Common use of 1Effective Date Clause in Contracts

1Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which (i) the Administrative Agent and the Arrangers have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of- pocket expenses required to be reimbursed or paid by the Borrower hereunder and (ii) the Administrative Agent (or its counsel) has received all of the following, each in form and substance, and dated a date, satisfactory to the Administrative Agent: (a) A counterpart of this Agreement duly signed by each party hereto or, in the case of any party, written evidence (which may include facsimile or e-mail transmission of a signed signature page hereto) that such party has signed a counterpart of this Agreement. (b) A note for each Lender requesting a note on the Effective Date meeting the requirements of Section 2.9(e). (c) An opinion letter of Stoel Rives LLP, counsel for the Borrower, satisfactory to the Administrative Agent, addressing the issues set forth in Exhibit B. (d) Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions. (e) A certificate signed by an Authorized Officer confirming compliance with the conditions set forth in Section 4.2(a) and (b). (f) Copies of all approvals, authorizations, consents, adjudications or orders of any Governmental Authority required to be obtained in connection with the execution and delivery of, and the performance by the Borrower of its obligations under, this Agreement and any other documents required hereunder, other than the Required Filings. (f) The Administrative Agent shall have received evidence satisfactory to it that all of the bilateral credit agreements set forth on Schedule 4.1 (collectively, the "Existing Bilateral Agreements") have been terminated and all obligations due and payable thereunder have been fully satisfied. The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.2) at or prior to 3:00 p.m. on May 31, 2007 (and if such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

Appears in 1 contract

Sources: Credit Agreement (Northwest Natural Gas Co)

1Effective Date. The obligations Lenders shall not be required to make the initial Credit Extension hereunder unless each of the Lenders to make Loans following conditions is satisfied: (a) The Administrative Agent shall have received executed counterparts of each of this Agreement and the Guaranty. (b) The Administrative Agent shall have received a certificate, signed by the chief financial officer of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until Parent, stating that on the date of the initial Credit Extension (1) no Default or Event of Default has occurred and is continuing and (2) the representations and warranties contained in Article V are (x) with respect to any ​ representations or warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. (ic) The Administrative Agent shall have received a written opinion of the Loan Parties’ counsel (which may include local counsel and in-house counsel) with respect to each of the Loan Parties, addressed to the Lenders and in form and substance acceptable to the Administrative Agent. (d) The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.13 payable to each such requesting Lender. (e) The Administrative Agent shall have received such documents and certificates relating to the organization, existence and good standing of each initial Loan Party under the laws of its jurisdiction of incorporation or organization, the authorization of the transactions contemplated hereby and any other legal matters relating to such Loan Parties, the Loan Documents or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the Arrangers List of Closing Documents. (f) The Administrative Agent shall have received all reasonable and documented fees and other amounts due and payable on or prior to the Effective Datedate hereof, including, to the extent invoiced, reimbursement or payment of all out-of- of-pocket expenses required to be reimbursed or paid by the Borrower hereunder and (ii) the Administrative Agent (or its counsel) has received all of the following, each in form and substance, and dated a date, satisfactory to the Administrative Agent: (a) A counterpart of this Agreement duly signed by each party hereto or, in the case of any party, written evidence (which may include facsimile or e-mail transmission of a signed signature page hereto) that such party has signed a counterpart of this AgreementBorrowers hereunder. (bg) A note for each Lender requesting There shall not have occurred a note on material adverse change in the Effective Date meeting business, Property, financial condition or results of operations of the requirements of Section 2.9(e)Parent and its Subsidiaries, taken as a whole, since June 30, 2022. (ch) An opinion letter of Stoel Rives LLP, counsel for the Borrower, satisfactory to the Administrative Agent, addressing the issues set forth in Exhibit B. (d) Such documents and certificates as the The Administrative Agent shall be reasonably satisfied that each Borrower’s Property and operations and those of its Subsidiaries are in compliance in all material respects with applicable Environmental Laws and no Borrower or its counsel may Subsidiary thereof is subject to any liability under Environmental Laws, except for such noncompliance or liability that individually or in the aggregate would not reasonably request relating be expected to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactionshave a Material Adverse Effect. (e) A certificate signed by an Authorized Officer confirming compliance with the conditions set forth in Section 4.2(a) and (b). (f) Copies of all approvals, authorizations, consents, adjudications or orders of any Governmental Authority required to be obtained in connection with the execution and delivery of, and the performance by the Borrower of its obligations under, this Agreement and any other documents required hereunder, other than the Required Filings. (fi) The Administrative Agent shall have received evidence satisfactory received: (i) such information as the Administrative Agent may reasonably request, together with all other information then available to it that all of the bilateral credit agreements Administrative Agent, to demonstrate that, in the Administrative Agent’s reasonable judgment, the Borrowers can repay their debts and satisfy their other obligations when they become due and can comply with the financial covenants set forth on Schedule 4.1 (collectively, the "Existing Bilateral Agreements") have been terminated and all obligations due and payable thereunder have been fully satisfied. The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to in Section 9.2) at or prior to 3:00 p.m. on May 31, 2007 (and if such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

