Daylight Financing Sample Clauses

Daylight Financing. (a) On the Effective Date, immediately preceding the effectiveness of the amendment and restatement provided for in Section 4, each of the parties hereto irrevocably agrees that each of the following shall occur without any additional conditions or actions of any party hereto: (A) Each Daylight GDTG Lender shall extend credit to GDTG and GDTG shall borrow and (B) each Daylight Term Loan Lender shall extend credit to Goodyear KG and Dunlop KG, and Goodyear KG and Dunlop KG shall borrow, in each case, one or more Daylight GDTG Loans or Daylight Term Loans, as applicable, denominated in Euro in aggregate principal amounts equal to such Lender’s Daylight Commitments. The proceeds of such Daylight GDTG Loans and Daylight Term Loans shall be payable to JPMCB, which shall convert such proceeds into US Dollars at prevailing Exchange Rates (pursuant to arrangements agreed with Goodyear and the European J.V.) and then pay such proceeds to the accounts set forth on Schedule 1(a) and Schedule 1(b), respectively. Each of GDTG, Goodyear KG and Dunlop KG irrevocably directs the Existing Administrative Agent to deliver all the proceeds of the borrowings under the foregoing clauses (A) and (B) to JPMCB, and hereby irrevocably directs JPMCB to apply such proceeds to prepay in full all the outstanding principal of any Term Loans (as defined in the Pre-Restatement Credit Agreement) that remain outstanding at such time, together with all accrued interest thereon and any accrued commitment fees with respect to the Revolving Commitments (as defined in the Pre-Restatement Credit Agreement). (ii) Immediately following the transactions provided for in paragraph (i) above, all Revolving Lenders under the Pre-Restatement Credit Agreement shall transfer their Revolving Commitments (as such term is defined in the Pre-Restatement Credit Agreement) to JPMCB (which shall assume such commitments) pursuant to the Master Assignment and Assumption to be executed in the form attached hereto as Exhibit A. (iii) Immediately following the transactions provided for in paragraphs (i) and (ii) above, JPMCB, as Majority Lender, irrevocably authorizes the Collateral Agent to release the Collateral set forth in Schedule 2. (b) The Credit Parties hereby covenant and agree that no Revolving Loans shall be outstanding under the Pre-Restatement Credit Agreement at any time on the Effective Date.
Sample 1
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Related to Daylight Financing

  • Daylight Saving Where by reason of State legislation, summer time is prescribed as being in advance of the standard time in that State the length of any shift: • Commencing before the time prescribed by the relevant legislation for the commencement of a summer time period, and • Commencing on or before the time prescribed by such legislation for the termination of a summer time period, shall be deemed to be the number of hours represented by the difference between the time recorded by the clock at the beginning of the shift and the time so recorded at the end of the shift. The time of the clock in each case is to be set to the time fixed by the relevant State legislation. In this subclause the expressions "standard time" and "summer time" shall bear the same meaning as are prescribed by the relevant State legislation.

  • Daylight Saving Time The changing of Daylight Saving Time to Standard Time, or vice versa, shall not result in Employees being paid more or less than their normal scheduled daily hours. The hour difference shall be split between the Employees completing their shift and those commencing their shift.

  • Daylight Savings Time Employees required to work more than eight (8) hours on an eight (8) hour shift or more than ten (10) hours on a ten (10) hour shift due to the change from daylight savings time to standard time shall be paid for the additional hour worked at the rate of time and one-half (1-1/2). Employees required to work less than eight (8) hours on an eight (8) hour shift or less than ten (10) hours on a ten (10) hour shift due to the change from standard time to daylight savings time shall be paid for the actual hours worked. Employees may use vacation time or compensatory time to make up for the one (1) hour lost. Employees in the first six (6) months of employment who would be eligible to accrue vacation, may be advanced one (1) hour of vacation time which shall either be deducted from their vacation leave balance, or deducted from their last paycheck if the employee is separated prior to accruing vacation.

  • Bank Financing The Buyer’s ability to purchase the Property is contingent upon the Buyer’s ability to obtain financing under the following conditions: (check one) ☐ - Conventional Loan ☐ - FHA Loan (Attach Required Addendums) ☐ - VA Loan (Attach Required Addendums) ☐ - Other:

  • Paid Holiday Bank Employees qualify in accordance with the collective agreement. The paid holidays are identified in the Collective Agreement. Credit to the paid holiday bank will occur on the date of the holiday. Drawing from the paid holiday bank will occur at an accelerated rate of 1.25 hours paid for every hour taken (i.e. 11.25 hours worked equals 14.05 hours paid; 7.5 hours worked equals 9.375 hours paid).

  • Monday morning The employee should not work more than 16 hours without an 8 hour break.

  • Sunday Premium Any employee who is required to work at any time on a Sunday shall be paid a Sunday premium in addition to their regular hourly rate of pay in the amount of seventy-five (75¢) cents per hour, for each such hour and portion of an hour worked. Sunday premium pay shall not be added to an employee's hourly rate of pay for the purpose of computing overtime. The provisions of this Article shall not apply to the “in charge” employees referred to in sub-articles 23.03 and 23.04 of this Agreement.

  • Substandard Timber Live and dead trees (a) Do not meet Utilization Standards and (b) Are located in Clearcutting Units or construction clearings or are otherwise designated for cutting. (a) Within 200 feet slope distance from centerline of roads constructed hereunder that are damaged by Pur- chaser’s construction to the extent that considerable dete- rioration or mortality is imminent and are designated by Forest Service for felling before the nearest road segment is Substantially Completed or (b) That are damaged by Purchaser in logging and are subsequently Marked before Purchaser has com- pleted skidding or yarding operations in the immediate area. By agreement, such trees may be left without charge if their removal would cause undue damage or be grossly uneconomic.

  • Sick Time An employee shall have all of his/her accrued sick leave credits transferred when the employee is transferred to a different State agency.

  • No Acquisitions The Company shall not, nor shall it permit any of its Subsidiaries to, acquire or agree to acquire by merging or consolidating with, or by purchasing a substantial equity interest in or a substantial portion of the assets of, or by any other manner, any business or any corporation, partnership, association or other business organization or division thereof without the approval of the holders of at least 75% in interest of the Covenant Preferred Shares, voting together as a class.

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