Auction Advance definition

Auction Advance means an advance by a Bank to the Borrower as part of an Auction Borrowing resulting from the auction bidding procedure described in Section 2.03, and refers to a Fixed Rate Auction Advance or a Eurodollar Rate Auction Advance.
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Auction Advance means, as appropriate, a Revolving Senior Auction Advance and/or a Revolving Mezz Auction Advance made with respect to an Auction Purchase.
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Auction Advance means an advance by a Lender to the Borrower as part of an Auction Borrowing resulting from the auction bidding procedure described in Section 2.03. Auction Borrowing means a borrowing consisting of simultaneous Auction Advances from each of the Lenders whose offer to make one or more Auction Advances as part of such borrowing has been accepted by the Borrower under the auction bidding procedure described in Section 2.03. Auction Note means a promissory note of the Borrower payable to the order of any Lender, in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of the Borrower to such Lender resulting from an Auction Advance made by such Lender. Auction Reduction has the meaning specified in Section 2.01. Base Rate means, for any period, a fluctuating interest rate per annum at all times equal to the higher of: (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank's base rate; and (b) 1/2 of 1% per annum above the Federal Funds Rate in effect from time to time.
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Examples of Auction Advance in a sentence

  • Each Interest Period for any Eurodollar Loan or Bid Auction Advance made, converted or renewed prior to the Maturity Date must end on or prior to the Maturity Date.

  • Each Bid Auction Advance shall bear interest (from the date made through and including the date of payment in full) at a rate per annum as determined in accordance with Section 1.4.

  • The Company shall repay to the Administrator, for the account of each Bank which has made a Bid Auction Advance to the Company, the principal amount of such Bid Auction Advance on the last day of the Interest Period relating to such Bid Auction Advance.

  • The Company shall not be permitted to prepay any Bid Auction Advance.

  • A description of all open Auction Advances, including the name of the Consignor, the amount of the Auction Advance, the collateral securing the Auction Advance and the date the consignment is intended to be auctioned, is set forth in Schedule 8.07.

  • The amount to be reimbursed from the auction sale of the consigned coins, paper money or numismatic collectibles which secure such Auction Advances shall be an amount equal to the sum of (i) the principal face amount of the Auction Advance and (ii) all interest accrued thereon, at the rate agreed to be paid by the Consignor to whom the Auction Advance was made, from the date of the Advance to the date of repayment by the Consignor.

  • Each Bid Auction Advance from any Bank shall be evidenced by a grid promissory note of the Company payable to the order of the lending Bank, in substantially the form of Exhibit B hereto (individually a "Bid Auction Note" and collectively the "Bid Auction Notes").

  • Each Interest Period relating to any Bid Auction Advance shall be for such duration of 7 to 180 days as shall be selected by the Company in compliance with the provisions of this Article I.

  • Upon each occasion that a Bid Auction Advance is made, and during the period such Bid Auction Advance is outstanding, each Bank's Commitment shall be deemed automatically utilized by an amount equal to the amount of such Bid Auction Advance multiplied by such Bank's percentage of the Total Commitment, regardless of the extent to which such Bank makes a Bid Auction Advance.

  • The Company shall have duly and timely given to the Administrator a Letter of Credit Election Notice, a Loan Election Notice or a Bid Auction Election Notice, as the case may be, required by this Agreement in connection with such Letter of Credit, such Loan or such Bid Auction Advance.

Related to Auction Advance

  • Participation Advance shall have the meaning set forth in Section 2.12(d).

  • ‘Preparation Advance’ means the advance referred to in the Financing Agreement and repayable in accordance with Section 2.07.”

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Equipment Advance is defined in Section 2.1.1.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • Program Preparation Advance (renamed as such pursuant to subparagraph 8 (c) above) is modified to read “Preparation Advance” and its definition is modified to read as follows:

  • Term Advance has the meaning specified in Section 2.01(a).

  • Monthly Advance The portion of each Monthly Payment that is delinquent with respect to each Mortgage Loan at the close of business on the Determination Date required to be advanced by the Company pursuant to Section 5.03 on the Business Day immediately preceding the Remittance Date of the related month.

  • Applied Non-Extension Advance has the meaning assigned to such term in Section 2.06(a).

  • Unapplied Non-Extension Advance means any Non-Extension Advance other than an Applied Non-Extension Advance.

  • Revolving Advance has the meaning given in Section 2.1.

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Project Preparation Advance is modified to read “Preparation Advance” and its definition is modified to read as follows:

  • Provider Advance means a Downgrade Advance or a Non-Extension Advance.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Servicer Advance or "Servicing Advance" as defined in the applicable Purchase and Servicing Agreement.

  • Unapplied Downgrade Advance means any Downgrade Advance other than an Applied Downgrade Advance.

  • Non-Extension Advance means an Advance made pursuant to Section 2.02(b).

  • Special Termination Advance means an Advance made pursuant to Section 2.02(g).

  • Monthly Payment Advance means, with respect to any 20[•]-[•] Lease and any Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial Monthly Payment.

  • Property Advance means an advance made in respect of property protection expenses or expenses incurred to protect, preserve and enforce the security for the Mortgage Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Property.

  • Applied Downgrade Advance has the meaning assigned to such term in Section 2.06(a).