Draw on Letter of Credit. If Borrower does not provide an amendment to, or replacement of, the Letter of Credit when required pursuant to paragraph (1) above or provide the amount of cash referenced in paragraph (1) above or the long-term obligations of the LOC Bank are downgraded as set forth in Section 6.15(b)(iii) of this Agreement, Xxxxxx Mae shall draw the full amount of the Letter of Credit and hold the funds in escrow pursuant to Section 7(b) of the Security Instrument.
Draw on Letter of Credit. In addition to the foregoing, Landlord may draw on the Letter of Credit in accordance with the terms of Section 5.1 of the Lease.
Draw on Letter of Credit. In addition to all other remedies available hereunder, in the event that the Developer shall abandon the development of the Site or fail to timely complete the Improvements, whichever shall occur first, the City may thereafter complete, or have completed, said Improvements and may apply the remaining Construction Deposit therefor by delivering to the Letter of Credit Bank a Draw Request in the form of Exhibit A, accompanied by its irrevocable letter of credit, any amendments thereto, and the appropriate signed form of certificate of drawing referenced therein. Developer further agrees to indemnify and hold harmless the City from and of any and all costs and expenses incurred by the City in completing the Improvements, including, but not limited to, the payment of any transfer charge of the Letter of Credit Bank in the event City should transfer its rights under the Letter of Credit to any transferee.
Draw on Letter of Credit. If the ------------------------ Owners do not provide an amendment to, or replacement of, the Letter of Credit when required pursuant to paragraph (1) or (2) above, as the case may be, which amended or replacement Letter of Credit satisfies all of the requirements of paragraphs (1) and (2) above, the Lender shall draw the full amount of the Letter of Credit and hold and apply the proceeds as permitted hereunder and, in such event, no Event of Default shall be deemed to exist by virtue of the Borrowers' failure to comply with said paragraphs (1) and (2).
Draw on Letter of Credit. The Bank may, at its option, direct the Trustee to (i) accelerate the principal and interest due on the Bonds and to draw on the Letter of Credit, in accordance with Section 9.01(g) of the Indenture; or (ii) direct a mandatory purchase of the Bonds in accordance with Section 3.02(a)(v) of the Indenture. If the Bonds are purchased rather than redeemed with the proceeds of such a drawing under the Letter of Credit, such Bonds shall be held as Pledged Bonds for the benefit of the Bank in accordance with the terms hereof and of the terms of the Indenture. Notwithstanding the foregoing, if a default under Sections 6.01(h) shall occur, then all obligations, all accrued interest in respect thereof, all accrued and unpaid fees and other indebtedness or obligations owing to the Bank hereunder shall immediately become due and payable without the giving of any notice or other action by the Bank.
Draw on Letter of Credit. (a) At or before 12:00 p.m. (New York City time) on each Distribution Date, the Servicer shall notify the Trustee pursuant to the Lease of the amount of the Series 1996-1 Lease Payment Deficit, such notification to be in the form of Exhibit E to the Lease.
Draw on Letter of Credit. Landlord may elect from time to time, in Landlord’s sole discretion, without notice or demand to Tenant, to draw upon all or any part of the remaining proceeds of the L/C upon Tenant’s failure to timely cure any default by Tenant under the Lease, as hereby amended (including, but not limited to, its obligations under this Section), within the applicable cure period, if any, provided under the Lease, as hereby amended (including, without limitation, (i) any assignment made by Tenant for the benefit of creditors, or (ii) if Tenant files for bankruptcy (in which case no notice to Tenant shall be required), or (iii) the filing against Tenant of any petition in bankruptcy or insolvency, of for reorganization of Tenant, or for the appointment of a receiver of all or a portion of Tenant’s property, or a proceeding by any governmental authority for the dissolution or liquidation of Tenant, if any such proceeding is not dismissed, or if any such trusteeship is not discontinued, within sixty (60) days after commencement of such proceeding, or the appointment of such trustee or receiver, as applicable (collectively, a “Bankruptcy Event”).
Draw on Letter of Credit. If the Borrower does not provide an amendment to, or replacement of, the Impounds Letter of Credit when required pursuant to Section 22.1(e)(i) or (ii) above, as the case may be, which amended or replacement Impounds Letter of Credit satisfies all of the requirements of Sections 22.1(e)(i) and (ii) above, the Lender shall draw the full amount of the Impounds Letter of Credit and hold and apply the proceeds as permitted hereunder and, in such event, no Event of Default shall be deemed to exist by virtue of the Borrower's failure to comply with said Sections 22.1(e)(i) and (ii).
Draw on Letter of Credit. If the Borrower does not provide an amendment to, or replacement of, the Cap Letter of Credit when required pursuant to Section 23.6(g)(i) or (ii) above, as the case may be, which amended or replacement Cap Letter of Credit satisfies all of the requirements of Sections 23.6(g)(i) and (ii) above, the Lender shall draw the full amount of the Cap Letter of Credit and hold and apply the proceeds as permitted hereunder and, in such event, no Event of Default shall be deemed to exist by virtue of the Borrower's failure to comply with said Sections 23.6(g)(i) and (ii).
Draw on Letter of Credit. The Letter of Credit shall only be drawn on ------------------------ in accordance with the following terms and conditions:
