Third Advance definition

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

Third Advance means the third Advance to be made by the Lenders severally to the Borrower in the principal amount of US$5,000,000 (the "Third Advance Commitment") in accordance with this Agreement, as such amount may be amended from time to time in accordance herewith;

Third Advance means the third Advance under the Note, which shall be made in accordance with, and subject to the conditions of, Section 2.2 and Section 4.2.

Examples of Third Advance in a sentence

• The obligation of the Bank to make available the Third Advance in respect of any Ship shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the relevant Third Advance, the relevant documents and evidence specified in Part 4 of schedule 2 in respect of such Ship, in form and substance satisfactory to the Bank.

• A Loan Notice in respect of the Initial Advance shall be delivered on the Closing Date in accordance with Section 4.02 and each other notice must be received by the Administrative Agent not later than 11:00 a.m. (i) in the case of the Second Advance, at least seven days prior to the requested date of such Borrowing and (ii) in the case of the Third Advance and the Final Advance, at least 24 days prior to the requested date of such Borrowing.

• The obligation of the Bank to make available the Third Advance in respect of a Ship shall be subject to the condition that the Bank or its duly authorised representative shall have received, on or prior to the drawdown of the relevant Third Advance, the relevant documents and evidence specified in Part 4 of schedule 2 in respect of such Ship, in form and substance satisfactory to the Bank.

• Lender shall have no liability to Borrower or any third party for direct or consequential damages that may arise or occur as a result of any breach of this Agreement by Lender, including any failure to make the First Advance, Second Advance or Third Advance hereunder, it being the express agreement of the parties hereto that the remedies set forth in this paragraph are the exclusive remedies for any breach by Lender.

• Each of the Initial Advance, the Second Advance and the Third Advance are incorporated into the Principal amount borrowed by the Borrower from the Lender.

More Definitions of Third Advance

Third Advance. The third installment of the Loan funded by the Lender in the amount of Two Hundred Fifty Thousand Dollars ($250,000).

Third Advance in relation to the Santon Ship and the Santon Tranche, means the Santon Third Advance; or

Third Advance has the meaning specified in Section 3.1(c).

Third Advance has the meaning assigned such term in Section 2.2(iii).

Third Advance shall have the meaning set forth in Section 2.02 hereof.

Third Advance is defined in Section 2.2(a).

Third Advance means an additional advance to Borrower of $1,000,000, which advance shall be made only if the Bond Acquisition is not completed on or before March 31, 2004 (as more fully described in Section 3.3 herein), and the consequential increase of the Term Loan hereunder to $9,000,000 in the aggregate.