Draws Under Letter of Credit. Lender shall have the right to draw monies under the Letter of Credit:
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 Section 2.1.2 hereof.
Draws Under Letter of Credit. Xxxxxx Mae shall have the right in its sole discretion to draw monies under the Letter of Credit:
Draws Under Letter of Credit. Sublessor shall have the right (but shall not be obligated to) draw under the Letter of Credit to remedy any default by Sublessee in the performance of its obligations under this Sublease, and/or to compensate Sublessor for any losses, costs, liabilities or damages incurred by Sublessor as a result of Sublessee’s failure to perform its obligations under this Sublease (collectively, “Losses”). In the event Sublessor draws under the Letter of Credit pursuant to this subsection (b), Sublessor shall use or apply the proceeds of such draw to remedy Sublessee’s default and to compensate Sublessor for Losses. If, despite the intent of the Parties that the Letter of Credit not be considered a security deposit, a court of competent jurisdiction determines that the Letter of Credit is in fact a security deposit, then Sublessee hereby waives to the extent inconsistent with the foregoing any restriction on the uses to which the proceeds of a draw under the Letter of Credit may be applied as contained in Section 1950.7(c) of the California Civil Code and/or any successor statute, if applicable. If Sublessor uses or applies the proceeds of a draw under the Letter of Credit pursuant to this Section 6, Sublessee shall, within ten (10) business days after demand therefor, deposit cash or other collateral with the issuing bank and as required by the issuing bank in an amount sufficient to restore the Letter of Credit to the amount thereof in effect immediately prior to such draw, and Sublessee’s failure to do so shall, at Sublessor’s option, be a non-curable default under this Sublease. If Sublessee has performed all of its obligations under this Sublease, the Letter of Credit, or so much thereof as has not theretofore been applied by Sublessor in accordance with this Section 6, shall be returned, without payment of interest or other increment for their use, to Sublessee upon the Expiration Date (i.e., December 31, 2010). No trust relationship is created herein between Sublessor and Sublessee with respect to the Letter of Credit.
Draws Under Letter of Credit. Lender shall have the right in its sole discretion to draw monies under the Letter of Credit: Master Credit Facility Agreement Camden 2008
Draws Under Letter of Credit. Upon any default or breach of this Lease by Tenant, Landlord shall be entitled to draw upon the Letter of Credit by the issuance of Landlord’s sole written demand to the issuing financial institution. Any such draw shall be without waiver of any rights Landlord may have under this Lease or at law or in equity as a result of the default, as a setoff for full or partial compensation for the default. Partial drawings upon the Letter of Credit shall be permitted, and the Letter of Credit shall be transferable to a new building owner or lender. Tenant shall reimburse Landlord for any fees imposed by the issuing bank to transfer the Letter of Credit. The use, application or retention of the Letter of Credit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law, it being intended that Landlord shall not first be required to proceed against the Letter of Credit and the Letter of Credit shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled.
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.
Draws Under Letter of Credit. Fannie Mae shall have the right in its sole discretion to draw monies under the Letter of Credit:
Draws Under Letter of Credit. MBL agrees that it only shall be permitted to draw on the Letter of Credit upon the occurrence of any of the following:
Draws Under Letter of Credit. Lender agrees that it will not draw under the letter of credit delivered pursuant to this Amendment prior to the earlier to occur of (i) December 31, 2001, or (ii) the occurrence of an Event of Default.
