Definition of 2016 Senior Loan Proceeds


2016 Senior Loan Proceeds means an amount not to exceed $4,915,500 to be paid or provided by the Authority to refinance a portion of the costs of acquisition of the Facility, and renovations to the Facility, in accordance with this Senior Loan Agreement, and to finance a portion of the costs of issuance related to the 2015 Senior Loan and the Subordinate Loan in accordance with this Senior Loan Agreement.

Examples of 2016 Senior Loan Proceeds in a sentence

Upon the satisfaction of each of the conditions precedent set forth in Section 5.01 or Section 5.02, as applicable (or the waiver thereof in writing by Lender in its sole discretion), Lender shall disburse 2016 Senior Loan Proceeds in the amount requested by Borrower in one or more Advances in the aggregate amount of up to $4,915,500.
The Authority's obligation to repay the 2016 Senior Authority Loan and Borrower's obligation to repay the 2016 Senior Borrower Loan shall commence, and interest shall begin to accrue, on the date of funding of the first Advance of that 2016 Senior Loan Proceeds in accordance with Section 3.02.
Disbursement of 2016 Senior Loan Proceeds ............................
Section 5.04 Use of 2016 Senior Loan Proceeds; Revision of the Project Budget.