Postponement of Advance Clause Examples for Any Agreement

Postponement of Advance. If the Certificate Purchasers ------------------------- have made Advances requested pursuant to an Advance Request and the conditions precedent to such Advance have not been satisfied or waived on the date specified in the Advance Request (each, a "Postponed Advance"), Deepwater shall ----------------- pay to the Charter Trustee and the Investment Trust, for the benefit of each Certificate Purchaser which has made a Postponed Advance, yield (the "Postponement Yield") on the Advance funded by such Certificate Purchaser at a ------------------- rate equal to the Certificate Return Rate. Neither the Investment Trust nor the Charter Trustee shall be required to invest such funds in interest-bearing accounts, but the Charter Trustee shall, upon the direction of Deepwater (or, if an Event of Default exists, the Required Certificate Purchasers), invest such funds in Permitted Investments to the extent it is able to do so. Amounts held by the Charter Trustee and the Investment Trust may be pooled for this purpose. The Postponement Yield shall be due and payable by Deepwater upon the occurrence of the postponed Advance Date and such payment shall be an additional condition precedent to such Advance Date. On such postponed Advance Date, the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8, to distribute the Postponed Advances in accordance with Section 2.6 and to distribute any proceeds of Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances to each Certificate Purchaser pro rata (based on the relation that such --- ---- Certificate Purchaser's Postponed Advance bears to the aggregate of all such Postponed Advances) for application to Deepwater's obligation to pay Postponement Yield. Any accrued Postponement Yield thereafter remaining unpaid shall be deemed to be Certificate Return and shall be capitalized to the extent permitted under Section 2.9 (and, to the extent so capitalized, shall constitute Capitalized Certificate Return). No additional Advance Request shall be required if an Advance Date is postponed and thereafter timely consummated. If any Advance Date (including the Initial Advance Date) has not occurred by the third Business Day following the date specified in the Advance Request in respect thereof, then all Postponement Yield shall be due and payable on such third Business Day (and shall not be capitalized pursuant to Section 2.9), and...
Source 1See All (5)
Postponement of Advance. The Utility, at its option, may postpone, for a period not to exceed five years, that portion of an advance which it estimates would be refunded under the provisions of this rule. At the end of such refund period, the Utility shall collect all such amounts not previously advanced which were not then refundable. When advances are postponed, the applicant may be required to furnish to the Utility evidence of the necessary approvals to commence construction and of adequate financing. A surety bond satisfactory to the Company, or other Utility-approved surety, may be required to assure payment of any postponed amounts at the end of the postponement period.
Source 1
Postponement of Advance. If the Certificate Purchasers have made Advances requested on the Closing Date or any Postponed Advance Date and the conditions precedent to such Advance have not been satisfied or waived on such date (as such, a "Postponed Advance"), Deepwater shall pay to the Charter Trustee and the Investment Trust, for the benefit of each Certificate Purchaser which has made a Postponed Advance, yield (the "Postponement Yield") on the Advance funded by such Certificate Purchaser at a rate equal to the Certificate Return Rate. Neither the Investment Trust nor the Charter Trustee shall be required to invest such funds in interest-bearing accounts, but the Charter Trustee shall, upon the direction of Deepwater (or, if an Event of Default exists, the Required Certificate Purchasers), invest such funds in Permitted Investments to the extent it is able to do so. Amounts held by the Charter Trustee and the Investment Trust may be pooled for this purpose. The Postponement Yield shall be due and payable by Deepwater upon the occurrence of the postponed Advance Date and such payment shall be an additional condition precedent to such Advance Date. On such postponed Advance Date, the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8, to distribute the Postponed Advances in accordance with Section 2.6 and to distribute any proceeds of Permitted Investments held pursuant to this Section 2.8 in excess of the amount of the Postponed Advances to each Certificate Purchaser pro rata (based on the relation that such Certificate Purchaser's Postponed Advance bears to the aggregate of all such Postponed Advances) for application to Deepwater's obligation to pay Postponement Yield. Any accrued Postponement Yield thereafter remaining unpaid shall be deemed to be Certificate Return and shall be capitalized and the amount thereof shall be added to the Certificate Purchaser Amount of each Certificate Purchaser entitled thereto. No additional Advance Request shall be required if an Advance Date is postponed and thereafter timely consummated. If the Advance Date has not occurred by the third Business Day following the date specified in the Advance Request in respect thereof, then all Postponement Yield shall be due and payable on such third Business Day (and shall not be capitalized pursuant to this Section), the Charter Trustee is hereby directed to liquidate any Permitted Investments then held pursuant to this Section 2.8 and to pay ...
Source 1

Related to Postponement of Advance

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

  • Making of Advances (a) Subject to Section 2.06(d), each Interest Advance shall be made by the Liquidity Provider upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Borrower, such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such time and used solely for the payment when due of interest with respect to the Class A Certificates at the Stated Interest Rate therefor in accordance with Section 3.05(a) and 3.05(b) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of such Interest Advance so repaid, but not to exceed the Maximum Commitment; provided, however, that, subject to Section 2.06(d), the Maximum Available Commitment shall not be so reinstated at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing or (y) a Final Advance, a Downgrade Advance, a Non-Extension Advance or a Special Termination Advance shall have occurred. (b) (i) A Non-Extension Advance shall be made by the Liquidity Provider if this Agreement is not extended in accordance with Section 3.05(d) of the Intercreditor Agreement unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Borrower in accordance with said Section 3.05(d), upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex II, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account in accordance with Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement.

