Common use of Drawing Clause in Contracts

Drawing. Promptly after each Drawing Date the Agent shall notify the Lenders and the Borrower of the amount of the draft paid by the Agent on such Drawing Date. The payment of a draft under a Letter of Credit shall constitute an advance of a Loan which shall bear interest as a Base Rate Loan from the Drawing Date. On the Drawing Date each Lender shall pay to the Agent its Pro Rata Share of the amount of the draft under the Letter of Credit so paid. If the Agent receives such payment from any Lender on a date after the Drawing Date, such Lender shall pay to the Agent on demand interest on said amount at the Federal Funds Rate. Each Lender’s obligation to pay its Pro Rata Share of each draft under a Letter of Credit shall not be subject to the satisfaction of any conditions set forth in this Agreement and shall not depend on whether there may then be an Event of Default or an Unmatured Event of Default. Within three (3) Business Days after each Drawing Date, the Borrower shall deliver to the Agent a written explanation of the facts and circumstances relating to such drawing and a Compliance Certificate and any other information requested by the Agent for the purpose of allowing the Lenders to determine whether the drawing or related events have resulted in an Event of Default. The Agent shall promptly provide copies of such explanation and information to the Lenders. In the event that there is a legal impediment to treating the payment of a draft under a Letter of Credit as constituting an advance of a Loan as provided in this paragraph, upon written demand by the Agent, each other Lender shall purchase from the Agent a participating interest in the unreimbursed draft paid pursuant to such Letter of Credit in an amount equal to such other Lender’s Pro Rata Share of such unreimbursed draft. Each Lender agrees to purchase its Pro Rata Share of such unreimbursed draft within one (1) Business Day after such demand therefor is made by the Agent and on such date of purchase, an amount equal to such Lender’s Pro Rata Share of the such unreimbursed draft to be purchased by such Lender shall be advanced to the Agent.

Drawing. Promptly after each Drawing Date Section – 9 STANDARD FORMS [BID] • Bidders shall submit the Agent shall notify completed Form of Bid Security as appropriate in compliance with the Lenders and the Borrower requirements of the bidding documents. • Bidders should not complete the Form of Agreement at the time of preparation of bids. • The successful bidder will be required to sign the Form of Agreement, after the award of contract. • Any corrections or modifications to the accepted bid resulting from arithmetic corrections, acceptable deviations, or quantity variations in accordance with the requirements of the bidding documents should be incorporated into the Agreement. • The Form of Performance Security, Form of Advance Payment Security and Form of Retention Money Guarantee should not be completed by the bidders at the time of submission of bids. • The successful bidder will be required to provide these securities in compliance with the requirements herein or as acceptable to the Employer. [This Guarantee form shall be filled in accordance with the instructions indicated in brackets] [Insert issuing agency’s name, and address of issuing branch or office] Beneficiary: General Manager, Sri Lanka Land Development Corporation Xx. 00, Xxx Xxxxxxxxxxxxxxx Xxxxxxx, Xxxxxxxx, Xxxxxxxxxx Date: [insert (by issuing agency) date] BID GUARANTEE NO.: [insert by issuing agency) number]We have been informed that [insert (by Issuing Agency) name of the Bidder] (hereinafter called “the Bidder”) has submitted to you its bid dated [insert (by issuing agency) date] hereinafter called “the Bid”) for the execution of [insert name of Contract] under Invitation for Bids No. [insert IFB number](“the IFB”). Furthermore, we understand that, according to your conditions, Bids must be supported by a Bid Guarantee. At the request of the Bidder, we [insert name of issuing agency] hereby irrevocably undertake to pay you any sum or sums not exceeding in total an amount of [insert amount in figures] [insert amount in word] upon receipt by us of your first demand in writing accompanied by a Written statement stating that the draft paid by the Agent on such Drawing Date. The payment Bidder is in breach of a draft under a Letter of Credit shall constitute an advance of a Loan which shall bear interest as a Base Rate Loan from the Drawing Date. On the Drawing Date each Lender shall pay to the Agent its Pro Rata Share of the amount of the draft obligation(s) under the Letter of Credit so paid. If bid conditions because the Agent receives such payment from any Lender on a date after the Drawing Date, such Lender shall pay to the Agent on demand interest on said amount at the Federal Funds Rate. Each Lender’s obligation to pay its Pro Rata Share of each draft under a Letter of Credit shall not be subject to the satisfaction of any conditions set forth in this Agreement and shall not depend on whether there may then be an Event of Default or an Unmatured Event of Default. Within three (3) Business Days after each Drawing Date, the Borrower shall deliver to the Agent a written explanation of the facts and circumstances relating to such drawing and a Compliance Certificate and any other information requested by the Agent for the purpose of allowing the Lenders to determine whether the drawing or related events have resulted in an Event of Default. The Agent shall promptly provide copies of such explanation and information to the Lenders. In the event that there is a legal impediment to treating the payment of a draft under a Letter of Credit as constituting an advance of a Loan as provided in this paragraph, upon written demand by the Agent, each other Lender shall purchase from the Agent a participating interest in the unreimbursed draft paid pursuant to such Letter of Credit in an amount equal to such other Lender’s Pro Rata Share of such unreimbursed draft. Each Lender agrees to purchase its Pro Rata Share of such unreimbursed draft within one (1) Business Day after such demand therefor is made by the Agent and on such date of purchase, an amount equal to such Lender’s Pro Rata Share of the such unreimbursed draft to be purchased by such Lender shall be advanced to the Agent.Bidder:

