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 the Existing Term Loan Agreement on the First Borrowing Date.

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

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.

• 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.

• A payoff letter providing that (A) the Hercules Term Loan Agreement shall be terminated and all loans and obligations thereunder repaid in full as of the First Borrowing Date upon the funding of the Loans on such Borrowing Date, and (B) all Liens in favor of the secured parties under the Hercules Term Loan Agreement shall be released on such Borrowing Date or promptly thereafter with the filing of release documents and UCC termination statements.

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

• Each Lender has severally, on and subject to the terms and conditions of this Agreement, made a term loan of $50,000,000 in aggregate principal amount to the Borrower on the First Borrowing Date in accordance with such Lender’s Proportionate Share of such Loan.

More Definitions of First Borrowing

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

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

First Borrowing shall have the meaning given such term in the preamble to this Agreement.

First Borrowing has the meaning set forth in Section 6.01.

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