Advance Day definition
Examples of Advance Day in a sentence
Not later than 10:45 A.M. two (2) Business Days preceding the date specified for each Advance of an Alternative Currency, the Administrative Agent shall provide the Borrowers and each Lender notice by telefacsimile transmission of the Advance Day Exchange Rate applicable to such Advance, and the applicable Alternative Currency Equivalent Amount of the Loan or Loans required to be made by each Lender on such date, and the Dollar Value of such Loan or Loans and the applicable Eurodollar Rate.
In the event a Eurodollar Rate Loan of an Alternative Currency is Continued, such election to Continue the Eurodollar Rate Loan shall be treated as an Advance and the Administrative Agent shall notify the Borrowers and the Lenders of the Advance Day Exchange Rate, Interest Period and the Eurodollar Rate for such Continued Eurodollar Rate Loan.
On the Advance Day, each Lender shall advance to the Corporation its pro rata share of the requested advance in immediately available funds.
The principal amount outstanding on any Revolving Loan shall be recorded in the Administrative Agent's records in Dollars, based on the Dollar Value of the initial Advance of such Loan in such Alternative Currency, as reduced from time to time by the Dollar Equivalent Amount (based on the Advance Day Exchange Rate applicable to such Advance) of any principal payments with respect to such Advance.
At approximately 10:00 A.M. two (2) Business Days preceding the date specified for an Advance of an Alternative Currency, the Administrative Agent shall determine the Advance Day Exchange Rate and the applicable Eurodollar Rate.
The Lenders shall each be deemed to have made an Advance to the respective Borrower of its Applicable Commitment Percentage of such Revolving Loan of an Alternative Currency and the Administrative Agent shall apply the Advance Day Exchange Rate for such new Interest Period to such Continued Alternative Currency Equivalent Amount to determine the new Dollar Value of such Eurodollar Rate Loan and shall adjust its books and the Revolving Credit Outstandings.