Drawing. Promptly after each Drawing Date the Agent shall notify the Lenders and the Borrower of the amount of the draft paid The payment by the Agent on such Drawing Date. The payment Issuing Bank of a draft demand for payment under a any Letter of Credit shall constitute an advance for all purposes of a Loan which shall bear interest as a Base Rate Loan from this Agreement the Drawing Date. On making by the Drawing Date each Lender shall pay to the Agent its Pro Rata Share Issuing Bank of the amount of the draft under the Letter of Credit so paid. If the Agent receives such payment from any Lender on a date after the Drawing Date, such Lender shall pay to the Agent on demand interest on said amount at the Federal Funds Rate. Each Lender’s obligation to pay its Pro Rata Share of each draft under a Letter of Credit Advance, which shall not be subject to a Base Rate Advance, in the satisfaction of any conditions set forth in this Agreement and shall not depend on whether there may then be an Event of Default or an Unmatured Event of Default. Within three (3) Business Days after each Drawing Date, the Borrower shall deliver to the Agent a written explanation of the facts and circumstances relating to such drawing and a Compliance Certificate and any other information requested by the Agent for the purpose of allowing the Lenders to determine whether the drawing or related events have resulted in an Event of Default. The Agent shall promptly provide copies amount of such explanation and information to the Lendersdemand. In the event that there is a legal impediment to treating the payment of a draft under a Letter of Credit as constituting an advance of a Loan as provided in this paragraph, upon Upon written demand by the Issuing Bank, with a copy of such demand to the Administrative Agent, each other Tranche B Lender shall purchase from the Agent a participating interest in Issuing Bank, and the unreimbursed draft paid pursuant Issuing Bank shall sell and assign to each such Letter of Credit in an amount equal to Tranche B Lender, such other Tranche B Lender’s 's Pro Rata Share of such unreimbursed draftoutstanding Letter of Credit Advance as of the date of such purchase, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Letter of Credit Advance to be purchased by such Tranche B Lender. Promptly after receipt thereof, the Administrative Agent shall transfer such funds to the Issuing Bank. The Borrower hereby agrees to each such sale and assignment. Each Tranche B Lender agrees to purchase its Pro Rata Share of such unreimbursed draft within one an outstanding Letter of Credit Advance on (1i) the Business Day after such on which demand therefor is made by the Agent and Issuing Bank, provided notice of such demand is given not later than 11:00 A.M. (San Francisco time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Issuing Bank to any other Tranche B Lender of a portion of a Letter of Credit Advance, the Issuing Bank represents and warrants to such other Tranche B Lender that the Issuing Bank is the legal and beneficial owner of such interest being assigned by it, free and clear of any liens, but makes no other representation or warranty and assumes no responsibility with respect to such Letter of Credit Advance or the Loan Documents. If and to the extent that any Tranche B Lender shall not have so made the amount of such Letter of Credit Advance available to the Administrative Agent, such Tranche B Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of purchasedemand by the Issuing Bank until the date such amount is paid to the Administrative Agent, an amount equal to such Lender’s Pro Rata Share at the Federal Funds Rate for its account or the account of the Issuing Bank, as applicable. If such unreimbursed draft Tranche B Lender shall pay to be purchased the Administrative Agent such amount for the account of the Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such Tranche B Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Letter of Credit Advance made by the Issuing Bank shall be advanced to the Agentreduced by such amount on such Business Day.