Partial Draws Clause Samples

The Partial Draws clause allows a party to request and receive only a portion of the total funds or resources available under an agreement, rather than the full amount at once. In practice, this means that disbursements can be made in stages, such as after the completion of specific project milestones or upon submission of certain documentation. This clause is commonly used in construction contracts or loan agreements to ensure that funds are released in alignment with progress, thereby reducing financial risk and promoting accountability throughout the duration of the project.
POPULAR SAMPLE Copied 2 times
Partial Draws. Upon the occurrence of a monetary Event of Default under the Obligor Group Obligations, Landlord may, at its option, make a partial draw on the Letter of Credit in an amount not to exceed the amount of the Obligor Group Obligations then past due. If Landlord then applies the proceeds from such partial draw on the Letter of Credit to payment of all or any portion of the Obligor Group Obligations then past due, Tenant shall, within 10 days after notice from Landlord of such partial draw and payment, cause the amount of the Letter of Credit to be reinstated to the amount in effect prior to such partial draw. Tenant’s failure to comply with the requirements of this section shall be an immediate Event of Default under the Lease Documents without any notice (other than as provided for in this section), cure or grace period. Landlord’s rights under this §20.4 are in addition to, and not in limitation of, Landlord’s rights under §20.3.
View SourceView Similar (13)
Partial Draws. Upon the occurrence of a monetary Event of Default under this Lease, Landlord may, at its option, make a partial draw on the Letter of Credit in an amount not to exceed the amount of Tenant's monetary obligations under this Lease then past due. If Landlord then applies the proceeds from such partial draw on the Letter of Credit to payment of all or any portion of Tenant's monetary obligations then past due, Tenant shall, within 10 days after notice from Landlord of such partial draw and payment, cause the amount of the Letter of Credit to be reinstated to the amount in effect prior to such partial draw. Tenant's failure to comply with the requirements of this section shall be an immediate Event of Default under the Loan Documents without any notice (other than as provided for in this section), cure or grace
View Source
Partial Draws. In the event Lender submits a Draw Request for less than the full amount of the Letter of Credit and Escrow Agent, pursuant to the terms hereof (and after the conclusion of the Standstill Period), makes the Draw, Escrow Agent shall surrender the Letter of Credit to the Issuer in exchange for a new letter of credit (the “Replacement Letter of Credit”) with the same expiration date but that shall have a face amount equal to the Letter of Credit (or prior Replacement Letter of Credit, if applicable) less the amount of the Draw (and any prior Draws on the Letter of Credit). Escrow Agent shall hold any Replacement Letters of Credit pursuant to the terms and conditions of this Agreement.
View Source
Partial Draws. If any portion of the Letter of Credit is drawn by Landlord for such purposes (such portion, the “Draw Amount”), Tenant shall, within ten (10) days after written demand therefor, at Tenant’s election, (i) deposit one or more replacement Letters of Credit with Landlord in the aggregate amount then required by the terms hereof (i.e., $1,000,000), (ii) deliver to Landlord a cash deposit in an amount equal to the Draw Amount, or (iii) deposit one or more replacement Letters of Credit with Landlord and deliver to Landlord a cash deposit in an amount that, when added to the amount of such replacement Letter(s) of Credit, equals $1,000,000. Tenant’s failure to do so shall be a material breach of the Lease. If Tenant delivers to Landlord a cash deposit in accordance with the foregoing, Landlord shall hold such cash amount as a cash portion of the Security Deposit pursuant to the terms and conditions of Section 3(B) of the Lease or Landlord may, at Landlord’s election, convert such cash deposit into a letter of credit naming Landlord or Landlord’s lender as beneficiary. Tenant’s failure to act in accordance with clause (i), (ii) or (iii) above shall be an Event of Default under the Lease without any additional notice and cure period which shall entitle Landlord to draw upon the Letter of Credit for the full amount thereof and hold the cash proceeds of the Letter of Credit as a cash security deposit pursuant to the terms of Section 3(B) of the Lease or, at ▇▇▇▇▇▇▇▇’s election, to convert such cash deposit to a letter of credit naming Landlord or Landlord’s lender as beneficiary. Landlord DCB 34 Tenant D.A.
View Source
Partial Draws. CIT agrees that it will draw pro rata (based upon the relative amounts of the L/Cs) against the L/Cs in the event Agent draws for less than the full, aggregate amount of the L/Cs (other than drawings contemplated by clause (b) of the preceding paragraph, in which case CIT shall have the right to draw the full amount of the L/C that will not be extended).
View Source
Partial Draws. Upon the occurrence of a monetary Event of ------------- Default under this Lease, Landlord may, at its option, make a partial draw on the Letter of Credit in an amount not to exceed the amount of Tenant's monetary obligations then past due, Tenant shall, within 10 days after notice from Landlord of such partial draw and payment, cause the amount of the Letter of Credit to be reinstated to the amount in effect prior to such partial draw. Tenant's failure to comply with the requirements of this section shall be an immediate Event of Default under the Loan Documents without any notice (other than as provided for in this section), cure or grace period. Landlord's rights under this (S)20.4 are in addition to, and not in limitation of, Landlord's rights under (S)20.3.
View Source

Related to Partial Draws

  • Partial Prepayments Each partial prepayment of the Loans under §3.3 shall be in a minimum Dollar Equivalent amount of $1,000,000 or an integral multiple of $100,000 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial payment under §3.2 and §3.3 shall be applied first to the principal of any Outstanding Swing Loans, then, in the absence of instruction by the Borrowers, to the principal of Revolving Credit Loans (and with respect to each category of Loans, first to the principal of Base Rate Loans, and then to the principal of LIBOR Rate Loans).