Appears in 1 contract

Sources: Credit Agreement (Arcbest Corp /De/)

1Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder This Agreement shall not become effective until on the date on which first set forth above (ithe “Increase Effective Date”) when the Administrative Agent and the Arrangers shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of- pocket expenses required to be reimbursed or paid by the Borrower hereunder and (ii) the Administrative Agent (or its counsel) has received all of the following, each in form and substance, and dated a date, satisfactory to the Administrative Agentreceived: (a) A counterpart counterparts of this Agreement duly signed by each party hereto or, in the case of any party, written evidence (which may include facsimile or e-mail transmission of a signed signature page hereto) that such party has signed a counterpart of this Agreement. (b) A note for each Lender requesting a note executed and delivered on the Effective Date meeting the requirements of Section 2.9(e). (c) An opinion letter of Stoel Rives LLP, counsel for the Borrower, satisfactory to the Administrative Agent, addressing the issues set forth in Exhibit B. (d) Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing behalf of the Borrower, the authorization Administrative Agent, the LC Issuer, and the New Lender, together with the Subsidiary Guarantor’s Consent and Agreement executed by the Subsidiary Guarantor; (b) a Revolving Credit Note in the maximum principal amount of the Transactions $20,000,000 executed by ▇▇▇▇▇▇▇▇ and any other legal matters relating made payable to the ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Bank; (c) an Officer’s Certificate of Borrower, certifying as to incumbency of officers, specimen signatures, organizational documents, and resolutions adopted by the Board of Directors of Borrower authorizing this Agreement or Agreement, in form and substance satisfactory to Administrative Agent; (d) a certificate of existence/good standing for Borrower and the Transactions.Subsidiary Guarantor from its jurisdiction of formation; (e) A a certificate signed by an Authorized Officer confirming compliance with of a duly authorized officer of the Borrower in form and substance satisfactory to the Administrative Agent (i) stating that each of the applicable conditions set forth in Section 4.2(a2.8(e) of the Credit Agreement have been satisfied and (bii) certifying that on and as of the Increase Effective Date, before and after giving effect to the Commitment Increase, (x) the representations and warranties contained in Article 7 of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects) on and as of the date hereof as though made on and as of the date hereof (unless such representations and warranties specifically refer to a specific date, in which case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such specific date)., and (y) no Default or Event of Default exists; and (f) Copies of all approvals, authorizations, consents, adjudications or orders of any Governmental Authority required to be obtained in connection with the execution and delivery of, and the performance payment by the Borrower of its obligations under, this all fees payable pursuant to the Increase Agreement and any other documents required hereunder, other than the Required Filings. (f) The Administrative Agent shall have received evidence satisfactory to it that all Fee Letter dated as of the bilateral credit agreements set forth on Schedule 4.1 (collectively, the "Existing Bilateral Agreements") have been terminated and all obligations due and payable thereunder have been fully satisfied. The Administrative Agent shall notify date hereof between the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.2) at or prior to 3:00 p.m. on May 31, 2007 (and if such conditions are not so satisfied or waived, the Commitments shall terminate at such time)Amegy Bank.

Appears in 1 contract

Sources: Increase Agreement to Credit Agreement (Stellus Private Credit BDC)

1Effective Date. The obligations Lenders shall not be required to make the initial Credit Extension hereunder unless each of the Lenders to make Loans following conditions is satisfied: (a) The Administrative Agent shall have received executed counterparts of each of this Agreement and the reaffirmation of the Issuing Bank to issue Letters Loan Documents. (b) The Administrative Agent shall have received a certificate, signed by the chief financial officer of Credit hereunder shall not become effective until the Parent, stating that on the date of the initial Credit Extension (1) no Default or Event of Default has occurred and is continuing and (2) the representations and warranties contained in Article V are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct ​ in all material respects as of such date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date. (ic) The Administrative Agent shall have received a written opinion of the Loan Parties’ counsel (which may include local counsel and in-house counsel) with respect to each of the Loan Parties, addressed to the Lenders and in form and substance acceptable to the Administrative Agent. (d) The Administrative Agent shall have received any Notes requested by a Lender pursuant to Section 2.13 payable to each such requesting Lender. (e) The Administrative Agent shall have received such documents and certificates relating to the organization, existence and good standing of each initial Loan Party under the laws of its jurisdiction of incorporation or organization, the authorization of the transactions contemplated hereby and any other legal matters relating to such Loan Parties, the Loan Documents or the transactions contemplated hereby, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the Arrangers List of Closing Documents. (f) The Administrative Agent shall have received all reasonable and documented fees and other amounts due and payable on or prior to the Effective Datedate hereof, including, to the extent invoiced, reimbursement or payment of all out-of- of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder. (g) There shall not have occurred a material adverse change in the business, Property, financial condition or results of operations of the Parent and its Subsidiaries, taken as a whole, since September 30, 2025. (h) The Administrative Agent shall be reasonably satisfied that each Borrower’s Property and operations and those of its Subsidiaries are in compliance in all material respects with applicable Environmental Laws and no Borrower hereunder and or Subsidiary thereof is subject to any liability under Environmental Laws, except for such noncompliance or liability that individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. (iii) The Administrative Agent shall have received: (i) such information as the Administrative Agent (or its counsel) has received may reasonably request, together with all of the following, each in form and substance, and dated a date, satisfactory to the Administrative Agent: (a) A counterpart of this Agreement duly signed by each party hereto or, in the case of any party, written evidence (which may include facsimile or e-mail transmission of a signed signature page hereto) that such party has signed a counterpart of this Agreement. (b) A note for each Lender requesting a note on the Effective Date meeting the requirements of Section 2.9(e). (c) An opinion letter of Stoel Rives LLP, counsel for the Borrower, satisfactory other information then available to the Administrative Agent, addressing the issues set forth to demonstrate that, in Exhibit B. (d) Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the BorrowerAgent’s reasonable judgment, the authorization of the Transactions Borrowers can repay their debts and any satisfy their other legal matters relating to the Borrower, this Agreement or the Transactions. (e) A certificate signed by an Authorized Officer confirming compliance obligations when they become due and can comply with the conditions financial covenants set forth in Section 4.2(a6.23, (ii) unaudited consolidated financial statements of the Parent and its Subsidiaries for the fiscal quarter ended September 30, 2025, and (b)iii) audited consolidated financial statements of the Parent and its Subsidiaries for the fiscal years ended 2022, 2023 and 2024. (fj) Copies of all approvals, authorizations, consents, adjudications or orders Upon the reasonable request of any Governmental Authority Lender made at least ten days prior to the Effective Date, the Borrowers must have provided to such Lender the documentation ​ and other information required to be obtained in connection comply with the execution internal policy guidelines of the applicable Lender or applicable “know your customer” and delivery ofanti-money-laundering rules and regulations, and including the performance by PATRIOT Act, in each case at least five days prior to the Borrower of its obligations under, this Agreement and any other documents required hereunder, other than the Required FilingsEffective Date. (fk) At least five days prior to the Effective Date, if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower must deliver a Beneficial Ownership Certification in relation to such Borrower. (l) The Administrative Agent shall have received evidence satisfactory to it that all of insurance coverage in compliance with the terms of Sections 5.18 and 6.6. (m) There shall exist no Default or Event of Default, and no Default or Event of Default shall result from the consummation of the bilateral credit agreements set forth on Schedule 4.1 initial Credit Extension. (collectivelyn) If the initial Credit Extension will be the issuance of a Facility LC, the "Existing Bilateral Agreements") have been terminated and all obligations due and payable thereunder have been fully satisfied. The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.2) at or prior to 3:00 p.m. on May 31, 2007 (and if such conditions are not so satisfied or waived, the Commitments shall terminate at such time)have received a properly completed Facility LC Application.

Appears in 1 contract

Sources: Credit Agreement (Arcbest Corp /De/)