Credit Draw definition
Examples of Credit Draw in a sentence
Subtenant hereby acknowledges and agrees that Sublandlord is entering into this Sublease in material reliance upon the ability of Sublandlord to draw upon the Letter of Credit upon the occurrence of any Letter of Credit Draw Event.
Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the Letter of Credit upon the occurrence of any Letter of Credit Draw Event and apply the proceeds of the Letter of Credit in accordance with this Paragraph 6.
TCC shall make a demand for an AIG Highstar Payment by delivery to (i) AIG Highstar of a written AIG Highstar Payment Certificate signed by an Authorized Officer of TCC in the form attached hereto as Exhibit E or (ii) the issuing bank of a Substitute Letter of Credit of a written Notification of Substitute Letter of Credit Draw signed by an Authorized Officer of TCC substantially in the form attached as Exhibit "A" to Exhibit "C" hereof, with a copy to AIG Highstar.
The Trustee's demand on the FDIC for payment of the -------------- Credit Draw Amount and the Expense Draw Amount may be made at any time in writing substantially in the form attached hereto as Exhibit A.
The AIG Highstar Payment Certificate or Notification of Substitute Letter of Credit Draw shall reference a TCC Obligation Notice previously delivered to AIG Highstar and state that TCC is obligated to make a payment to the Issuer referenced in the TCC Obligation Notice and specify the amount of such payment.
The amounts distributed to the Indenture Trustee pursuant to (i) clause (1) of the definition of Letter of Credit Draw Amount under a Letter of Credit Demand shall be deposited by the Indenture Trustee into the Note Distribution Account and (ii) clause (2) or (3) of the definition of Letter of Credit Draw Amount under a Letter of Credit Demand shall be deposited by the Indenture Trustee into the Spread Account.
Within five (5) days of Lender's receipt of a Letter of Credit Draw Request, Lender shall draw down upon the applicable Letter of Credit in accordance with the Letter of Credit Draw Request and will apply the Letter of Credit funds so drawn as provided in Subsection (d) below.
Each time you repay a Varo Line of Credit Draw in full—defined as the amount borrowed plus a fee—Varo will consider the action to be a successful repayment.
Issuer covenants that it will provide written notification prior to the Closing Date to Texas Capital Bank, N.A., San Antonio, Texas, or its successor, that Issuer has agreed, as a term of this Indenture, to seek an Additional Operating Line of Credit Draw from Texas Capital Bank or its successor only upon compliance with the requirements of Section 2.12 herein.
You may request a Varo Line of Credit Draw from your Varo Line of Credit Account, up to your assigned Credit Limit, once you meet the criteria outlined above.