Principal Drawing definition

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

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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

Each such reduction shall be effective on the day of the honoring by us of such Purchase Drawing or Principal Drawing, as the case may be, and shall automatically result in a corresponding aggregate reduction in the Stated Amount.
On or after any Principal Drawing under the IDB Letter of Credit if for any reason Senior Notes (Sunbelt IDB) are not exchanged for Senior Notes (Other) in accordance with the provisions of this Section, then from and after the date of such Principal Drawing a principal amount of the Senior Notes (Sunbelt IDB) equal to the amount drawn under the IDB Letter of Credit shall, for all purposes, be deemed to be represented by a Senior Note (Other) in such principal amount.
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.
Each Principal Drawing honored by us hereunder shall automatically reduce (i) the Principal Component and the amount available to be drawn hereunder by subsequent Purchase Drawings or Principal Drawings by an amount equal to the amount of such Principal Drawing and (ii) the Interest Component and the amount available to be drawn hereunder by subsequent Interest Drawings to an amount equal to 120 days' accrued interest (computed as described below) on the Principal Component as so reduced.
In addition, the Lessee shall pay (a) a late charge in an amount equal to 2% of the amount of any payment which is made more than 15 days after the date on which the same is due and payable (except for any payment with respect to a Bond Purchase Principal Drawing), and (b) all costs of collection, including reasonable attorneys’ fees, if this Reimbursement Agreement is referred to an attorney for collection after default by the Issuer.

More Definitions of Principal Drawing

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.

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

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 a drawing under the Letter of Credit, accompanied by a certificate in the form of Annex A to the Letter of Credit.