Tranche 2 Advance Sample Clauses

Tranche 2 Advance. For the Tranche 2 Advance, Borrower shall make fifteen (15) monthly payments of interest only (payable in arrears) on each Payment Date (the “Tranche 2 Interest Only Period”). Thereafter, Borrower shall make twenty-seven (27) equal payments of principal and interest (payable in arrears) on each Payment Date until the Tranche 2 Advance is paid in full (the “Tranche 2 Amortization Period”). The amount of each such payment shall be sufficient to fully amortize the principal and interest due on the applicable Tranche 2 Advance over such Tranche 2 Amortization Period.
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Tranche 2 Advance. Borrower shall pay interest in arrears on the unpaid principal amount of the Tranche 2 Advance from the date of such Advance until such Advance is paid in full at a variable per annum rate of interest equal to the greater of: (A) the Prime Rate determined as of fifteen (15) days before the date of the applicable payment plus five hundred fifty (550) basis points or (B) eight and 3/4 percent (8.75%), based on a year of 360 days and actual days elapsed.
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Tranche 2 Advance. Subject to the terms and conditions of this Agreement, beginning on the date the Performance Milestone is achieved and continuing through June 30, 2021, Borrowers may request, and the Lenders shall severally (and not jointly) make, an additional Term Loan Advance in a principal amount of Five Million Dollars ($5,000,000) (the “Tranche 2 Advance”).”
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Tranche 2 Advance. Subject to the terms and conditions of this Agreement and the achievement of the Tranche 2 Milestone, beginning upon the earlier of (i) the drawing of 100% of the Term Commitment in respect of the Tranche 1-C Advance or (ii) December 16, 2026, Borrower may request, and the Lenders shall severally (and not jointly) make, in each case on or prior to June 15, 2027, additional Term Loan Advances in an aggregate principal amount up to Twenty-Five Million Dollars ($25,000,000) in minimum draws of at least Ten Million Dollars ($10,000,000) (or if less than Ten Million Dollars ($10,000,000), the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.2(d)) (the “Tranche 2 Advance”);
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Tranche 2 Advance. Subject to the terms and conditions of this Agreement, any time beginning on the earlier to occur of (x) the Tranche 2 Milestone and (y) the Tranche 2-Interim Milestone and continuing through the earliest to occur of (i) 30 days following achievement of the Tranche 2 Milestone, (ii) 30 days following achievement of the Tranche 2-Interim Milestone and (ii) December 15, 2025, Borrower may request, and the Lenders shall severally (and not jointly) make, up to two (2) additional Term Loan Advances in minimum increments of Five Million Dollars ($5,000,000) (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.1(a)(ii)) in an aggregate principal amount up to (x) upon the occurrence of the Tranche 2-Interim Milestone, Seventeen Million Five Hundred Thousand Dollars ($17,500,000), or (y) upon the occurrence of the Tranche 2 Milestone, Twenty-Five Million Dollars ($25,000,000) (such Term Loan Advances, the “Tranche 2 Advances”).
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Tranche 2 Advance. Subject to the terms and conditions of this Agreement, any time beginning on the earlier to occur of (x) the Tranche 2 Milestone and (y) the Tranche 2-Interim Milestone and continuing through the earliest to occur of (i) 30 days following achievement of the Tranche 2 Milestone, (ii) 30 days following achievement of the Tranche 2-Interim Milestone and (ii) December 15, 2025, Borrower may request, and the Lenders shallon or before the First Amendment Effective Date, Lenders will severally (and not jointly) make, up to two (2) additional Term Loan Advances in minimum increments of Five Million Dollars ($5,000,000) (or if less, the remaining amount of Term Loan Advances available to be drawn pursuant to this Section 2.1(a)(ii))and Borrower agrees to draw, a Term Loan Advance in an aggregate principal amount up to (x) upon the occurrence of the Tranche 2-Interim Milestone, Seventeen Million Five Hundred Thousand Dollars ($17,500,000), or (y) upon the occurrence of the Tranche 2 Milestone, Twenty-Fiveof Twenty Million Dollars ($25,000,00020,000,000) (such Term Loan AdvancesAdvance, the “Tranche 2 AdvancesAdvance”).
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Tranche 2 Advance. Subject to the terms and conditions of this Agreement, on or before the First Amendment Effective Date, Lenders will severally (and not jointly) make, and ▇▇▇▇▇▇▇▇ agrees to draw, a Term Loan Advance in an aggregate principal amount of Twenty Million Dollars ($20,000,000) (such Term Loan Advance, the “Tranche 2 Advance”).
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Related to Tranche 2 Advance

  • Term Loan (a) Subject to the terms and conditions of this Agreement, each Term Loan Lender severally agrees to make an advance of its Pro Rata Term Share of the Term Loan to the Borrower on the Closing Date, and from the Closing Date to the Term Loan Maturity Date, convert and continue Segments from time to time in accordance with the terms hereof. The principal amount of each Segment of the Term Loan outstanding hereunder from time to time shall bear interest and the Term Loan shall be repayable as herein provided. No amount of the Term Loan repaid or prepaid by the Borrower may be reborrowed hereunder, and no subsequent advance under the Term Loan Facility shall be allowed after the initial such advance of the Term Loan on the Closing Date. Segments of the Term Loan may be Base Rate Segments or Eurodollar Rate Segments at the Borrower’s election, as provided herein. (b) Not later than 1:00 P.M. New York time, on the Closing Date, each Term Loan Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of its Pro Rata Term Share of the Term Loan available by wire transfer to the Administrative Agent. Such wire transfer shall be directed to the Administrative Agent at the Administrative Agent’s Office and shall be in the form of same day funds in Dollars. The amount so received by the Administrative Agent shall, subject to the terms and conditions of this Agreement, including without limitation the satisfaction of all applicable conditions in Sections 5.01 and 5.02, be made available to the Borrower by delivery of the proceeds thereof as shall be directed by the Responsible Officer of the Borrower and reasonably acceptable to the Administrative Agent. The initial Borrowing of the Term Loan may be a Eurodollar Rate Segment, a Base Rate Segment, or both; provided that if the Borrower desires that any portion of the initial Borrowing of the Term Loan is advanced as a Eurodollar Rate Segment, the Administrative Agent shall make such Borrowing as a Eurodollar Rate Segment only if, not later than three Business Days prior to the date that is then anticipated to be the Closing Date, the Administrative Agent has received from the Borrower a Term Loan Interest Rate Selection Notice with respect thereto, together with the Borrower’s written acknowledgement in form and substance satisfactory to the Administrative Agent that the provisions of Section 4.05 hereof shall apply to any failure by the Borrower to borrow on the date set forth in such Term Loan Interest Rate Selection notice any or all of the amounts specified in such Term Loan Interest Rate Selection Notice.

  • Term Loan Advances Subject to Section 2.4(b), the principal amount outstanding under the Term Loan Advances shall accrue interest at a floating per annum rate equal to the greater of (A) two and one-quarter of one percent (2.25%) above the Prime Rate and (B) (1) with respect to the Term A Loan Advance and the Term B Loan Advance, seven and one-half of one percent (7.50%) and (2) with respect to the Term C Loan Advance, seven percent (7.0%), which interest, in each case, shall be payable monthly in accordance with Section 2.4(d) below.”