Initial Advance definition

Initial Advance means the first Advance made pursuant to Article II.

Initial Advance has the meaning specified in Section 2.1(a).

Initial Advance means the first advance of proceeds of the Loans.

Examples of Initial Advance in a sentence

• Not later than 1:00 p.m. (Toronto Time) on each Drawdown Date (or such later time as may be agreed in writing between the Guarantor and the Issuer), the Guarantor shall give to the Issuer a duly completed request for Advance in writing (each an “Advance Request”) completed in the form attached hereto as Schedule 1 specifying whether such request is for (i) an Advance under the Initial Advance Commitment, or (ii) an Advance under the Revolving Commitment (each such Advance, a “Revolving Advance”).

• The principal amount of the Initial Advance advanced to then existing Borrowers of the Seller (including any retention(s) subsequently advanced to the Borrower but disregarding Capitalised Expenses) is not more than 95 per cent.

• The date on which the Deed of Trust is recorded and the Initial Advance is made.

• Not later than 10:00 a.m. (Toronto Time) on each Drawdown Date (or such later time as may be agreed in writing between the Guarantor and the Issuer), the Guarantor shall give to the Issuer a duly completed request for Advance in writing (each an “Advance Request”) completed in the form attached hereto as Schedule 1 specifying whether such request is for an Advance under the Initial Advance Commitment or an Advance under the Revolving Commitment (each such Advance, a “Revolving Advance”).

• If a letter is sent, the Agreement shall not be valid or binding and no payment(s), other than Initial Advance Payment will be approved until the Department is in receipt of a properly executed confirmation letter.

More Definitions of Initial Advance

Initial Advance. The first Advance.

Initial Advance means, in respect of any Loan, the original principal amount advanced by the Seller to the relevant Borrower;

Initial Advance shall have the meaning set forth in Section 2.10 hereof.

Initial Advance means the first Advance made hereunder.

Initial Advance. The first Advance of the Loan proceeds.

Initial Advance means the first advance of proceeds of the Loans and/or issuance of Letters of Credit.

Initial Advance means the first Advance made under each of the Facilities.