Initial Advances definition

Initial Advances has the meaning assigned to that term in Section 2.6(d)(iii).

Initial Advances has the meaning set forth in Section 2.14(e).

Initial Advances means that certain portion of each Tranche to be advanced at the request of the Borrower pursuant to Section 3.1 no later than ten (10) Banking Days after the last applicable condition precedent is satisfied, in the maximum principal amount with respect to each Tranche, equal to the amount that the Borrower has paid to the Builder as of the Closing Date as pre-delivery installments relating to each Vessel which is in excess of ******% of the Contract Price for such Vessel;

Examples of Initial Advances in a sentence

• The proceeds of each Participating Bank's Term Advances shall be applied solely to the repayment of the Initial Advances made by such Participating Bank and shall in no event be made available to the Account Party.

• Subject to the satisfaction of the conditions precedent set forth in Section 5.04 hereof and the other conditions of this subsection (b), each Participating Bank agrees to make one or more advances for the account of the Account Party ("Term Advances") on each Initial Repayment Date in an aggregate principal amount equal to the amount of such Participating Bank's Initial Advances maturing on such Initial Repayment Date.

• The Account Party may repay the principal amount of any Initial Advance with (and to the extent of) the proceeds of a Term Advance made pursuant to subsection (b), below, and may prepay Initial Advances in accordance with Section 3.06 hereof.

• Except to the extent that the Account Party shall elect to pay interest on any Advance for any Interest Period pursuant to paragraph (c) of this Section 3.03, the Account Party shall pay interest on each Advance (including all Initial Advances) from the date thereof until the date such Advance is due, at a fluctuating interest rate per annum in effect from time to time equal to the Alternate Base Rate in effect from time to time.

• The conversion of the Initial Advances pursuant to clause (A) above shall be subject to indemnification by the Borrower pursuant to the provisions of Section 8.4(b) if the date of any Commitment Increase occurs other than on the last day of the Interest Period relating thereto.

More Definitions of Initial Advances

Initial Advances means the Series 2014D Initial Advance and the Series 2018 Initial Advance collectively.

Initial Advances shall have the meaning ascribed to them in Recital A (iii);

Initial Advances will mean the sums disbursed by the Bank to the Borrowers pursuant to Section 2.03 hereof, up to the maximum amount of USD$8,500,000.

Initial Advances means the Advances from the Lenders to the Borrower made pursuant to the Original Loan Agreement or the Initial Loan Agreement and outstanding on the Closing Date.

Initial Advances means the Advances to the Borrowers on the Effective Date pursuant to the letter referred to in SECTION 4.1.1.12.

Initial Advances has the meaning set forth in SECTION 2.1.

Initial Advances means the Advances made on or prior to the date hereof by Green Matter and PSG referred to in Section 2.3(b) below.