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Borrower, dated the date of this Agreement and certifying (A) that attached thereto is a true and complete copy of the bylaws of the Borrower as in effect on such date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto are true and complete copies of resolutions duly adopted by the Board of Directors authorizing the execution and delivery by the Borrower of this Agreement, the Loans to be made hereunder and the performance by the Borrower of all of its obligations hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate of incorporation referred to in clause (i) above has not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to such clause (i) and (D) as to the incumbency and specimen signature of each officer executing this Agreement and any other document delivered in connection herewith on behalf of the Borrower; (iii) a certificate of another officer of the Borrower as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to (ii) above; and (iv) a certificate of a Responsible Officer of the Borrower, dated the date of this Agreement, stating that (A) no action, consent or approval of, registration or filing with or other action by any Governmental Authority is or will be required in connection with the execution, delivery and performance by the Borrower of this Agreement, except those as have been duly obtained and as are (1) in full force and effect, (2) sufficient for their purpose and (3) not subject to any pending or, to the knowledge of such person, threatened appeal or other proceeding seeking reconsideration or review thereof, and (B) the representations and warranties set forth in Article III hereof are true and correct in all material respects on and as of the date 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have received from each party thereto duly executed counterparts (in such number as may be requested by the Administrative Agent) of the Mortgages and the other Security Instruments relating to the Oil and Gas Properties evaluated in the Initial Borrowing Base Reserve Report as necessary for the Borrower to be in compliance with Section 8.13(a).\n(d) The Administrative Agent shall have received an opinion of local counsel in connection with the Mortgages described in Section 6.02(c) in any jurisdictions reasonably requested by the Administrative Agent, in each case in form and substance reasonably acceptable to the Administrative Agent and its counsel.\n(e) The Administrative Agent shall have received Minimum Title Information with respect to the Oil and Gas Properties evaluated in the Initial Borrowing Base Reserve Report.\n(f) The Administrative Agent shall be reasonably satisfied with the environmental condition of the Oil and Gas Properties evaluated in the Initial Borrowing Base Reserve Report.\n(g) The Administrative Agent shall have received the Initial Loans Financial Statements and the Initial Borrowing Base Reserve Report accompanied by a certificate covering the matters described in Section 8.11(c).\n(h) The Administrative Agent shall have received appropriate UCC search certificates and county-level real property record search results reflecting no prior Liens encumbering the Oil and Gas Properties evaluated in the Initial Borrowing Base Reserve Report for each jurisdiction reasonably requested by the Administrative Agent, other than those being assigned or released on or prior to the Initial Loans Effective Date or Liens permitted by Section 9.03.\n(i) The Lenders shall have established a Borrowing Base pursuant to Section 2.07 in an amount in excess of zero dollars ($0).\n(j) The Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating the Borrower\u2019s pro forma compliance with the financial ratio covenants contained in Section 9.01 as of the Initial Loans Effective Date, with Total Funded Debt (or Total Net Funded Debt, as applicable), current assets and current liabilities calculated as of the Initial Loans Effective Date and EBITDA calculated by multiplying EBITDA for the most recent fiscal quarter covered by the Initial Loans Financial Statements by four (4).\n(k) The Administrative Agent shall have received such other documentation as the Administrative Agent or its special counsel may reasonably request. Without limiting the generality of the provisions of Section 11.05, for purposes of determining compliance with the conditions specified in this Section 6.02, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required under this Section 6.02 to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the Initial Loans Effective Date specifying its objection thereto. All documents executed or submitted pursuant to this Section 6.02 by and on behalf of the Borrower or any of the other Loan Parties shall be in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 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Agent:", "hash": "dc86d731b25bec69cd4acd3ccd54ce82", "id": 10}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZpbml0aWFsLWxvYW5zIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["conditions-precedent", "Conditions Precedent"], ["conditions-of-lending", "Conditions of Lending"], ["loans", "Loans"], ["conditions", "Conditions"], ["conditions-of-loans", "Conditions of Loans"]], "children": [["notes", "Notes"], ["fees-and-expenses", "Fees and Expenses"], ["opinions-of-counsel", "Opinions of Counsel"], ["loan-documents", "Loan Documents"], ["insurance", "Insurance"]], "title": "Initial Loans", "size": 326, "id": "initial-loans", "related": [["initial-loan", "Initial Loan", "Initial Loan"], ["incremental-loans", "Incremental Loans", "Incremental Loans"], ["additional-loans", "Additional Loans", "Additional Loans"], ["delayed-draw-term-loans", "Delayed Draw Term Loans", "Delayed Draw Term Loans"], ["loans", "Loans", "Loans"]], "related_snippets": [], "updated": "2026-09-04T05:52:11+00:00", "also_ask": [], "drafting_tip": "", "explanation": "The \"Initial Loans\" clause defines the terms and conditions under which the first disbursement of funds is made to a borrower under a loan agreement. Typically, this clause specifies the amount, timing, and any prerequisites or conditions that must be satisfied before the lender releases the initial loan proceeds, such as completion of documentation or satisfaction of due diligence requirements. Its core practical function is to establish a clear framework for the commencement of the lending relationship, ensuring both parties understand when and how the initial funds will be provided and under what circumstances."}, "json": true, "cursor": ""}}