Interest Drawing definition
Examples of Interest Drawing in a sentence
The Interest Component shall be reduced immediately following our honoring any draft drawn hereunder to pay unpaid interest on Eligible Bonds or to pay that portion of the purchase price or redemption price corresponding to unpaid interest on Eligible Bonds, in each case by an amount equal to the amount of such draft (any such drawing being an "Interest Drawing").
Notwithstanding anything to the contrary contained in this Agreement, all payments received by the Subordination Agent in respect of an Interest Drawing under the Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be promptly distributed to the Class A Trustee.
The Company shall pay to TDF an amount equal to $3,000.00 for each Interest Drawing, Principal Drawing or Reserve Fund Deficiency Drawing (all as defined in the Letter of Credit) made by the Trustee under the Letter of Credit.
In the event of an Interest Drawing under the Letter of Credit, the Interest Component of the Letter of Credit Amount shall, as provided in paragraph 5(a) of the Letter of Credit and subject to the conditions therein set forth, be automatically reinstated by an amount equal to the amount of such drawing.
Company hereby agrees to pay to the Credit Bank the amount of each Principal Drawing and each Interest Drawing no later than 1:00 p.m. (Pacific time) on the first Business Day following the date of payment by the Credit Bank of such Drawing, plus interest at the Credit Provider Rate on such amounts from and including the date such amounts are paid by the Credit Bank until payment in full by Company (as determined by the Credit Bank).