Excess Drawing Sample Clauses

The Excess Drawing clause defines the rules and limitations regarding withdrawals or advances that exceed a predetermined limit or cap under a financial agreement. In practice, this clause specifies the maximum amount a party can draw, outlines the procedures for requesting additional funds beyond the agreed threshold, and may impose additional conditions or penalties for such excess usage. Its core function is to prevent overextension of credit or resources, thereby protecting the lender or provider from undue risk and ensuring financial discipline within the agreement.
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Excess Drawing. If, at any time, the aggregate outstanding principal amount of the International Secured Obligations exceeds the lesser of (i) the aggregate Commitments, and (ii) the International Revolving Borrowing Base (as most recently determined) (any such date, an “Excess Date” and the amount of any such excess, the “International Revolving Loan Excess”), the Borrower shall promptly thereafter (but in no event later than five Business Days following the Excess Date), make a prepayment in respect of the outstanding amount of the International Secured Obligations in the amount of the International Revolving Loan Excess; provided that to the extent that such International Revolving Loan Excess results from the Issuance of any Letter of Credit or a change in the Euro Exchange Rate applicable to any Letter of Credit denominated in a Specified Currency, then the Borrower shall promptly thereafter (but in no event later than five Business Days following the Excess Date) provide cash collateral for such Letter of Credit in the manner and to the extent described in Section 2.4(k); provided, further, that: (i) such prepayment or cash collateralization shall not be required if, within five Business Days, or 20 Days if such International Revolving Loan Excess results solely from a Receivables Exchange Event, after the Excess Date, the Borrower delivers evidence reasonably satisfactory to the Administrative Agent that it shall have filed, registered or recorded such document or taken such actions to perfect Liens with the priority required by the International Security Documents in additional Eligible International Receivables in an amount sufficient to permit the Borrower to be in compliance with the International Revolving Borrowing Base described in the most recently delivered Compliance Certificate (after giving effect to the perfection of the aforesaid Liens in such Eligible International Receivables). (ii) in connection with any prepayment made under this Section 2.8(a), the Borrower may request no later than two days before such prepayment that the International Collateral Agent release contemporaneously with such prepayment certain Property held as part of the Collateral from the Lien of the International Security Documents, and the International Collateral shall so release such Property (A) upon receipt of a certificate of a Responsible Officer of the Borrower (on behalf of such Borrower) certifying that after giving effect to such proposed release, the Borrower shall b...
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Excess Drawing. If, at any time, the aggregate outstanding principal amount of the U.S. Revolver Obligations exceeds the lesser of (i) the aggregate U.S. Revolving Credit Commitments, and (ii) the U.S. Revolving Borrowing Base (as most recently determined) (any such date, an “Excess Date” and the amount of any such excess, the “U.S. Revolving Loan Excess”), the Borrower shall promptly thereafter (but in no event later than five Business Days following the Excess Date), make a prepayment in respect of the outstanding amount of the U.S. Revolver Obligations in the amount of the U.S. Revolving Loan Excess; provided that to the extent that such U.S. Revolving Loan Excess results from the Issuance of any Letter of Credit or a change in the Exchange Rate applicable to any Letter of Credit denominated in a Specified Currency, then the Borrower shall promptly thereafter (but in no event later than five Business Days following the Excess Date) provide cash collateral for such Letter of Credit in the manner and to the extent described in Section 2.4(k).
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Related to Excess Drawing

  • Drawing One (1) Prize Winner will be chosen in a random drawing on or about February 1, 2023 from all eligible entries received. Odds of winning depend on the number of eligible entries received prior to the drawing. Return of prize notification as undeliverable or no response from the winner within seven (7) consecutive days after date of notification will result in disqualification and an alternate winner will be selected. If a prize winner is disqualified, Sponsor in its sole discretion will select a new winner. Sponsor reserves the right in its sole discretion to disqualify any individual it finds to be have tampered with the entry process or the operation of the promotion; to have acted in violation of the Official Rules; to have acted in

  • Maximum Drawing Amount The maximum aggregate amount that the beneficiaries may at any time draw under outstanding Letters of Credit, as such aggregate amount may be reduced from time to time pursuant to the terms of the Letters of Credit.

  • The Drawings The Drawings are the graphic and pictorial portions of the Contract Documents showing the design, location and dimensions of the Work, generally including plans, elevations, sections, details, schedules and diagrams.

  • Determination to Honor Drawing Request In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary thereof, Agent shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

  • Letter of Credit Draw If (1) the Trustee shall have delivered a Demand Notice as provided in Section 3.5(b)(iii) of this Series Supplement and Hertz shall have failed to pay to the Trustee or deposit into the Series 2009-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making of the Demand Notice, (2) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Hertz, the Trustee shall not have delivered such Demand Notice to Hertz or (3) there is a Preference Amount, the Trustee shall draw on the Series 2009-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of (A) the amount that Hertz failed to pay under the Series 2009-1 Demand Note, the amount that the Trustee failed to demand for payment thereunder or the Preference Amount, as the case may be; and (B) the Series 2009-1 Letter of Credit Amount on such Business Day, by presenting to each Series 2009-1 Letter of Credit Provider a draft accompanied by a Series 2009-1 Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount, a Series 2009-1 Certificate of Preference Payment Demand; provided, however that if the Series 2009-1 Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series 2009-1 Cash Collateral Account and deposit in the Series 2009-1 Distribution Account an amount equal to the lesser of (x) the Series 2009-1 Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clause (A) and (B) above and (y) the Series 2009-1 Available Cash Collateral Account Amount on such Business Day and draw an amount equal to the remainder of such amount on the Series 2009-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2009-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2009-1 Cash Collateral Account into the Series 2009-1 Distribution Account and such proceeds shall be treated as Principal Collections.