First Draw definition
Examples of First Draw in a sentence
After the First Draw, and continuing quarterly thereafter, Owner shall deliver to Contractor a statement in the form of Schedule BB-2 (“Owner Quarterly Confirmation”) confirming that Owner has sufficient funds through itself or financing to continue to fulfill its payment obligations under this Agreement and confirming that no event has come to the attention of Owner which would materially and adversely affect the continued availability of such funding.
The proceeds of the Term Loan (First Draw) shall be used solely to finance in part the Specified Acquisition and to pay fees and expenses incurred in connection therewith and herewith.
Other than with respect to a Credit Extension of the Term Loan (First Draw), no Default shall exist immediately prior to, or would result from such proposed Credit Extension or from the application of the proceeds thereof.
The Administrative Agent shall have received a solvency certificate signed by a Responsible Officer of the Company as to the financial condition, solvency and related matters of the Company and its Subsidiaries, after giving effect to the Term Loan (First Draw), the Specified Acquisition and the other transactions contemplated hereby.
The representations and warranties of the Company and the Delaware Sub contained in this Agreement and those otherwise made in writing by or on behalf of the Company and the Delaware Sub in connection with the Transaction shall be correct in all material respects at the date of the First Draw Down.
During the First Draw Period, Borrower may request one (1) additional Term Loan Advance in an amount of Three Million Dollars ($3,000,000).
Any property acquired after the date of the First Draw Down (other than Real Properties having an aggregate value of $25,000 or less) by the Company or the Delaware Sub, the Company or the Delaware Sub, as applicable, will, at its cost and expense, within 90 days of such acquisition, secure the Obligations by pledging or creating, or causing to be pledged or created, perfected first priority security interests with respect to such property.
On the First Draw Down Date, the Company shall issue to GYBL, as a commitment fee, 4,000,000 Common Shares, free and clear of all Liens.
Notwithstanding the foregoing, the consummation of the Merger shall not be a condition to the making of the First Draw.
The earlier of (i) the Refinancing Draw Date and (ii) the Incremental Draw Date is referred to herein as the “First Draw Date”, and the March 2017 Term Loans borrowed on the First Draw Date, the “First Drawn Loans”; the later of (i) the Refinancing Draw Date and (ii) the Incremental Draw Date is referred to herein as the “Final Draw Date”, and the March 2017 Term Loans borrowed on the Final Draw Date, the “Final Drawn Loans”.