First Borrowing definition

First Borrowing means the earlier to occur of (i) the initial Borrowing made by the Borrower hereunder or (ii) the initial Letter of Credit issued by an Issuing Bank hereunder.

First Borrowing means the first Borrowing under this Agreement by the conversion of the Existing Term Loans on the date hereof.

First Borrowing has the meaning set forth in Section 6.01.

Examples of First Borrowing in a sentence

• All action necessary or desirable to protect and perfect such security interest in each item of the Collateral will have been duly taken prior to the First Borrowing Date.

• Lenders shall be satisfied with Lien searches regarding Borrower and its Subsidiaries made within two Business Days prior to the First Borrowing Date.

• No event has occurred and is continuing and no condition exists which constitutes a Default or an Event of Default after giving effect to the Advance to be made on the First Borrowing Date.

• The parties to this Agreement shall prepare a mutually agreeable press release announcing the completion of this transaction on the First Borrowing Date.

• The parties hereto acknowledge and agree that the initial Borrowing of $50,000,000 occurred on August 15, 2013, being the First Borrowing Date, and that the conditions precedent to the second and third term Borrowings contained in the Initial Term Loan Agreement were not satisfied, and therefore, no Lender has any Commitment to fund the second and third term Borrowings thereunder.

More Definitions of First Borrowing

First Borrowing means the first Borrowing under this Agreement in accordance with Section 2.02.

First Borrowing means the occurrence of the initial borrowing of funds by the Borrower as set forth in Section 5.2 of this Agreement.

First Borrowing means the initial Borrowing made by the Borrower hereunder on the Closing Date.

First Borrowing means a Borrowing or Borrowings in the aggregate amount of up to €750,000,000, less the aggregate amount of any Net Cash Proceeds that PPG and its Subsidiaries receive following the Effective Date.

First Borrowing means the First Borrowing of the Loan made by the Borrower in accordance with the provisions of this Agreement, provided that it has complied with the requirements for the First Borrowing of the Loan in accordance with Clause Nine, in the amount of up to 20% (twenty percent) of the amount of the Loan (without considering the Additional Loan), which must be made, within 6 (six) months following the execution date of this Agreement.

First Borrowing means the initial Borrowing of the Loan to be made after the conditions set forth in Clause 3.01 of this Agreement have been satisfied.

First Borrowing shall have the meaning set forth in Section 2.02(b)(i).