Conditions Precedent to Initial Availability Sample Clauses
The 'Conditions Precedent to Initial Availability' clause defines the specific requirements that must be satisfied before a party, typically a borrower, can access funds or benefits under an agreement. These conditions may include the delivery of certain documents, evidence of compliance with legal or financial covenants, or the fulfillment of regulatory approvals. By setting these prerequisites, the clause ensures that all necessary safeguards and obligations are met before any resources are made available, thereby protecting the interests of the parties and reducing the risk of premature disbursement.
Conditions Precedent to Initial Availability. The obligation of each Lender to make an Advance, the obligation of the Swingline Bank to make a Swingline Advance and the obligation of the Initial Issuing Bank to issue one or more Letters of Credit is subject to the satisfaction or waiver of the following conditions precedent before or concurrently with, and this Agreement shall become effective on and as of, the date (the “Closing Date”) when the following conditions shall have been satisfied: