Examples of Principal Drawing in a sentence
Appendix A to this Loan Agreement provides that a portion of the Bonds allocable to the Loan shall be payable through periodic redemptions in accordance with a schedule set forth therein, if any (the Periodic Principal Redemptions) and the Indenture provides that the redemption price payable at the time of each Periodic Principal Redemption on such Bonds shall be paid from the proceeds of a Principal Drawing under the Letter of Credit.
Immediately after each Principal Drawing to pay the redemption price of a Periodic Principal Redemption under the Bonds allocable to the Loan, the Trustee shall withdraw funds from the Borrower’s Principal Account in an amount equal to the amount of such Principal Drawing allocable to the Loan in order to reimburse Bank for principal paid in connection with such Principal Drawing.
Each Principal Drawing and Interest Drawing may be delivered to us in person, by mail, by a delivery service or by telecopy transmission at such number as is indicated below or as we shall notify you in writing from time to time.
After a Principal Drawing, our obligation to honor Drawings under this Letter of Credit with respect to the payment of principal of the Notes will be automatically reinstated on the date of our receipt of the reimbursement of all amounts due to us with respect to such Principal Drawing (in accordance with the terms of the Letter of Credit and Reimbursement Agreement), such reinstatement to be in an amount equal to the amount of such Principal Drawing.
Company hereby agrees to pay to the Credit Bank the amount of each Principal Drawing and each Interest Drawing no later than 1:00 p.m. (Pacific time) on the first Business Day following the date of payment by the Credit Bank of such Drawing, plus interest at the Credit Provider Rate on such amounts from and including the date such amounts are paid by the Credit Bank until payment in full by Company (as determined by the Credit Bank).