Common use of Draws Under Letters of Credit Clause in Contracts

Draws Under Letters of Credit. Request or receive any draws under any letters of credit pursuant to which the Borrower is the beneficiary without first making the same part of the Collateral secured hereunder pursuant to a direction to pay proceeds agreement or other instrument satisfactory to Ex-Im Bank in its sole discretion.

Appears in 2 contracts

Sources: Loan, Security and Guarantee Agreement (Ener-Core Inc.), Loan Agreement (Ener-Core Inc.)