Definition of Tender Drawing


Tender Drawing means a drawing under the Letter of Credit resulting from the presentation of a certificate in the form of Exhibit 2 to the Letter of Credit.
Sample 1

Examples of Tender Drawing in a sentence

Upon our honoring any Tender Drawing or Partial Prepayment Drawing presented by you hereunder, the amount of this Letter of Credit and the amounts available to be drawn hereunder by you by any subsequent Tender Drawing, Partial Prepayment Drawing or Final Drawing shall be automatically decreased by an amount equal to the amount of such Tender Drawing or Partial Prepayment Drawing plus thirty-four (34) days' interest thereon calculated at the rate of 12% per annum on the basis of a year of 365 days.
Any amount received by the Bank f~om or on behalf of the City in reimbursement of amounts drawn hereunder shall, if the Bank also receive your certificate completed and signed by you in substantially the form of Annex D attached hereto, be applied to the extent of the amount indicated therein to reimburse the Bank for amounts drawn hereunder by yo~ Tender Drawing.
The Letter of Credit Amount-Principal Component and the Letter of Credit Amount-Interest Component, as the case may be, shall be reduced immediately following our honoring any draft drawn hereunder to pay principal of, or interest on, the Bonds, to pay the interest portion of the Purchase Price of the Bonds, or to pay the principal portion of the Purchase Price of the Bonds (a "Tender Drawing"), in each case by an amount equal to the amount of such draft.
Upon our honoring any Tender Drawing or Partial Prepayment Drawing presented by you hereunder, the amount of this Letter of Credit and the amounts available to be drawn hereunder by you by any subsequent Tender Drawing, Partial Prepayment Drawing or Final Drawing shall be automatically decreased by an amount equal to the amount of such Tender Drawing or Partial Prepayment Drawing plus ,~ (__) days' interest thereon calculated at the rate of 12% per annum on the basis of a year of 365 days.
If the Bank receives your Tender Drawing at such office, in strict conformity with the terms and conditions of this Letter of Credit, after 11:45 a.m. (Eastern time), on a Business Day, up to and including the Termination Date hereof, the Bank will honor the same on the next succeeding Business Day not later than 2:30 p.m. (Eastern time) in accordance with your payment instructions.