Initial Extension of Credit Sample Clauses
The "Initial Extension of Credit" clause defines the terms and conditions under which a lender first provides funds or credit to a borrower under an agreement. Typically, this clause outlines prerequisites such as the completion of documentation, satisfaction of any conditions precedent, and verification of the borrower's eligibility before any funds are disbursed. For example, it may require that all legal documents are signed and that the borrower has met certain financial covenants. The core function of this clause is to ensure that the lender is protected and all necessary requirements are met before any credit is extended, thereby reducing the risk of default or non-compliance from the outset.
Initial Extension of Credit. The obligation of Lenders to make the initial Credit Extension hereunder is subject to the condition precedent that Administrative Agent shall have received all of the following, each dated (unless otherwise indicated or otherwise specified by Administrative Agent) the Closing Date, in form and substance satisfactory to Administrative Agent:
Initial Extension of Credit. The obligation of Lender to make the initial Advance or issue the initial Letter of Credit is subject to the condition precedent that Lender will have received on or before the day of such Advance or issuance of such Letter of Credit all of the following, each dated (unless otherwise indicated) the Closing Date, in form and substance satisfactory to Lender:
Initial Extension of Credit. Prior to the initial extension hereunder, the following conditions precedent shall have been satisfied:
(a) the Borrower shall have provided a Borrowing Base Certificate to the Agent, and shall have delivered to the Agent for the benefit of the Banks in sufficient counterparts for distribution to the Banks:
(a) the Revolving Notes;
(b) the fully executed Subsidiary Guaranty;
(c) the fully executed Security Agreement and such financing statements relating thereto as the Agent may request;
(d) evidence of insurance required by Section 7.3 hereof and by the Security Documents showing the Agent as loss payee thereunder pursuant to an endorsement acceptable to the Banks;
(e) a good standing certificate or certificate of existence for the Borrower and each Guarantor dated as of the date no earlier than September 9, 1998 from the office of the secretary of state of the states of their respective organization;
(f) copies of the Certificate of Incorporation or Certificate of Limited Partnership, and all amendments thereto, of each Guarantor, certified by the office of the secretary of state of Delaware as of the date no earlier than September 9, 1998.
(g) copies of the By-Laws or Limited Partnership Agreement, and all amendments thereto, of each Guarantor certified as true, correct and complete on the date hereof by the Secretary of each Guarantor;
(h) copies, certified by the Secretary or Assistant Secretary of the Borrower and each Guarantor, of resolutions regarding the transactions contemplated by this Agreement, duly adopted by the Board of Directors of the Borrower and each Guarantor, respectively, and satisfactory in form and substance to all of the Banks;
(i) an incumbency signature certificate for the Borrower and each Guarantor satisfactory in form and substance to all of the Banks;
(j) the favorable written opinions of counsel for the Borrower and the Guarantors in form and substance satisfactory to each of the Banks and their respective legal counsel; and
(k) copies, certified as true, complete and correct by the Secretary of the Borrower, of the Acquisition Documents.
(b) all conditions precedent to the PMAC Acquisitions shall have been satisfied;
(c) the Acquisition Documents shall be in form and substance satisfactory to the Banks and their respective legal counsel;
(d) the Agent shall have received evidence satisfactory to the Banks that the total consideration to be paid by the Borrower and its Subsidiaries in connection with the PMAC Acquisition s...
Initial Extension of Credit. The obligation of each Lender to make its initial Loan under this Agreement is subject to completion of Lenders' due diligence review of each of the Loan Parties and the receipt by the Administrative Agent, on or before the Closing Date, of all of the following in form and substance satisfactory to the Administrative Agent and, in the case of actions to be taken, the taking of the following required actions and evidence that such actions have been taken to the satisfaction of the Administrative Agent:
Initial Extension of Credit. The obligation of each Bank to make its initial Loan and the obligation of the Issuing Bank to issue the initial Letter of Credit are subject to the condition precedent that the Agent shall have received, on or before the Funding Date, all of the following, each dated (unless otherwise indicated or otherwise agreed by the Agent) as of the Closing Date, in form and substance satisfactory to the Agent and, in the case of actions to be taken, evidence that the following required actions have been taken to the satisfaction of the Agent:
Initial Extension of Credit. The obligation of Bank to make the initial Advance under the Promissory Note is subject to the condition precedent that Bank shall have received on or before the day of such Advance all of the following, each dated (as applicable and unless otherwise indicated) on or as of the Effective Date, in form and substance satisfactory to Bank:
Initial Extension of Credit. The obligation of any Lender to make its initial extension of credit hereunder (whether by making a Loan or issuing a Letter of Credit) is subject to the conditions precedent that (i) such extension of credit shall occur on or before November 30, 2004 and (ii) the Administrative Agent shall have received the following documents (with, in the case of clauses (a), (b), (c) and (d) below, sufficient copies for each Lender), each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance:
Initial Extension of Credit. The obligation of Lender to make the initial Borrowing under the Revolving Credit Note is subject to the condition precedent that Lender shall have received on or before the day of such Borrowing all of the following, each dated (unless otherwise indicated) the date hereof, in form and substance satisfactory to Lender:
Initial Extension of Credit. The obligation of Lender to make the initial Revolving Advance, issue the initial Letter of Credit or make the initial Term Loan Advance is subject to the condition precedent that prior thereto Lender shall have received all of the documents set forth below in form and substance satisfactory to Lender.
Initial Extension of Credit. The obligation of Lenders to make an initial Credit Extension hereunder is subject to the following conditions precedent: