CONDITIONS TO EFFECTIVENESS OF AGREEMENT AND INITIAL FUNDING Clause Samples
The 'Conditions to Effectiveness of Agreement and Initial Funding' clause defines the specific requirements that must be satisfied before the agreement becomes legally binding and any initial funds are disbursed. Typically, these conditions may include the delivery of certain documents, regulatory approvals, or the fulfillment of pre-agreed obligations by one or both parties. By setting these prerequisites, the clause ensures that both parties are protected and that the transaction only proceeds once all necessary safeguards and preparations are in place, thereby reducing the risk of premature commitment or funding.
CONDITIONS TO EFFECTIVENESS OF AGREEMENT AND INITIAL FUNDING. The effectiveness of this Agreement (other than this Article 2) and the obligation of the Lenders to make the initial Loans hereunder and the obligation of the Issuer to issue Letters of Credit hereunder are subject to the fulfillment of the following conditions on or before October 15, 1997 (unless such date is extended in writing by the Agents in their sole discretion), in each case to the satisfaction of the Agents and, to the extent specified below, to the satisfaction of each Lender (each Lender upon making its initial Loan hereunder being deemed to have waived or found satisfactory all such conditions so specified).
CONDITIONS TO EFFECTIVENESS OF AGREEMENT AND INITIAL FUNDING. The effectiveness of this Agreement and the obligation of the Lenders to make the initial Loans hereunder are subject to the fulfillment of the following conditions on or before October 15, 1997 (unless such date is extended in writing by the Agents in their sole discretion), in each case to the satisfaction of the Agents and, to the extent specified below, to the satisfaction of each Lender (each Lender upon making its initial Loan hereunder being deemed to have waived or found satisfactory all such conditions so specified).