Conditions Precedent to All Revolving Loans Sample Clauses
The 'Conditions Precedent to All Revolving Loans' clause sets out specific requirements that must be satisfied before any revolving loan can be advanced to the borrower. Typically, these conditions include the submission of necessary documentation, confirmation that no default has occurred, and verification that all representations and warranties remain true. By establishing these prerequisites, the clause ensures that the lender only disburses funds when the borrower is in compliance with the agreement, thereby protecting the lender from undue risk and maintaining the integrity of the lending process.
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Conditions Precedent to All Revolving Loans. The obligation of the Bank to make each Revolving Loan, including the initial Revolving Loan, or continue or convert the Revolving Loans to loans of another type, is further subject to the following conditions:
(a) timely receipt by the Bank of a Notice of Borrowing as provided in Section 2.1;
(b) the representations and warranties contained in Section 4 shall be true and accurate in all material respects on and as of the date of such Notice of Borrowing and on the effective date of the making, continuation or conversion of each Revolving Loan as though made at and as of each such date (except to the extent that such representations and warranties expressly relate to an earlier date), and no Default or Event of Default shall have occurred and be continuing, or would result from such Revolving Loan;
(c) the resolutions referred to in Sections 3.1.
(d) and 3.1(i) shall remain in full force and effect; and
Conditions Precedent to All Revolving Loans. The obligation of the Lenders to make any Revolving Loan hereunder and the obligation of Agent to issue a Letter of Credit and to make any Swing Line Loan are all subject to the further condition precedent that:
(a) The representations and warranties of the Borrower as set forth in this Agreement, or in any Loan Document furnished to the Agent and/or any Lender in connection herewith, shall be and remain true and correct in all material respects on and as of the date of the making of such Loan or date of issuance of such Letter of Credit (except to the extent specifically limited to a specified date);
(b) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan or the issuance of a Letter of Credit;
(c) The Borrower shall have complied with the procedure set forth in this Agreement, for the requesting of a Revolving Loan or the issuance of a Letter of Credit, as the case may be; and
(d) There shall have occurred no Material Adverse Effect since the date of the most recent financial statements delivered by Borrower to Agent. The Agent and the Lenders reserve the right, in their sole discretion, to waive any one or more of the foregoing conditions precedent.
Conditions Precedent to All Revolving Loans. The obligation of the Bank to make any Revolving Loan (including the initial Revolving Loan) shall be subject to the fulfillment of the following conditions:
Conditions Precedent to All Revolving Loans. The obligation of the Lender to make any Revolving Loan hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent:
(a) On or prior to the date hereof, the Borrower shall have executed and delivered to the Lender this Agreement, the Revolving Note, the Mortgage, the Security Agreement, and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by the Lender;
(b) On or prior to the date hereof, the Guarantor shall have executed and delivered to the Lender this Agreement, the Guaranty, and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by the Lender;
(c) The representations, warranties, and covenants of the Borrower as set forth in this Agreement, or in any Related Document furnished to the Lender in connection herewith, shall be and remain true and correct as of such date (except to the extent specifically limited to a specified date);
(d) On or prior to the date hereof, the Lender shall have received a favorable legal opinion of counsel to the Borrower and the Guarantor covering the transactions contemplated by this Agreement, in form, scope and substance satisfactory to the Lender;
Conditions Precedent to All Revolving Loans. The obligation of Lender to make any Revolving Loans or issue, amend, renew or extend any Letter of Credit at any time shall be subject to the following conditions precedent:
(a) the representations and warranties of each Loan Party contained in the Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such Revolving Loan, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof));
(b) as of the date of any such Revolving Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, or the use of the proceeds thereof, and after giving effect to any of the foregoing, no Event of Default, or event or condition which with notice, or passage of time, or both, would constitute an Event of Default, shall exist;
(c) Lender shall have received a request for such Revolving Loan or such Letter of Credit (or for the amendment, renewal or extension thereof) in accordance with the requirements of the Loan Documents; and
(d) as of the date of any such Revolving Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, or the use of the proceeds thereof, and after giving effect to any of the foregoing, the aggregate principal amount of the Revolving Loans and the Letter of Credit Usage shall not exceed the lesser of the Maximum Credit or the Borrowing Base. Each request for a Revolving Loan or the issuance, amendment, renewal or extension of any Letter of Credit delivered by a Borrower shall be deemed to be a representation and warranty by each Borrower that the conditions specified in Section 3.2 have been satisfied on and as of the date of the applicable Revolving Loan or issuance, amendment, renewal or extension of a Letter of Credit and after giving effect thereto. The making of any Revolving Loan or the issuance, amendment, renewal or extension of any Letter of Credit shall not be deemed a modification or waiver by ...
