Example ContractsClausesDiscretionary Advance
Discretionary Advance
Discretionary Advance contract clause examples

the interest rate applicable to the Tranche IV (Discretionary I) Advance, the Tranche V Advance, the Tranche VI Advance and the Discretionary Advance II will be determined prior to the applicable Advance Date thereof.

Advance. Pursuant(i)Prior to the Original Loan and Security Agreement, the Lenders party thereto extended the “2014 Term Loan Advance” and the “2016 Term Loan Advances” (each under and as defined in the Original Loan and Security Agreement) (the “Original Term Loans”) to Borrower in the original aggregate principal amount of $20,000,000. Borrower acknowledges and agrees that, as of the Closing Date, $20,000,000 of the principal amount of the Original Term Loans remainseffectiveness of the First Amendment and the refinancing of the Existing Term Loan Advances as contemplated herein, Lender had extended certain term loans to Borrower, of which the Existing Term Loan Advances remained outstanding. Agent, Lender and Borrower hereby agree that, from and after the First Amendment Closing Date, such entire outstanding principal balance of the Existing Term Loan Advances shall for all purposes hereunder be deemed to constitute and be referred to, and hereby is converted into, the 2020 Term A Loan AdvanceAdvances hereunder, without constituting a novation. Such conversion of the OriginalExisting Term LoansLoan Advances into the 2020 Term A Loan AdvanceAdvances hereunder shall be deemed an Advance on the First Amendment Closing Date for purposes of this Agreement. The aggregate outstanding Advances shall not exceed the Maximum Term Loan Amount. Subject to the terms and conditions of this Agreement, and the First Amendment, in furtherance of the foregoing, Borrower shall submit a written request in accordance with this Agreement for, and each Lender will severally (and not jointly) make, a single Advance on the First Amendment Closing Date in an amount not to exceed its respective 2020 Term A Commitment, and Borrower agrees to draw, the Term Loan Advance on the Closing Date (each a “2020 Term A Loan Advance”, and collectively, the “2020 Term A Loan Advances”). For the avoidance of doubt, from and after the First Amendment Closing Date (and after

Tranche IV (Discretionary I) Term Loan Advance. Subject to the terms and conditions of this Agreement and subject to Lender’s approval in its sole and absolute discretion, no later than December 15, 2020, Borrower may request and Lender may severally (and not jointly) make a Term Loan Advance in a principal amount not to exceed its respective Tranche IV (Discretionary I) Term Commitment (the “Tranche IV (Discretionary I) Advance”).

Discretionary. For each Plan Year, the Company, in its sole discretion, may, but is not required to, credit any amount it desires to the Company Contribution Account of any Participant. The amount so credited may be smaller or larger than the amount credited to the Company Contribution Account of any other Participant, and the amount credited to any Participant’s Company Contribution Account for a Plan Year may be zero, even though one or more other Participants are credited with a Company Contribution Amount for that Plan Year. A Company Contribution Amount described in this [Section 4.6(b)], if any, shall be credited as of the last day of the Plan Year. If a Participant is not employed by an Employer as of the last day of a Plan Year, then the Company Contribution Amount for that Plan Year for such Participant shall be zero. Notwithstanding the previous sentence, if a Participant’s Retirement occurs within a Plan Year, or if he or she dies within a Plan Year, then a pro-rated portion of the Company Contribution Amount for that Plan Year for such Participant shall be credited as of the last day of the Plan Year.

Term Loan Advance” means, individually or collectively, as the context may require, a Tranche I Advance, Tranche II Advance, Tranche III Advance or Discretionary Advance.

Discretionary Advance. Subject to the terms and conditions of this Agreement and subject to Lender’s approval in its sole and absolute discretion, no later than June 15, 2021, Lender may make a Term Loan Advance in an aggregate principal amount up to $25,000,000 (the “Discretionary Advance”).

Discretionary Advance I. On the Closing Date, the parties hereto agreed that subject to the terms and conditions of this Agreement and subject to Lender’s approval in its sole and absolute discretion, no later than June 15, 2021, Lender may make a Term Loan Advance in an aggregate principal amount up to $25,000,000 (the “Discretionary Advance I”).

Discretionary Advance II. Subject to the terms and conditions of this Agreement and subject to Lender’s approval in its sole and absolute discretion, no later than December 15, 2022, Lender may make a Term Loan Advance in an aggregate principal amount up to $50,000,000 (the “Discretionary Advance II”).

Term Loan Advance” means, individually or collectively, as the context may require, a Tranche I Advance, Tranche II Advance, Tranche III Advance, Tranche IV Advance, Tranche V Advance, Tranche VI Advance or the Discretionary Advance.

Discretionary Advance. Subject to the terms and conditions of this Agreement and subject to Lender’s approval in its sole and absolute discretion, no later than December 15, 2023, Lender may make a Term Loan Advance in an aggregate principal amount up to $75,000,000 (the “Discretionary Advance”).

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