Interest Advances. (a) With respect to each Determination Date for which the sum of Interest Proceeds and, if applicable, Principal Proceeds, collected during the related Due Period that are available to pay interest on the Notes in accordance with the Priority of Payments, are insufficient to remit the interest due and payable with respect to the Notes on the following Payment Date as a result of interest shortfalls on the Loan Obligations (the amount of such insufficiency, an “Interest Shortfall”), the Trustee shall provide the Advancing Agent with written notice of such Interest Shortfall no later than the close of business on the Business Day following such Determination Date. The Trustee shall provide the Advancing Agent with notice, prior to any funding of an Interest Advance by the Advancing Agent, of any additional interest remittances received by the Trustee after delivery of such initial notice that reduce such Interest Shortfall. No later than 5:00 p.m. (New York time) on the Business Day immediately preceding the related Payment Date (but in any event no earlier than one Business Day following the Advancing Agent’s receipt of notice of such Interest Shortfall), the Advancing Agent shall advance the difference between such amounts (each such advance, an “Interest Advance”) by deposit of an amount equal to such Interest Advance in the Payment Account, subject to a determination of recoverability by the Advancing Agent as described in Section 10.9(b), and subject in all events to a maximum limit in respect of any Payment Date equal to the lesser of (i) the aggregate of such Interest Shortfalls that would otherwise occur on the Notes and (ii) the aggregate of the interest payments not received in respect of Loan Obligations. Notwithstanding the foregoing, in no circumstance will the Advancing Agent be required to make an Interest Advance in respect of a Loan Obligation to the extent that the aggregate outstanding amount of all unreimbursed Interest Advances would exceed the aggregate outstanding principal amount of the Notes. Any Interest Advance made by the Advancing Agent with respect to a Payment Date that is in excess of the actual Interest Shortfall for such Payment Date shall be refunded to the Advancing Agent by the Trustee on the same Business Day that such Interest Advance was made (or, if such Interest Advance is made prior to final determination by the Trustee of such Interest Shortfall, on the Business Day of such final determination). The Advancing Agent...
Interest Advances. Notwithstanding the requirements contained in Section 2.10, Section 2.11 and Section 2.12, and provided that no Event of Default shall have occurred, Lender shall make an Advance on each Payment Date during the Construction Term from the Interest Reserve Line Item, if and to the extent funds remain available under such line item, to pay interest then due under the Note. Notwithstanding the foregoing, if and to the extent that funds are available in the Additional Interest Reserve Deposit, Lender shall first apply funds available in the Additional Interest Reserve Deposit to the payment of interest due, prior to making an Advance for such purpose. Nothing contained in this Section 2.15 shall limit or derogate from Borrower’s absolute and unconditional obligation to pay interest due under the Note.
Interest Advances. 4.2.1 On each Interest Payment Date and each Commitment Fee Date relating to a Facility which falls before the Initial Charter Hire Date of the Rig relating to the Advance Bareboat Hire which is financed by that Facility, the Lenders shall, subject to clause 3.2 and unless the Facility Agent has issued a notice pursuant to clause 11.3, be deemed to advance to the Borrower a principal amount equal to the amount of (a) interest then due for payment on the relevant Loan by the Borrower pursuant to clause 5.1 less the amount of any Swap Rebate (if any) payable to the Borrower on the relevant Interest Payment Date and/or, as the case may be, (b) Commitment Fee then due for payment on the undrawn Total Commitment of that Facility by the Borrower pursuant to clause 7.1.2.
4.2.2 Each amount deemed so advanced pursuant to clause 4.2.1 shall be treated as having been made and applied in or towards payment of the interest or, as the case may be, Commitment Fee in respect of which it is advanced and shall for all purposes of this Agreement be treated as an Interest Advance made by the Lenders and shall be capitalised so as to form part of the Rig A Loan, in respect of a Rig A Interest Advance or, as the case may be, the Rig B Loan in respect of a Rig B Interest Advance and shall bear interest in accordance with the other provisions of this Agreement. For the avoidance of doubt, no Drawdown Notice need be given by the Borrower in relation to an Interest Advance deemed to be made and applied pursuant to this clause 4.2.
