Tranche 1 Term Loan Advance definition
Examples of Tranche 1 Term Loan Advance in a sentence
The Revolving Advances may be Base Rate Advances or Eurodollar Advances, or a combination thereof, selected by the Borrower in accordance with Sections 2.8 and 2.9. Each Tranche 1 Term Loan Advance hereunder shall consist of Tranche 1 Term Loans made from the several Tranche 1 Term Loan Lenders ratably according to their Pro Rata Shares on the funding date for each such Advance.
Subject to the terms and conditions of this Agreement, on the Closing Date Lender will severally (and not jointly) make a Tranche 1 Term Loan Advance in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw a Tranche 1 Term Loan Advance of $20,466,325.15.
Borrower acknowledges and agrees that, as of the Closing Date, $10,000,000 (the “Conversion Balance”) of the principal amount of the Original Term Loans remains outstanding and such entire outstanding principal balance shall for all purposes hereunder be deemed to constitute and be referred to, and hereby is converted into, a Tranche 1 Term Loan Advance in like amount hereunder, without constituting a novation, and shall be deemed an Advance on the Closing Date for purposes of this Agreement.
Notwithstanding the above, Borrower shall not be required to deliver the items described in subsections (a) and (e) above until such time as Borrower receives the first Tranche 1 Term Loan Advance.
Subject to the terms and conditions of this Agreement, Lender severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, an initial Tranche 1 Term Loan Advance of $5,000,000 on the Closing Date.
To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an Advance Request (at least three (3) Business Days before the Advance Date other than with respect to the Tranche 1 Term Loan Advance, which shall be at least one (1) Business Day) to Agent.
Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, an initial Tranche 1 Term Loan Advance of $5,000,000 on the Closing Date.
Subject to the terms and conditions of this Agreement, Bank shall make advances of Tranche 1 Term Loans on the Effective Date and, other than in the case of the Tranche 1 Initial Advance, each subsequent Tranche 1 Term Loan Advance Date not exceeding the aggregate amount of the Tranche 1 Commitments.
The principal balance of the Tranche 1 Term Loan Advance shall bear interest thereon from such Advance Date at the Tranche 1 Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed.