Qualifying Leasehold Improvements appearing in Section 7.1 of the Letter Agreement will be deemed to be the Facility One Term Loans.
Qualifying Leasehold Improvements. Fixtures and leasehold improvements purchased by the Borrower which meet all of the following criteria: (i) such fixtures and leasehold improvements consist of one or more of the items shown on the Equipment and Improvements List heretofore delivered by the Borrower to the Bank or have otherwise been approved by the Bank for use in supporting a Term Loan, and (ii) the Bank has a fully perfected first security interest in each such item (subject to the interest of the owner of the Borrower's premises, as described in ss.1.4 above).
Qualifying Leasehold Improvements. Fixtures and leasehold improvements purchased by the Borrower which meet all of the following criteria: (i) such fixtures and leasehold improvements consist of one or more of the items shown on the equipment list heretofore delivered by the Borrower to the Bank or have otherwise been approved by the Bank for use in supporting a Term Loan, (ii) each item of such fixtures and leasehold improvements has been built into or installed at the Premises and has become fully operational, and (iii) the Borrower has paid in full for each item of such fixtures and leasehold improvements (or is paying for each such item substantially simultaneously with the making of the relevant Term Loan) and holds title to same, free of all liens and interests of any other Person (other than the security interest of the Bank pursuant to the Security Agreement and except that items so built into the relevant premises as to become an integral part of the real estate may become the property of the owner of such premises).
Examples of Qualifying Leasehold Improvements in a sentence
The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment and/or Qualifying Leasehold Improvements.
The proceeds of each Term Loan will be used by the Borrower solely to pay or reimburse acquisition costs of Qualifying Equipment and Qualifying Leasehold Improvements.
All such Qualifying Equipment and/or Qualifying Leasehold Improvements will be owned by the Borrower and not by any Subsidiary.
Those Term Loans (or portions --------------------------------- thereof) which are not made in respect of Qualifying Leasehold Improvements are hereinafter referred to as the "Tranche A Term Loans".
The Tranche B September 1998 Term Loans will be used by the Borrowers solely to pay (or to reimburse the Borrowers for) the costs of acquisition of Qualifying Leasehold Improvements.
More Definitions of Qualifying Leasehold Improvements
Qualifying Leasehold Improvements. Leasehold improvements made to the Borrower's North Andover, MA premises within the 90-day period prior to the date of the advance of the relevant Term Loan (except that the first Term Loan may finance the costs of Qualifying Leasehold Improvements made within the 120-day period preceding the date of such Term Loan), all of which improvements must meet all of the following criteria: (i) such improvements are shown on the Equipment and Improvements List heretofore delivered by the Borrower to the Bank or otherwise have been approved by the Bank in its reasonable discretion for use in supporting a Term Loan, (ii) the Borrower has paid in full for such improvements and holds title to some, free of all interests and claims of any other Person (other than the security interest of the Bank), and (iii) the Bank has a fully perfected first security interest in such improvements.
Qualifying Leasehold Improvements. Fixtures and leasehold improvements purchased by the Borrower after August 23, 1998 which meet all of the following criteria: (i) such fixtures and leasehold improvements consist of one or more of the items shown on the leasehold improvements list heretofore delivered by the Borrower to the Bank or have otherwise been approved by the Bank for use in supporting a Term Loan, (ii) each item of such fixtures and leasehold improvements has been built into or installed at the New Cambridge Premises, and (iii) the Borrower has paid in full for each item of such equipment and holds title to same, free of all liens and interests of any other Person except that items so built into the relevant premises as to become an integral part of the real estate may be subject to the rights of the owner of such premises.
Qualifying Leasehold Improvements. Leasehold improvements affixed to, installed in and/or made to the Borrower's premises at 000 Xxx Xxxx or 00 Xxxx Xxxx, Canton, MA within the 90 days (or 210 days in the case of the initial Term Loan) prior to the date of the advance of the relevant Term Loan, all of which leasehold improvements must meet all of the following criteria: (i) the Borrower has paid in full for such leasehold improvements (or is paying for same from the proceeds of the Term Loan supported by such leasehold improvements) and holds title to such leasehold improvements, free of all interests and claims of any other Person (other than the security interest of the Bank), and (ii) the Bank has (assuming that it has given value and has filed appropriate Uniform Commercial Code financing statements) a fully perfected first priority security interest in such leasehold improvements, except as set forth in the next sentence. The Bank acknowledges that such leasehold improvements are to be affixed to the Borrower's premises and may become so built into such premises that they become part of the realty, with the result that the owner of the premises would have rights thereto upon the termination of the Borrower's lease and the Bank would no longer have a security interest therein.
