Draws Under Letter of Credit. Xxxxxx Mae shall have the right in its sole discretion to draw monies under the Letter of Credit:
(i) upon the occurrence of an Event of Default under such Collateral Pool;
(ii) if thirty (30) days prior to the expiration of the Letter of Credit, either the Letter of Credit has not been extended for a term of at least three hundred sixty-four (364) days (provided that in connection with a Substitution, the term of any Letter of Credit shall be at least until the Property Delivery Deadline) or such Collateral Pool Borrower has not replaced the Letter of Credit with substitute cash collateral in the amount required by Xxxxxx Xxx; or
(iii) upon the downgrading of the ratings of the long-term or short-term debt obligations of the Issuer below the level required by the Rating Requirements; provided that Borrower shall have ten (10) Business Days after notice of such downgrading to deliver to Xxxxxx Mae either (A) an acceptable replacement Letter of Credit or (B) substitute cash collateral in the amount required by Xxxxxx Xxx.
Draws Under Letter of Credit. (A) Except as provided in subsection (B) and (C) of this Section, if by 10:00 a.m., Atlantic standard time, on the Business Day immediately preceding any Interest Payment Date or Principal Payment Date there shall not otherwise be available to the Trustees sufficient Eligible Moneys to purchase, pay or provide for the payment of the principal of, and interest on the Bonds then due and payable, the Trustee, before 2:00 p.m., New York time on that same Business Day, shall file a notice of claim under the Letter of Credit to the extent necessary (together with any Eligible Moneys available to the Trustee therefor) to pay or provide for such payment.
(B) The Trustee, immediately after declaring the principal amount of the Bonds to be due and payable under Section 803(a), shall file a notice of claim under the Letter of Credit in an amount sufficient (together with any Eligible Moneys available to the Trustee therefor) to pay or provide for the payment of such principal amount, and interest thereon then due and payable.
(C) On the Business Day on which the Trustee receives the notice and documents mentioned in Section 305(A), if received on or prior 10:00 a.m. (New York time), or in the next Business Day if received after such hour, the Trustee, before 2:00 p.m., New York time, shall file a notice of claim under the Letter of Credit in an amount sufficient (together with any Eligible Money available to the Trustee therefor) to pay the Purchase Price of the Put Bonds.
(D) The proceeds of any drawings under the Letter of Credit pursuant to (i) Section 1403(A) and (B) shall be deposited to the credit of the corresponding account of the Bond Fund and (ii) Section 1403(C) shall be deposited in the Tender Account of the Bond Purchase Fund.
(E) Notwithstanding any other provision of this Agreement, including Section 902 and 906 hereof, the Trustee shall not file a notice of claim under the Letter of Credit to provide for the payment of: (i) Bonds the Holder of which is the Borrower of any Affiliate (including the Pledge Bonds), (ii) fees, expenses and costs of indemnification of the Trustee or (iii) premium, if any, on any Bonds.
Draws Under Letter of Credit. All draws under Letters of Credit shall be deemed to be Advances to be repaid in accordance with the provisions of subsection 2.1.2 hereof.
Draws Under Letter of Credit. Lender shall have the right to draw monies under the Letter of Credit:
(i) upon the occurrence of (A) an Event of Default, or (B) a Potential Event of Default of which Borrower has knowledge has occurred and continued for ten (10) days;
(ii) if thirty (30) days prior to the expiration of the Letter of Credit, either the Letter of Credit has not been extended for a term of at least three hundred sixty four (364) days (provided that in connection with a substitution, the term of any Letter of Credit shall be at least until the date five (5) days after the Property Delivery Deadline) or Borrower has not replaced the Letter of Credit with substitute cash collateral in the amount required by Lender; or
(iii) upon the downgrading of the ratings of the long-term or short-term debt obligations of the Issuer below a level satisfactory to Xxxxxx Mae; provided that Borrower shall have fifteen (15) days after written notice of such downgrading to deliver to Lender either (A) an acceptable replacement Letter of Credit or (B) Substitute Cash Collateral in the amount required by Lender.
