Initial Advances definition

Initial Advances has the meaning assigned to that term in Section 2.6(d)(iii).

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Initial Advances has the meaning set forth in Section 2.14(e).

Initial Advances means that certain portion of each Tranche to be advanced at the request of the Borrower pursuant to Section 3.1 no later than ten (10) Banking Days after the last applicable condition precedent is satisfied, in the maximum principal amount with respect to each Tranche, equal to the amount that the Borrower has paid to the Builder as of the Closing Date as pre-delivery installments relating to each Vessel which is in excess of ******% of the Contract Price for such Vessel;

Examples of Initial Advances in a sentence

• The Account Party may repay the principal amount of any Initial Advance with (and to the extent of) the proceeds of a Term Advance made pursuant to subsection (b), below, and may prepay Initial Advances in accordance with Section 3.06 hereof.

• The proceeds of each Participating Bank's Term Advances shall be applied solely to the repayment of the Initial Advances made by such Participating Bank and shall in no event be made available to the Account Party.

• Subject to the satisfaction of the conditions precedent set forth in Section 5.04 hereof and the other conditions of this subsection (b), each Participating Bank agrees to make one or more advances for the account of the Account Party ("Term Advances") on each Initial Repayment Date in an aggregate principal amount equal to the amount of such Participating Bank's Initial Advances maturing on such Initial Repayment Date.

• The Borrower’s Initial Advance Request shall be irrevocable unless and to the extent otherwise agreed among the parties in connection with closing the Initial Advances.

• Except to the extent that the Account Party shall elect to pay interest on any Advance for any Interest Period pursuant to paragraph (c) of this Section 3.03, the Account Party shall pay interest on each Advance (including all Initial Advances) from the date thereof until the date such Advance is due, at a fluctuating interest rate per annum in effect from time to time equal to the Alternate Base Rate in effect from time to time.

More Definitions of Initial Advances

Initial Advances means the Series 2014D Initial Advance and the Series 2018 Initial Advance collectively.

Initial Advances has the meaning specified in Section 2.01(b).

Initial Advances will mean the sums disbursed by the Bank to the Borrowers pursuant to Section 2.03 hereof, up to the maximum amount of USD$8,500,000.

Initial Advances has the meaning set forth in Section 2.14(e). “Interest Coverage Ratio” means the ratio determined at the end of each Fiscal Quarter of (1) Consolidated EBITDA to (2) Consolidated Interest Expense, for the four (4) Fiscal Quarters then ended. “Interest Payment Date” means the first day of each month. “Interest Period” means: (1) with respect to each Adjusted Term SOFR Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the first, third or sixth month thereafter, as the Borrower may elect in the applicable Notice of Borrowing; provided that: (a) any Interest Period (subject to clause (c) below) which would otherwise end on a day which is not a Domestic Business Day shall be extended to the next succeeding Domestic Business Day unless such Domestic Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Domestic Business Day;

Initial Advances has the meaning set forth in SECTION 2.1.

Initial Advances means the Advances made on or prior to the date hereof by Green Matter and PSG referred to in Section 2.3(b) below.

Initial Advances means, collectively, the Series 2020A Initial Advance and the Series 2020B Advance.