DEEMED ADVANCE. The Borrower acknowledges and agrees that, notwithstanding that the Interest Reserve is being retained and held by the Lender in accordance with the provisions set out herein, the original principal amount of the Interest Reserve shall be deemed to have been fully advanced by the Lender to the Borrower and interest at the rate and upon the terms set out in the Loan Documents shall be payable on such original principal amount of the Interest Reserve from and after the date of the initial advance of the Loan or such other date as specified by the Loan Documents.
DEEMED ADVANCE. The Advance under this Agreement is deemed to have been granted on the portion of the Producer’s Agricultural Product(s) first sold. The Producer shall not dispose of any other part of this Agricultural Product(s) for which the Advance was received. A repayment must be made by the Producer with the first sale of the Agricultural Product(s) for which an Advance was received except where:
(i) the Agricultural Product(s) are/is Livestock; and
(ii) the Producer provides to the Administrator proof of identification, supported by appropriate records, allowing for the identification of each unit of Livestock subject to Advance, the Advance under this Agreement is deemed to have been received on the portion of the Producer’s Agricultural Product identified.
DEEMED ADVANCE. For the purposes of Section 2.6, any Advances that have Interest Periods ending on the same date shall be treated as one Advance.
DEEMED ADVANCE. This Letter sets out our mutual agreement to treat the Settlement Amount as an advance (the "CLOSE OUT ADVANCE") deemed to have been lent to the Company by the Lender on the Close Out Date.
DEEMED ADVANCE. Unless the Borrower reimburses the Fronting Lender for the amount of such drawing prior to 10:00 a.m. (Local Time) on the fifth Business Day after such drawing (with concurrent advice to the Administrative Agent):
(a) the Borrower shall be deemed to have given an Accommodation Request to the Administrative Agent requesting the Revolving Lenders to make an Advance under the Revolving Facility, on such fifth Business Day, in the form and in an amount (subject to the minimum amount for the requested Advance in accordance with section 2.1(4) as follows:
(i) in respect of a drawing in Canadian Dollars, a Prime Rate Advance in the amount of such drawing;
(ii) in respect of a drawing in US Dollars, a Base Rate Advance in the amount of such drawing; and
(iii) in respect of a drawing in a currency other than Canadian Dollars or US Dollars, a Base Rate Advance in the Equivalent Amount in US Dollars of such drawing; and
(b) subject to the terms and conditions of this agreement (including those set forth in Article 6), the Revolving Lenders shall make such Advance in accordance with Article 3 and the Borrower shall apply the proceeds thereof (or required portion of such proceeds) to the reimbursement of the Fronting Lender for the amount of such drawing.
DEEMED ADVANCE. Any amount which a Lender pays to any third party on or after the date of maturity of a Bankers' Acceptance in satisfaction thereof which has not been provided for by Maxxcom in accordance with Section 5.13 or (without duplication) any amount which is owing to a Lender in respect of a Bankers' Acceptance or BA Equivalent Loan pursuant to Sections 5.13 or 5.14, as applicable, on or after the date of maturity of such Bankers' Acceptance or BA Equivalent Loan, as applicable, shall be deemed to be a Prime Rate Advance to Maxxcom under this Agreement. Interest shall be payable on such Prime Rate Advances in accordance with the terms hereof applicable to Prime Rate Advances.
DEEMED ADVANCE. L/CS Except for amounts which have been funded by the Borrower, any amount which the Issuing Bank or the Agent on behalf of the Lenders pays to any third party in respect of an L/C in satisfaction or partial satisfaction thereof shall also be deemed to be a Prime Rate Advance (in the case of Canadian Dollar L/Cs) or Base Rate Advances (in the case of U.S. Dollar L/Cs). The Issuing Bank shall forthwith give notice of the making of such an Advance to the Agent and the Borrower. Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
DEEMED ADVANCE. L/Cs Except for amounts which have been funded by the Borrower, any amount which the Issuing Bank pays to any third party in respect of an L/C in satisfaction or partial satisfaction hereof shall also be deemed to be a Prime Rate Advance in the case of Canadian Dollar L/Cs or a Base Rate Advance in the case of US Dollar L/Cs, in each case under the Credit under which the L/C was issued. The Issuing Bank shall forthwith give notice of the making of such an Advance to the Borrower and the Agent (which shall promptly give similar notice to the other Lenders in the case of Operating Credit 1). Interest shall be payable on such Advances in accordance with the terms applicable to such Advances.
DEEMED ADVANCE. Unless the Borrower reimburses the applicable Issuing Bank for the amount of such drawing prior to 10:00 a.m. (Pacific time) on the fifth Business Day after such drawing (with concurrent advice to the Administrative Agent):
(a) in respect of any drawing under a Revolving Letter of Credit, the Borrower shall be deemed to have given an Accommodation Request to the Administrative Agent requesting the Revolving Lenders to make an Advance under the Revolving Facility, on such fifth Business Day, in the Equivalent Amount in US Dollars of such drawing (disregarding the provisions of Section 2.1(4)) as follows:
(i) in respect of a drawing in US Dollars, an ABR Loan in the amount of such drawing; and
(ii) in respect of a drawing in a currency other than US Dollars, an ABR Loan in the Equivalent Amount in US Dollars of such drawing;
(b) in respect of a drawing under an Operating Letter of Credit, the Borrower shall be deemed to have given an Accommodation Request to the Operating Lender requesting the Operating Lender to make an Advance under the Operating Facility, on such fifth Business Day, in the form and in an amount (disregarding the provisions of Section 2.1(4)) as follows:
(i) in Canadian Dollars, a Canadian Prime Rate Loan in the amount of such drawing;
(ii) in respect of a drawing in US Dollars, an ABR Loan in the amount of such drawing; and
(iii) in respect of a drawing in a currency other than Canadian Dollars or US Dollars, an ABR Loan in the Equivalent Amount in US Dollars of such drawing; and
(c) subject to the terms and conditions of this Agreement (including those set forth in Article 6), the Revolving Lenders (in the case of a Revolving Letter of Credit) or the Operating Lender (in the case of an Operating Letter of Credit) shall be deemed to have made each such Advance in accordance with Article 3 and the Borrower shall be deemed to have applied the proceeds thereof (or required portion of such proceeds) to the reimbursement of the Revolving Lenders or the Operating Lender, as applicable, for the amount of such drawing.
DEEMED ADVANCE. Except for amounts which are paid from the proceeds of rollovers of a Bankers' Acceptance, any amount which the Lender pays to any third party on or after the date of maturity of a Bankers' Acceptance in satisfaction thereof or which is owing to the Lender in respect of such a Bankers' Acceptance on or after the date of maturity of such a Bankers' Acceptance, shall be deemed to be a Prime Rate Advance to the Borrower under Credit A under this Agreement. Except for amounts which have been funded by the Borrower, any amount which the Lender pays to any third party in respect of an L/C in satisfaction or partial satisfaction; thereof shall be deemed to be a Prime Rate Advance under Credit A. Interest shall be payable all on such Prime Rate Advances in accordance with the terms applicable to Prime Rate Advances.
