Draw Condition definition

Draw Condition has the meaning specified in Section 14.2(a).
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Draw Condition means Borrower has provided the Lenders with evidence, satisfactory to the Lenders in their sole discretion, confirming that Borrower has at least three (3) distinct and active Clinical Stage Programs.
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Examples of Draw Condition in a sentence

  • Upon the occurrence of a Draw Condition, Citadel shall execute the joint certificate referenced in Section 2.3.

  • Pursuant thereto, and on the terms and conditions hereinafter set forth, each Initial Lender agrees to fund Draws to the Borrower from time to time during the Initial Draw-Down Period in an aggregate amount not to exceed such Initial Lender’s Commitment, provided, however, that under no circumstances shall any Initial Lender be required to fund any Draw unless, both prior to and after giving effect to such Draw, each Draw Condition Precedent shall be satisfied.

  • In the event of termination of this Agreement pursuant to any other provision of Section 15.1 not constituting a Draw Condition, Sellers shall return the original Letter of Credit and, if applicable, the Additional Letter of Credit to Citadel, and Citadel shall be entitled to receive the Escrow Amount (if applicable).

  • The Letter of Credit shall provide that the issuing bank shall make payment on the Letter of Credit upon such bank's receipt of a joint certificate from the Chief Executive Officer of Citadel and the Stockholder certifying that a Draw Condition has occurred.

  • The Letter of Credit shall provide that the issuing bank shall make payment on the Letter of Credit upon such bank's receipt of a joint certificate from the President of each of the Company and Citadel certifying that a Draw Condition has occurred.

  • The Letter of Credit shall provide that the issuing bank shall make payment on the Letter of Credit upon such bank's receipt of a joint certificate from a Vice President of the general partner of Wicks and the Chief Executive Officer of Buyer certifying that a Draw Condition has occurred or pursuant to a court order.

  • Xxxxxx xx behalf of Seller certifying that a Draw Condition has occurred.

  • If this Agreement is terminated by BPH pursuant to Section 16.1(c) hereof (a "Draw Condition"), BPH shall be entitled to draw upon and receive the proceeds of the Letter of Credit; and provided further, that if this Agreement is terminated pursuant to any other provision of Section 16.1, Buyer shall be entitled to a return of, and BPH shall return to Buyer, the original Letter of Credit.

  • The Letter of Credit shall provide that the issuing bank shall make payment on the Letter of Credit upon such bank's receipt of a joint certificate from the President of each Seller and Citadel certifying that a Draw Condition has occurred.

  • Buyer agrees that BPH may, at its option, have Buyer's obligations under this Section 2.2(b) specifically enforced by a court of competent jurisdiction and that, if there is then pending litigation as to whether a Draw Condition has occurred, Buyer will not oppose specific enforcement of its obligations under this Section 2.2(b).

Related to Draw Condition

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Extension Conditions Defined in Section 3.06(a).

  • Unsafe condition as used in this clause means the actual or potential exposure of contractor or Government employees to a hazardous material as defined in Federal Standard No. 313, and any revisions thereto during the term of this contract, or any other material or working condition designated by the Contracting Officer's Technical Representative (COTR) as potentially hazardous and requiring safety controls.

  • Liquidity Condition means an event of immediate termination or suspension as specified in a Liquidity Facility, upon the occurrence of which the Standby Purchaser is not obligated to purchase Multi-Modal Bonds, and, accordingly, such Bonds are not subject to tender for purchase.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • Minimum Condition has the meaning set forth in Annex I.

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • Review Conditions means (i) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date and (ii) the Noteholders or Note Owners, as applicable, have voted, pursuant to Section 2.03(d) of the Receivables Purchase Agreement, to direct an Asset Representations Review of the Subject Receivables.

  • Payment Condition shall be deemed to be satisfied in connection with a Restricted Payment, Restricted Debt Payment, investment or Permitted Acquisition if:

  • LC Conditions has the meaning given to such term in Section 2.9.

  • Release Condition means the following:

  • Acceptance Condition means the acceptance condition to any Offer;

  • Minimum Tender Condition shall have the meaning provided in Section 2.15(b).

  • Distribution Conditions means, with respect to any Restricted Payment or Restricted Junior Debt Prepayment, the following:

  • Condition Satisfaction Date shall have the meaning set forth in Section 7.2.

  • Obstetric condition means a condition that is listed under Group T4 (Obstetrics) in the Medicare Benefits Schedule.

  • Release Conditions mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.

  • Acute condition means that the individual is medically unstable. Such an individual requires frequent monitoring by medical professionals, such as physicians and registered nurses, in order to maintain his or her health status.

  • Maximum Tender Condition has the meaning specified in Section 2.17(b).

  • Eligibility Conditions means the eligibility conditions specified in the Act and the Rules including all the eligibilityconditions listed in Clause [5] of the Tender Document.

  • Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:

  • Equity Conditions Failure means that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

  • Minimum Extension Condition has the meaning specified in Section 2.15(b).

  • Rating Condition has the meaning specified in Section 2.06(c)(ii).

  • Qualifying condition means a condition described in Section 26-61a-104.