LC Draw definition

LC Draw is defined in Section 1.3.

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LC Draw means the draw on the LC Proceeds.

LC Draw an Interest Drawing, a Principal Drawing, a Premium Drawing, or a Remarketing Drawing.

Examples of LC Draw in a sentence

• Tenant hereby acknowledges and agrees that Landlord is entering into this Lease in material reliance upon the ability of Landlord to draw upon the L-C upon the occurrence of any L-C Draw Event.

• If an LC Draw occurs other than on the Reprice Date, the initial one-month LIBOR rate shall be that one-month LIBOR rate in effect two New York Banking Days prior to the date of the LC Draw, which rate plus the percentage described above shall be in effect until the next Reprice Date.

• In the event that the LC Draw Amount (together with accrued interest) has not been repaid to Bank within ten (10) Business Days, then the Bank may, without further notice to the Company and at Bank’s sole option, reimburse itself from the Account applicable to the Letter of Credit.

• In the event that the funds contained in the Account are not sufficient to reimburse the Bank for the LC Draw Amount plus accrued interest, the Bank shall have the right to declare any remaining funds due and payable by written notice to the Company.

• In the event that the Bank pays any sum (a "LC Draw Amount") drawn by the beneficiary of an outstanding Letter of Credit (a "LC Draw"), interest shall immediately start to accrue on the LC Draw Amount at the Adjusted One Month LIBOR Rate (hereinafter defined), and such interest shall continue to accrue until reimbursement in full to the Bank.

• Each remittance of Collections and Supporting LC Draw Proceeds by or on behalf of the Borrower to the Lenders (or to the Collateral Agent, the Administrative Agent or any Group Agent on their behalf) under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower, and (ii) made in the ordinary course of business or financial affairs of the Borrower.

• Each Commitment LC Draw shall be deemed to be a Capital Contribution for all purposes of this Agreement.

• Each Notice of LC Draw shall set forth the amount of the requested drawing or demand, the amount of funds then on deposit in the Letter of Credit Collateral Account, and the amount of any unreimbursed LC Amount that will remain after the LC Issuer withdraws funds from the Letter of Credit Collateral Account pursuant to Section 1.6(d)(i) (such amount, the “Unreimbursed LC Amount”).

• The proceeds of any such Revolving Credit Loans shall be applied directly by the Bank to reimburse the Bank for the Unreimbursed L/C Draw plus accrued interest on such amount.

• Immediately after giving effect to any Loan on a Borrowing Date and the application of Collections and Supporting LC Draw Proceeds in accordance with Section 3.01(d) , (e) and (f) on such Borrowing Date, no Pool Deficiency Amount (calculated without giving effect to clause (ii) of the definition thereof) will exist.

More Definitions of LC Draw

LC Draw has the meaning specified in Section 2.01.

LC Draw is defined in Section 1.3. "LC Draw Amount" is defined in Section 1.3. "Letter of Credit" is defined in Section 1.1. "Loan Documents" is defined in Section 3.1. "Material Adverse Effect" is defined in Section 3.1. "Maximum Rate" is defined in Section 7.10. "New York Banking Day" is defined in Section 2.1. "Obligations" is defined in Section 2.2. "One Month LIBOR Rate" is defined in Section 2.1. "Reimbursement Agreement" is defined in Section 1.1. “Person” is defined in Section 6.1. "Reprice Date" is defined in Section 2.1. "Security Agreement" is defined in Section 1.1. "Superseded Agreements" is defined in Section 7.5. Exhibits: Exhibit A Form of Letter of Credit Exhibit B Form of Application Exhibit C Reimbursement Agreement Exhibit D Security Agreement Schedules: Schedule 4.3 Schedule of Company Subsidiaries [SIGNATURE PAGE FOLLOWS] IN WITNESS WHEREOF, the Company and the Bank have caused this Agreement to be duly executed as of the Effective Date first written above. M/I HOMES, INC., an Ohio corporation By: Its: Senior Vice President, Finance and Business Development and Treasurer U.S. BANK NATIONAL ASSOCIATION, a national banking association By: Its: EXHIBIT A Form of Letter of Credit U.S. BANK NATIONAL ASSOCIATION SWIFT: ▇▇▇▇▇▇▇▇▇▇▇ INTERNATIONAL DEPT. SL-MO-L2IL TELEX: ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ TELEPHONE: ▇▇▇-▇▇▇-▇▇▇▇ ▇▇. ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ FACSIMILE: ▇▇▇-▇▇▇-▇▇▇▇ DATE: BENEFICIARY: OUR IRREVOCABLE LETTER OF CREDIT NO. SLCLSTL0XXXX GENTLEMEN: WE HEREBY ISSUE OUR IRREVOCABLE LETTER OF CREDIT NO. SLCLSTL0XXXX IN FAVOR OF YOURSELVES FOR THE ACCOUNT OF UP TO THE AGGREGATE AMOUNT OF USD (AMOUNT IN WORDS AND 00/100 UNITED STATES DOLLARS) AVAILABLE BY YOUR DRAFT AT SIGHT DRAWN ON U.S. BANK NATIONAL ASSOCIATION, ST. LOUIS, MISSOURI ACCOMPANIED BY: A DATED AND SIGNED STATEMENT APPEARING ON ITS FACE TO BE EXECUTED BY BENEFICIARY OR DULY AUTHORIZED AGENT THEREOF CERTIFYING THAT: “ .” THIS INSTRUMENT MUST BE PRESENTED WITH THE ABOVE REFERENCED DOCUMENTS FOR NEGOTIATION. DRAFTS MUST BE DRAWN AND PRESENTED AT U.S. BANK NATIONAL ASSOCIATION, INTERNATIONAL DEPT., SL-MO-L2IL, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ NOT LATER THAN (EXPIRY DATE). EACH DRAFT MUST STATE THAT IT IS “DRAWN UNDER U.S. BANK NATIONAL ASSOCIATION, ST. LOUIS, MISSOURI LETTER OF CREDIT NO. SLCLSTL0XXXX DATED (ISSUANCE DATE).” WE HEREBY ENGAGE WITH THE DRAWERS OF ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT, THAT SUCH DRAFTS WILL BE DULY HONORED UPON PRESENTATION TO THE DRAWE...