Borrowing Authority Clause Samples
The Borrowing Authority clause grants a party, typically a company or organization, the legal power to borrow funds under specified conditions. This clause outlines the scope of borrowing, such as limits on the amount, permissible sources of loans, and any required approvals from directors or shareholders. By clearly defining who can authorize borrowing and under what circumstances, the clause ensures financial transactions are conducted within agreed boundaries, thereby managing risk and maintaining organizational control over debt obligations.
Borrowing Authority. The Borrowing Limit established hereunder for each Fund is not in violation of the limits and restrictions or other provisions set forth in the prospectus and Statement of Additional Information of such Fund.
Borrowing Authority. The Borrowing Resolution and Incumbency Certification attached hereto as Exhibit A and incorporated herein by this reference remains in full force and effect and no change in Borrower’s officers or signing authority has occurred.
Borrowing Authority. Borrower agrees to furnish Bank, in form and substance reasonably satisfactory to Bank, with (i) certified copies of resolutions of the boards of directors, the managers or partners, as applicable, of each Loan Party evidencing approval of the transactions contemplated hereunder and authorizing the execution and delivery of the Loan Documents, hereunder, including incumbency and signatures of authorized officers of the applicable Loan Party; (ii) a certificate of good standing from the state of each Loan Party’s organization and from the state(s) in which a failure by any of them to be qualified to do business would have a Material Adverse Effect (each such jurisdiction being listed on the attached Schedule 5.1); (iii) copies of each Loan Party’s articles of incorporation and bylaws, membership certificate and operating agreement, partnership certificate and agreement or other constitutional documents as applicable, as in effect on the Effective Date and (iv) such other similar documents and instruments as Bank may reasonably require.
Borrowing Authority. Authorized Signers designated by Member-Borrower (“Member”) may initiate loans from Alloya Corporate Federal Credit Union (“Alloya”). Pursuant to this POA, ▇▇▇▇▇▇ may provide Member an Advised Line of Credit. Member promises to pay Alloya, in lawful money of the United States and in immediate available funds the aggregate unpaid principal amount of all advances made to Member by Alloya pursuant to and in compliance and agreement with this POA (the “Credit Facility”), together with all relevant attachments, addenda, exhibits and/or schedules, as amended, extended, supplemented, replaced or modified from time to time, whichever is greater, on the first to occur: (i) demand or (ii) the maturity date and to pay interest at the interest rate herein provided (“Interest”) when due until the maturity date as provided in this POA on the unpaid principal amount until the maturity date.
Borrowing Authority. The attached hereto as Exhibit A and incorporated herein by this reference remains in full force and effect and no change in Borrower’s officers or signing authority has occurred.
Borrowing Authority. Agent shall have received, with a counterpart thereof for each Bank:
Borrowing Authority. The Company does not assume responsibility for borrowing or raising funds on behalf of the Client or to enter into deals that require the Client to borrow or raise money. Entering into such transactions is the Client’s sole responsibility, except where the Client and the Company agree to that pursuant to a separate agreement that sets out all details and related obligations.
Borrowing Authority. Each of the Borrower and SMF shall have provided copies of such borrowing resolutions, delegations of authority or other approvals as the Administrative Agent may request to evidence that each of them has been duly authorized to execute, deliver and perform its obligations under this Amendment, the Credit Agreement (as amended by this Amendment) and all other Loan Documents to be executed by it in connection with this Amendment.
Borrowing Authority. The board of directors may from time to time on behalf of the Corporation, in such amounts and on such terms as it deems expedient:
(a) borrow money on the credit of the Corporation:
(b) issue, reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or guarantee of the Corporation, whether secured or unsecured;
(c) to the extent permitted by the Business Corporation Act (Ontario), give a guarantee on behalf of the Corporation to secure performance of any present or future indebtedness, liability or obligation of any person; and
(d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal property, movable or immovable property of the Corporation including book debts, rights, powers, franchises and undertakings, to secure any such bonds, debentures, notes or other evidences or indebtedness or guarantee or any other person or future indebtedness, liability or obligation of the Corporation.