Examples of Interest Drawing in a sentence
Pursuant to the Indenture: (a) all of the Bonds that are allocable to the Loan shall initially bear interest at the Flexible Rate until the date, if any, upon which the Interest Rate determination method is changed as described in the Indenture, (b) while the Bonds bear interest at the Flexible Rate, interest shall be payable in arrears at the end of each applicable Flexible Rate Period, and (c) all interest on the Bonds shall be paid from the proceeds of an Interest Drawing under the Letter of Credit.
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received by the Subordination Agent in respect of an Interest Drawing under the Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be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 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").
Class A Trustee and (ii) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class B Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class B Cash Collateral Account, and payable in each case to the Class B Certificateholders or the Class B Trustee, shall be promptly distributed to the Class B Trustee.
If the Company has not reimbursed the Banks in full for such Interest Payment by making payment to the Administrative Agent within five Business Days after an Interest Drawing, the Administrative Agent shall notify the Banks to such effect.