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FL » Topics » Drawings

This excerpt taken from the FL 8-K filed May 21, 2008.
Drawings. Upon receipt from the beneficiary of any Letter of Credit of a demand for payment under such Letter of Credit, the applicable LC Agent shall determine in accordance with the terms of such Letter of Credit whether such demand for payment should be honored. If such LC Agent determines that any such demand for payment should be honored, such LC Agent shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing under such Letter of Credit. Such LC Agent shall thereupon notify the Company and the Administrative Agent of the amount of such drawing paid by it.

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