Refund of Advance Sample Clauses

Refund of Advance. The Utility shall establish on its records, for the benefit of, and in the name of the Developer, a "Refundable Advance Account" in an amount equal to the actual cost of the Main Extension, which shall be subject to refund to the Developer to the extent, at the time and in the manner provided herein. The Utility agrees, that for a period of ten (10) years after the date of transfer of the Main Extension, for each customer which is directly connected to the Main Extension, the Utility will, as soon as practicable, but no less than one time per year, refund to the Developer an amount by which is equal to three (3) times the estimated annual revenue from the service to each new customer, less the amount of the Utility's investment, if any, to connect the service. All refunds paid under this Agreement shall reduce the amount in the Refundable Advance Account established in the Developer's name. In no event shall the total amount of refunds to be paid by the Utility to the Developer under this Agreement exceed the Cost of the Main Extension, such amount being the limit of the Utility's obligation for refunds hereunder. EXAMPLE
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Refund of Advance. Party B has to start refunding of advance from July 2004 and should complete the total refund by January 2005 as below:
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Refund of Advance. Only if the Developer selects Option One in Section 6 above, the Utility shall establish on its records, for the benefit of, and in the name of the Developer, a "Refundable Advance Account" in an amount equal to the actual cost of the Main Extension, which shall be subject to refund to the Developer to the extent, at the time and in the manner provided herein. The Utility agrees, that for a period of ten (10) years after the date of transfer of the Main Extension, for each customer which is directly connected to the Main Extension, the Utility will, as soon as practicable, but no less than one time per year, refund to the Developer an amount by which is equal to three (3) times the estimated annual revenue from the service to each new customer, less the amount of the Utility's investment, if any, to connect the service. All refunds paid under this Agreement shall reduce the amount in the Refundable Advance Account established in the Developer's name. In no event shall the total amount of refunds to be paid by the Utility to the Developer under this Agreement exceed the Cost of the Main Extension, such amount being the limit of the Utility's obligation for refunds hereunder.
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Related to Refund of Advance

  • Repayment of Advances If the identity of the Servicer shall change, the predecessor Servicer shall be entitled to receive reimbursement for outstanding and unreimbursed Simple Interest Advances made pursuant to Section 4.4 by the predecessor Servicer.

  • Prepayment of Advances No Borrower shall have the right to prepay any principal amount of any Advances other than as provided in this Section 2.07.

  • Conversion of Advances The Borrower may on any Business Day, upon notice given to the Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion and subject to the provisions of Sections 2.02(b), 2.09 and 2.15, Convert all Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that (i) any Conversion of any Eurodollar Rate Advances into Base Rate Advances shall be made on, and only on, the last day of an Interest Period for such Eurodollar Rate Advances, except as provided in Section 2.15, and (ii) Advances comprising a Borrowing may not be Converted into Eurodollar Rate Advances if the outstanding principal amount of such Borrowing is less than $10,000,000 or if any Event of Default under Section 6.01(a) shall have occurred and be continuing on the date the related notice of Conversion would otherwise be given pursuant to this Section 2.16. Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on the Borrower. If any Event of Default under Section 6.01(a) shall have occurred and be continuing on the third Business Day prior to the last day of any Interest Period for any Eurodollar Rate Advances, the Borrower agrees to Convert all such Advances into Base Rate Advances on the last day of such Interest Period.

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