Commencing on the Closing Date Clause Samples
POPULAR SAMPLE Copied 2 times
Commencing on the Closing Date the Company shall employ the Executive and the Executive shall accept employment by the Company, upon the terms and conditions set forth in this Agreement.
Commencing on the Closing Date the Borrower shall pay to the Administrative Agent, for the account of the Lenders, a non-refundable commitment fee at a rate per annum equal to the Applicable Margin on the average daily unused portion of the Commitments. The commitment fee shall be payable in arrears on the last Business Day of each calendar quarter during the term of this Agreement commencing December 31, 2005 and ending on the Revolving Credit Termination Date. Such commitment fee shall be distributed by the Administrative Agent to the Lenders pro rata in accordance with the Lenders' respective Percentages.
Commencing on the Closing Date. Borrower shall, and shall cause each other Loan Party to grant to Agent an Acceptable Security Interest in the Material Real Property within the time periods required by this Agreement. Notwithstanding the foregoing, Agent shall subordinate such Acceptable Security Interest in such Collateral as is necessary to grant to the United States government or agency thereof a first priority lien on assets required by the government or agency thereof in connection with any financing in excess of $10,000,000 being provided by such United States government or agency thereof, so long as the terms of such financing are consented to by Agent, such consent not to be unreasonably conditioned, delayed or withheld. Upon any such subordination the applicable interest rate on any Loans will increase by 3.0% so long as such subordination is in effect.
Commencing on the Closing Date the Borrower shall pay to the Agent, for the account of the New Facility Lenders that have not fully funded their respective Commitment Percentage of New Facility Loans on the Closing Date, a non-refundable commitment fee on the average daily unused portion of the New Facility Commitment, at a rate per annum of two percent (2%). The commitment fee shall be payable monthly in arrears on the last Business Day of each month during the term of this Agreement. Such commitment fee shall be distributed by the Agent to such New Facility Lenders PRO RATA in accordance with the New Facility Lenders' respective New Facility Commitment Percentages.
Commencing on the Closing Date the Borrower Consolidation shall maintain a minimum DSC Ratio no less than 1.50 to 1.0 calculated as of the end of each Fiscal Quarter.