Common use of Right to Make Advances Clause in Contracts

Right to Make Advances. If an advance of funds shall at any time be required for the preservation or maintenance of any Collateral, then, upon three Business Days' notice to the applicable Obligor, the Collateral Agent or either Secured Party shall be entitled (but shall not be obligated) to make such advance (it being understood that the Trustee shall not be obligated to make any such advance other than in accordance with the terms of the Indenture and that the Term Loan Agent shall not be obligated to make any such advance other than in accordance with the terms of the Term Loan Agreement). Each such advance shall be reimbursed, with interest from the date such advance was made (at the rate initially borne by the Notes or the Term Loan Notes, as applicable), by the applicable Obligor, upon demand by the Collateral Agent or such Secured Party, as the case may be, and if the applicable Obligor fails to comply with any such demand, out of the proceeds of any sale of or other realization upon any Collateral distributed pursuant to clause FIRST of Section 4.1. In the event either Secured Party shall receive any funds which, under this Section 2.4, belong to the Collateral Agent or the other Secured Party, such Secured Party shall remit such funds promptly to the Collateral Agent for distribution to the Collateral Agent or such other Secured Party, as the case may be, and prior to such remittance shall hold such funds in trust for the Collateral Agent or such other Secured Party, as the case may be.

Appears in 1 contract

Samples: Intercreditor and Collateral Agency Agreement (Pci Carolina Inc)

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Right to Make Advances. If In the event an advance of funds shall at any time be required in the reasonable judgment of the Administrative Agent for the preservation or maintenance of any Collateral, thenany Credit Agreement Secured Party, upon three Business Days' notice to with the applicable Obligorconsent of the Administrative Agent (or, if the Collateral Requisite Secured Parties shall have assumed the right and authority of the Administrative Agent or either as contemplated by Section 3.03(b), with the consent of the Requisite Secured Party Parties), shall be entitled (but shall not be obligated) to make such advance (it being understood that after reasonable notice to the Trustee shall not be obligated Borrower of its intention to make do so but without notice to any such advance other than in accordance with the terms of the Indenture and that the Term Loan Agent shall not be obligated to make any such advance other than in accordance with the terms of the Term Loan Agreement)Secured Party. Each such advance shall be reimbursedrepaid, with interest from the date such advance was made (at the rate initially borne by the Notes or the Term Loan Notes, as applicable)applicable Default Rate, by the applicable Obligor, Borrower upon demand by the Collateral Administrative Agent and in any event, whether or not such Secured Party, as the case may be, and if the applicable Obligor fails to comply with any such demanddemand shall have been made, out of the proceeds of any sale of or other realization upon any Collateral distributed pursuant to clause FIRST First of Section 4.14.01. In the event either any Secured Party shall receive any funds which, under this Section 2.43.04, belong to the Collateral Agent Trustee or the any other Secured Party, such Secured Party shall remit such funds promptly to the Collateral Agent Trustee for distribution to the Collateral Agent Trustee or such other Secured Party, as the case may be, and prior to such remittance shall hold such funds in trust for the Collateral Agent Trustee or such other Secured Party, as the case may be.

Appears in 1 contract

Samples: Intercreditor and Collateral Trust Agreement (Panamsat Corp /New/)

Right to Make Advances. If In the event an advance of funds shall at any time be required for the preservation or maintenance of any Collateral, then, upon three Business Days' notice to the applicable Obligor, the Collateral Agent Trustee or either Secured Party any Lender shall be entitled (but shall not be obligated) to make such advance (it being understood that the Trustee shall not be obligated after notice to make AWNA of its intention to do so but without notice to any such advance other than in accordance with the terms of the Indenture and that the Term Loan Agent shall not be obligated to make any such advance other than in accordance with the terms of the Term Loan Agreement)Secured Party. Each such advance shall be reimbursed, with interest accrued from the date such advance was made (at the rate initially borne by set forth in Section 2.13(c) of the Notes or Credit Agreement (the Term Loan Notes, as applicable"Default Rate"), by the applicable Obligor, AWNA upon demand by the Collateral Agent Trustee or such Secured Party, as the case may beLender, and if the applicable Obligor AWNA fails to comply with any such demand, out of the proceeds of any sale of or other realization upon any Collateral distributed pursuant to clause FIRST of Section 4.14.01. In the event either any Secured Party shall receive any funds which, under this Section 2.42.04, belong to the Collateral Agent Trustee or the any other Secured Party, such Secured Party shall remit such funds promptly to the Collateral Agent Trustee for distribution to the Collateral Agent Trustee or such other Secured Party, as the case may be, and prior to such remittance shall hold such funds in trust for the Collateral Agent Trustee or such other Secured Party, as the case may be.

Appears in 1 contract

Samples: Collateral Trust Agreement (Allied Waste North America Inc/De/)

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Right to Make Advances. If In the event an advance of funds shall at any time be required for the preservation or maintenance of any Collateral, then, upon three Business Days' notice to the applicable Obligor, the Collateral Agent Trustee or either Secured Party any Senior Lender shall be entitled (but shall not be obligated) to make such advance (it being understood that the Trustee shall not be obligated after notice to make AWNA of its intention to do so but without notice to any such advance other than in accordance with the terms of the Indenture and that the Term Loan Agent shall not be obligated to make any such advance other than in accordance with the terms of the Term Loan Agreement)Secured Party. Each such advance shall be reimbursed, with interest accrued from the date such advance was made (at the rate initially borne by set forth in Section 2.13(c) of the Notes or the Term Loan Notes, as applicableCredit Agreement ("Default Rate"), by the applicable Obligor, AWNA upon demand by the Collateral Agent Trustee or such Secured Party, as the case may beLender, and if the applicable Obligor AWNA fails to comply with any such demand, out of the proceeds of any sale of or other realization upon any Collateral distributed pursuant to clause FIRST First of Section 4.14.01. In the event either any Secured Party shall receive any funds which, under this Section 2.42.04, belong to the Collateral Agent Trustee or the any other Secured Party, such Secured Party shall remit such funds promptly to the Collateral Agent Trustee for distribution to the Collateral Agent Trustee or such other Secured Party, as the case may be, and prior to such remittance shall hold such funds in trust for the Collateral Agent Trustee or such other Secured Party, as the case may be.

Appears in 1 contract

Samples: Collateral Trust Agreement (Allied Waste Industries Inc)

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