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 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).

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.

• LJH has purchased the Monroe Facility and proposes to modify its terms to, among other things, resolve the Defaults thereunder and make available to the Company $6 million of additional funding (the “Working Capital Infusion”), and by working with the Company to obtain amendments to the CIT Facility which will resolve the Defaults thereunder and make available to the Company additional credit to fund its business.

• Develop programming to support both high school students and adult learners.

• The CIT Facility is collateralized by 100% of the assets of the Company and its subsidiaries who are co-borrowers and/or guarantors.

• Although the stated face amount of the CIT Facility is $20 million, the borrowing base formula significantly limits amounts available for us to borrow.

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 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.

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 Revolving Credit Agreement, dated as of July 8, 1995, between CIT and Borrower, as amended.

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

CIT Facility means the Purchase Agreement dated as of June 10, 1997 between JAIX Leasing and CIT Group/Equipment Financing, Inc., as the same may be amended from time to time.

CIT Facility means the Credit Agreement, as it may be amended, modified, replaced or refinanced from time to time, provided that any such amendment, modification, replacement or refinancing must (i) involve CIT or another bank or institutional asset based lender of national repute, (ii) be on terms and conditions that are no less favorable than those of the Credit Agreement, and (iii) provide for an aggregate amount of indebtedness that does not exceed the maximum amount of indebtedness outstanding under the CIT Facility (as it may have previously been amended, modified, replaced or refinanced) during the twelve (12) month period immediately prior to the closing of such amendment, modification, replacement or refinancing.