Initial Drawdown. The obligation of the Lender to make the first Advance under the Facility Agreements is subject to the fulfilment of the conditions precedent provided for in Section 4.
Initial Drawdown. The Borrower’s initial Drawdown of the Facility under this Agreement is subject to the conditions precedent that, at least three Business Days (at 10:00 am) prior to the requested date for such Drawdown, the Agent shall have received all of the following documents in form and substance satisfactory to the Agent (in this regard, photocopies presented must have been certified by the document provider as true, accurate and complete copies):
Initial Drawdown. On the terms set forth in this Agreement and subject to the satisfaction (or waiver) of the conditions set forth in Section 2 below, the Corporation shall issue and sell to each Purchaser, and each Purchaser shall purchase from the Corporation, at the Initial Closing, at a price per share of $12.00, the number of shares of Class A Common Stock and the number of shares of Class B Common Stock indicated on such Purchaser’s signature page hereto as such Purchaser’s “Initial Funded Shares” (the shares of Common Stock purchased by a Purchaser at the Initial Closing, such Purchaser’s “Initial Funded Shares”).
Initial Drawdown. The Borrower's initial drawdown of the Facility Amount under this Agreement is subject to the conditions precedent that at least seven (7) Business Days prior to the requested date for such drawdown the Agent shall have received all of the following documents in form and substance satisfactory to the Agent:
Initial Drawdown. Pursuant to the Investment Agreement, the Bank Subscription Agreements and the Director Subscription Agreements dated April 15, 2011, by and between the Bank and each of the subscribers identified on the signature pages thereto, the Bank sold 8,089,731 shares of common stock of the Bank at $5.00 per share in the Initial Drawdown (as such term is defined in the Bank Investment Agreement and the Bank Subscription Agreements), and the aggregate Maximum Dollar Investments by the Investors in the Company, together with the Initial Drawdown, shall be up to $135,415,495.
Initial Drawdown. On the Subscription Date, the Company will sell to the Investor its proportionate share of an aggregate Put of $750,000 ("Initial Drawdown"). The Purchase Price of the Initial Drawdown shall be 50% of the average of the three lowest Bid Prices for the ten Trading Days prior to the Subscription Date against payment therefor. Finder's Fees shall be payable in connection with the Initial Drawdown. In the event the Company fails to obtain effectiveness of the Registration Statement within the time period set forth in Section 1.1(b) of the Registration Rights Agreement, then the payments described in Section 1.1(d) of the Registration Rights Agreement shall accrue from and after such date in relation to the Initial Drawdown. On the Subscription Date, the Company shall deliver to the Investor the legal opinion referred to in Section 7(h) of this Agreement as such opinion relates to the Initial Drawdown.
Initial Drawdown. 8. The right of the Borrower to obtain the initial drawdown under the Credit(s) is subject to the condition precedent that there shall not have been any material adverse changes in the financial condition or the environmental condition of the Borrower or any guarantor of the Borrower.
Initial Drawdown. The Borrower makes the first Drawdown on the date hereof for an amount of US$ 100,000,000 by delivering to the Facility Agent a duly completed Drawdown Request. The Lenders hereby acknowledge that the conditions precedent set out under Clauses 4.1(a), 4.2 and 4.3 above have been met. Payment of the first Drawdown shall be made by the Facility Agent on or before twelve a.m. (12:00) of 23 March 2009, with value date such date, by means of crediting such amount to the bank account indicated for such purpose by the Borrower in the Drawdown Request. Payment of the first Drawdown by the Facility Agent to the Borrower, as indicated in the previous paragraph will fully release the Lenders from their obligation to make payment of such first Drawdown.
