Bank Draw definition

Bank Draw is any draw down by CIBC under the terms of the Specified Letter of Credit.
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Bank Draw is any draw down by CIBCthe Mountain Ridge Administrative Agent under the terms of the Specified Letter of Credit.
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Examples of Bank Draw in a sentence

  • Term Advances shall be made available to Borrower for the sole purpose of covering the principal amount of any Bank Draw as set forth in Section 3.2.

  • Immediately upon the occurrence of any Bank Draw, Lender shall be deemed to have made a Term Advance in an aggregate principal amount equal to the amount of such Bank Draw.

  • Lender shall notify Borrower in writing of the making of any Term Advance pursuant to this Section 3.2 and the principal amount thereof in accordance with Section 10 of this Agreement by 12:00 p.m. Pacific time on the first (1st) Business Day following the later of (i) the applicable Funding Date, or (ii) the date on which JPMorgan Chase Bank, N.A., the issuer under the Specified Letter of Credit, notifies Lender that a Bank Draw has been made.

  • Within five business days of each Bank Draw, the Borrower shall issue Lender an Additional Warrant to purchase shares of the Borrower’s common stock, for such number of shares of the Borrower’s common stock as is equal to (A) the product of: (x) the amount of such Bank Draw multiplied by (y) 40%, divided by (B) $1.60.