Refundable Discount Advance definition

Refundable Discount Advance as defined in Section 2.8(b).

Refundable Discount Advance as defined in Section 2.8(b). “Refundable Discount Advance Account” as defined in Section 2.8(b).

Examples of Refundable 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 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”).

• 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 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.

• 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.

• 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.

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

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

• 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. Section 2.8.

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