Examples of Subsequent Term Loan Advance in a sentence
The principal balance of each Subsequent Term Loan Advance shall bear interest thereon from the date of the related Subsequent Term Loan Advance at the Subsequent Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed.
Thereafter, subject to the terms and conditions of this Agreement, upon Borrower’s request, during the Draw Period, the Lenders, severally and not jointly, shall make additional term loan advances to Borrower in an aggregate original principal amount of up to Twenty Million Dollars ($20,000,000) according to each Lender’s Subsequent Term Loan Advance Commitment as set forth on Schedule II hereto (each, a “Subsequent Term Loan Advance” and collectively, the “Subsequent Term Loan Advances”).
Borrower will pay interest on each Term Loan Advance on the first Business Day of each month, beginning the month after the (i) Closing Date with respect to the Closing Date Term Loan Advance, (ii) First Amendment Effective Date with respect to the Additional Term Loan Advance and (iii) the related Advance Date for each Subsequent Term Loan Advance.
Commencing with the fiscal quarter in which Borrower requests a Subsequent Term Loan Advance, and continuing for each fiscal quarter thereafter, Parent and its Subsidiaries shall have received cash product revenue in a minimum amount of at least 80% of the projected cash product revenue for such fiscal quarter.
With respect to the Subsequent Term Loan Advance, on the earliest to occur of (i) the Subsequent Term Loan Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge equal to Ten Percent (10%) of the aggregate amount of Subsequent Term Loan Advances actually drawn hereunder (the “Subsequent End of Term Charge”).
The entire Subsequent Term Loan Advance principal balance and all accrued but unpaid interest related thereto, shall be due and payable on Subsequent Term Loan Maturity Date.
Upon receipt of an Application for Advance, or at the Bank's discretion upon receipt of an informal request for a Subsequent Term Loan Advance, and upon compliance with any other conditions of lending stated in Section 7.01(d) of this Agreement applicable to Subsequent Term Loan Advances, the Bank shall disburse the amount of the requested Subsequent Term Loan Advances by crediting such amount to the Designated Account.
Except as otherwise provided herein, the Assumed Stock Options shall be subject to the same terms and conditions (including expiration date and exercise provisions after taking into account the accelerated vesting of the Company Stock Options as of the Effective Time as contemplated by the Company Stock Plans) as were applicable to the corresponding Company Stock Options immediately prior to the Effective Time.