Tender Advances Sample Clauses
The Tender Advances clause outlines the terms under which advance payments are made to a contractor or supplier before the commencement or completion of work. Typically, this clause specifies the amount or percentage of the contract price to be paid upfront, the conditions that must be met to receive the advance (such as providing a bank guarantee or insurance), and the schedule for repayment or deduction from future payments. Its core practical function is to provide the contractor with necessary working capital at the outset of a project, thereby facilitating smooth project initiation and reducing financial strain.
Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such (a "Tender Advance"); provided that if the conditions of said Section 8.2 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon on the earlier to occur of (i) such date as Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d) hereof, (ii) on the date 366 days following the date of such Tender Advance, or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST on the date of such prepayment of the amount to be prepaid.
(b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.
Tender Advances. (a) If any LC Issuer shall make any payments under a ▇▇▇▇ ▇▇ pursuant to a Tender Draft to pay the purchase price of Bonds being purchased upon a tender thereof, and the conditions set forth in Section 2.2 shall have been fulfilled, such payments shall automatically be deemed to constitute and shall be an advance made by such LC Issuer to the Borrower on the date and in the amount of such payment, each such advance being a “Tender Advance” and collectively the “Tender Advances”; provided, that if such conditions are not satisfied the payments made by such LC Issuer shall immediately become due and payable.
(b) Subject to Sections 1.1.9 and 5.2, the principal amount of each Tender Advance, together with all accrued and unpaid interest thereon, shall be due and payable on the earlier of (i) the date that is thirty (30) days after the making of such Tender Advance (or if such date is not a Business Day, the next succeeding Business Day) and (ii) the applicable ▇▇▇▇ ▇▇ Expiration Date.
(c) Upon each Tender Draft there shall be delivered to the Trustee, as agent for the Administrative Agent, registered in the name of the Borrower but with the Administrative Agent registered as pledgee, in duly transferable form, the Bonds purchased with the proceeds of such Tender Draft, i.e. the Pledged Bonds (or in the alternative, as provided in the Pledge Agreement for certificated Bonds held by The Depository Trust Company or its nominee or a similar securities depository, the Trustee shall cause its records in its capacity as a “DTC participant” or similar capacity with respect to another depository, to reflect beneficial ownership of the Pledged Bonds by the Borrower subject to the lien and security interest of the Administrative Agent). As security for the payment of each Tender Advance under this Agreement, the Borrower is pledging to the Administrative Agent pursuant to the Pledge Agreement, and granting to the Administrative Agent, for the benefit of the Administrative Agent, the LC Issuers and the Lenders, a security interest in, all of its right, title and interest in and to all Pledged Bonds arising in connection with a Tender Draft.
(d) Upon payment to the Administrative Agent or the applicable LC Issuer of any Tender Advance (together with all accrued interest thereon), other than payment from the proceeds of a remarketing of the Bonds with respect to which such Tender Advance was made pursuant to the applicable Indenture, and provided that the Administrative Ag...
Tender Advances. If the Bank shall make any payment of that portion of the purchase price corresponding to principal of the Bonds drawn under the Letter of Credit pursuant to a Tender Drawing and the conditions set forth in Subsection 3(d) shall have been fulfilled, each such payment shall constitute a Tender Advance made by the Bank to the Borrower on the date and in the amount of such payment. The Borrower shall repay the unpaid principal amount of each Tender Advance on the earliest of: (i) any demand for payment following the occurrence of an Event of Default hereunder, (ii) such date as is provided for in Paragraph 2(f)(ii) hereof, (iii) that date which is designated as the required payment date in a written notice sent by the Bank to the Borrower (provided that (a) such required payment date with respect to any Tender Advance shall be not sooner than 120 days after the date on which such Tender Advance was made, and (b) the required payment date shall be not sooner than 30 days after such notice is given) or (iv) the Termination Date of the Letter of Credit. The Borrower may prepay such amount on an earlier date as provided in Paragraph 2(f)(i) hereof.
Tender Advances. If the Bank shall make any payment of that portion of the purchase price corresponding to principal of and interest on the Bonds from amounts drawn under the Letter of Credit pursuant to a C Drawing and the conditions set forth in Section 3.03 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Company on the date and in the amount of such payment, each such tender advance being a "Tender Advance". Notwithstanding any other provision hereof, the Company shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon, on the earlier to occur of (i) such date as provided in Section 2.07(b) hereof, (ii) the date thirty (30) days following such Tender Advance or (iii) the Credit Termination Date. The Company may prepay any such amounts on an earlier date as provided in Section 2.07(a) hereof.
Tender Advances. (a) If the Bank shall make any payment of that portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 3.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon, on the earlier to occur of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in Section 3.3(d) hereof; (ii) on the date one year following
Tender Advances. (a) If the Bank shall make any payment of that portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 7.3 have not been fulfilled, the amount so drawn
Tender Advances. If the Bank shall make any payment of that portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft (as defined in the Letter of Credit) and the conditions set forth in Section 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall not be considered a Tender Advance and shall be payable in accordance with the terms of Sections 3.2(a) and (b) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon, on the earlier to occur of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in the last paragraph of this letter 3.11 hereof; (ii) on the date six months following the date of such Tender Advance; or
Tender Advances. The amount of each Tender Drawing shall constitute a Bond Letter of Credit Loan on the date and in the amount of such drawing, each such advance being hereinafter referred to as a "Tender Advance." The Company shall repay to Agent, for the ratable benefit of Lenders, the amount of each Tender Advance (and unpaid accrued interest on such amount, if any) on the earlier of (i) the remarketing, pursuant to Section 507 of the Indenture, of the Bonds purchased with the proceeds of the related Tender Drawing and (ii) the date for such payment as provided for in the Credit Agreement.
Tender Advances. If the Bank shall make any payment of that portion of the purchase price corresponding to principal of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft, the Guarantor shall, from the proceeds of Loans (as defined in the Credit Agreement) requested by it pursuant to the Credit Agreement or from other funds of the Guarantor, reimburse the Bank in full for the amount of such Tender Draft, and such payment shall constitute an intercompany loan made by the Guarantor to the Company on the date and in the amount of such payment, each such intercompany loan being a "TENDER ADVANCE". The Company shall repay to the Guarantor the unpaid principal amount of each Tender Advance on the earliest of (i) such date as provided in Section 2.07(b), or (ii) the Credit Termination Date. The Company may prepay such amount on an earlier date as provided in Section 2.07(a). All such repayments or prepayments by the Company of Tender Advances shall be made to the Bank and applied by the Bank to the repayment of outstanding Loans of the Guarantor under the Credit Agreement until all such Loans are paid in full and thereafter shall be paid over by the Bank to the Guarantor.
Tender Advances. 9 --------------- SECTION 2.06. Interest on Tender Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 --------------------------- SECTION