Conditions Precedent to All Revolving Loans. The obligation of any Agent or any Lender to make any Revolving Loan is subject to the fulfillment of each of the following conditions precedent:
Conditions Precedent to All Revolving Loans. The obligation of Bank to make any Revolving Loans hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent:
(a) Borrowers shall have executed and delivered to Bank this Agreement, the Collateral Documents, the Revolving Note and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by Bank;
(b) Providence shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank;
(c) Testing shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank;
(d) The representations and warranties of Borrowers and Guarantors as set forth herein, or any Related Document furnished to Bank in connection herewith, shall be and remain true and correct;
(e) Bank shall have received favorable legal opinions of counsel to Borrowers and Guarantors in scope and substance reasonably satisfactory to Bank;
(f) Bank shall have received certified resolutions of Borrowers authorizing the Revolving Loans and the execution and delivery of all documents contemplated hereby and by corporate and limited liability company Guarantors authorizing the Guaranties;
(g) Bank shall have received all fees, charges and expenses which are due and payable as specified in this Agreement or any Related Document;
(h) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan;
(i) Borrowers shall have each provided Bank with all financial statements, reports and certificates required by this Agreement (including a borrowing base certificate of Borrowers);
(j) Bank's counsel shall have reviewed the corporate structure and articles of incorporation of Borrowers and Guarantors, and shall be reasonably satisfied with the validity, due authorization and enforceability of all Related Documents;
(k) There shall have been no change to the corporate structure and ownership of Borrowers or Guarantors than from (i) what has been previously represented to Bank or (ii) has been approved by Bank in writing;
(l) Bank shall have received evidence reasonably acceptable to Bank and its counsel that its Encumbrances affecting the Collateral shall have a first priority position, subject only to Permitted Encumbrances;
(m) Bank shall have received evidence that all other policies of ins...
Conditions Precedent to All Revolving Loans. The obligation of the Lender to make each Revolving Loan (including the initial Revolving Loan) and) to issue, extend or renew any Letter of Credit, shall be subject to the prior satisfaction of each of the following additional conditions:
(a) On the date of each Revolving Loan or the date on which a Letter of Credit is issued, extended or renewed, the following statements shall be true, and each request by the Borrower for a Revolving Loan and each Letter of Credit Application, shall be deemed to be a representation and warranty by the Borrower that:
(i) The representations and warranties contained in this Agreement and contained in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Revolving Loan or such issuance, extension or renewal as though made on and as of such date (except representations and warranties which specifically state a reference date therein); and
(ii) No Default or Event of Default shall have occurred and be continuing, or would result from or after giving effect to such Revolving Loan or such issuance, extension or renewal; and
(b) Each Revolving Loan Borrowing Request shall be accompanied by a Current Borrowing Base Certificate.
(c) At the time of such Revolving Loan or such issuance, extension or renewal, the sum of (1) the aggregate outstanding principal amount of all Revolving Loans plus (2) the Available Amount plus (3) all unpaid Reimbursement Obligations shall not exceed the Borrowing Base or the Revolving Loan Commitment.
Conditions Precedent to All Revolving Loans. The obligation of Lender to make any Revolving Loan (other than a Revolving Loan under Section 3.1(f) or 3.2(b)), is subject to the satisfaction of each of the following conditions precedent, and each request for such Revolving Loan shall be deemed a certification to Lender that such conditions have been satisfied:
Conditions Precedent to All Revolving Loans. The obligation of each Bank to make Revolving Loans (including any Revolving Loans made on the Effective Date) is subject, at the time of each such Revolving Loan (except as hereinafter indicated), to the satisfaction of the following conditions: