Tranche 1 Advance definition

Tranche 1 Advance has the meaning assigned to such term in Section 2.2(a).

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Tranche 1 Advance means an advance by a Lender pursuant to its Tranche 1 Commitment to the Borrower as part of a Borrowing.

Tranche 1 Advance means any Acquisition Facility Advance made based upon a Borrowing Base comprised of 60.01% to 65.00% of Eligible Inventory and Foreign Eligible Inventory and 85% of Eligible Receivables and Foreign Eligible Receivables as provided herein.

Examples of Tranche 1 Advance in a sentence

• 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”).

• The Tranche 1 Advance shall be used to repay Borrower’s indebtedness to Oxford Finance LLC.

• If the Performance Milestone is achieved, for the Tranche 1 Advance and Tranche 2 Advance, the Tranche 1 Additional Interest Only Period and the Tranche 2 Interest Only Period shall be extended to eighteen (18) monthly payments, and the Tranche 1 Amortization Period and the Tranche 2 Amortization Period shall be shortened to twenty-four (24) equal payments of principal and interest.

• Borrower may prepay the Tranche 1 Advance in accordance with Section 1.02(e)(i).

• 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”.

• 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.

• 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.

• The Term Loan Tranche 1 Advance, once repaid, may not be reborrowed.

• Interest shall accrue from the date of the Term Loan Tranche 1 Advance at the rate specified in Section 2.3, and shall be payable monthly on the 11th day of each month so long as the Term Loan Tranche 1 Advance is outstanding.

• Subject to and upon the terms and conditions of this Agreement, on the Closing Date, Bank agrees to make one (1) Term Loan Tranche 1 Advance to Borrower in an amount equal to the Term Loan Tranche 1.

More Definitions of Tranche 1 Advance

Tranche 1 Advance has the meaning given to it in Section 2.2(a)(i).

Tranche 1 Advance is defined in Section 2.1.1(a).

Tranche 1 Advance means the advance by MPT Foothill Lender to Alta Newport in the amount of Fifty- One Million Two Hundred Sixty-Six Thousand Seven Hundred and No/100 Dollars ($51,266,700.00), as evidenced by and further defined in the Foothill Mortgage Loan Note.

Tranche 1 Advance means an advance made or to be made by the Banks under Tranche 1.

Tranche 1 Advance has the meaning set forth in Section 2.2(a)(i). “Tranche 1 Draw Period” means the period beginning on the date of ▇▇▇▇▇▇▇▇’s achievement of the VALOR-CKD Milestone and continuing through December 31, 2022. “Tranche 1 Facility Charge” means $62,500 which is payable to Lender in accordance with Section 4.2(f), subject to funding of the Tranche 1 Advance.

Tranche 1 Advance and "Tranche 2 Advance" respectively contained therein and to add the following definitions in lieu thereof: