MELF Financing definition
Examples of MELF Financing in a sentence
Comply in all material respects with all of their obligations with respect to the MELF Financing and all documents executed in connection therewith, deliver to Lender copies of all material notices received by Loan Parties in connection with the MELF Financing within five (5) Business Days after Loan Parties’ receipt thereof, and deliver to Lender copies of all material notices sent by Loan Parties in connection with the MELF Financing simultaneously with the sending of such notices to MELF.
Once such advances under the Working Capital Revolver Loans and the Swing Line Loans equal or exceed such amounts, Borrowers shall request advances under the Job Bank Term Loan, the PIDC Financing or the MELF Financing, as applicable, in such lump sum amounts and shall use the proceeds thereof to pay down the Working Capital Revolver Loans and the Swing Line Loans.
Attached hereto as Schedule 8.02 is a Line Item Budget and Disbursement Schedule setting forth the estimated cost of each item of the Navy Yard Equipment and the estimated cost and expense to Loan Parties for other matters related to the Navy Yard Project to be financed by the proceeds of the Loans, the Fixed Asset Loans, the Job Bank Term Loan, the MELF Financing and any grant proceeds received by Loan Parties.
Default in any material respect in the performance of their obligations under the MELF Financing and all documents collateral thereto, permit any default by any other Person under the MELF Financing and all documents collateral thereto, waive any obligations of any other Person under the MELF Financing and all documents collateral thereto, or, except as permitted by the Intercreditor and Collateral Sharing Agreement, make any amendment to the MELF Financing or any documents collateral thereto.
Loan Parties shall draw down and disburse the proceeds of the Loans, the Fixed Asset Loans, the Job Bank Term Loan, the MELF Financing and any grant proceeds received by Loan Parties in substantial compliance with the time periods set forth on Schedule 8.02.
Fundings under the Job Bank Term Loan, the PIDC Financing and the MELF Financing are to be made in one or two lump sum advances each, after Borrowers have accumulated sufficient costs and expenses for items covered in the Line Item Budget and Disbursement Schedule equaling or exceeding the amount of such lump sum advances.
In order to accumulate sufficient costs and expenses to be financed by the lump sum advances under the Job Bank Term Loan, the PIDC Financing or the MELF Financing, as applicable, Borrowers intend to pay for such items on an interim basis using advances under the Working Capital Revolver Loans and the Swing Line Loans until such costs and expenses equal or exceed the amounts to be funded under the Job Bank Loan, the PIDC Financing or the MELF Financing, as applicable.
Lenders agree that the Outstanding Amount of advances under the Working Capital Revolver Loans and Swing Line Loans used to pay such costs and expenses on an interim basis pending fundings under the Job Bank Term Loan, the PIDC Financing or the MELF Financing, as applicable, shall be excluded from the Outstanding Amount of all Working Capital Revolver Loans and Swing Line Loans for purposes of calculating the Liquidity Ratio set forth in Section 6.12(d) of the Credit Agreement.
The Line Item Budget and Disbursement Schedule shall constitute the budget based upon which advances under the Loans, the Job Bank Term Loan, the Fixed Asset Loans and the MELF Financing shall be made for each of the applicable line items.