CIT Financing definition
Examples of CIT Financing in a sentence
This instrument embodies the entire agreement between the parties and supersedes all prior agreements and understandings, if any, relating to the subject matter hereof (except documents, agreements and instruments delivered or to be delivered in accordance with the express terms hereof, and except for the CIT Financing Agreement, to the extent of the collateral description and remedies set forth therein).
Should any term or provision of any of the Loan Papers other than this Agreement or of the CIT Financing Agreement conflict with any term or provision of this Agreement, then in any such case the terms and provisions of this Agreement shall be controlling.
Borrowers agree to maintain books and records pertaining to their financial matters in such detail, form and scope, for so long as the CIT Financing Agreement remains in effect, as CIT reasonably may require, and thereafter, as Investment Manager reasonably may require.
Borrower will not request any advances or otherwise incur any indebtedness under the CIT Loan Agreement and agrees to execute such further agreements, documents or instruments, or take such other commercially reasonable actions, to terminate the CIT Loan Agreement and the CIT Financing Statement.
In furtherance of the continuing assignment and security interest in each Borrower's Accounts and Inventory, each Borrower will, upon the creation of Accounts and purchase or acquisition of Inventory, execute and deliver to the Lender such confirmatory schedules of Accounts and Inventory as shall be delivered to the Agent under the CIT Financing Agreement.
The Companies shall pay on demand all costs and expenses of the Lender and OCAM, including without limitation, reasonable attorneys’ fees, incurred by the Lender and OCAM in connection with this Agreement, the Assignment and Acceptance, the Second Amendment to Financing Agreement, the Participation Agreement, the CIT Financing Agreement or any of the transactions contemplated hereby or thereby other than the Merger contemplated by the Merger Agreement.
Notwithstanding anything to the contrary in this Agreement, after the occurrence of an "Event of Default" (as defined in the CIT Financing Agreement as in effect on the date hereof), any Net Cash Proceeds from a Disposition applied to the CIT Revolving Loans shall permanently reduce the Aggregate Borrowing Base in an equal amount.
Borrower agrees that it will not borrow amounts under the CIT Financing Agreement which, when made, would cause the aggregate principal amount of all outstanding CIT Revolving Loans at such time to exceed the sum of (i) $6,000,000, plus (ii) the Revolver Balance, unless (i) the Chief Executive Officer of the Parent has expressly authorized such borrowing to be made, and (ii) Parent, on behalf of the Borrowers, promptly notifies Lender that such approved borrowings have occurred.
No Company shall, nor shall any Company permit any of its Subsidiaries to, amend or otherwise modify (i) any of the Specified Debt Documents or (ii) any Permitted Bank One Refinancing Documents, following the execution and delivery thereof and written approval thereof by Holder; provided, that the Companies shall be permitted to amend or otherwise modify the CIT Financing Agreement to the extent permitted under the Intercreditor Agreement.
Borrowers shall deliver to Lender (x) a Borrowing Base Certificate concurrently with the delivery of such Certificate to the Agent under the CIT Financing Agreement and (y) an "Export Related Borrowing Base Certificate" (as defined in the Ex-Im Borrower Agreement) concurrently with the delivery of such Export Related Borrowing Base Certificate to the Agent under the Ex-Im Borrower Agreement.