Each Borrowing Date Clause Samples
The 'Each Borrowing Date' clause defines the specific dates on which a borrower is permitted to draw funds under a loan agreement. Typically, this clause outlines the conditions that must be met for each borrowing, such as providing advance notice to the lender and ensuring all representations and warranties remain true on the borrowing date. Its core practical function is to establish a clear and predictable process for disbursing loan funds, thereby reducing uncertainty and ensuring both parties are aligned on the timing and requirements for each loan drawdown.
Each Borrowing Date. Each Lender’s obligations to make any Loan hereunder shall become effective upon the satisfaction or waiver (in accordance with Section 8.02) of the following conditions on or after the Effective Date:
(a) The Effective Date shall have occurred;
(b) No Default or Unmatured Default has occurred and is continuing, or would result from such Borrowing;
(c) Each of the representations and warranties contained in Article V (other than the representations and warranties contained in Sections 5.05 and 5.06 in the case of any Borrowings made after the Effective Date other than on any Borrowing made on an Extension Date or Increase Date) are, in each case, true and correct in all material respects (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects) as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects) on and as of such earlier date;
(d) The Administrative Agent shall have received a Borrowing Notice in accordance with Section 2.08. Each Borrowing Notice shall constitute a representation and warranty by the Borrower as to the matters specified in paragraphs (b) and (c) of this Section.
Each Borrowing Date. Subject to Section 3.4, the obligation of each Lender to make an Advance on any Borrowing Date after the Closing Date shall be subject to all of the following conditions precedent having been satisfied (with the Administrative Agent acting reasonably in assessing whether the conditions precedent are satisfied)or waived in accordance with Section 10.5 on or prior to the last day of the Availability Period:
Each Borrowing Date. On the date of each Borrowing, including each Borrowing in which Loans are refinanced with new Loans as contemplated by Section 2.05, or on the date of issuance of any Letter of Credit:
(a) The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.04.
(b) The representations and warranties set forth in Article III hereof shall be true and correct in all material respects on and as of the date of such Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.
(c) Each Borrower shall be in compliance with all the terms and provisions set forth herein and at the time of and immediately after such Borrowing no Event of Default or Default shall have occurred and be continuing.
(d) After giving effect to such Borrowing, the aggregate outstanding principal amount of all Loans shall not exceed the Borrowing Base.
(e) The Collateral and Guarantee Requirement shall have been satisfied at all times on and after the Initial Borrowing Date. Each Borrowing shall be deemed to constitute a representation and warranty by each Borrower on the date of such Borrowing as to the matters specified in paragraphs (b), (c) and (d) of this Section 4.01.
Each Borrowing Date. Each Lender’s obligations to make any Loan hereunder shall become effective upon the satisfaction or waiver (in accordance with Section 8.02) of the following conditions on or after the Amendment No. 1
Each Borrowing Date. Each Lender's obligations to make any Loan hereunder shall become effective upon the satisfaction or waiver (in accordance with Section 8.02) of the following conditions on or after the Amendment and Restatement Effective Date:
(a) The Amendment and Restatement Effective Date shall have occurred;
(b) No Default or Unmatured Default has occurred and is continuing, or would result from such Borrowing;
Each Borrowing Date. In addition to the conditions specified in section 3.1(a) above, on or before each Borrowing Date, the Borrower shall have satisfied the following conditions:
Each Borrowing Date. In the case of each Borrowing Date (including the initial Borrowing Date), the satisfaction of the following conditions precedent:
Each Borrowing Date. On the date of each Borrowing and on the date of issuance of any Letter of Credit:
(a) The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.04.
(b) The representations and warranties set forth in Article III hereof shall be true and correct in all material respects on and as of the date of such Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.
(c) Each Borrower shall be in compliance with all the terms and provisions set forth herein and at the time of and immediately after such Borrowing no Event of Default or Default shall have occurred and be continuing.
(d) After giving effect to such Borrowing or the issuance of such Letter of Credit, the aggregate principal amount of the outstanding Term Loans and the aggregate Revolving Exposures shall not exceed the Borrowing Base. Each Borrowing shall be deemed to constitute a representation and warranty by each Borrower on the date of such Borrowing (a) as to the matters specified in paragraphs (b), (c) and (d) of this Section 4.02 and (b) that no material event has occurred since the previous fiscal quarter end that would require the recording of a liability under FASB Statement No. 5 with respect to Litigation Liabilities, which leads Holdings to believe that a Default will occur under Section 6.08 or Section 6.09 as of the next fiscal quarter end.
Each Borrowing Date. On the date of each Borrowing or on the date of issuance of any Letter of Credit:
(a) The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.04.
(b) The representations and warranties set forth in Article III hereof shall be true and correct in all material respects on and as of the date of such Borrowing with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.
(c) Each Borrower shall be in compliance with all the terms and provisions set forth herein and at the time of and immediately after such Borrowing no Event of Default or Default shall have occurred and be continuing.
(d) After giving effect to such Borrowing, the aggregate outstanding principal amount of all Loans shall not exceed the Borrowing Base. Each Borrowing shall be deemed to constitute a representation and warranty by each Borrower on the date of such Borrowing as to the matters specified in paragraphs (b), (c) and (d) of this Section 4.01.