Bridge Line definition

Bridge Line is the term loan facility described in Section 2.2, which facility will be in an initial principal amount of Two Million Dollars ($2,000,000).
View Source
Bridge Line has the meaning ascribed to such term in the sixth preamble hereof.
View Source
Bridge Line shall have the meaning assigned to that term in paragraph 3(a) of the Third Amendment.
View Source

Examples of Bridge Line in a sentence

  • Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, (a) Lender shall fund the initial Advance under the Bridge Line on the Effective Date and (b) to obtain an Advance under the Penalty Loan, Borrower (via an Authorized Signer) shall notify the Escrow Agent following the date on which all of the Penalty Loan Conditions have been met of its election to exercise the Penalty Loan.

  • The maximum amount of Advances outstanding at any one time under the Bridge Line of Credit shall not exceed the amount set forth on the Advance/Fee Schedule.

  • Subject to the terms and conditions of this Agreement, Lender agrees to make an Advance of $2,000,000 constituting the full Bridge Line to Borrower within one Business Day of the Effective Date.

  • The proceeds of the Bridge Line of Credit may only be used to purchase Vehicles through automotive auctions.

  • Subject to Section 2.3(b), (i) the principal amount outstanding under the Bridge Line shall accrue interest at (x) a floating per annum rate equal to eight percent (8.0%) above the Prime Rate payable in cash plus (y) an additional two percent (2.0%) per annum payable in kind (“PIK Interest”) and (ii) the principal amount outstanding under the Penalty Loan shall accrue PIK Interest at a floating per annum rate equal to five percent (5.0%) above the Prime Rate.

  • Lender shall have received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and request Advances under the Bridge Line.

  • The Bridge Line shall terminate on the earlier of (i) the Maturity Date and (ii) ten (10) Business Days following Borrower’s receipt from Lender of a notice of acceleration of the Bridge Line following the occurrence of an Acceleration Event, at which time the principal amount of the Advances, the unpaid interest thereon, and all other Obligations (other than those relating to the Penalty Loan) or otherwise then due and owing under the Loan Documents shall be immediately due and payable.

  • In addition, the Borrower shall pay to the Bank a fee equal to 0.38% per annum on the unused portion of the Bridge Line Commitment, payable quarterly in arrears, commencing on January 30, 1999.

  • The Company represents and warrants that the proceeds of the Final Advance (as defined in the First Amended EFA) were used by the Company solely to satisfy the aggregate unpaid principal amount, plus accrued and unpaid interest in respect thereof, of all outstanding Bridge Line Advances (as defined in the First Amended EFA) as of the Drawdown Date (as defined in the First Amended EFA).

  • Notwithstanding any provision in this Agreement, as amended by the Third Amendment, to the contrary, it is agreed and understood that any and all advances by the Bank under the Bridge Line shall be subject to review of all documentation requested by Bank and any such advance shall be at the Bank's sole discretion.