Qualifying Leasehold Improvements. Fixtures and leasehold improvements purchased by the Borrower within 90 days prior to date of the Term Loan financing same (except that, for the initial Term Loan, fixtures and leasehold improvements purchased at any time after December 31, 1997 may be included) which meet all of the following criteria: (i) such fixtures and leasehold improvements consist of one or more of the items shown on the equipment list heretofore delivered by the Borrower to the Bank or have otherwise been approved by the Bank for use in supporting a Term Loan, (ii) each item of such fixtures and leasehold improvements has been built into or installed at the Borrower's 128/93 Premises, and (iii) the Borrower has paid in full for each item of such equipment and holds title to same, free of all liens and interests of any other Person (other than the security interest of the Bank pursuant to the Security Agreement and except that items so built into the relevant premises as to become an integral part of the real estate may become the property of the owner of such premises).
Qualifying Leasehold Improvements. Leasehold improvements affixed to, installed in and/or made to the Borrower's premises in Cambridge, MA within the 90-day period prior to the date of the advance of the relevant Term Loan (or at any time since August 1, 2000 to the extent expressly provided for in (S)1.2), all of which leasehold improvements must meet all of the following criteria: (i) such leasehold improvements are shown on the Equipment and Leasehold Improvements List heretofore delivered by the Borrower to the Bank or otherwise have been approved by the Bank for use in supporting a Term Loan, (ii) the Borrower has paid in full for such leasehold improvements and holds title to same, free of all interests and claims of any other Person (other than the security interest of the Bank), and (iii) the Bank has a fully perfected first priority security interest in such leasehold improvements, except as set forth in the next sentence. The Bank acknowledges that such leasehold improvements are to be affixed to the Borrower's premises and may become so built into such premises that they become part of the realty, with the result that the owner of the premises would have rights thereto upon the termination of the Borrower's lease and the Bank would no longer have a security interest therein. "Readily-Marketable Securities" - Debt and equity securities owned by the Borrower which are publicly traded on the New York Stock Exchange, on the American Stock Exchange or on the NASDAQ National Market System.
Qualifying Leasehold Improvements means fixtures or other leasehold improvements purchased by the Borrowers for use in connection with the Borrowers' business which meet all of the following criteria: (i) such fixtures or other leasehold improvements consist of one of the items shown on the Leasehold Improvements List heretofore delivered by the Borrowers to the Bank or have otherwise been approved by the Bank for use in supporting a Tranche B September 1998 Term Loan, (ii) each item of such Qualifying Leasehold Improvements shall have been acquired by the Borrowers within 90 days prior to the date of the Tranche B September 1998 Term Loan financing same (except that for the purposes of the first Tranche B September 1998 Term Loan the Borrowers may include within Qualifying Leasehold Improvements items acquired more than 90 days prior to the date of such first Tranche B September 1998 Term Loan (but in any event after January 1, 1997) and installed at, affixed to or incorporated into ACT II's premises in Wilmington, Ohio and/or installed at, affixed to or incorporated into Alkermes' premises at 281 Xxxxxx Xxxxxx, Xxxxxxxxx, XX), (xxx) xx such fixtures or other leasehold improvements shall have been used to support any prior loan made by the Bank, (iv) each item of such fixtures and other leasehold improvements shall have been delivered to and installed at Alkermes' premises in Cambridge, MA (in the case of Qualifying Leasehold Improvements owned by Alkermes) or ACT II's premises in Wilmington, Ohio (in the case of Qualifying Leasehold Improvements owned by ACT II) and shall have become fully functional, (v) the relevant Borrower shall have paid in full for each item of such fixtures and other leasehold improvements and shall hold title to same, free of all interests and claims of any other person or entity (other than the security interest of the Bank and except for any leasehold improvements so incorporated into the relevant real estate that same become the property of the owner of such real estate), and (vi) except in the case of leasehold improvements so incorporated into the relevant real estate that same become the property of the owner of such real estate, the Bank shall have a fully perfected first security interest in all such fixtures and other leasehold improvements. The Tranche B September 1998 Term Loans will be evidenced by the Tranche B September 1998 Term Note. Each Borrower hereby irrevocably authorizes the Bank to make or cause to be made, on a schedule attached to the Tra...
Qualifying Leasehold Improvements. Leasehold improvements affixed to, installed in and/or made to the Borrower’s premises at 00 Xxxxxx Xxxxxx, Xxxxxxx, XX within the 90-day period prior to the date of the advance of the relevant Term Loan, all of which leasehold improvements must meet all of the following criteria: (i) such leasehold improvements are shown on the Equipment and Leasehold Improvements List heretofore delivered by the Borrower to the Bank or otherwise have been approved by the Bank for use in supporting a Term Loan, and (ii) the Borrower has paid in full for such leasehold improvements and holds title to same, free of all interests and claims of any other Person. The Bank acknowledges that such leasehold improvements are to be affixed to the Borrower’s premises and may become so built into such premises that they become part of the realty, with the result that the owner of the premises would have rights thereto upon the termination of the Borrower’s lease.