Draws Under Letter of Credit. Lender shall have the right to draw monies under the Letter of Credit:
(i) upon the occurrence of (A) an Event of Default; or (B) a Potential Event of Default of which the Borrower has knowledge has occurred and continued for two (2) Business Days;
(ii) if 30 days prior to the expiration of the Letter of Credit, the Letter of Credit has not been extended for a term of at least 364 days or has not been substituted with a replacement Letter of Credit which satisfies the requirements of this Agreement; or
(iii) upon the downgrading of the ratings of the long-term or short term debt obligations of the LOC Bank below the requirements of Xxxxxx Mae then in effect, provided Borrower does not immediately take action to substitute the Letter of Credit with a replacement Letter of Credit which satisfies the requirements of this Agreement and does not deliver such replacement Letter of Credit within thirty (30) days of such downgrading.
Draws Under Letter of Credit. Lender shall have the right to draw monies under the Letter of Credit:
(i) upon the occurrence of (A) an Event of Default; or (B) a Potential Event of Default of which the Borrower has knowledge has occurred and continued for two (2) Business Days;
(ii) if 30 days prior to the expiration of the Letter of Credit, the Letter of Credit has not been extended for a term of at least 364 days; or
(iii) upon the downgrading of the ratings of the long-term or short-term debt obligations of the LOC Bank below the requirements of Xxxxxx Mae then in effect.
Draws Under Letter of Credit. Lender shall have the right in its sole discretion to draw monies under the Letter of Credit:
(i) upon the occurrence of (A) an Event of Default; or (B) a Potential Event of Default of which the Borrower has knowledge has occurred and continued for two (2) Business Days;
(ii) if 30 days prior to the expiration of the Letter of Credit, the Letter of Credit has not been extended for a term of at least 364 days; or
(iii) upon the downgrading of the long-term obligations of the LOC Bank below “A” or an equivalent rating by either Rating Agency or short-term debt below “A-1”/“P-1” or an equivalent rating by either Rating Agency.
Draws Under Letter of Credit. Fannie Mae shall have the right in its sole discretion to draw monies under the Letter of Credit:
(i) upon the occurrence of a Default or an Event of Default;
(ii) if 30 days prior to the expiration of the Letter of Credit, the Letter of Credit has not been extended for a term of at least 364 days; or
(iii) upon the downgrading of the long-term obligations of the LOC Bank below “A” or an equivalent rating by either Rating Agency or short-term debt below “A-1”/”P-1” or an equivalent rating by either Rating Agency.
Draws Under Letter of Credit. Lender shall have the right in its sole discretion to draw monies under the Letter of Credit:
(i) upon the occurrence of (A) an Event of Default; or (B) a Potential Event of Default of which the Borrower has knowledge has occurred and continued for two (2) Business Days;
(ii) if 30 days prior to the expiration of the Letter of Credit, the Letter of Credit has not been extended for a term of at least 364 days; or
(iii) upon the downgrading of the long-term obligations of the LOC Bank below “A” or an equivalent rating by either Rating Agency or short-term debt below “A-1”/“P-1” or an equivalent rating by either Rating Agency.
(iv) Deposit to Cash Collateral Agreement. If Lender draws under the Letter of Credit pursuant to Section 6.14(b)(ii) or (iii) above, Lender shall deposit such draw monies into the Cash Collateral Account.
Draws Under Letter of Credit. All draws paid under Letters of Credit shall be deemed to be Cash Advances under the Revolving Credit to be repaid in accordance with the provisions of Section 2.2.3 hereof, and shall bear interest from the date of such draw at the Base Rate unless and until Borrowers have provided Bank with a properly completed and executed Notice of Rate Election selecting an alternate rate of interest for all or a portion of such Letter of Credit.