4.2.3 The provisions of this clause 4.2 are without prejudice to the obligation of the Borrower to pay all amounts which are payable under this Agreement when due. If as a consequence of any term of this Agreement an Interest Advance is not deemed to be advanced, or the amount of an Interest Advance deemed to be advanced is less than the full amount of interest on the relevant Loan then due for payment pursuant to clause 5.1 or, as the case may be, the full amount of Commitment Fee on the undrawn Total Commitment of the relevant Facility then due for payment pursuant to clause 7.1.2, the Borrower shall be obliged to pay when due any such interest or, as the case may be, Commitment Fee to the extent not satisfied by an Interest Advance.
4.2.4 The Facility Agent will notify the Borrower as soon as practicable, but in any case, provided that the Facility Agent has received notification from the Borrower of the amount of any Swap Rebate payable to the Borrow...
Interest Advances. During the period during when the Property is contemplated to experience Operating Deficits, Lender shall make Advances to pay interest on the Loan in the amounts and at such times as required pursuant to the terms of the Loan
Interest Advances. Notwithstanding the provisions of Sections 4.01, 4.02 and 4.03, Advances for the payment of interest due under the Project Loan Notes shall be made in accordance with Section 5.03(b) hereof.
Interest Advances. On or after the Effective Date, if any Senior Advancing Party or its Affiliates receives any repayment or reimbursement of "Interest Advances" under the CDO Indentures and any payment of Advancing Agent Fee (as defined in the CDO Indentures), including, but not limited to, amounts received from collections, recoveries, income, proceeds, judgments, sales or operating income, such amounts shall be distributed in the following order of priority:
Interest Advances. Notwithstanding the requirements contained in Section 2.10, Section 2.11 and Section 2.12, and provided that no Event of Default shall have occurred, Lender shall make an Advance on each Payment Date during the Construction Term from the Interest Reserve Line Item, if and to the extent funds remain available under such line item, to pay interest then due under the Note. Notwithstanding the foregoing, if and to the extent that funds are available in the Additional Interest Reserve Deposit, Lender shall first apply funds
Interest Advances. No later than 12:00 noon Eastern Time on the third Business Day preceding each Distribution Date, the Servicer shall deliver to the Advancing Party, by facsimile or e-mail, followed up by a telephone call, to the persons and at the e-mail addresses, fax numbers and telephone numbers designated to the Servicer by the Advancing Party, a written report (an "Interest Advance Request") stating ------------------------ the sum (the "Aggregate Interest Delinquency") of (a) the interest accrued in ------------------------------ the related Due Period on the Mortgage Loans but uncollected as of the close of business on the last day of such Due Period (net of the Servicing Fees) and (b) with respect to each REO Property which was acquired during or prior to the related Due Period and as to which an REO Disposition did not occur during the related Due Period, an amount equal to the excess, if any, of interest on the Principal Balance of such REO Property computed at the related Mortgage Interest Rate (net of the Servicing Fees for the most recently ended Due Period) over the net income from the REO Property deposited in the Principal and Interest Account during such Due Period pursuant to Section 5.10, plus (c) principal portions of ------------ any Amounts Held for Future Distribution that were included in P&I Account Offsets on previous Distribution Dates and which have not been restored to the Principal and Interest Account out of Late Collections of such P&I Account Offsets pursuant to Section 5.01(h) and Section 5.04(ii), which principal would --------------- ---------------- otherwise have been included in Available Funds for the upcoming Distribution Date (the "Principal Restoration Amount"). ---------------------------- Each Interest Advance Request shall also identify the portion of the Aggregate Interest Delinquency attributable to each Mortgage Loan and REO Property (each an "Interest Delinquency Amount"), and indicate whether, in the --------------------------- Servicer's reasonable good faith judgment, each such Interest Delinquency Amount should be expected to be recoverable in the future out of Late Collections and (without duplication) Liquidation Proceeds of the related Mortgage Loan or REO Property, and shall state the aggregate amount of Interest Delinquency Amounts which the Servicer, in its reasonable good faith judgment, believes will be recoverable ("Recoverable Interest Delinquency Amounts"), with the understanding ----------------------------...
Interest Advances. Capital Co. shall, from time to time during any period that Placer LLC remains obligated pursuant to the U.S. Bank Loan, advance to Placer LLC the amount equal to the positive difference, if any, between (i) interest due and payable (or about to become due an payable) by Placer LLC to U.S. Bank with respect to the U.S. Bank Loan and (ii) funds available to Placer LLC to pay such interest, including funds derived from distributions made pursuant to the TPS or the Capital Co. Preferred Stock; provided, however, that in no event shall Capital Co. be obligated to make any such advance at any time that Capital Co. has deferred the payment of interest in respect of the Notes.
Interest Advances. Section 10.8
