Principal Drawing definition

Principal Drawing has the meaning given to that term by the Letter of Credit.

Principal Drawing shall have the meaning set forth in the Letter of Credit.

Principal Drawing means a drawing under the Letter of Credit pursuant to a Principal Drawing, as defined in the Letter of Credit, to pay principal of the Bonds upon (i) optional redemption, (ii) a purchase in lieu of redemption or (iii) the occurrence of an acceleration.

Examples of Principal Drawing in a sentence

• Immediately after each Principal Drawing to pay the redemption price of a Periodic Principal Redemption under the Bonds allocable to the Loan, the Trustee shall withdraw funds from the Borrower’s Principal Account in an amount equal to the amount of such Principal Drawing allocable to the Loan in order to reimburse Bank for principal paid in connection with such Principal Drawing.

• Appendix A to this Loan Agreement provides that a portion of the Bonds allocable to the Loan shall be payable through periodic redemptions in accordance with a schedule set forth therein, if any (the Periodic Principal Redemptions) and the Indenture provides that the redemption price payable at the time of each Periodic Principal Redemption on such Bonds shall be paid from the proceeds of a Principal Drawing under the Letter of Credit.

• The Letter of Credit (i) shall be in substantially the form of Exhibit A attached hereto, (ii) shall have a term ending on the Stated Expiration Date (subject to earlier termination as set forth therein) and shall have an initial Stated Amount of $124,800,000 (as the same may be reduced from time to time by a Principal Drawing or as a result of cancellation of Bonds, the INITIAL STATED AMOUNT).

• The Company shall receive a credit against its reimbursement obligation pursuant to Paragraph 3(a)(ii) hereof with respect to any Principal Drawing or Interest Drawing to the extent of any payment with respect to such reimbursement obligation made by the Trustee to the Bank, pursuant to the Trust Agreement from the funds held by the Trustee under the Trust Agreement.

• 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.

More Definitions of Principal Drawing

Principal Drawing means a drawing pursuant to Annex A of the Letter of Credit.

Principal Drawing means a Drawing under a Letter of Credit to pay principal of the Bonds (other than Bonds registered in name of the Obligor) required to be made by the Obligor upon the maturity thereof, upon acceleration or upon the optional or mandatory redemption thereof, all pursuant to the Bonds and the Indenture.

Principal Drawing and "Interest Drawing."

Principal Drawing is used as defined in each of the Credit Enhancement Letters of Credit, as the context requires.

Principal Drawing means any drawing under the IDB Letter of Credit for the purpose of paying the principal, premium, if any or other amounts coming due and payable on the IDB Bonds, other than interest. If any drawing under the IDB Letter of Credit is applied to the payment of both interest on the Sunbelt Bonds and principal, premium and other amounts other than interest, it shall be deemed a Principal Drawing to the extent that such drawing is applied to the payment of principal, premium and amounts other than interest and an Interest Drawing to the extent proceeds of such drawing are applied to pay interest on the Sunbelt Bonds.

Principal Drawing means that portion of each Drawing used to pay the principal of Notes at maturity.

Principal Drawing means a drawing under the Letter of Credit to pay the principal amount of Bonds, whether at maturity, upon redemption or acceleration thereof.