Interim Borrowing Sample Clauses

Interim Borrowing. The Borrower is authorized to borrow up to the Interim Amount in accordance with the DIP Budget, on an interim basis through and including the date of the Final Order.
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Interim Borrowing. The Debtors, (i) upon filing with the Court of one or more motions seeking approval of the procedures for sale of all or substantially all of the Debtors’ assets, (ii) upon entry of the Canadian DIP Order by the Canadian Bankruptcy Court, and (iii) subject to the satisfaction of the other conditions to borrowing under the DIP Loan Documents, are immediately authorized to obtain interim DIP Loans pursuant to the terms of the DIP Loan Documents and this Interim Order in the principal amount of up to the Maximum Interim Borrowing. Available financing and advances under the DIP Loan Agreement will be made, subject to the Budget (after giving effect to any Budget Carryover Amount), to fund the Debtors’ working capital and general corporate needs, including professional fees as and when approved by the Bankruptcy Court, and other amounts required or allowed to be paid in accordance with the budget annexed hereto as Exhibit A (as superseded and replaced by the Debtors in accordance with the DIP Loan Agreement, the “Budget”), the terms, conditions, and limitations set forth in this Interim Order, and the DIP Loan Documents, including any and all costs of obtaining the interim DIP Loans. It shall be an Event of Default under the DIP Loan Documents if, during the term of this Interim Order, the Debtors fail to provide the Lenders, within three Business days after the end of the prior week, with a reconciliation, in form and substance acceptable to the Agents, of the actual cash collections and disbursements of the Loan Parties for such week to the budgeted line item amounts set forth in the Budget, together with a written explanation of any material variances. Neither the Agents nor the Lenders shall have any obligation with respect to the proceeds of the DIP Loans, the Post-Petition Collateral, or the use of Cash Collateral, nor shall any of them be obligated to ensure or monitor the Debtors’ compliance with any such covenants, formulae, Budget or other terms and conditions or, except to the extent provided under Section 2.13(j) of the DIP Loan Agreement, be obligated to pay (directly or indirectly from the Post-Petition Collateral) any expenses incurred or authorized to be incurred pursuant to the DIP Loan Documents. The Agents’ and Lenders’ consent to any Budget shall not be construed as a commitment to continue to provide the DIP Loans or permit the use of Cash Collateral after the occurrence of an Event of Default (as defined in the DIP Loan Documents) or beyon...
Sample 1
Interim Borrowing. Subject to the terms and conditions of this Order and the DIP Loan Documents, including without limitation, the covenants and Budget as specified in the DIP Loan Documents, the Lender may make loans and advances to the Debtors and the Debtors may use Cash Collateral in accordance with the Budget and the DIP Loan Agreement. Notwithstanding anything in this Interim Order to the contrary, the Debtors shall use Cash Collateral and incur DIP Indebtedness and use the proceeds of the DIP Indebtedness solely in accordance with the covenants, formulae, Budget and other terms and conditions set forth in the DIP Loan Documents and this Interim Order. During the term of this Interim Order, within three business days of the month ended, the Debtors shall provide the Lender with monthly cash flow reports by the close of business the following day. Neither the Agent nor the Lender shall have any obligation with respect to the proceeds of the DIP Facility, the Post-petition Collateral, or the use of Cash Collateral, nor shall any of them be obligated to ensure or monitor the Debtors’ compliance with any such covenants, formulae, Budget or other terms and conditions or be obligated to pay (directly or indirectly from the Post-petition Collateral) any expenses incurred or authorized to be incurred pursuant to the DIP Loan Documents. The Lender's consent to any Budget shall not be construed as a commitment to continue to provide the DIP Facility or permit the use of Cash Collateral after the occurrence of an Event of Default (as defined in the DIP Loan Documents) or beyond the Termination Date (as defined below), regardless of whether the aggregate funds described in the Budget have been expended. For purposes of this Interim Order, however, the Debtors shall not be deemed to be in default for any deviation from the Budget provided such deviation is not more than fifteen percent (15%) of the budgeted disbursements, either on a cumulative basis or with regard to any specific budgeted line item; provided, further, if (i) the Debtors are not otherwise in default, (ii) the Debtors have not deviated from the Budget, either on a cumulative basis or with regard to any specific budgeted line item, in any given month, and (iii) the Debtors’ actual expenditures for any specific budgeted line item are less than the budgeted disbursements for such specific line item, the Debtors may, in the following month, increase the budgeted disbursement for such line item in an amount equal to the ...
Sample 1
Interim Borrowing. On the date of the Interim Borrowing, if any: (a) The Investors shall have made the Interim Equity Contribution, and the other Transactions to occur on the date of the Interim Borrowing shall have occurred, on or before the date of the Interim Borrowing. (b) At the time of and immediately following the Interim Borrowing, there shall not have occurred and be continuing an Event of Default or Default under clause (b), (c) (without regard to any applicable grace period), (g) (without regard to any applicable grace period), (h), (l) or (m) of Article VII. (c) The Lenders shall not have accelerated any or all Loans hereunder. (d) There shall not have occurred and be continuing any payment default or payment event of default with respect to the Existing Notes, the Existing Credit Agreement (or the Replacement Credit Facility, as applicable) or the RES Facility (or any indebtedness refinancing the RES Facility). (e) There shall not be in effect a temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent jurisdiction or other legal restraint or prohibition preventing or rendering illegal the consummation of the Merger, and there shall not be pending any proceeding by any Governmental Authority seeking any of the foregoing. (f) The representations set forth in Sections 3.01, 3.02, 3.03, 3.04 and 3.11(b) shall be true and correct in all material respects on and as of the date of the Interim Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. (g) The Administrative Agent shall have received a notice of Borrowing as required by Section 2.03. (h) The Administrative Agent shall have received a certificate of the Borrower dated the date of the Interim Borrowing signed by a Financial Officer and on behalf of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (b), (d) and (f) of this Section 4.03. The Interim Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date of such Borrowing as to the matters specified in paragraphs (b), (d) and (f) of this Section 4.03.
Sample 1

