First Advance definition

First Advance has the meaning ascribed to it in Section 2.02(a).

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First Advance in relation to the Andros Ship and the Andros Tranche, means the Andros First Advance;

First Advance means the initial Advance of Loan Funds.

Examples of First Advance in a sentence

• If the First Advance Date has not occurred by the First Advance Longstop Date, DOE may terminate this Agreement upon no less than ten (10) Business Days’ prior written notice to the Borrower.

• At least forty-five (45) days prior to the request of the First Advance, receipt by DOE of: (i) a revised report under the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and industry-standard supporting documentation; and (ii) the Mine Plan, each of which shall be consistent with the First Advance Date Base Case Financial Model and the Construction Budget and which are in both cases in form and substance satisfactory to DOE.

• Receipt by DOE of evidence that each Project Account and the Distribution Account, to the extent required, shall have been established in accordance with the provisions of the Accounts Agreement and, if applicable, funded to the extent of any amounts required to have been deposited prior to the First Advance Date in accordance with the Financing Documents.

• Receipt by DOE of evidence that all Program Requirements required to have been satisfied as of the First Advance Date have been satisfied.

• Receipt by DOE of an Officer’s Certificate of the Borrower certifying that the minimum Projected Debt Service Coverage Ratio (as set forth in the First Advance Date Base Case Financial Model) will not be less than [***] for each consecutive twelve (12)-month period ending on the last day of each Fiscal Quarter following the Project Completion Date up to (and including) the Payment Date immediately prior to the Maturity Date, after giving effect to the Advances to be made on such Requested Advance Date.

More Definitions of First Advance

First Advance shall have the meaning ascribed thereto in Section 2.3 hereof.

First Advance means the first advance by the Lender of the Loan;

First Advance means the first Advance under the Facility to be made by the Lenders in favour of the Borrower.

First Advance means, with respect to each Eligible Project, the first Advance of the Guaranteed Loan for such Eligible Project occurring on the relevant First Advance Date.

First Advance means the first Advance made to the Borrower under this Agreement.

First Advance has the meaning specified in Section 3.1(a).

First Advance means the sum of the aggregate principal amount advanced under each of Tranche A and Tranche B to the Borrower under the Credit Facility pursuant to Section 4.1.