Draws on the Letter of Credit. Sub-Sublandlord shall be entitled to draw upon a portion or the entire amount of the Letter of Credit from time to time, with notice to Sub-Subtenant and without prejudice to any other remedy Sub-Sublandlord may have, for any of the following reasons: (x) upon or following the occurrence of a Sublease Event of Default, (A) to pay any amounts payable by Sub-Subtenant to Sub-Sublandlord hereunder, and (B) to compensate Sub-Sublandlord for any expense, loss or damage actually incurred or suffered by Sub-Sublandlord in connection with the default; or (y) if Sub-Subtenant fails to give Sub-Sublandlord evidence of renewal of the Letter of Credit or issuance of a new Letter of Credit at least thirty (30) days prior to the expiration of the Letter of Credit then in effect as provided above; or (z) upon the expiration or earlier termination of this Sub-Sublease, to pay any amount then due and payable by Sub-Subtenant to Sub-Sublandlord. Sub-Subtenant waives the provisions of California Civil Code Paragraph 1950.7, and all other provisions of law now in force or that become in force as of the date of execution of this Sub-Sublease, that provide that Sub-Sublandlord may claim from a Security Deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Sub-Subtenant or to clean the Sub-Sublease Premises. If the entire Draw Proceeds are not used or applied by Sub-Sublandlord, the balance of the Draw Proceeds, although not a cash security deposit, shall be held and maintained by Sub-Sublandlord and may be applied in the manner set forth in Section 4.6.5 below with respect to a Security Deposit. In the event that Sub-Sublandlord improperly draws upon the Letter of Credit or misapplies the Draw Proceeds, Sub-Subtenant’s sole remedy shall be the right to obtain from Sub-Sublandlord a refund of the amount of any sight draft(s) that were improperly presented or the proceeds of which were misapplied, together with interest at the Default Rate set forth in the Master Lease and reasonable actual out-of-pocket attorneys’ fees, provided that at the time of such refund, Sub-Subtenant increases the amount of such Letter of Credit to the amount (if any) then required under the applicable provisions of this Sub-Sublease. Sub-Subtenant acknowledges that recovery of money damages would be an adequate remedy therefor.
Draws on the Letter of Credit. (a) The Trustee shall draw moneys under any Letter of Credit in accordance with the terms thereof in an amount necessary to make timely payments of principal of, premium, if any, and interest on the Bonds secured by such Letter of Credit, other than Bonds owned by or for the account of the Borrower or the Bank, when due whether at maturity, interest payment date, redemption, acceleration or otherwise. In addition, the Trustee shall draw moneys under any such Letter of Credit in accordance with the terms thereof to the extent necessary to make timely payments required to be made pursuant to, and in accordance with Sections 4.01, 4.02 and 4.11 hereof.
(b) Immediately after making a drawing under any Letter of Credit which has been honored, the Trustee shall reimburse the Bank, in accordance with the terms of the Reimbursement Agreement and Section 6.04(c) hereof, for the amount of the drawing using moneys, if any, contained in:
(i) the Bond Fund, if the drawing was to pay principal or interest on the Bonds enhanced by such Letter of Credit; and
(ii) the Redemption Account, if the drawing was to redeem Bonds enhanced by such Letter of Credit
(c) Each payment to the Bank described in the immediately preceding subsection shall be made by the Trustee by wire transfer to the Bank (to such account as the Bank may from time to time indicate) of the applicable amount immediately following, and on the same Business Day as, the Bank’s initiation of payment of the corresponding drawing under the Letter of Credit.
(d) If the Trustee has made a proper drawing on the Letter of Credit and the Bank wrongfully fails to make a payment for debt service due on the Bonds by 1:00 p.m. (New York City time) or the Letter of Credit has been repudiated, the Trustee, upon a Responsible Officer becoming aware of such event, shall immediately notify the Borrower and request payment of the debt service due in immediately available funds by 4:00 p.m. (New York City time).
(e) The Trustee shall comply with the procedures set forth in any Letter of Credit relating to the termination, surrender and cancellation thereof.
