Common use of Partial Drawings Clause in Contracts

Partial Drawings. (i) If pursuant to this Common Agreement the Collateral Agent is directed to disburse, transfer or withdraw an amount (a “Required Amount”) from the Debt Service Reserve Account, the Collateral Agent shall transfer cash and/or draw on any Reserve Letter of Credit as follows: (A) if no Reserve Letter of Credit has been provided, or if and to the extent the Borrower so specifies by written notice to the Collateral Agent, the Collateral Agent shall transfer cash from the Debt Service Reserve Account; (B) if the balance on the Debt Service Reserve Account comprises one or more Reserve Letters of Credit, and any cash to be transferred in accordance with paragraph (A) is less than the Required Amount, the Collateral Agent shall draw on a Reserve Letter of Credit in an aggregate amount equal to such shortfall. (ii) Any draws upon any Reserve Letter of Credit will be made at least two (2) Business Days prior to the date on which the relevant disbursement, transfer or withdrawal is to be made.