Draw Event means each of the following events:
Draw Event means the occurrence of any of the following events:
Draw Event means any of the following: (i) Tenant becomes or is the subject of any bankruptcy, insolvency or similar proceeding or event, (ii) an Event of Default occurs under the Lease; or (iii) the Letter of Credit is not extended within thirty (30) days prior to its expiration.
Examples of Draw Event in a sentence
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Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of Credit upon the happening of any Draw Event and shall not be liable for any losses sustained by Borrower due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the Letter of Credit.
Tenant hereby acknowledges and agrees that Landlord is entering into the Lease in material reliance upon the ability of Landlord to draw upon the L-C upon the occurrence of any L-C Draw Event.
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At any time after a Draw Event occurs, the Beneficiary may present its written demand to Issuer for payment of all or a portion of the amount of the Letter of Credit.
More Definitions of Draw Event
Draw Event means any of the following: (I) a “Default” occurs under this Lease; (II) an event has occurred which, with the passage of time or giving of notice or both, would constitute Default, where Landlord is prevented from, or delayed in, giving such notice because of an Insolvency Proceeding; (III) Tenant is the subject of an Insolvency Proceeding; (IV) the Lease is terminated by Landlord due to a Tenant Default; (V) either Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Paragraph 31(a)(iii); or (VI) either Letter of Credit is not extended by thirty (30) days prior to its expiration.
Draw Event. DEFINED. A "Draw Event" shall mean any of the following: (I) Tenant does not replace the Letter of Credit with a new Letter of Credit in the full Required Amount within ten (10) days after Landlord makes a partial draw thereon in connection with a Default pursuant to Paragraph 43(c)(i); (II) Tenant is the subject of an Insolvency Proceeding; (III) the Lease is terminated by Landlord due to a Tenant Default; (IV) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Paragraph 43(b); (V) the Letter of Credit is not extended within thirty (30) days prior to its expiration; and (VI) a Default occurs under this Lease at a time when Tenant is in "Chronic Default" (as defined below). Tenant shall be in "Chronic Default" under this Lease at any time that Landlord has delivered a notice of Tenant's failure to perform any of its obligations hereunder and/or assessed a late charge pursuant to Paragraph 3(d) during the previous six months, or more than two (2) times during the previous twenty-four (24) months, regardless in each case of whether such failure was cured by Tenant within any applicable grace or cure period; provided, however, that any such notice of failure to perform relating to a non-monetary failure to perform which was disputed, in good faith, by Tenant and ultimately determined (by agreement of the parties, arbitration or judicial action) not to be a violation of this Lease shall not be considered for purposes of determining whether such condition has been met.
Draw Event means each or any of the following occurrences: (i) Tenant is in Default under this Lease; (ii) a petition has been filed by or against Tenant commencing a case under Title 11 of the United States Code or other state or federal bankruptcy or insolvency laws, as amended or reenacted with the passage of time; or (iii) Tenant has failed to cause the delivery to Landlord of a new Letter of Credit or an amendment to the existing Letter of Credit, in form and substance acceptable to Landlord, extending the expiration date of the Letter of Credit for a period of not less than one (1) year, which amendment is received by Landlord not less than sixty (60) days prior to the expiration date of the Letter of Credit, as required under Section 4 above.
Draw Event means any of the following: (A) a “default” (as defined in and determined pursuant to Paragraph 19(a) of this Lease) by Tenant in the performance of its obligations under this Lease occurs (hereinafter referred to in this Paragraph 32 as a “Default”); (B) the existence of both (I) an uncured failure by Tenant to perform one or more of its obligations under this Lease beyond any notice, grace or cure period under Paragraph 19(a) that would apply to such failure had such notice been given upon the first occurrence of such failure, and (II) circumstances in which Landlord is stayed, enjoined or otherwise prevented by operation of law from giving to Tenant a written notice which would be necessary for such failure of performance to constitute a Default; (C) the Lease is terminated by Landlord due to a Default by Tenant; (D) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Paragraph 32(b); and (E) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration.
