Deemed Advances. (a) If:
(i) a Borrower takes a Payment Holiday in respect of a Loan in the Covered Bond Portfolio in accordance with the relevant Mortgage Conditions and each of the Deemed Advance Preconditions (as defined below) are satisfied at such time, the amount equal to the unpaid interest and principal associated with that Payment Holiday and any such payment shall be deemed to constitute an Advance; or
(ii) there is any increase in the True Balance of a Loan due to the Seller making a Further Advance or Line of Credit Loan Drawing to a Borrower occurs, such increase shall be deemed to constitute an Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time; or
(iii) on any Calculation Date, there is an increase in the Outstanding Principal Balance of Loans in the immediately preceding Calculation Period (being the period between the last most recent Calculation Date and the current Calculation Date) due to Capitalized Interest and/or Capitalized Arrears accruing on a Loan shall be deemed to constitute an Advance if each of the Deemed Advance Preconditions set out below are satisfied at such time.
(b) The preconditions to a Deemed Advance are the following (collectively the Deemed Advance Preconditions):
(i) the aggregate amount of all Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Total Credit Commitment; and
(ii) such Deemed Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such deemed Advance; and
(iii) the aggregate outstanding amount of all Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and
(iv) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.
Deemed Advances. Notwithstanding Subsection 2.2(a) above, each advance made prior to the Original Restatement Date by a member of the Nortel Corporation Group to a member of the Nortel Limited Group, or vice versa, shall be deemed to be an Advance made under this Agreement, effective as of the Original Restatement Date,
(i) in a principal amount equal to the principal amount outstanding as of the Original Restatement Date plus accrued and unpaid interest,
(ii) in the currency of the original advance, and
(iii) at an interest rate (if any) determined in accordance with Article 3; except that, if any such advance does not comply with the terms and conditions of this Agreement, including but not limited to the conditions contained in Section 3.2 and Section 6.1, as though the advance was a new Advance made as of the Original Restatement Date, then such advance shall not be deemed to be an Advance made under this Agreement and shall be fully excluded from this Agreement.
Deemed Advances a. The parties acknowledge that the Lender is a borrower pursuant to an Amended and Restated Loan and Security Agreement with Maximilian Resources LLC, a Delaware limited liability company, as lender (“Maximilian”), dated as of August 28, 2013, as amended on August 21, 2014 and May 20, 2015, and as is further being amended in connection with this Agreement (as amended, the “Daybreak Loan Agreement” and the amendment being entered into in connection with this Agreement, the “Daybreak Third Amendment”), pursuant to which Maximilian has extended to the Lender loans (the “Daybreak Loans”), a portion of which are used to extend the Loans to the Borrower and another portion of which are used to fund the Lender’s participation in the drilling and development of xxxxx pursuant to that certain Operating Agreement dated August 28, 2013 (the “Operating Agreement”) by and between the Company and the Lender. The Daybreak Third Amendment provides for temporary reductions in monthly payments with respect to the Daybreak Loans, which have allowed the Lender to temporarily reduce the Required Monthly Payment pursuant to Section 2 above. The Daybreak Third Amendment provides that, for each reduced monthly payment, the portion of the difference between what it pays Maximilian and what it would have been required to pay Maximilian had the Daybreak Third Amendment not been entered into, which portion would have been applied to the payment of interest or commitment fees, shall be treated as an advance to the Lender under the Daybreak Loan Agreement. Further, an additional amount equal to twenty percent (20%) of the entire difference between what the Lender pays Maximilian and what it would have been required to pay Maximilian had the Daybreak Third Amendment not been entered into shall also be treated as an advance to the Lender under the Daybreak Loan Agreement. Each amount described in this Section that is treated as an advance to the Lender is referred to herein as, each, a “Deemed Advance” and, collectively, the “Deemed Advances”.
b. In consideration of the agreements contained herein, the Company and the Lender agree that a percentage of each Deemed Advance shall be treated as an Advance under the Loan Agreement made as of the time such amounts are deemed advanced to the Lender under the Daybreak Loan Agreement (such Advances, the “App Deemed Advances”) and added to the Drawn Amount, such percentage to be determined by the Lender in good faith in its sole discretion, but g...
Deemed Advances. (1) The Lender shall notify the Borrower on or before the date on which any Foreign Exchange Hedging Arrangement becomes due and the Borrower shall deposit in the Payment Account an amount, in same day funds, equal to the amount due and payable under such Foreign Exchange Hedging Arrangement.
