First Funding definition

First Funding. The making of the first loan under the Revolving Credit.

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First Funding means the funding of a Revolving Loan, the initial extension of credit hereunder, in accordance with the terms and conditions of this Agreement, including, the conditions set forth in Section 3 of this Agreement, and subject to the following additional conditions precedent (i) the proceeds of such Revolving Loan shall be used solely to fund the St. Louis Tax Payment, (ii) Excess Availability, after giving effect to such payment of the St. Louis Tax Payment, the funding of such Revolving Loan, and the payment of all other fees, costs and expenses, if any, required to be paid by Borrowers on or before such date under this Agreement or any other Loan Document, is not less than $1,500,000, and (iii) Borrowers have provided Lender with written confirmation, supported by reasonably detailed calculations, that, on a pro forma basis after giving effect to such Revolving Loan and the St. Louis Tax Payment, the Loan Parties and their Restricted Subsidiaries would have been in compliance with the financial covenants in Section 7 of this Agreement for the fiscal quarter or fiscal month, as applicable, ended immediately prior to the proposed date of consummation of such proposed Revolving Loan and St. Louis Tax Payment.

First Funding shall have the meaning set forth in Section 2.03(a)(i).

Examples of First Funding in a sentence

• Prior to or substantially concurrently with the First Funding Event, all obligations under the TPC Credit Agreement shall have been repaid and any Liens securing such obligations shall have been released and terminated.

• From time to time, prior to the First Funding Event, the Company shall have the right to add Commitments from investors (“Additional Investors”) reasonably acceptable to the Investors who are parties to this Agreement on the date hereof.

• Notwithstanding the foregoing, (i) no covenant that would breach the terms of Section 7.09 of the Senior Credit Agreement or Section 12; Dispositions, Liens and Encumbrances of the TPC Credit Agreement shall be effective until the date of the First Funding Event and (ii) nothing in any Note Document shall prohibit or restrict the consummation of the Merger Transaction and the transactions related thereto.

• On the date of the First Funding Event, Parent will execute and deliver to the Warrant Agent the Warrant Agreement in the form attached hereto as Exhibit B (the “Warrant Agreement”) and issue to each Investor a warrant certificate, in the form of Exhibit A to the Warrant Agreement (each, a “Warrant” and, collectively, the “Warrants”), to purchase up to a number of shares of Common Stock of Parent set forth opposite each Investor’s name on Schedule I hereto.

• Oyster may also elect at any time to purchase additional Securities in excess of those offered pursuant to any First Funding Notice.

More Definitions of First Funding

First Funding has the meaning set forth in Article 2.2 (First Funding) below.

First Funding is defined in Section 3.

First Funding and "First Funding Date" shall have the meanings ascribed to them, respectively, in Section 3.3.

First Funding. The making (or deemed making, as contemplated by Section 14.22) of the first loan or the issuance (or deemed issuance, as contemplated by Section 14.22) of the first L/C under the Revolving Credit on or after the Effective Date.

First Funding has the meaning specified in the Stock Purchase Agreement.

First Funding has the meaning ascribed thereto in Section 2.2 hereof.

First Funding. Date shall mean the Business Day on which proceeds of the Revolving Credit Loans are first advanced under this Agreement.