LOC Draw definition
Examples of LOC Draw in a sentence
For purposes of this Section 29.4 (Priority of Payment; Waterfall), the principal amount of Qualified CapEx invested by the Successor Concessionaire shall be deemed reduced by the amount of any proceeds of the Letters of Credit actually collected by the MTA pursuant to clause (ii) of Section 26.1.3.1 (LOC Draw due to Failure to Meet Payment Obligations, Uncured Event of Default, or Failure to Replace Expiring Letters of Credit).
Nothing in this Section 29 (Concessionaire Debt-Proxy Recoupment On Termination by MTA) shall impair the MTA’s right to draw on the Letters of Credit in accordance with Section 26.1.3.1 (LOC Draw due to Failure to Meet Payment Obligations, Uncured Event of Default, or Failure to Replace Expiring Letters of Credit).
The Debtors hereby grant to Lender a security interest in the accounts receivable of the Debtors, if any, generated post-petition, and in all inventory acquired by the Debtors post-petition and in the proceeds of same, and all other personal property of the Debtors acquired post-petition (including, but not limited to goods, general intangibles, and fixtures) to secure any advance resulting from an LOC Draw.
If for any reason it is unlawful or impossible for the Lender to be fully reimbursed from the Collateral Account as set forth in Section 2.2(a) within two (2) Business Days after honoring a LOC Draw, then the Borrower shall be deemed to have requested a Revolving Credit Loan equal to the amount of such LOC Draw and any fees and costs associated therewith as set forth in this Agreement and the Security Documents as of the date such LOC Draw was honored by the Lender (a “Mandatory Borrowing”).
Seller shall indemnify, defend, and hold Purchaser harmless of, from and against any and all losses or damages incurred by Purchaser arising from Seller’s failure to effect the LOC Transfer or a LOC Draw requested by Purchaser as required under this Section 4.4(e).
Notwithstanding the foregoing, if any of the Collateral necessary to fully repay and reimburse the Lender is invested in commercial paper, then the Borrower shall be obligated to repay and/or reimburse the Lender when such investment matures, but in no event later than ten (10) Business Days from the date such LOC Draw was honored.
A failure by the Concessionaire to meet its payment obligations under Section 23.1 (Concessionaire Payment Obligations; Timely Payment) shall permit the MTA to immediately proceed under Section 26.1.3.1 (LOC Draw due to Failure to Meet Payment Obligations, Uncured Event of Default, or Failure to Replace Expiring Letters of Credit) and shall also constitute an Event of Default.
The Borrower shall repay to the Lender the outstanding principal and amounts of any Revolving Credit Loans upon demand by the Lender therefor, together with accrued interest from the date the applicable LOC Draw was honored.
Prior to the completion of the LOC Transfer, Seller shall not draw under, assign, transfer, or further mortgage or encumber the LOC; provided, however, that, in the event of a default by the tenant under the Avelo Lease, Seller shall draw under the LOC as directed by Purchaser and immediately transfer any such amount drawn under the LOC to Purchaser (a "LOC Draw").
Yours faithfully, By: Name: Title: [DATE] The Bank of New York Mellon, as Trustee ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Mailstop: 101-0850 ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Attention: Insurance Trust Re: LOC Draw Notice re: Trust Agreement dated as of __________, among RGA Reinsurance Company, as Grantor, ▇▇▇▇▇▇ ▇▇▇▇ Insurance Company, as Beneficiary, and The Bank of New York Mellon, as Trustee, as amended, restated, supplemented or otherwise modified (the “Trust Agreement”).