CIT Facility definition

CIT Facility is defined in the preamble.

CIT Facility means the asset-based loan facility, secured by a first priority security interest in all property, assets and undertaking of CMI, including the DIP Charge, and the guarantors named in the CIT Credit Agreement, including its conversion to a debtor-in-possession financing arrangement pursuant to the Initial Order.

CIT Facility means that certain revolving credit facility entered into by CSC with The CIT Group/Equipment Financing, Inc. on February 3, 1998, as amended through the date hereof, which facility is guaranteed by Cityscape.

Examples of CIT Facility in a sentence

• If the Borrower pays any consent fee or waiver fee or provides any other inducement (financial, collateral or otherwise) with respect to any amendment, modification, waiver or consent of the financial maintenance covenant currently set out in Section 7.4(b) of the CIT Facility or of any additional financial maintenance covenant added to the Senior Credit Facility, the same fee (or other inducement) shall be payable to the Administrative Agent on behalf of the New Lenders under the New Loan.

• The CIT Facility is a discretionary facility, which means that CIT is not contractually obligated to advance funds.

• There is not, in the constating documents, articles or, except in connection with the CIT Facility, in any Material Agreement or other instrument or document to which the Company or the Subsidiaries is a party, any restriction upon or impediment to, the declaration or payment of dividends by the directors of the Company or the payment of dividends by the Company to the holders of its Common Shares.

• The first is related to characterization of a chemical signature associated with possible tank sources that may be identified in or matched to the groundwater chemistry.

• The liens and mortgage that secured the original CIT Facility remain in place and have been amended and modified to secure the new CIT ABL Facility.

More Definitions of CIT Facility

CIT Facility means the financing provided by CIT Business Credit Canada Inc. pursuant to an amended and restated financing agreement between Tembec Industries, TEI and CIT Business Credit Canada Inc. and others dated May 30, 2007, as the same is amended or restated from time to time.

CIT Facility means that certain Master Loan and Security Agreement, dated as of January 23, 2014, as amended, restated, modified, supplemented or replaced from time to time prior to the Petition Date, between Alpha Hunter Drilling, LLC and CIT Finance LLC, as lender, including Schedule No. 1 thereunder (as amended, restated, modified, supplemented, or replaced from time to time prior to the Petition Date).

CIT Facility means the senior secured revolving credit facility in an aggregate principal amount of $75,000,000 established by the CIT Credit Agreement.

CIT Facility means the Financing Agreement between the CIT Group/Commercial Services, Inc. (“CIT”) as Lender and Ascendia Brands Co., Inc., as borrower, in form and substance reasonably satisfactory to the Required Holders prior to the execution of any such Facility; provided, however, that (i) the aggregate outstanding amount of such Indebtedness permitted hereunder (taking into account the maximum amounts which may be advanced under the loan documents evidencing the CIT Facility) does not at any time (i) exceed $13,000,000; (ii) provide at any time for total interest and fees at a rate in excess of LIBOR plus 2.25%; or (iii) provide for such Indebtedness to be secured by any property or assets of the Company and its Subsidiaries other than inventory located in the United States and accounts receivable.

CIT Facility means the facility provided by CIT in an amount of up to ------------ approximately $10,755,648 pursuant to the CIT Loan Agreement to finance and refinance Capital Expenditures.

CIT Facility means a US$6,000,000 non-recourse receivables factoring facility made available to WC Designs under the terms of an agreement dated 5 March 1999 as may have been amended from time to time.

CIT Facility means the asset-based facility provided by CIT.