Examples of CIT Facility in a sentence
If the Borrower pays any consent fee or waiver fee or provides any other inducement (financial, collateral or otherwise) with respect to any amendment, modification, waiver or consent of the financial maintenance covenant currently set out in Section 7.4(b) of the CIT Facility or of any additional financial maintenance covenant added to the Senior Credit Facility, the same fee (or other inducement) shall be payable to the Administrative Agent on behalf of the New Lenders under the New Loan.
Each DIP Facility was secured by liens on substantially all of the assets of the Debtors (as well as the capital stock of CSC held by Cityscape), subject to the Carve-Out and to pre-existing valid and perfected liens (including the liens securing the Greenwich Facility and the CIT Facility).
Net proceeds are estimated at $283 million of which $52 million will be used to repay the CIT Facility and the balance will be used for capital expenditures and general corporate purposes.
The Debtors used the funds provided by CIT to repay all amounts outstanding under the prepetition CIT Facility and to operate their business during the pendency of the Reorganization Cases.
Letters evidencing the discharge and release of all obligations, security interests and liens under (i) the Override Agreement, duly executed by The First National Bank of Boston, as agent for the lenders named in the Override Agreement, and each of such lenders individually; and (ii) the CIT Facility, duly executed by CIT.