under any such Letter of Credit in accordance with the terms thereof to the extent necessary to make timely payments required to be made pursuant to, and in accordance with Sections 4.01, 4.02 and 4.11 hereof.
Draws on the Letter of Credit. If HBR is obligated to pay the Holdback and the Bonus to IWRA in full pursuant to Sections 2.2.1 or 2.2.3, but HBR fails to make such payment when due, then IWRA shall send HBR a notice of such failure. If HBR does not pay the Holdback to IWRA within two (2) Business Days of HBR's receipt of IWRA's notice, then, subject to Section 2.3.3 below, IWRA and HBR shall each deliver a notice executed by such party which instructs L/C Escrow Agent to draw on the amount of the Letter of Credit to the extent of any shortfall in the payment of the Holdback. Notwithstanding anything to the contrary herein, subject to the terms of Section 2.3.2 below, L/C Escrow Agent shall draw on the entire stated amount of the Letter of Credit on the third (3rd) Business Day prior to the expiry date thereof, unless on or before such date, HBR delivers to L/C Escrow Agent (i) an extension of such expiring Letter of Credit, (ii) a replacement letter of credit substantially on the same terms as the Letter of Credit, or (iii) an amount of cash equal to the stated amount of the expiring Letter of Credit.
Draws on the Letter of Credit. Immediately upon, and at any time or from time to time after, the occurrence of any one or more Draw Events (as defined below), Landlord will have the unconditional right to draw on the Letter of Credit in accordance with this Article 54; provided that so long as Landlord is not prevented from giving notice by application of the Bankruptcy Code’s automatic stay, with respect to any Draw Event other than that described in Section 54.4(b), Landlord shall not draw until it has given Tenant notice that an Event of Default exists. Upon the payment to Landlord of the Draw Proceeds, Landlord will hold the Draw
Draws on the Letter of Credit. Immediately upon, and at any time or from time to time after, the occurrence of any one or more Draw Events (as defined in Section 21.4 below), Landlord will have the unconditional right to draw on the Letter of Credit in accordance with this
Draws on the Letter of Credit. Sublandlord shall be entitled to draw upon a portion or the entire amount of the Letter of Credit from time to time, with notice to Subtenant and without prejudice to any other remedy Sublandlord may have, for any of the following reasons: (x) upon or following the occurrence of a Sublease event of default, (A) to pay any amounts payable by Subtenant to Sublandlord hereunder, and (B) to compensate Sublandlord for any expense, loss or damage actually incurred or suffered by Sublandlord in connection with the default; or (y) if Subtenant fails to give Sublandlord evidence of renewal of the Letter of Credit or issuance of a new Letter of Credit at least ten (10) days prior to the expiration of the Letter of Credit then in effect as provided above; or (z) upon the expiration or earlier termination of this Sublease, to pay any amount then due and payable by Subtenant to Sublandlord. If the entire Draw Proceeds are not used or applied by Sublandlord, the balance of the Draw Proceeds, although not a cash security deposit, shall be held and maintained by Sublandlord and may be applied in the manner set forth in Section 7(e)5 below with respect to a Security Deposit.
Draws on the Letter of Credit. In the Event That The Developer Fails to Complete the Improvements in Accordance with this Agreement, and Such Failure Continues For Thirty (30) Days After The City Mails Notice of Such Failure to the Developer=s Address Set Forth Below, The City Shall Have The Right, But Not The Obligation, to Complete or Cause to Be Completed The Improvements at The Sole Expense of The Developer. The City May Draw (Including Multiple Draws) And Apply Amounts from the Letter of Credit to Pay The Costs of Completing The Improvements.
Draws on the Letter of Credit. The Letter of Credit will provide that Buyer may draw upon the Letter of Credit from time to time to recover (i) any amounts expended by Buyer pursuant to Section 5.14.1.2 and (ii) any amounts required to be paid by Seller pursuant to Section 5.14.1 if Seller has failed, despite notice to Seller from Buyer, to pay those amounts when due and within ten (10) Business Days after Buyer’s notice. Buyer may request a draw under the Letter of Credit by notice to the Issuer, with a simultaneous copy to Seller delivered in the same manner as notice to the Issuer, describing in detail the basis for the request and showing Buyer’s good faith calculation of the amounts covered by the request (“Draw Request”). Five (5) Business Days after its receipt of a Draw Request, the Issuer will transmit to Buyer the amount covered by the Draw Request unless the Issuer has then received notice from Seller disputing in good faith the Draw Request and providing in detail the basis for the dispute. If Seller issues a dispute notice, the Parties will attempt in good faith to resolve the dispute, and if they are unable to do so within thirty (30) days after Seller issues the dispute notice, either Buyer or Seller may thereafter refer the dispute for resolution to an independent engineering firm experienced in hydroelectric projects and acceptable to both parties, whose decision will be rendered in writing and will be final and non-appealable. The fees of the independent engineering firm will be split evenly between Seller and Buyer. Upon receipt of a dispute notice from Seller as to a particular Draw Request, the Issuer will not transmit payment under the Letter of Credit of the disputed amount unless and until jointly so instructed by Seller and Buyer or in accordance with the decision of the independent engineering firm, and then only in the amount specified in the joint instruction or decision. No draw shall relieve Seller from its obligation to complete, at Seller’s expense, remaining Seller Separation Tasks, except to the extent of payment received from the Issuer.
Draws on the Letter of Credit. Solely in the event of the occurrence of a Payment Default, Lender shall be entitled to submit to Escrow Agent a request (a “Draw Request”) that Escrow Agent make a draw on the Letter of Credit on behalf of Lender (a “Draw”); provided, however, that notwithstanding anything to the contrary herein, Escrow Agent must receive any Draw Request not less than fifteen (15) calendar days prior to the Release Date (the “Default Notice Date”) or Lender forever waives its right to draw on the Letter of Credit. Lender shall make a Draw Request by submitting to Escrow Agent (i) a Default Notice, and (ii) an executed sight draft substantially in the form attached hereto as Exhibit B.
Draws on the Letter of Credit. The Servicer shall prior to each Payment Date and prior to the Maturity Date determine whether on such Payment Date or Maturity Date any withdrawals from the Reserve Account will be required under Section 4.6(b) and include such information in the Monthly Servicing Report delivered to the Trustee on the Determination Date. If any withdrawal will be required or if the certificate accompanying the Monthly Servicing Report states that an Event of Default has occurred, the Servicer shall, no later than three Business Days prior to the applicable Payment Date or the Final Payment Date, as applicable, direct the Trustee in writing to draw on the Letter of Credit the full amount of such Letter of Credit. The Servicer shall direct the Trustee to submit the drawing documents to the Letter of Credit Bank in the form required by the Letter of Credit, and the Trustee shall submit such drawing documents to the Letter of Credit Bank no later 5:00 P.M. New York City time on the first Business Day after the Trustee receives such direction. Upon the receipt of the proceeds of any such drawing, the Trustee shall deposit the proceeds into the Reserve Account.
