Advances by Issuer Sample Clauses
The "Advances by Issuer" clause defines the conditions under which the issuer of a financial instrument, such as a loan or credit facility, may provide funds or advances to the borrower. Typically, this clause outlines the process for requesting advances, any limitations on the amount or frequency, and the obligations of both parties regarding disbursement and repayment. For example, it may specify that advances can only be made up to a certain credit limit or require the borrower to meet specific conditions before funds are released. The core function of this clause is to establish clear procedures and boundaries for the provision of funds, thereby reducing misunderstandings and managing the risk of over-advancement.
Advances by Issuer. (a) In the event the Company shall fail to pay, or fail to cause to be paid, any tax, assessment, or governmental charge required to be paid by the provisions of Section 6.4 hereof, prior to the date upon which such tax, assessment or charge would become delinquent, or maintain, or cause to be maintained, the full insurance coverage required by the provisions of Section 6.5 hereof, the Issuer, with not less than ten (10) days' prior written notice to the Company and the Lender, may (but shall be under no obligation to) pay such tax, assessment, or governmental charge or obtain or maintain the required policy of insurance, and pay the premium or premiums on the same.
(b) All amounts so advanced by any person pursuant to subsections (a) of this Section shall be promptly reimbursed by the Company to the person making the advance, together with interest thereon from the date of such advance to the date of reimbursement at a rate per annum equal to twelve percent (12%) or the maximum rate of interest allowable by applicable law, whichever is less.
Advances by Issuer. The Issuer may, at its option, and without waiving its right to exercise any remedies under this Deed of Trust, pay either before or after delinquency any or all of those certain obligations required by the terms hereof and by the terms of the Loan Agreement to be paid by the Company for me protection of the Mortgaged Property or for the collection of the indebtedness hereby secured. All sums so advanced by the Issuer shall bear interest from the date of their advance at the Agreed Rate, and shall become a part of the original indebtedness secured hereby and shall be secured by this Deed of Trust.
Advances by Issuer. In the event the Company shall fail:
(a) to keep the Project Facility in the condition as required by Section 6.1;
(b) to pay all taxes or their equivalent, assessments or other governmental or utility charges as required by Section 6.2;
(c) to pay or cause to be satisfied and discharged any Liens filed or established against the Project Facility as required by Section 6.3; or
(d) to maintain the insurance required by Section 6.4, and the Agent does not make such payments on behalf of the Company, the Issuer may (but unless satisfactorily indemnified shall be under no obligation to) take such action as may be necessary to cure such failure after first giving 60 days notice in writing to the Company and the Agent, including the advancement of amounts of money, and all amounts so advanced therefor by the Issuer shall become an additional obligation of the Company to the one making the advance, which amounts the Company agrees to pay on demand.
Advances by Issuer. (a) In the event the Company shall fail to pay, or fail to cause to be paid, any tax, assessment, or governmental charge required to be paid by the provisions of Section 6.4 hereof, prior to the date upon which such tax, assessment or charge would become delinquent, or maintain, or cause to be maintained, the full insurance coverage required by the provisions of Section 6.5 hereof, the Issuer, with not less than ten (10) days' prior written notice to the Company and Desa, may (but shall be under no obligation to) pay such tax, assessment, or governmental charge or obtain or maintain the required policy of insurance, and pay the premium or premiums on the same.
(b) In the event that the Company or any other person shall permit any unsafe or dangerous condition to exist in the Project, the Issuer may (but shall be under no obligation to) notify the Company and Desa in writing of such condition, and if the Company or Desa shall fail to correct such condition, or cause such condition to be corrected, within (30) days after receipt of such notice, may (but shall be under no obligation to) make the required correction, improvement, or repair.
(c) All amounts so advanced by any person pursuant to subsections (a) or (b) of this Section shall be promptly reimbursed by the Company to the person making the advance, together with interest thereon from the date of such advance to the date of reimbursement at a rate per annum equal to twelve percent (12%) or the maximum rate of interest allowable by applicable law, whichever is less.
Advances by Issuer. In the event the Company fails to take out or maintain the full insurance coverage required by Section 7.04 or 7.05 of this Agreement or fails to pay the charges required to be paid hereunder at or prior to the time they are required to be paid, the Issuer may (but shall not be obligated to) take out such required policies of insurance and pay the premiums on the same, and pay such charges or such other amounts as are necessary to perform the Company’s obligations hereunder. In the event that the Issuer takes any of the foregoing actions, the Issuer shall notify the Company and the Trustee in writing. All amounts so advanced therefor by the Issuer shall become an additional obligation of the Company to the Issuer, which amounts, together with interest thereon at the rate equal to the interest rate on the Bonds from the date advanced, the Company agrees to pay on demand. Any remedy vested in the Issuer for the collection of loan repayments hereunder shall also be available to the Issuer for the collection of all such amounts so advanced.