Incremental Advance definition
Examples of Incremental Advance in a sentence
The initial Incremental Advance under this Agreement may be made on or after the Closing Date and is subject to the conditions precedent that (a) the conditions in Section 4.1 have been satisfied, and (b) the Administrative Agent and the Lenders shall have received expenses required to be paid as of such date pursuant to the terms of this Agreement for which Borrower has received an invoice at least one (1) Business Day prior to the Closing Date.
For the avoidance of doubt, nothing herein shall be deemed to oblige any Lender to fund any Incremental Advance.
On the Borrowing Date of each Incremental Advance, upon satisfaction of the applicable conditions precedent set forth in Article IV, each Lender shall initiate a wire transfer to the Administrative Agent’s Account, in immediately available funds, in an amount equal to its Percentage of the Principal of the Incremental Advance requested, and the Administrative Agent shall wire transfer the proceeds of each Lender’s Loan to the Facility Account promptly upon its receipt thereof.
Borrower shall also simultaneously cause the aggregate Principal amount of such Incremental Advance to be entered on-line in ▇▇▇▇▇’ electronic “C.E.O.” portal.
If a Lender decides not to provide a requested Incremental Advance, the other Lenders on a pro rata basis may agree to provide such Incremental Advance.