Examples of New Advance in a sentence
Under the Agriculture Marketing Programs Act (AMPA), the Spring Credit Advance Program (SCAP), Enhanced Spring Credit Advance Program (ESCAP), Advance Payments Program (APP) and the New Advance Payments Program (NAPP), the Producer is responsible for ensuring that all individual producers, related producers, associates with interest in the Agricultural Product in question and associated advances are clearly identified.
If any part of the amount paid to the Agent by the Lenders in order to make the New Advance is not needed to purchase the amount required to be repaid by the Borrower, the Agent will promptly notify the Borrower and pay the Borrower on the day the New Advance is to be made that part of that amount (in the currency of the New Advance).
This will be treated as satisfying pro tanto the obligations of the Borrower to repay the Old Advance and of the Lenders to make the New Advance.
The Company and the Purchasers hereby agree that notwithstanding the $6,000,000 aggregate stated principal balance of the Debentures issued at the Closing, interest shall only accrue on the New Advance from the various dates the proceeds thereof are advanced (or deemed advanced) to the Company in accordance with the terms of this Agreement.
The Purchasers shall advance all of the New Advance to the Company at the Closing or on such date thereafter as the Company shall request; provided, the Company shall not pay any more funds to Avantel after the date hereof until the condition in clause (j) above is satisfied.
The proceeds of the New Advance will be used by the Company for working capital and other general corporate purposes.
The Company (x) used the proceeds from the sale of the Assumed Debentures by Touch Tone and (y) will use the proceeds from the sale of the New Debentures, in each case for working capital and other general corporate purposes (and, with respect to the New Advance, as more fully described in Section 9(h) below).
Subject to the terms and conditions of this Agreement (including, without limitation, Section 2.13(a) and Article 6), each Tranche A Lender severally agrees to make one or more loans to the Borrower from time to time from and including the New Advance Date to but excluding the Tranche A Commitment Termination Date up to but not exceeding the amount of such Tranche A Lender's Tranche A Commitment as then in effect.
Specifically, at the Closing the Company shall provide a detailed use of the proceeds of the New Advance and direct payment instructions for various account payees, their addresses, the amounts to be so paid, wire transfer instructions, the name of a contact person of such payee and an explanation of the reason for the incurrence of such payable (the "Use of Proceeds Statement").
From time to time after the Closing, the Purchasers shall advance to the Company the remaining portion of the New Advance not advanced (or deemed advanced) at the Closing, upon receipt of written request thereof from the Company, provided no Default or Event of Default then exists.