(2) Unless (i) prior to 11:00 a.m. on the Business Day immediately prior to the maturity date of any Foreign Exchange Hedging Arrangement the Borrower notifies the Lender that it intends to reimburse the Lender for the amount due and payable under such Foreign Exchange Hedging Arrangement; and (ii) on such maturity date, the Borrower shall have made payment to the Lender for the amount due and payable under such Foreign Exchange Hedging Arrangement in same day funds equal to the amount due and payable under such Foreign Hedging Exchange Arrangement, then (iii) a request shall be deemed to have been given by the Borrower to the Lender requesting the Lender to make a Base Rate (Canada) Advance in respect of Foreign Exchange Hedging Arrangements made thereunder on the date on which the amount under any Foreign Exchange Hedging Arrangement is due and payable thereunder, in an amount equal to the Hedging Risk Exposure under such Foreign Exchange Hedging Arrangement or such lesser amount as may be required; and (iv) on the date such Foreign Exchange Hedging Arrangement is due and payable the Lender shall make such Base Rate (Canada) Advance (notwithstanding that the making of such Advance would cause the Lending Limit to be exceeded) and the Lender shall apply the proceeds thereof to the reimbursement of the Lender for the Hedging Risk Exposure under such Foreign Exchange Hedging Arrangement.
(3) The Borrower shall, notwithstanding the provisions of Section 6.5(2) and in addition to its obligations thereunder, pay to the Lender on the maturity date of any Foreign Exchange Hedging Arrangement all amounts owing to the Lender in excess of the amount in respect of the Hedging Risk Exposure paid to the Lender pursuant to Section 6.5(2).
Deemed Advances. Notwithstanding anything to the contrary in this Agreement, Advances may also be made in the following manner: Lilly Beter Capital Group, Ltd., as the Lender's agent, may pay funds from time to time on behalf of the Company to vendors of the Company or third party professional service providers such as accountants and attorneys, including fees and expenses due to Lilly Beter Capital Group, Ltd. by the Company. Any such payments that are identified in writing to the Company as an Advance hereunder shall be deemed an Advance. The Company shall be given notice of any such deemed Advance as soon as practicable after the making of such deemed Advance.
Deemed Advances. Except for amounts which are paid from the proceeds of rollovers of a Bankers' Acceptance, or for which payment has otherwise been funded by the Canadian Borrowers, any amount which a Canadian 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 Canadian Lender in respect of such a Bankers' Acceptance on or after the date of maturity of such a Bankers' Acceptance, shall at the option of Canadian Administrative Agent, be deemed to be a Canadian Revolving Loan at the rate of interest then applicable to Canadian Revolving Loans which are Base Rate Loans.
Deemed Advances. (a) The Existing Outstanding Amount with respect to each Lender shall be deemed to be an Advance made under Facility A on the Commencement Date, without any liability on the part of the Borrower for any breakage costs or other fees or commissions, and shall be included within the calculation of each Lender’s Facility A Commitment and Facility A Outstandings as at the date of this Agreement.
(b) The UMB Outstandings shall be deemed to be an Advance made under the UMB Facility on the Commencement Date, without any liability on the part of the Borrower for any breakage costs or other fees or commissions.
Deemed Advances. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with the Lender, or with respect to any other Obligation, become due, same shall be deemed a request for an Advance as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with the Lender, and such request shall be irrevocable.
Deemed Advances. Except for amounts which are paid from the proceeds of rollovers of a Bankers' Acceptance, or for which payment has otherwise been funded by PCI Canada, any amount which a BA 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 such BA Lender in respect of such a Bankers' Acceptance on or after the date of maturity of such a Bankers' Acceptance, shall at the option of Canadian Funding Agent, be deemed to be a Revolving Loan to PCI Canada under this Agreement.
Deemed Advances. If there is any increase in the True Balance of a Loan due to an Originator making a Further Advance to a Borrower and such Further Advance is sold to the Guarantor by the Issuer or the True Balance of a Loan is increased due to Capitalized Interest or Capitalized Arrears, such increase shall be deemed to constitute a Revolving Advance if each of the Deemed Advance Preconditions set out below is satisfied at such time. The preconditions to a Deemed Advance are the following (collectively the “Deemed Advance Preconditions”):
5.3.1 the aggregate amount of all Revolving Advances outstanding at such time after giving effect to such Deemed Advance does not exceed the Revolving Commitment; and
5.3.2 such Deemed Advance does not result in the Guarantor being unable to satisfy the Asset Coverage Test on a pro forma basis following such Deemed Advance; and
5.3.3 the aggregate outstanding amount of Advances after giving effect to such deemed Advance does not exceed the Total Credit Commitment; and
5.3.4 no Issuer Event of Default, Guarantor Event of Default or Demand Loan Repayment Event has occurred.
