Drawdown Account definition
Examples of Drawdown Account in a sentence
After the Completion of Construction, the Borrower shall have itself and the Management Service Company to delegate any and all power and authority in connection with management and operation of the Loan Drawdown Account to the Facility Agent, and such delegation may not be cancelled or rescinded until the Secured Obligations are repaid in full.
Prior to the Completion of Construction, the Borrower and the Builder shall delegate any and all power and authority in connection with management and operation of the Loan Drawdown Account to the Facility Agent, and such delegation may not be cancelled or rescinded until the Secured Obligations are repaid in full.
After the Loan from each Lender is deposited to the Loan Drawdown Account, the Facility Agent shall immediately deduct accrued and unpaid fees, interests and other financial costs, etc.
Interest will not be paid to any employee for any salary that is deducted and held by the Board in order to provide this benefit.
The amount to be advanced to the Borrower by each Lender pursuant to this Agreement shall be deposited to the Loan Drawdown Account opened in the name of the Borrower at the Facility Agent in funds immediately available for withdrawal on the same day by 3:00 P.M. (Seoul Time) on the relevant Drawdown Date, whereby the Borrower shall be deemed to have borrowed the relevant amount.
The Borrower shall establish the Account Keun-Pledge over the Loan Drawdown Account in favor of the Lenders.
The Facility Agent shall remit the relevant amount from the Loan Drawdown Account to the Operating Account within bank business hours of the relevant Drawdown Date or a separately agreed upon time after deducting accrued fees and interests from the deposit of the Loan from each Lender.
Other than the Drawdown Account, the Tender Offer Account and such other account that has been granted as security in favour of the Secured Parties pursuant to the Security Documents, no account has been opened and maintained by the Borrower.
The Further Drawdown Account will be debited on each Monthly Sweep Date (until fully depleted) (i) for payments for the benefit of the Seller upon Undrawn Amounts being paid out to or on behalf of the Borrowers; and (ii) for an amount equal to the Undrawn Amounts in respect of which the Seller has no further obligation to make payments to the relevant Borrowers, which will then be credited to the Transaction Account.
Each party shall keep accurate ----------------- records and books of accounts in accordance with GAAP consistently applied and containing all the data reasonably required for calculation and verification of any payments to be made or received hereunder, including, without limitation, with respect to the Vitrix Consideration, the Vercutis Matrix Consideration, the Product Development Payment, the Product Payment and any funds disbursed from the Drawdown Account.