(f) If a Letter of Credit is enhancing the Bonds, the Trustee shall hold and maintain each Letter of Credit for the benefit of the Bondholders, until such Letter of Credit expires in accordance with its terms. Subject to the provisions of this Indenture, the Trustee shall enforce all terms, covenants and conditions of each Letter of Credit, including payment when due of any d...
Draws on the Letter of Credit. The Letter of Credit will provide that Buyer may draw upon the Letter of Credit from time to time to recover (i) any amounts expended by Buyer pursuant to Section 5.14.1.2 and (ii) any amounts required to be paid by Seller pursuant to Section 5.14.1 if Seller has failed, despite notice to Seller from Buyer, to pay those amounts when due and within ten (10) Business Days after Buyer’s notice. Buyer may request a draw under the Letter of Credit by notice to the Issuer, with a simultaneous copy to Seller delivered in the same manner as notice to the Issuer, describing in detail the basis for the request and showing Buyer’s good faith calculation of the amounts covered by the request (“Draw Request”). Five (5) Business Days after its receipt of a Draw Request, the Issuer will transmit to Buyer the amount covered by the Draw Request unless the Issuer has then received notice from Seller disputing in good faith the Draw Request and providing in detail the basis for the dispute. If Seller issues a dispute notice, the Parties will attempt in good faith to resolve the dispute, and if they are unable to do so within thirty (30) days after Seller issues the dispute notice, either Buyer or Seller may thereafter refer the dispute for resolution to an independent engineering firm experienced in hydroelectric projects and acceptable to both parties, whose decision will be rendered in writing and will be final and non-appealable. The fees of the independent engineering firm will be split evenly between Seller and Buyer. Upon receipt of a dispute notice from Seller as to a particular Draw Request, the Issuer will not transmit payment under the Letter of Credit of the disputed amount unless and until jointly so instructed by Seller and Buyer or in accordance with the decision of the independent engineering firm, and then only in the amount specified in the joint instruction or decision. No draw shall relieve Seller from its obligation to complete, at Seller’s expense, remaining Seller Separation Tasks, except to the extent of payment received from the Issuer.
Draws on the Letter of Credit. If HBR is obligated to pay the Holdback and the Bonus to IWRA in full pursuant to Sections 2.2.1 or 2.2.3, but HBR fails to make such payment when due, then IWRA shall send HBR a notice of such failure. If HBR does not pay the Holdback to IWRA within two (2) Business Days of HBR's receipt of IWRA's notice, then, subject to Section 2.3.3 below, IWRA and HBR shall each deliver a notice executed by such party which instructs L/C Escrow Agent to draw on the amount of the Letter of Credit to the extent of any shortfall in the payment of the Holdback. Notwithstanding anything to the contrary herein, subject to the terms of Section 2.3.2 below, L/C Escrow Agent shall draw on the entire stated amount of the Letter of Credit on the third (3rd) Business Day prior to the expiry date thereof, unless on or before such date, HBR delivers to L/C Escrow Agent (i) an extension of such expiring Letter of Credit, (ii) a replacement letter of credit substantially on the same terms as the Letter of Credit, or (iii) an amount of cash equal to the stated amount of the expiring Letter of Credit.
Draws on the Letter of Credit. Sublandlord shall be entitled to draw upon a portion or the entire amount of the Letter of Credit from time to time, with notice to Subtenant and without prejudice to any other remedy Sublandlord may have, for any of the following reasons: (x) upon or following the occurrence of a Sublease Event of Default, (A) to pay any amounts payable by Subtenant to Sublandlord hereunder, and (B) to compensate Sublandlord for any expense, loss or damage actually incurred or suffered by Sublandlord in connection with the default; or (y) if Subtenant fails to give Sublandlord evidence of renewal of the Letter of Credit or issuance of a new Letter of Credit at least thirty (30) days prior to the expiration of the Letter of Credit then in effect as provided above; or (z) upon the expiration or earlier termination of this Sublease, to pay any amount then due and payable by Subtenant to Sublandlord. Subtenant waives the provisions of California Civil Code Paragraph 1950.7, and all other provisions of law now in force or that become in force as of the date of execution of this Sublease, that provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant or to clean the Sublease Premises. If the entire Draw Proceeds are not used or applied by Sublandlord, the balance of the Draw Proceeds, although not a cash security deposit, shall be held and maintained by Sublandlord and may be applied in the manner set forth in Section 4.6.5 below with respect to a Security Deposit.
