Initial Borrower definition
Examples of Initial Borrower in a sentence
For purposes of the calculating the Borrowing Base in respect of the Revolving Loans advanced on the Closing Date to the Initial Borrower, the Borrowing Base shall be deemed to be the Borrowing Base of the Borrowers as if the Closing Date Acquisition was consummated immediately prior to the making of the initial Revolving Loans advanced on the Closing Date.
The Initial Borrower shall at all times (a) maintain its status as a “business development company” under the Investment Company Act and (b) use commercially reasonable best efforts to maintain its status as a RIC under the Code.
The Initial Borrower will at all times use commercially reasonable best efforts to comply with the portfolio diversification and similar requirements set forth in the Code applicable to RICs, subject to the applicable grace periods set forth in the Code.
The Loans advanced on the Closing Date shall be made to Initial Borrower for purposes of consummating the Closing Date Acquisition, this Agreement and for paying fees and expenses in connection with the foregoing.
Borrowers will pay to Administrative Agent and/or Arranger fees in consideration of the arrangement of the Commitments and administration of this Credit Agreement, which fees are earned, due and payable in amounts and on the dates agreed to between Initial Borrower and Administrative Agent in a separate fee letter agreement.