Right to Draw Sample Clauses
Right to Draw. (i) If the Security Deposit is in the form of cash, in the event of any default (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof) by Tenant hereunder, Landlord shall have the right, but shall not be obligated, to apply all or any portion of the Security Deposit to compensate Landlord (whether in whole or in part) for such default, in which event, within fifteen (15) days thereafter, Tenant shall be obligated to deposit with Landlord the amount necessary to restore the balance of the Security Deposit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the payment by Tenant to restore such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled.
(ii) If the Security Deposit is in the form of a Letter of Credit, Landlord shall have the right to draw upon the Letter of Credit in whole or in part and apply the proceeds thereof as may be necessary to compensate Landlord for any default under this Lease on the part of Tenant, and Tenant, within fifteen (15) days after Landlord delivers written demand therefor to Tenant, shall forthwith restore the Letter of Credit to its original amount; provided, however, neither the application of the Security Deposit as set forth above nor the restoration by Tenant of such Security Deposit shall operate to cure such default or to estop Landlord from pursuing any remedy to which Landlord would otherwise be entitled. Should Landlord elect to draw the full amount of the Letter of Credit upon a default by Tenant (after the expiration of any applicable cure period expressly set forth in Section 16.01 hereof), Tenant expressly waives any right it might otherwise have to prevent Landlord from drawing on the Letter of Credit and agrees that an action for damages and not injunctive or other equitable relief shall be Tenant's sole remedy in the event Tenant disputes Landlord's claim to any such amounts.
(iii) Landlord shall have the right to draw upon the Letter of Credit in any of the following circumstances: (i), if the total assets of the issuer of the Letter of Credit are at anytime less than Three Billion Dollars ($3,000,000,000.00), or such issuer has a Standard & Poor's commercial paper rating of less than A-1 (provided if at anytime the current Standard & Poor's commercial paper rating system is no longer in existence, a comparable rat...
Right to Draw. 27 E. Right to Pledge or Assign. . . . . . . . . . . . . . . . . . . . . . . . . . . 28 F.
Right to Draw. 27 E. Right to Pledge or Assign....................................... 27 F.
Right to Draw. Lender shall have the right to draw upon the Borrower Letter of Credit in the full amount thereof upon the occurrence of any Default. In the event that the Borrower Letter of Credit will not be renewed for any reason, Borrower shall either (a) deliver a substitute or replacement letter of credit in form and content reasonably satisfactory to Lender (a "Replacement Letter of Credit") prior to the date (the "Replacement Date") that is thirty (30) days prior to the expiration of the Borrower Letter of Credit or (b) elect to reinstate the Capital Expenditure Impounds by delivering to Lender the sum of $61,308 (the "Reinstatement Deposit") prior to the Replacement Date and $10,218 on each payment date thereafter for payment or reimbursement of Capital Expenditures. The failure of Borrower to either deliver a Replacement Letter of Credit or the Reinstatement Deposit prior to the Replacement Date shall be considered a Default under the Loan Documents, and Lender shall, in addition to any other remedy available to Lender under the Loan Documents, be entitled to draw upon the Borrower Letter of Credit in the full amount thereof.
Right to Draw. Lender shall have the right to draw upon the Borrower Letter of Credit in the full amount thereof upon the occurrence of (i) any Default or (ii) the receipt by Lender of notice stating that the Borrower Letter of Credit will not be renewed (as provided for in such Borrower Letter of Credit) and, in the event of such nonrenewal (whether by notice by the issuing bank or otherwise), the failure of Borrower to deliver a substitute or replacement letter of credit in form and content satisfactory to Lender prior to the date that is thirty (30) days prior to the expiration of the Borrower Letter of Credit.
Right to Draw. Lessor shall be entitled to draw on that portion of the ------------- Letter of Credit which Lessor in good faith determines to be necessary to cure Lessee's default (or, in the event Lessor is barred by applicable law, specifically including any laws with respect to insolvency, from issuing to Lessee a default notice, Lessee's breach) of any Lease provision(s). Any such draw shall be made by ▇▇▇▇▇▇'s written signed statement to the drawee bank of (i) a default by Lessee or its Transferee(s) under this Lease (and the passing of the applicable cure period provided in the Lease without a cure of the default, subject to the provisions of Section 10.6 below) or (ii) a breach of the Lease by Lessee with respect to which Lessor is barred by applicable law, specifically including any laws with respect to insolvency, from issuing to Lessee a default notice. No other act or notice whatsoever shall be required by ▇▇▇▇▇▇ in order to be entitled to draw on the entire sum of the Letter of Credit. Any sums remaining after deduction by Lessor of the amounts owed by Lessee pursuant to the default or breach under this Lease shall be treated as a Security Deposit as provided in Section 10.3 below.
Right to Draw. Subject to paragraph E below, PIC or its successors in interest may draw, at any time and from time to time, without diminution or restriction because of the insolvency of either PIC or Cumis, upon the established letter of credit, trust fund or subsequent cash deposit.