Conditions Precedent to Initial Credit Extensions Sample Clauses
The "Conditions Precedent to Initial Credit Extensions" clause sets out specific requirements that must be satisfied before a lender is obligated to provide the first disbursement of funds under a credit agreement. Typically, these conditions include the delivery of certain documents, evidence of compliance with laws, and confirmation that no default or adverse events have occurred. By establishing these prerequisites, the clause ensures that the lender is protected and that the borrower meets all necessary criteria before accessing credit, thereby reducing the lender's risk and ensuring the transaction proceeds smoothly.
Conditions Precedent to Initial Credit Extensions. The obligation of each Lender to make a Credit Extension on the Closing Date is subject to the satisfaction of the following conditions on or before the Closing Date:
Conditions Precedent to Initial Credit Extensions. Initial Lender shall not be required to fund any Loan requested by Borrower, procure any Letter of Credit, or otherwise extend credit to Borrower, unless, on or before January 31, 2000, each of the following conditions has been satisfied:
Conditions Precedent to Initial Credit Extensions. No Lender shall be obligated to make any Advance, and the LC Issuer shall not be obligated to issue any Facility LC, unless the Administrative Agent shall have received (a) evidence, satisfactory to the Administrative Agent, that the Borrowers have paid (or will pay with the proceeds of the initial Credit Extensions) all amounts then payable under the Existing Agreement and (b) each of the following documents, each dated the date of the initial Credit Extension (or an earlier date satisfactory to the Administrative Agent), in form and substance satisfactory to the Administrative Agent and each (except for the Notes) in sufficient copies to provide one for each Lender:
(i) The Notes payable to the order of each of the Lenders, respectively;
(ii) Certified copies of resolutions of the Board of Directors or equivalent managing body of each Borrower approving the transactions contemplated by this Agreement and the Notes and of all documents evidencing other necessary organizational action of such Borrower with respect to this Agreement and the documents contemplated hereby;
(iii) A certificate of the Secretary or an Assistant Secretary of each Borrower certifying (A) the names and true signatures of the officers of such Borrower authorized to sign this Agreement and the other documents to be delivered hereunder; (B) that attached thereto are true and correct copies of the articles or certificate of incorporation and by-laws, or equivalent organizational documents, of such Borrower, in each case in effect on such date; and (C) that attached thereto are true and correct copies of all governmental and regulatory authorizations and approvals required for the due execution, delivery and performance by such Borrower of this Agreement and the documents contemplated hereby;
(iv) A certificate signed by either the chief financial officer, principal accounting officer or treasurer of each Borrower stating that (A) the representations and warranties contained in Section 4.01 are correct on and as of the date of such certificate as though made on and as of such date and (B) no Event of Default or Unmatured Event of Default has occurred and is continuing on the date of such certificate; and
(v) A favorable opinion of Ballard Spahr Andrews & Ingersoll LLC, special counsel for ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ant▇▇▇▇▇ ▇▇ the form of Exhibit D-1 hereto.
Conditions Precedent to Initial Credit Extensions. Initial Lenders shall not be required to fund any Loan requested by Borrowers or otherwise extend credit to Borrowers and Agent shall not be obligated to cause the Letter of Credit Issuer to issue any Letter of Credit on the Closing Date, unless each of the following conditions has been satisfied:
Conditions Precedent to Initial Credit Extensions. In addition to the conditions set forth in Section 6.2, Lenders shall not be required to fund any requested Loan, issue any Letter of Credit or deem to have issued any Existing Letters of Credit, or otherwise extend credit to Borrowers hereunder, until the date (“Closing Date”) that each of the following conditions has been satisfied (or waived in accordance with Section 15.1.1(d) hereof):
(a) Each Loan Document shall have been duly executed and delivered to Administrative Agent by each of the signatories thereto, and each Obligor shall be in compliance with all terms thereof, in each case subject to the post-closing collateral requirements set forth in Section 7.3.3.
(b) Administrative Agent shall have received acknowledgments of all filings or recordations necessary to perfect its Liens in the Collateral or arrangements reasonably satisfactory to the Administrative Agent for such filings and recordations shall have been made (and all filing and recording fees and taxes in connection therewith shall have been duly paid or arrangements reasonably satisfactory to the Administrative Agent for the payment of such fees and taxes shall have been made), as well as UCC and Lien searches and other evidence reasonably satisfactory to Administrative Agent that such Liens are the only Liens upon such Collateral, except Permitted Liens, in each case subject to the post- closing collateral requirements set forth in Section 7.3.3.
(c) Administrative Agent shall have received duly executed agreements establishing each Dominion Account and related lockbox, in form and substance, and with financial institutions, reasonably satisfactory to Administrative Agent.
(d) Administrative Agent shall have received certificates, in form and substance reasonably satisfactory to it, from a knowledgeable Senior Officer of each Borrower certifying that, after giving effect to the transactions under the Loan Documents, (i) the Borrowers and the Obligors, taken as a whole, are Solvent; (ii) no Default exists; (iii) the representations and warranties set forth in Section 9 are true and correct in all material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date); and (iv) such Borrower has complied with all agreements and conditions to be satisfied by it under the Loan Documents.
(e) Administ...
Conditions Precedent to Initial Credit Extensions. The obligation of Lender to honor the initial Credit Extension request is subject to the condition precedent that Lender shall have received, in form and substance satisfactory to Lender, the following:
(a) this Agreement duly executed by each Borrower;
(b) a certificate of the Secretary of each Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Agreement;
(c) an intellectual property security agreement duly executed by each Borrower in the form attached hereto as Exhibit D (the "Intellectual Property Security Agreement");
(d) evidence of insurance as required by the terms hereof (including evidence that Lender is a loss payee and additional insured under such insurance as required by Section 6.7) acceptable to Lender in its reasonable discretion; and
(e) such other documents, and completion of such other matters, as Lender may reasonably deem necessary or appropriate.
Conditions Precedent to Initial Credit Extensions. Notwithstanding any other provision of this Agreement or any of the other Loan Documents, and without affecting in any manner the rights of Agent and Lenders under the other sections of this Agreement, Lenders shall not be required to fund any Loan requested by Borrowers, procure any Letter of Credit, or otherwise extend credit to a Borrower unless, on or before June 15, 1998, each of the following conditions has been and continues to be satisfied in form and substance satisfactory to Agent unless otherwise waived in writing by Agent:
Conditions Precedent to Initial Credit Extensions. The obligations of the Lenders to make Loans hereunder on the Closing Date, the obligations of the LC Facility Lenders to fund their LC Facility Deposits on the Closing Date and the obligations of the LC Facility Issuing Bank and Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):
Conditions Precedent to Initial Credit Extensions. The amendment and restatement of the Existing Loan Agreement and the obligation of each Lender to make a Credit Extension on the Effective Date is subject to the satisfaction of the following conditions on or before the Effective Date:
Conditions Precedent to Initial Credit Extensions. Notwithstanding any other provision of this Agreement or any of the other Financing Documents, and without affecting in any manner the rights of Lender under other sections of this Agreement, Lender shall not be required to fund any Loan requested by Borrower, unless each of the following conditions has been and continues thereafter to be satisfied:
10.1.1. All of the Financing Documents shall have been executed in form and substance satisfactory to Lender by each of the signatories thereto and accepted by Lender, and each Obligor shall be in compliance with all of the terms thereof, and all representations and warranties contained therein shall be true and correct in all material respects.