ABR Advance definition
Examples of ABR Advance in a sentence
Interest accrued on each ABR Advance shall be payable quarterly, with such payment being due, with respect to any calendar quarter, not later than the fifteenth day following such last day of each calendar quarter and on the Maturity Date (or such earlier date on which all Loans are paid in full), commencing the first such date to occur after the Effective Date.
If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s ABR Advance included in the relevant Letter of Credit Advance in respect of the relevant Letter of Credit Borrowing.
The Borrower shall deliver to the Facility Agent notice of such prepayment not less than three (3) Banking Days (with respect to a prepayment of a Term SOFR Advance) or one (1) Banking Day (with respect to a prepayment of an ABR Advance) prior to the date on which the Borrower intends to make such prepayment, and such notice shall specify the date and amount of such prepayment and must be received by the Facility Agent by noon (New York time).
In such event, the Borrower shall be deemed to have requested an ABR Advance to be disbursed on such date in an amount equal to such Reimbursement Obligation, without regard to the minimum and multiples specified in Section 3.2 for the principal amount of the ABR Advance to be disbursed on such date in an amount equal to the Dollar Amount of such Reimbursement Obligation.
The Borrower shall deliver notice (a “Drawdown Notice”), substantially in the form of Exhibit C, on the Facility Agent (x) by 2:00 p.m. (New York City time) at least three (3) Banking Days prior to the making of any Term SOFR Advance and (y) by 12:00 p.m. (New York City time) at least one (1) Banking Day prior to the making of any ABR Advance.