Letter of Credit Draws. The Servicer shall take all steps necessary to make draws under any Letter of Credit in accordance with the provisions thereof. The Servicer shall notify the Master Servicer promptly in writing if the Pledge Holder does not renew a Letter of Credit. Upon receipt of any amounts as a result of a draw on a Letter of Credit because of the nonrenewal of such Letter of Credit, the Servicer shall deposit such amounts in the appropriate Custodial P&I Account and such amount shall be treated as a prepayment of principal. Upon receipt of any amounts as a result of a draw on a Letter of Credit for a reason other than the nonrenewal of such Letter of Credit, the Servicer shall deposit such amounts in the appropriate Custodial P&I Account for application in accordance with the provisions of the applicable Administration Disclosure.
Letter of Credit Draws. The Company shall take all steps necessary to make draws under any Letter of Credit in accordance with the provisions thereof and shall draw on each Letter of Credit all amounts payable thereunder within the time frame required by the Letter of Credit or such shorter time within which the Company can effect such draw (not to exceed thirty (30) calendar days) of (i) the date the related Pledged Asset Mortgage Loan becomes 90 days or more delinquent and (ii) the receipt of notice of non-renewal from the Pledge Holder at any time prior to the date that all amounts owed under the related Pledged Asset Mortgage Loan are less than or equal to 80% of the Appraised Value of the related Mortgaged Property. The Company shall notify the Purchaser promptly in writing upon receipt of notice from the Pledge Holder of non-renewal of any Letter of Credit. Upon receipt of any amounts as a result of a draw on a Letter of Credit because of the non-renewal of such Letter of Credit or as a result of the Pledged Asset Mortgage Loan continuing in default for 90 or more days, the Company shall deposit such amounts in the Custodial Account and such amount shall be treated as a payment of principal.
Letter of Credit Draws. In the event that the Bank pays any sum (a "LC Draw Amount") drawn by the beneficiary of an outstanding Letter of Credit (a "LC Draw"), interest shall immediately start to accrue on the LC Draw Amount at the Adjusted One Month LIBOR Rate (hereinafter defined), and such interest shall continue to accrue until reimbursement in full to the Bank. In the event that the LC Draw Amount (together with accrued interest) has not been repaid to Bank within ten (10) Business Days, then the Bank may, without further notice to the Company and at Bank’s sole option, reimburse itself from the Account applicable to the Letter of Credit. In the event that the funds contained in the Account are not sufficient to reimburse the Bank for the LC Draw Amount plus accrued interest, the Bank shall have the right to declare any remaining funds due and payable by written notice to the Company. Such funds shall continue to bear interest at the Adjusted One Month LIBOR Rate until fully repaid by the Company.
Letter of Credit Draws. The Company shall take all steps necessary to make draws under any Letter of Credit in accordance with the provisions thereof and shall draw on each Letter of Credit all amounts payable thereunder within the time frame required by the Letter of Credit or such shorter time within which the Company can effect such draw (not to exceed thirty (30) calendar days)
Letter of Credit Draws. Expedia may draw upon the Letter of Credit at any time (i) in order to satisfy any payment obligations of Decolar set forth in this Agreement not met within the timeframe set forth therein or, (ii) in the event the Letter of Credit is not renewed at least *** days prior to the stated expiration date thereof. The proceeds of any drawing on the Letter of Credit pursuant to clause (ii) above not applied to amounts then owing to Expedia hereunder shall be held by Expedia as security for any future payment obligations of Decolar to Expedia under this Agreement. Expedia shall not be required to hold any such cash proceeds described in the preceding sentence in any separate account, but may comingle such proceeds with other funds of Expedia, provided that Expedia shall account for the disposition of all such proceeds at the request of Decolar. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended.
Letter of Credit Draws. If a default by Tenant under this Lease beyond any applicable notice and grace period hereunder occurs and is continuing, then Landlord may present the Letter of Credit for payment and apply the whole or any part of the proceeds thereof (i) toward the payment of any item of Rent as to which Tenant is in Default, (ii) toward any sum which Landlord may expend or be required to expend by reason of Tenant’s default, including reasonable attorneys’ fees and disbursements, incurred or suffered by Landlord, and (iii) toward any damage or deficiency incurred or suffered by Landlord in the reletting of the Premises, whether such damages or deficiency accrue or accrues before or after summary proceedings or other re-entry by Landlord.
Letter of Credit Draws. A sum equal to any and all amounts which are drawn under the Letter of Credit, payable (a) with respect to each portion of the total Indebtedness resulting from a Bond Purchase Drawing - Principal (as defined in the Letter of Credit) on the earliest of (i) the stated expiration of the Letter of Credit, (ii) any earlier date on which the Bank, pursuant to Section 9.2 hereof, has declared such Indebtedness or portion thereof to be immediately due and payable, or (iii) any earlier date on which such Indebtedness or portion thereof is subject to prepayment pursuant to Sections 4.2 or 4.3 hereof, and (b) with respect to all other draws on the Letter of Credit, on the same Business Day on which the Bank honors any Bond Purchase Drawing - Interest, Interest Drawing or Principal Drawing (as those terms are defined in the Letter of Credit).
Letter of Credit Draws. Each Bank severally agrees that its obligation to fund, from time to time on any Business Day, in accordance with the terms of each Letter of Credit issued by it, any draft (an "LC Draw") made by the Beneficiary under such Letter of Credit, remains unaffected by the effectiveness of this Agreement, and accordingly agrees to fund any such LC Draw in accordance with the terms of the applicable Letter of Credit. Each Bank that so funds an LC Draw on any day during the period from the Effective Date through the Term-Out Date is referred to herein as a "Funding Bank".
Letter of Credit Draws. The Company shall take all steps necessary to make draws under any Letter of Credit in accordance with the provisions thereof and shall draw on each Letter of Credit all amounts payable thereunder within the time frame required by the Letter of Credit or such shorter time within which the Company can effect such draw (not to exceed thirty (30) calendar days) of (i) the date the related Pledged Asset Mortgage Loan becomes 90 days or more delinquent and (ii) the receipt of notice of non-renewal from the Pledge Holder at any time prior to the date that all amounts owed under the related Pledged Asset Mortgage Loan are less than or equal to 80% of the Appraised Value of the related Mortgaged Property. The Company shall notify the Purchaser promptly in writing upon receipt of notice from the Pledge Holder of non-renewal of any Letter of
Letter of Credit Draws. The Issuing Lender (A) shall, promptly upon its receipt of a sight draft, examine the sight draft purporting to represent a demand for payment under any Letter of Credit and (B) shall promptly notify the Borrower by electronic mail whether the Issuing Lender will make an LOC Disbursement in respect of the related Letter of Credit (without, for the avoidance of doubt, relieving the Issuing Lender of any obligation to make an LOC Disbursement) and the Issuing Lender in turn will make an LOC Disbursement in respect of the Letter of Credit; provided, that any failure to give or delay in giving such notice shall not relieve the Borrower of its LOC Reimbursement Obligations, if applicable.