Related to Interim Borrowing

  • Borrowing Upon receipt of Proper Instructions, the Custodian shall deliver securities of a Portfolio to lenders or their agents, or otherwise establish a segregated account as agreed to by the applicable Fund on behalf of such Portfolio and the Custodian, as collateral for borrowings effected by such Portfolio, provided that such borrowed money is payable by the lender (a) to or upon the Custodian's order, as Custodian for such Portfolio, and (b) concurrently with delivery of such securities.

  • Initial Borrowing Before or concurrently with the initial Borrowing: (a) The Administrative Agent shall have received the favorable written opinion of Xxxxxx & Xxxxxxx LLP, counsel to Borrower; (b) The Administrative Agent shall have received copies of the Borrower’s (i) Articles of Incorporation, together with all amendments and (ii) bylaws (or comparable constituent documents) and any amendments thereto, certified in each instance by its Secretary or an Assistant Secretary; (c) The Administrative Agent shall have received copies of resolutions of the Borrower’s Board of Directors authorizing the execution 1663651.11-New York Server 7A - MSW and delivery of the Credit Documents and the consummation of the transactions contemplated thereby together with specimen signatures of the persons authorized to execute such documents on the Borrower’s behalf, all certified in each instance by its Secretary or Assistant Secretary; (d) The Administrative Agent shall have received for each Lender that requests a Note, such Lender’s duly executed Note of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 2.9(a) hereof; (e) The Administrative Agent shall have received a duly executed counterpart of this Agreement from each of the Lenders and the Borrower; (f) The Administrative Agent shall have received a duly executed Compliance Certificate containing financial information as of December 31, 2010; (g) Except as set forth on Schedule 6.1, neither the Borrower nor any of its Subsidiaries shall have, during the period from December 31, 2010 to the Closing Date, issued, incurred, assumed, created, become liable for, contingently or otherwise, any material Indebtedness other than the issuance of commercial paper consistent with past practices; (h) The Borrower shall have paid to the Administrative Agent for the benefit of each Lender the applicable fees for providing its Commitment under this Agreement; (i) The Borrower shall have delivered the SEC Disclosure Documents which Nicor or the Borrower shall have filed with the Securities and Exchange Commission (or any governmental agency substituted therefore) or any national securities exchange on or after January 1, 2011; (j) The 364 Day Credit Agreement, dated as of April 23, 2010, among the Borrower, the Administrative Agent and the other financial institutions party thereto has terminated (upon maturity or otherwise) in accordance with its terms; and (k) The Administrative Agent shall have received such other documents and information as it may reasonably request. By executing this Agreement, the Administrative Agent and each of the Lenders agrees that each condition set forth in this Section 6.1 has been satisfied. 1663651.11-New York Server 7A - MSW

  • The Term Borrowing Subject to the terms and conditions set forth herein, each Term Lender severally agrees to make a single term loan denominated in Dollars to the Borrower on the Closing Date in an amount not to exceed such Term Lender’s Term Commitment. The Term Borrowing shall consist of Term Loans made simultaneously by the Term Lenders in accordance with their respective Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein.

  • No Borrowing The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes.

  • Proposed Borrowing This Agreement represents the Borrower’s request to borrow New Term Loans or increase Dollar Revolving Commitments from the New Lenders as follows (the “Proposed Borrowing”): SECTION 1. Business Day of Proposed Borrowing: , SECTION 2. Amount of Proposed Borrowing: $ SECTION 3. Interest rate option: a. ABR Loan(s) b. Eurocurrency Loan(s) with an initial Interest Period of months

  • Eurocurrency Loans The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBO Rate for the related Interest Period for such Borrowing plus the Applicable Margin.

  • Revolving Borrowings Subject to the terms and conditions set forth herein, each Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in Dollars, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving effect to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Facility, and (ii) the Revolving Exposure of any Lender shall not exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this Section 2.01(b). Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.

  • Amount of Borrowing Tranche Each Borrowing Tranche of Loans under the LIBOR Rate Option shall be in integral multiples of $500,000 and not less than $1,000,000; and

  • Eurodollar Loans The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

  • ABR Loans The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

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