Draw Event means any of the following: (A) a “default” by Tenant in the performance of its obligations under this Lease occurs; (B) an event has occurred which, with the passage of time or giving of notice or both, would constitute Default, where Landlord is prevented from, or delayed in, giving such notice because of an Insolvency Proceeding; (C) Tenant is the subject of an Insolvency Proceeding; (D) the Lease is terminated by Landlord due to a Tenant Default; (E) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Paragraph 32(a)(1); and (F) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration.
Draw Event means any of the following: (A) a Default by Subtenant occurs; (B) an event has occurred which, with the passage of time or giving of notice or both, would constitute a Default by Subtenant, where Sublandlord is prevented from, or delayed in, giving such notice because of an Insolvency Proceeding; (C) Subtenant is the subject of an Insolvency Proceeding; (D) this Lease is terminated by Sublandlord due to a Default by Subtenant; (E) the Letter of Credit is not replaced with a Letter of Credit from a different financial institution if and when required by Section 32(b) of the Master Lease as incorporated herein; and (F) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration. With respect to the Draw Events specified in clauses (A) and (B) above, Sublandlord may draw upon the Letter of Credit in the amount required to compensate Sublandlord for damages incurred or to reimburse Sublandlord as provided herein, and Sublandlord may retain the funds so drawn, with subsequent demands at Sublandlord’s sole election as Sublandlord incurs further damages; and with respect to the Draw Events specified in clauses (C), (D), (E), and (F) above, Sublandlord may draw upon the Letter of Credit in the full amount thereof, with the proceeds of such draw to be held by Sublandlord and applied as provided for in Section 32 of the Master Lease as incorporated herein.
Draw Event means any of the following: (I) Tenant is the subject of an Insolvency Proceeding (as defined in the Lease); provided, however, that if such proceeding is pursuant to Chapter 11 of the United States Bankruptcy Code (as opposed to Chapter 7), a Draw Event shall not be deemed to have occurred so long as (A) the Lease and Work Letter are assumed by Tenant within sixty (60) days after the order for relief is entered, (B) no other Draw Event has occurred, (C) Tenant is not in breach of any other obligations under the Lease or this Work Letter, and (D) no lien has been filed against Phase II arising out of any work performed, material furnished or obligations incurred by Tenant which has not been released prior to the commencement of such Insolvency Proceeding; (II) Tenant terminates its construction contract with Tenant's Contractor without Landlord's prior consent, or defaults under such construction contract or any substitute thereof and does not cure such default within the longer of the applicable cure period under such contract or five (5) days after such default occurs; (III) the Lease is terminated by Landlord due to a Tenant default before completion of the Tenant Improvements and any Tenant Modifications; (IV) the letter(s) of credit are not extended within thirty (30) days prior to their expiration; (V) Tenant fails to deliver Tenant's space plan, Working Drawings, or any other item required to be delivered pursuant to Paragraph 5(a) on or before the date specified for such delivery; (VI) Tenant fails to commence construction of the Tenant Improvements within ninety (90) days after the Occupancy Date (subject to delay caused by Force Majeure Events); (VII) Tenant terminates the Lease pursuant to Paragraph 22(d) prior to completion of the Tenant Improvements and any Tenant Modifications, provided that in such event Tenant shall be entitled to any insurance proceeds attributable to the Tenant Improvements completed by Tenant prior to the casualty and Landlord shall be entitled to the entire face amount of the letter(s) of credit; and (VIII) Tenant fails to complete the Tenant Improvements within one hundred eighty (180) days after the Occupancy Date (subject to delay caused by Force Majeure Events), provided that if Landlord reasonably determines that Tenant is diligently pursuing construction of the Tenant Improvements, Landlord shall allow Tenant an additional thirty (30) days to complete the Tenant Improvements before a "Draw Event" is deemed to occu...