Draws on the Letter of Credit. Beneficiary shall be entitled to draw upon a portion of or the entire amount of the Letter of Credit from time to time, without further notice to Tenant and without prejudice to any other remedy Landlord may have, for any of the following reasons: (i) upon or following the occurrence of any default by Tenant under this Lease, after notice and expiration of any applicable cure period under the Lease (without the necessity to serve any statutory notice), (A) to pay any amounts payable by Tenant to Landlord hereunder, including, but not limited to, any amounts payable under Paragraphs 3, 4 and 5 above, and (B) to compensate Landlord for any expense, loss or damage incurred or suffered by Landlord in connection with the default; or (ii) if Tenant fails to give Senior Lender satisfactory evidence of renewal of the Letter of Credit or issuance of a new Letter of Credit at least thirty (30) days prior to expiration of the Letter of Credit then in effect, as provided above, or within thirty (30) days after Issuer gives Beneficiary written notice of non-renewal of the Letter of Credit; or (iii) in the event that Tenant (A) is generally not paying its debts as they become due, or (B) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (C) makes an assignment for the benefit of its creditors, or (D) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers of Tenant or of any substantial part of Tenant's property, or (E) takes action for the purpose of any of the foregoing; or (iv) a court or governmental authority enters an order (A) appointing a custodian, receiver, trustee or other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant's property, or (B) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (C) ordering the dissolution, winding-up or liquidation of Tenant; or (v) a court or governmental authority enters against Tenant or Tenant's property (A) a writ of attachment, or (B) a writ of possession, or (C) a writ of execution. Tenant waiv...
Draws on the Letter of Credit. The Servicer shall prior to each Payment Date and prior to the Maturity Date determine whether on such Payment Date or Maturity Date any withdrawals from the Reserve Account will be required under Section 4.6(b) and include such information in the Monthly Servicing Report delivered to the Trustee on the Determination Date. If any withdrawal will be required or if the certificate accompanying the Monthly Servicing Report states that an Event of Default has occurred, the Servicer shall, no later than three Business Days prior to the applicable Payment Date or the Final Payment Date, as applicable, direct the Trustee in writing to draw on the Letter of Credit the full amount of such Letter of Credit. The Servicer shall direct the Trustee to submit the drawing documents to the Letter of Credit Bank in the form required by the Letter of Credit, and the Trustee shall submit such drawing documents to the Letter of Credit Bank no later 5:00 P.M. New York City time on the first Business Day after the Trustee receives such direction. Upon the receipt of the proceeds of any such drawing, the Trustee shall deposit the proceeds into the Reserve Account.
Draws on the Letter of Credit. In the Event That The Developer Fails to Complete the Improvements in Accordance with this Agreement, and Such Failure Continues For Thirty (30) Days After The City Mails Notice of Such Failure to the Developer=s Address Set Forth Below, The City Shall Have The Right, But Not The Obligation, to Complete or Cause to Be Completed The Improvements at The Sole Expense of The Developer. The City May Draw (Including Multiple Draws) And Apply Amounts from the Letter of Credit to Pay The Costs of Completing The Improvements.
Draws on the Letter of Credit. Immediately upon, and at any time or from time to time after, the occurrence of any one or more Draw Events (as defined below), Landlord will have the unconditional right to draw on the Letter of Credit in accordance with this Article 54; provided that so long as Landlord is not prevented from giving notice by application of the Bankruptcy Code’s automatic stay, with respect to any Draw Event other than that described in Section 54.4(b), Landlord shall not draw until it has given Tenant notice that an Event of Default exists. Upon the payment to Landlord of the Draw Proceeds, Landlord will hold the Draw
Draws on the Letter of Credit. Immediately upon, and at any time or from time to time after, the occurrence of any one or more Draw Events (as defined in Section 21.4 below), Landlord will have the unconditional right to draw on the Letter of Credit in accordance with this