  • Disbursement of Advances (a) Upon receiving any Request for Revolving Credit Advance from Borrowers under Section 2.3 hereof, Agent shall promptly notify each Revolving Credit Lender by wire, telex or telephone (confirmed by wire, telecopy or telex) of the amount of such Advance being requested and the date such Revolving Credit Advance is to be made by each Revolving Credit Lender in an amount equal to its Revolving Credit Percentage of such Advance. Unless such Revolving Credit Lender’s commitment to make Revolving Credit Advances hereunder shall have been suspended or terminated in accordance with this Agreement, each such Revolving Credit Lender shall make available the amount of its Revolving Credit Percentage of each Revolving Credit Advance in immediately available funds to Agent, as follows: (i) for Prime-based Advances, at the office of Agent located at Xxx Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxx 00000, not later than 1:00 p.m. (Detroit time) on the date of such Advance; and (ii) for Eurodollar-based Advances, at the Agent’s Correspondent for the account of the Eurodollar Lending Office of the Agent, not later than 12:00 p.m. (the time of the Agent’s Correspondent) on the date of such Advance. (b) Subject to submission of an executed Request for Revolving Credit Advance by Borrowers without exceptions noted in the compliance certification therein, Agent shall make available to Borrowers the aggregate of the amounts so received by it from the Revolving Credit Lenders in Dollars: (i) for Prime-based Advances, not later than 4:00 p.m. (Detroit time) on the date of such Revolving Credit Advance, by credit to an account of Borrowers maintained with Agent or to such other account or third party as Borrowers may reasonably direct in writing, provided such direction is timely given; and (ii) for Eurodollar-based Advances, not later than 4:00 p.m. (the time of the Agent’s Correspondent) on the date of such Revolving Credit Advance, by credit to an account of Borrowers maintained with Agent’s Correspondent or to such other account or third party as Borrowers may direct, provided such direction is timely given. (c) Agent shall deliver the documents and papers received by it for the account of each Revolving Credit Lender to such Revolving Credit Lender. Unless Agent shall have been notified by any Revolving Credit Lender prior to the date of any proposed Revolving Credit Advance that such Revolving Credit Lender does not intend to make available to Agent such Revolving Credit Lender’s Percentage of such Advance, Agent may assume that such Revolving Credit Lender has made such amount available to Agent on such date, as aforesaid. Agent may, but shall not be obligated to, make available to Borrowers the amount of such payment in reliance on such assumption. If such amount is not in fact made available to Agent by such Revolving Credit Lender, as aforesaid, Agent shall be entitled to recover such amount on demand from such Revolving Credit Lender. If such Revolving Credit Lender does not pay such amount forthwith upon Agent’s demand therefor and the Agent has in fact made a corresponding amount available to Borrowers, the Agent shall promptly notify Borrowers and Borrowers shall pay such amount to Agent, if such notice is delivered to Borrowers prior to 1:00 p.m. (Detroit time) on a Business Day, on the day such notice is received, and otherwise on the next Business Day, and such amount paid by Borrowers shall be applied as a prepayment of the Revolving Credit (without any corresponding reduction in the Revolving Credit Aggregate Commitment), reimbursing Agent for having funded said amounts on behalf of such Revolving Credit Lender. The Borrowers shall retain their claims against such Revolving Credit Lender with respect to the amounts repaid by it to Agent and, if such Revolving Credit Lender subsequently makes such amounts available to Agent, Agent shall promptly make such amounts available to the Borrowers as a Revolving Credit Advance. Agent shall also be entitled to recover from such Revolving Credit Lender or Borrowers, as the case may be, but without duplication, interest on such amount in respect of each day from the date such amount was made available by Agent to Borrowers, to the date such amount is recovered by Agent, at a rate per annum equal to: (i) in the case of such Revolving Credit Lender, for the first two (2) Business Days such amount remains unpaid, the Federal Funds Effective Rate, and thereafter, at the rate of interest then applicable to such Revolving Credit Advances; and (ii) in the case of Borrowers, the rate of interest then applicable to such Advance of the Revolving Credit. Until such Revolving Credit Lender has paid Agent such amount, such Revolving Credit Lender shall have no interest in or rights with respect to such Advance for any purpose whatsoever. The obligation of any Revolving Credit Lender to make any Revolving Credit Advance hereunder shall not be affected by the failure of any other Revolving Credit Lender to make any Advance hereunder, and no Revolving Credit Lender shall have any liability to the Borrowers or any of their respective Subsidiaries, the Agent, any other Revolving Credit Lender, or any other party for another Revolving Credit Lender’s failure to make any loan or Advance hereunder.

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.