Discount Advance definition

Discount Advance means an Advance made on a discounted basis by a Balance Bank, a portion of which (or all of which, in the case of Discount Advances made by Non-Lender Balance Banks) shall be simultaneously sold to the other Lenders, all pursuant to Section 2.4 hereof, and to be repaid at the end of the applicable Discount Loan Period.
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Examples of Discount Advance in a sentence

  • Furthermore, the Seller Representative hereby grants to the Administrative Agent (for the benefit of the Purchasers) a security interest in, and right of setoff with respect to, the Refundable Discount Advance Account and all proceeds therein to secure the payment of the Aggregate Unreimbursed Purchase Discount by each Seller hereunder.

  • The Refundable Discount Advance Account shall at all times be blocked with respect to the Seller Representative, such that only the Administrative Agent will be permitted to transfer funds out of the Refundable Discount Advance Account.

  • The Refundable Discount Advance shall be held in a blocked account established with the Administrative Agent and maintained in the name of the Seller Representative (the “Refundable Discount Advance Account”).

  • As an additional a condition precedent to each increase in the Aggregate Commitments, the Sellers shall have deposited an amount equal to 0.4% of such increase in the Aggregate Commitments into the Refundable Discount Advance Account to serve as additional Refundable Discount Advance.

  • The Refundable Discount Advance will be promptly repaid by the Administrative Agent to the Seller Representative upon payment in full by the Seller Representative of the Aggregate Unreimbursed Purchase Discount in accordance with Section 2.8.

  • The amount of the Discount Advance actually disbursed to the Company on the Advance Date therefor (which amount shall necessarily be less than the Face Amount) shall be equal to the amount requested by the Company in the Advance Notice requesting such Discount Advance, and the Face Amount shall be determined by the Agent based on the Balance Bank Discount.

  • Each Balance Bank (other than Non-Lender Balance Banks) shall retain its Adjusted Commitment Percentage share of the Face Amount of each Discount Advance, which shall constitute a Discount Loan owing to the Balance Bank.

  • Not later than one Business Day prior to the Advance Date for each Eurodollar Advance or Discount Loan, the Agent will notify by facsimile each Lender and the Company of the interest rate applicable to each Eurodollar Advance, the Face Amount of each Discount Advance and the Purchase Price to be paid by each Lender for its share of such Discount Advance promptly upon determination of such interest rate, Face Amount and Purchase Price.

  • Each Balance Bank hereby irrevocably agrees to sell and assign, without recourse, such portion of every Discount Advance made by such Balance Bank (or, in the case of Non-Lender Balance Banks, the entire amount of each such Discount Advance) to each Purchasing Lender at the applicable Purchase Price.

  • For administrative convenience it is agreed and the Sellers hereby instruct the Administrative Agent and the Purchasers to withhold the entire Refundable Discount Advance from the initial purchase of Receivables hereunder and to transfer such amount to the Refundable Discount Advance Account as described below.

Related to Discount Advance

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Equipment Advance has the meaning set forth in Section 2.1.2.

  • Monthly Payment Advance means, with respect to any 20[•]-[•] Lease and any Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial Monthly Payment.

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.