Common use of Postponement of Advance Clause in Contracts

Postponement of Advance. If the Holders make a Certificate Advance requested pursuant to an Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in such Advance Request and as a result no Advance is then made to Lessee, the Lessee shall pay to the Trustee, for the benefit of each Holder, interest on the amount funded by each Holder at a rate equal to the sum of the Alternate Base Rate plus the Alternate Base Rate Margin (determined as of the date of such funding) for the period from the date of each such Advance to the date such Advance is returned to such Holder or such Advance Date shall have occurred, less any interest earned by the Trustee on behalf of the Holders by investing such funded amounts. Trustee (or its assignee) shall not be required to invest such funds in interest-bearing investments, but Trustee (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Requisite Holders) invest such funds in short term money market instruments at the written authorization and direction of Lessee (or if an Event of Default exists, the Requisite Holders), to the extent it is practicably able to do so. The Trustee shall provide a written statement of any such investments to the Holders reasonably promptly thereafter. Such interest shall be due and payable by the Lessee upon the occurrence of such postponed Advance Date or upon return of such funds to the Holders. Such payment of interest shall be an additional condition precedent to the postponed Advance Date. If any Advance Date shall not have occurred by the third Business Day following the Advance Date in respect thereof, then all such interest shall be due and payable on such date, and the Trustee shall refund to each Holder all amounts funded by such Holder and all accrued interest allocable to such Holder. No additional Advance Request shall be required if an Advance Date is postponed and thereafter consummated.

Appears in 1 contract

Samples: Participation Agreement (Station Casinos Inc)

AutoNDA by SimpleDocs

Postponement of Advance. If the Holders Lenders make a Certificate Advance Loan requested pursuant to an the Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in such the Advance Request and as a result no Advance is then made to LesseeRequest, the Lessee shall pay to the TrusteeTrust Company, for the benefit of each HolderLender, interest on the amount funded by each Holder Lender at a rate equal to the sum of the Alternate Base Rate plus the Alternate Base Rate Margin (determined as of the date of such funding) for the period from the date of each such Advance to the date such Advance is returned to such Holder Lender or such Advance Date date shall have occurred, less any interest earned by the Trustee Trust Company on behalf of the Holders Lenders by investing such funded amounts. Trustee Trust Company (or its assignee) shall not be required to invest such funds in interest-interest bearing investments, but Trustee Trust Company (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Requisite HoldersRequired Lenders) invest such funds in short term money market instruments at the written authorization and direction of Lessee (or if an Event of Default exists, the Requisite Holders), Cash Equivalents to the extent it is practicably able to do so. The Trustee shall provide a written statement of any such investments to the Holders reasonably promptly thereafter. Such interest shall be due and payable by the Lessee upon the occurrence of such postponed Advance Date or upon return of such funds to the HoldersLenders. Such payment of interest shall be an additional condition precedent to the postponed such Advance Date. If any the Advance Date shall not have occurred by the third Business Day following the Advance Date in respect thereof, then all such interest shall be due and payable on such date, and the Trustee Trust Company shall refund to each Holder Lender all amounts funded by such Holder Lender and all accrued interest allocable to such HolderLender. No additional Advance Request shall be required if an the Advance Date is postponed and thereafter consummated. SECTION 2.6.

Appears in 1 contract

Samples: Participation Agreement (Stratosphere Corp)

Postponement of Advance. If the Holders Lenders make a Certificate Advance Loan requested pursuant to an Advance Request and the conditions precedent to such Advance have not been satisfied on the date specified in such the Advance Request and as a result no Advance is then made to LesseeRequest, the Lessee Lessees shall pay to the TrusteeBank, for the benefit of each HolderLender, interest on the amount funded by each Holder Lender at a rate equal to the sum of the Alternate Base Assumed Rate plus the Alternate Base Rate Margin (determined as of the date of such funding) for the period from the date of each such Advance to the date such Advance is Participation Agreement returned to such Holder Lender or such Advance Date shall have occurred, less any interest earned by the Trustee Bank on behalf of the Holders Lenders by investing such funded amounts. Trustee The Bank (or its assignee) shall not be required to invest such funds in interest-bearing investments, but Trustee the Bank (or its assignee) shall upon direction of Lessee Lessees (or, if an Event of Default exists, the Requisite HoldersRequired Lenders) invest such funds in short term money market instruments at the written authorization and direction of Lessee (or if an Event of Default exists, the Requisite Holders), Cash Equivalents to the extent it is practicably able to do so. The Trustee shall provide a written statement of any such investments to the Holders reasonably promptly thereafter. Such interest shall be due and payable by the Lessee Lessees upon the occurrence of such postponed Advance Date or upon return of such funds to the HoldersLenders. Such payment of interest shall be an additional condition precedent to the postponed such Advance Date. If any Advance Date shall not have occurred by the third Business Day following the proposed Advance Date in respect thereof, then all such interest shall be due and payable on such date, and the Trustee Bank shall refund to each Holder Lender all amounts funded by such Holder Lender and all accrued interest allocable to such HolderLender to the extent the Bank has received such interest. No additional Advance Request shall be required if an Advance Date is postponed and thereafter consummated.

Appears in 1 contract

Samples: Participation Agreement (Grand Casinos Inc)

AutoNDA by SimpleDocs

Postponement of Advance. If the Holders Lenders make a Certificate Advance Loan ----------------------- requested pursuant to an Advance Request and the conditions precedent to such Advance have not been satisfied or otherwise waived in writing on the date specified in such Advance Request and as a result no Advance is then made to LesseeRequest, the Lessee shall pay to the TrusteeLessor, for the benefit of each HolderLender, interest on the amount funded by each Holder Lender at a rate equal to the sum of the Alternate Base Rate plus the Alternate Base Rate Margin two percent (2.00%) (determined as of the date of such funding) for the period from the date of each such Advance Loan to the date the proceeds of such Advance is Loan are returned to such Holder Lender or such Advance Date shall have occurred, less any interest earned by the Trustee Lessor on behalf of the Holders Lenders by investing such funded amounts. Trustee Lessor (or its assignee) shall not be required to invest such funds in interest-bearing investments, but Trustee Lessor (or its assignee) shall upon direction of Lessee (or, if an Event of Default exists, the Requisite Holders) Required Lenders), invest such funds in short term money market instruments at the written authorization and direction of Lessee (or if an Event of Default exists, the Requisite Holders), Cash Equivalents to the extent it is practicably able to do so. The Trustee shall provide a written statement of any such investments to the Holders reasonably promptly thereafter. Such interest shall be due and payable by the Lessee upon the occurrence of such postponed Advance Date or upon return of such funds Loan proceeds to the HoldersLenders. Such payment of interest shall be an additional condition precedent to the postponed Advance Datesuch requested Advance. If any Advance Date shall not have occurred by the third Business Day following the original requested date therefor and the conditions precedent to such Advance Date in respect thereofhave not been satisfied due to an action or omission of Lessee or any other Person other than the Participants, then all such interest shall be due and payable on such datethird Business Day following the requested Advance Date, and the Trustee Lessor shall refund to each Holder Lender all amounts funded by such Holder Lender and all accrued interest allocable to such HolderLender. No additional Advance Request shall be required if an Advance Date is postponed and thereafter consummated.

Appears in 1 contract

Samples: Participation Agreement (HCS Ii Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!