Common use of Letter of Credit Draw Clause in Contracts

Letter of Credit Draw. It is understood that you may draw on the Letter of Credit at any time, notwithstanding any other provisions herein. You undertake to use and apply any amount, which you may draw upon the Letter of Credit, pursuant to the terms of this Agreement under which the Letter of Credit is held, and only for the following purposes: 2.1 To reimburse you for our share of any net obligations currently due and payable under this Agreement; 2.2 To the extent required by law, to fund an account representing our net obligations currently due and payable under this Agreement; or 2.3 To pay other amounts due you under this Agreement. You agree to return to us any amounts drawn on Letters of Credit which are in excess of the actual amounts required for 2.1 or 2.2 above, or in the case of 2.3 above, any amounts that are subsequently determined not to be due. The amounts drawn under any Letter of Credit w ill be applied without diminution because of the insolvency of either party. The designated bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by y on or the disposition of funds withdrawn, except to see that withdrawals are made only upon the order of your properly authorized representatives.

Letter of Credit Draw. It is understood that you may draw on the Letter of Credit at any time, notwithstanding any other provisions herein. You undertake to use and apply any amount, which you may draw upon the Letter of Credit, pursuant to the terms of this Agreement under which the Letter of Credit is held, and only for the following purposes: 2.1 To reimburse you for our share of any net obligations currently due and payable under this Agreement; 2.2 To the extent required by law, to fund an account representing our net obligations currently due and payable under this Agreement; or 2.3 To pay other amounts due you under this Agreement. You agree to return to us any amounts drawn on Letters of Credit which are in excess of the actual amounts required for 2.1 or 2.2 above, or in the case of 2.3 above, any amounts that are subsequently determined not to be due. The amounts drawn under any Letter of Credit w ill will be applied without diminution because of the insolvency of either party. The designated bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by y on you or the disposition of funds withdrawn, except to see that withdrawals are made only upon the order of your properly authorized representatives.. SCOR — CIA Life Treat Eff 1-1-09 FINAL

Letter of Credit Draw. It is understood that you may draw on the Letter of Credit at any time, notwithstanding any other provisions herein. You undertake to use and apply any amount, which you may draw upon the Letter of Credit, pursuant to the terms of this Agreement under which the Letter of Credit is held, and only for the following purposes: 2.1 To reimburse you for our share of any net obligations currently due and payable under this Agreement; 2.2 To the extent required by law, to fund an account representing our net obligations currently due and payable under this Agreement; or 2.3 To pay other amounts due you under this Agreement. You agree to return to us any amounts drawn on Letters of Credit which are in excess of the actual amounts required for 2.1 or 2.2 above, or in the case of 2.3 above, any amounts that are subsequently determined not to be due. The amounts drawn under any Letter of Credit w ill will be applied without diminution because of the insolvency of either party. The designated bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by y on you or the disposition of funds withdrawn, except to see that withdrawals are made only upon the order of your properly authorized representatives.. Mapfre — CICA Life Reinsurance 1-1-09 FINAL

Letter of Credit Draw. It is understood that you may draw on the Letter of Credit at any time, notwithstanding any other provisions herein. You undertake to use and apply any amount, which you may draw upon the Letter of Credit, pursuant to the terms of this Agreement under which the Letter of Credit is held, and only for the following purposes: : 2.1 To reimburse you for our share of any net obligations currently due and payable under this Agreement; ; 2.2 To the extent required by law, to fund an account representing our net obligations currently due and payable under this Agreement; or or 2.3 To pay other amounts due you under this Agreement. You agree to return to us any amounts drawn on Letters of Credit which are in excess of the actual amounts required for 2.1 or 2.2 above, or in the case of 2.3 above, any amounts that are subsequently determined not to be due. The amounts drawn under any Letter of Credit w ill will be applied without diminution because of the insolvency of either party. The designated bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by y on you or the disposition of funds withdrawn, except to see that withdrawals are made only upon the order of your properly authorized representatives.