Letter of Credit Drawings. The obligations of the Borrower under any Letter of Credit Agreement and any other agreement or instrument relating to any Letter of Credit issued for the account of the Borrower or any of its Subsidiaries shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, such Letter of Credit Agreement and such other agreement or instrument under all circumstances, including, without limitation, the following circumstances (it being understood that any such payment by the Borrower is without prejudice to, and does not constitute a waiver of, any rights the Borrower might have or might acquire as a result of the payment by any Issuing Bank of any draft or the reimbursement by the Borrower thereof):
(i) any lack of validity or enforceability of this Agreement, any Note, any Letter of Credit Agreement, any Letter of Credit or any other agreement or instrument relating thereto (all of the foregoing being, collectively, the “L/C Related Documents”);
(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the Borrower in respect of any L/C Related Document or any other amendment or waiver of or any consent to departure from all or any of the L/C Related Documents;
(iii) the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for which any such beneficiary or any such transferee may be acting), any Issuing Bank, the Administrative Agent, any Lender or any other Person, whether in connection with the transactions contemplated by the L/C Related Documents or any unrelated transaction;
(iv) any statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(v) payment by any Issuing Bank under a Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit;
(vi) any exchange, release or non-perfection of any collateral, or any release or amendment or waiver of or consent to departure from any guarantee, for all or any of the obligations of the Borrower in respect of the L/C Related Documents; or
(vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including, without limitatio...
Letter of Credit Drawings. The Trustee is authorized to make drawings under the Letter of Credit in accordance with the terms thereof. The Applicant hereby directs the Bank to make payments under the Letter of Credit in the manner therein provided. The Applicant hereby irrevocably approves reductions and reinstatements of the Available Amount as provided in the Letter of Credit.
Letter of Credit Drawings. The Borrower agrees to pay to the Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the amount paid by the Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of the Borrower at a rate equal to (i) for the period from the date such drawing is honored to, but excluding, the applicable Reimbursement Date, the Base Rate plus the Applicable Margin, and (ii) thereafter, the Base Rate plus the Applicable Margin plus 2%.
Letter of Credit Drawings. (a) As set forth in the Letter of Credit, the Bond Trustee is authorized to make drawings under the Letter of Credit in the manner and for the purposes specified in the Letter of Credit.
(b) All drawings to be made under the Letter of Credit shall be made by telecopier or other facsimile telecommunication in the form of the appropriate certificate submitted by the Bond Trustee addressed to the Issuing Bank pursuant to the terms of the Letter of Credit and no further presentation of documentation, including the original Letter of Credit, need be made; it being understood that the telecopier or other facsimile telecommunication shall, in all events, be considered to be the sole operative instrument of drawing. The Issuing Bank may rely upon any such telecopy or other facsimile telecommunication which it reasonably believes to have been dispatched by the Bond Trustee or its authorized agent.
(c) In the event that the Issuing Bank fails to honor, or elects not to honor, any drawing under the Letter of Credit requested by the Bond Trustee, the Issuing Bank shall transmit to the Borrower, by electronic mail or facsimile in accordance with Section 12, written notification thereof on the same day such failure or decision occurs or, if such day is not a Business Day, then it shall transmit such written notification on the first Business Day immediately following such day, provided that the Issuing Bank shall, simultaneously with the transmission of any written notification to the Bond Trustee, send to the Borrower a copy of such written notification.
Letter of Credit Drawings. The Paying Agent/Registrar is authorized to make drawings under the Letter of Credit in accordance with the terms thereof. No drawing shall be made under the Letter of Credit for the payment of principal or interest on Ineligible Bonds. The City hereby directs the Bank to make payments under the Letter of Credit in the manner therein provided. The City hereby irrevocably approves reductions and reinstatements of the Available Amount of the Letter of Credit as provided in the Letter of Credit. Upon honoring any Drawing, the Bank shall be deemed to have made a loan for the benefit of the City the proceeds of which shall be used by the Paying Agent/Registrar to pay the principal of and accrued interest on the Bonds in accordance with the terms of the Ordinance.
Letter of Credit Drawings. The Borrower shall repay each Letter ------------------------- of Credit Drawing as provided in Section 3.03.
Letter of Credit Drawings. (a) The Paying Agent/Registrar is authorized to make drawings under the Letter of Credit in accordance with the terms thereof. Subject to paragraph (b) of this Section 2.2, no drawing shall be made under the Letter of Credit for the payment of principal or interest on Ineligible Bonds. The City hereby directs the Bank to make payments under the Letter of Credit in the manner therein provided. The City hereby irrevocably approves reductions and reinstatements of the Available Amount of the Letter of Credit as provided in the Letter of Credit. Upon honoring any Drawing, the Bank shall be deemed to have
(b) To the extent the Existing Provider holds bank bonds under its liquidity facility or facilities on the Closing Date that are not remarketed on the Closing Date, the Bank agrees to purchase all Bonds owned by the Existing Provider which were purchased by the Existing Provider under the existing liquidity facility agreement on the Closing Date for a purchase price equal to the aggregate principal amount of such Bonds plus accrued interest to the Closing Date. The Bonds so purchased by the Bank from the Existing Provider shall be “Liquidity Provider Bonds” for purposes of this Agreement and the Ordinance and the purchase price paid by the Bank shall be a “Liquidity Drawing” for purposes of this Agreement and the Letter of Credit, notwithstanding that such purchased Bonds were Ineligible Bonds when purchased by the Bank under the Letter of Credit. The City agrees to pay to the Bank the purchase price paid by the Bank representing the purchased Bonds in accordance with Section 2.3 and 2.4 hereof.
Letter of Credit Drawings. The Bond Trustee is authorized to make drawings under the Letter of Credit in accordance with the terms thereof. No drawing shall be made under the Letter of Credit for the payment of principal of or interest on Ineligible Bonds. The Company hereby directs the Bank to make payments under the Letter of Credit in the manner therein provided. The Company, hereby irrevocably approves reductions and reinstatements of the Principal Component and the Interest Component (as each term is defined in the Letter of Credit) of the Letter of Credit as provided in the Letter of Credit.
Letter of Credit Drawings. The Paying Agent is authorized to make Drawings under the Letter of Credit in accordance with its terms. No Drawing under the Letter of Credit shall be made for the payment of the principal or interest on bonds other than the Bonds. The District hereby directs the Bank to make payments under the Letter of Credit in the manner therein provided. The District hereby irrevocably approves reductions and reinstatements of the Available Amount with respect to the Letter of Credit as provided in the Letter of Credit.
Letter of Credit Drawings. The Paying Agent/Registrar is authorized to make drawings under each Letter of Credit in accordance with the terms thereof. No drawing shall be made under any Letter of Credit for the payment of principal or interest on Ineligible Bonds. The City hereby directs the applicable Bank to make payments under its Letter of Credit in the manner therein provided. The City hereby irrevocably approves reductions and reinstatements of the Available Amount of the applicable Letter of Credit as provided in such Letter of Credit.
