Examples of L/C Drawing in a sentence
The applicable Revolving Fronting Bank shall notify each Revolving Credit Loan Bank of the amount of such Revolving Credit Loan Bank’s obligation (which, in the case of any payment under an Alternative Currency Letter of Credit, shall be the Dollar Equivalent thereof) in respect of any Revolving L/C Drawing under a Revolving Letter of Credit not later than 1:30 P.M. (New York City time) on the day such payment by such Revolving Credit Loan Bank is due.
Any L/C Drawing under a Letter of Credit shall be payable in full by the Company on the date of such L/C Drawing.
Each drawing under the Letter of Credit (an "LC Drawing") shall constitute a Loan Advance under the Loan Agreement and shall be payable in accordance with the terms and provisions of the Loan Agreement with respect to other Loan Advances.
Maintain insurance with responsible insurance companies on such of its properties in such amounts and against such risks as is customarily maintained by similar businesses operating in the same vicinity, specifically to include fire and extended coverage insurance covering all assets, business liability insurance, all to be with such companies and in such amounts a are satisfactory to Bank and providing for at least 30 days prior notice to Bank of any cancellation thereof.
The Lenders hereby absolutely and unconditionally (including, without limitation, following the occurrence of an Event of Default) agree to purchase and sell among themselves the Dollar amount of any L/C Drawing which is not paid on the date when due by the Company so that each unrepaid L/C Drawing shall be held and participated in by the Lenders in accordance with their respective Percentage Shares.
For the avoidance of doubt, none of the proceeds from the Revolving Loans may be used to reimburse the Issuing Bank for a Synthetic L/C Drawing or a Synthetic L/C Borrowing.
Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities ("Participants") participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender, any participating interests in any Facility LC or unrepaid LC Drawing, or any other interest of such Lender under the Loan Documents.
Any payment by the L/C Bank under any ------------------------ Letter of Credit honoring a drawing made thereunder (an "L/C Drawing" or, collectively and severally, the "L/C Drawings"), shall be reimbursed by the Companies for the account of the L/C Bank on or before the close of business on the Business Day immediately following the Business Day on which the Companies receive notice from the Administrative Agent that such L/C Drawing has been made.
Subject to paragraph (b) below, the Issuing Bank, until repaid in full, shall be entitled to receive all subsequent payments which the Defaulting Lender would otherwise have received with respect to principal or interest on its Participation Percentage of any unreimbursed Drawing, Standby L/C Drawing or any Loan, as the case may be, or any fees or other amounts otherwise payable to it hereunder, in each case to the extent the Issuing Bank has acquired such participation.
Notwithstanding the foregoing, no Lender shall be required to fund any other Lender's portion of an unreimbursed Drawing or Standby L/C Drawing, as the case may be, which such other Lender fails to fund hereunder.