Initial Term Advance definition
Examples of Initial Term Advance in a sentence
If the Issuer and the Borrower Security Trustee have received a duly completed Notice of Drawdown by not later than 11:00 am on the Closing Date (or such later time and/or date as the Issuer (or the Cash Manager on behalf of the Issuer) may agree), the Initial Borrower may borrow an Initial Term Advance.
The proceeds of the Initial Term Advance were used by the Borrower solely (i) to refinance certain Existing Debt, (ii) to finance, from and after the date hereof, the repurchase or exchange by the Borrower of Equity Interests and related payments permitted pursuant to Section 5.02(g)(iv), (iii) to pay transaction fees and expenses and (iv) for other general corporate purposes.
Subject to this Clause 9.1, the Initial Borrower shall repay each Initial Term Advance in full on the relevant Final Maturity Date, together with all accrued interest and any other outstanding amounts unless repaid earlier pursuant to this Agreement.
Subject to the terms and conditions of this Agreement, (i) on the date hereof the Lender shall advance $75,000,000 (the “Initial Term Advance” or “Facility I”) to Borrower and (ii) from the date hereof through August 21, 2020, Borrower may request advances at the sole discretion of the Lender (each, an “Additional Term Advance” and, collectively and with the Initial Term Advance, “Term Advances”), each Additional Term Advance collectively not exceeding $25,000,000.
The Lenders have agreed, subject to the terms and conditions hereinafter set forth, to make advances (each such advance, a “Delayed Draw Term Advance”, and together with the Initial Term Advance, a “Term Advance”) to the Borrower from time to time on any Business Day during the period from the First Amendment Effective Date until the Termination Date in respect of the Term Facility in an amount for each such Advance not to exceed such Lender’s Unused Term Commitment at such time.
Such fee shall be due and payable to such Signing Term Lender in kind, on the Closing Date, by the increase, by such amount, of the principal amount of the Initial Term Advance made by such Signing Term Lender on the Closing Date.
Except with respect to the Initial Term Advance and the Second Term Advance, each such Committed Loan Notice must be received by the Agent not later than 11:00 a.m. three (3) Business Days prior to the requested date of any Term Advance.
Subject to the terms and conditions set forth in this Amendment, each Lender severally agrees to make a Second Term Advance to the Borrower on the Amendment No. 1 Effective Date, in an amount equal to the amount by which such Lender’s Term Commitment exceeds such Lender’s Initial Term Advance.
The aggregate principal amount of the Initial Term Advance and the Second Term Advance shall not exceed the Term Loan Amount.
The aggregate amount of the Initial Term Advance and the Delayed Draw Advance shall never exceed the Term Loan Facility Amount and the Applicable Percentage of amount outstanding under the Term Loan of any Lender shall not at any time exceed its separate Commitment therefor.