Tranche 1 Advance definition
Examples of Tranche 1 Advance in a sentence
To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request at least three (3) Business Days before the proposed Advance Date (other than the Tranche 1 Advance to be made on the Closing Date, for which Borrower shall complete, sign and deliver an Advance Request at least one (1) Business Day prior to the Closing Date) to Agent.
Beginning on the Closing Date, and continuing through December 15, 2020, Borrower may request additional Term Loan Advances in an aggregate amount up to Fifteen Million Dollars ($15,000,000) in minimum increments of $2,500,000 (each, together with the Initial Tranche 1 Advance, a “Tranche 1 Advance”).
Any subsequent Interest Periods in relation to a Tranche 1 Advance shall commence on the expiry of the immediately preceding Interest Period relating thereto and end on the last day of the period so selected or provided therefor.
The Tranche 1 Advance, Tranche 2 Advance, and Tranche 3 Advance are each hereinafter referred to singly as a “Term Loan Advance” and collectively as the “Term Loan Advances”.
For the Tranche 1 Advance, Borrower shall make monthly payments of interest only (payable in advance) on the first Business Day of each month after the Funding Date (each, a “Payment Date”) through December 31, 2014 (the “Tranche 1 Interest Only Period”).
If the Tranche 1 Advance and the Tranche 2 Advance are fully funded at Closing and are not prepaid prior to the Maturity Date, Agent will credit to Borrower $238,000, such that Borrower’s final payment in full of the Obligations will be reduced by such amount.
Borrower may prepay the Tranche 1 Advance in accordance with Section 1.02(e)(i).
Subject to the terms and conditions of this Loan Agreement, the Lenders agree to advance to Borrower (the “Tranche 2 Advance”, and together with the Tranche 1 Advance, each an “Advance”) on or within 1 Business Day of Closing, a term loan in an aggregate principal amount of Eight Million Eight Hundred Thousand Dollars ($8,800,000).
The Tranche 1 Advance under the Hercules Term Loan Agreement was funded on September 30, 2021.
Additionally, each Lender’s Tranche 1 Commitment will be permanently reduced upon such Lender making any Tranche 1 Advance and each Lender’s Tranche 2 Commitment will be permanently reduced upon such Lender making any Tranche 2 Advance, in each case by the amount of such Advance.