Draw-down Bond definition
Draw-down Bond means an Obligation issued hereunder in a principal amount not to exceed the Maximum Principal Amount pursuant to which advances are made by the purchaser of the Draw-down Bond at the request of Taos Ski Valley, Inc. and the District and are repaid in 30 days or less, with interest, by the District from Pledged Revenues. A Draw-down Bond may be a Senior ▇▇▇▇ ▇▇▇▇, Subordinate ▇▇▇▇ ▇▇▇▇ or Junior Subordinate ▇▇▇▇ ▇▇▇▇, as shall be specified in the Series Indenture pursuant to which a Draw-down Bond is issued.
Examples of Draw-down Bond in a sentence
It is anticipated that the ▇▇▇▇ will issue a Draw-down Bond with a maximum principal amount not to exceed the amount authorized in Section 5-15B-1 ▇▇▇▇ ▇▇▇▇, against which maximum principal amount TSVI will request advances for reimbursement of Reimbursable Costs, which shall be made by the purchaser of the Draw-down Bond, and which shall be repaid, with interest, by the ▇▇▇▇ from accumulated Tax Increment Revenues within 30 days after each such advance has been made..