Examples of Redemption Drawing in a sentence
The Borrower hereby agrees to pay to the Bank immediately after (and on the same Business Day as) any amount is drawn under the Letter of Credit pursuant to any Interest Drawing, Partial Redemption Drawing or Final Drawing or pursuant to any Tender Drawing (but as to a Tender Drawing, except as otherwise provided below, only to the extent that such drawing represents accrued interest on the Bonds), a sum equal to the amount so drawn.
The Borrower agrees in the case of any redemption of Bonds under Section 302 of the Indenture, to deposit an amount equal to the amount to be drawn by the Trustee under the resulting Redemption Drawing (as defined in the Letter of Credit) with the Bank, which amount shall be deposited not later than thirty-one (31) days prior to the redemption date.
Upon the payment by the Bank of the amount demanded in said Redemption Drawing, the Bank shall immediately reimburse itself from said collateral and remit any excess to the Borrower.