  • Partial Condemnation In the event of a Condemnation of less than the whole of any Property such that such Property is still suitable for its Permitted Use, Tenant shall, to the extent of the Award and any additional amounts disbursed by Landlord as hereinafter provided, commence (or cause to be commenced) promptly and continue diligently to restore (or cause to be restored) the untaken portion of the applicable Leased Improvements so that such Leased Improvements shall constitute a complete architectural unit of the same general character and condition (as nearly as may be possible under the circumstances) as such Leased Improvements existing immediately prior to such Condemnation, in material compliance with all Legal Requirements, subject to the provisions of this Section 11.2. If the cost of the repair or restoration of the affected Property exceeds the amount of the Award, Tenant shall give Landlord Notice thereof which notice shall set forth in reasonable detail the nature of such deficiency and whether Tenant shall pay and assume the amount of such deficiency (Tenant having no obligation to do so, except that if Tenant shall elect to make such funds available, the same shall become an irrevocable obligation of Tenant pursuant to this Agreement). In the event Tenant shall elect not to pay and assume the amount of such deficiency, Landlord shall have the right (but not the obligation), exercisable at Landlord’s sole election by Notice to Tenant given within sixty (60) days after Tenant’s Notice of the deficiency, to elect to make available for application to the cost of repair or restoration the amount of such deficiency; provided, however, in such event, upon any disbursement by Landlord thereof, the Minimum Rent shall be adjusted as provided in Section 3.1.1(c). In the event that neither Landlord nor Tenant shall elect to make such deficiency available for restoration, either Landlord or Tenant may terminate this Agreement with respect to the affected Property and the entire Award shall be allocated as set forth in Section 11.5. Subject to the terms hereof, Landlord shall contribute to the cost of restoration that part of the Award necessary to complete such repair or restoration, together with severance and other damages awarded for the taken Leased Improvements and any deficiency Landlord has agreed to disburse, to Tenant regularly during the restoration period so as to permit payment for the cost of such repair or restoration. Landlord may, at its option, condition advancement of such Award and other amounts on (a) the absence of any Event of Default, (b) its approval of plans and specifications of an architect satisfactory to Landlord (which approval shall not be unreasonably withheld, delayed or conditioned), (c) general contractors’ estimates, (iv) architect’s certificates, (d) conditional lien waivers of general contractors, if available, (e) evidence of approval by all governmental authorities and other regulatory bodies whose approval is required, (f), if Tenant has elected to advance deficiency funds pursuant to the preceding paragraph, Tenant depositing the amount thereof with Landlord and (g) such other certificates as Landlord may, from time to time, reasonably require. Landlord’s obligation under this Section 11.2 to disburse the Award and such other amounts shall be subject to (x) the collection thereof by Landlord and (y) the satisfaction of any applicable requirements of any Facility Mortgage, and the release of such Award by the applicable Facility Mortgagee. Tenant’s obligation to restore the Leased Property shall be subject to the release of the Award by the applicable Facility Mortgagee to Landlord.

  • Partial Taking If any part of the Premises is taken and the remaining part after Landlord makes repairs and alterations is reasonably suitable, as reasonably determined by Landlord and Tenant, for Tenant’s continued occupancy for the purposes and uses permitted by this Lease, this Lease shall, as to the part so taken terminate as of the date that possession of such part of the Premises is taken and the Base Monthly Rental shall be reduced in the same proportion that the floor area of the portion of the Building so taken (less any addition thereto by reason of any reconstruction) bears to the original floor area of the Building. Tenant shall, at its sole cost and expense, make all necessary repairs or alterations to the Building so as to make the portion of the Building not taken a complete architectural unit in accordance with the terms and provisions of Section 19.4, Landlord shall make available to Tenant any condemnation proceeds it receives which are allocable to such portion of the Building in accordance with the terms and provisions of Section 19.4. Base Monthly Rental due and payable hereunder shall be temporarily abated during such restoration period in proportion to the degree to which Tenant’s use of Premises is impaired. Notwithstanding the foregoing, if more than twenty-five percent (25%) of the square footage of the Building is taken or sold under such threat, Landlord may terminate this Lease as of the date that the condemning authority takes possession by delivery of written notice of such election within twenty (20) days after Landlord has been notified of the taking or, in the absence thereof, within twenty (20) days after the condemning authority shall have taken possession.

  • Allocation of Partial Prepayments In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

  • Partial Destruction If any Facility’s Improvements are not substantially destroyed, then Tenant shall comply with the provisions of §9.4 and Landlord shall make the insurance proceeds available to Tenant for such restoration.