Failed Advance definition
Failed Advance. Defined in Section 2.10(c).
Failed Advance means the absence of one or more of the Conditions to Advance in respect of the Notes (in the sole and absolute determination of the Series Calculation Agent) on or before the relevant Securities Lending Adjustment Date and/or the non- payment of an Advance by one or more of the Noteholders in which case the request in respect of such Advance will be cancelled in accordance with paragraph 1.7 of this Annex 1.
Examples of Failed Advance in a sentence
In no event shall the indemnity which the Lender is entitled to receive for a Failed Advance pursuant to the foregoing sentence exceed the amount of Interest that the Lender would have received had such Failed Advance been made and been outstanding for one Accrual Period, with Interest on the amount of such Failed Advance being determined by application of a per annum interest rate equal to the Base Rate plus 2.0%.