Subsequent Borrowing Sample Clauses
The Subsequent Borrowing clause defines the terms and conditions under which a borrower may take on additional loans after the initial agreement is in place. Typically, this clause outlines any restrictions, required approvals, or notification procedures that must be followed before incurring further debt, and may specify limits on the amount or type of subsequent borrowing allowed. Its core function is to protect the lender by ensuring that the borrower's future borrowing activities do not jeopardize their ability to repay the original loan, thereby managing credit risk and maintaining financial stability.
Subsequent Borrowing. The obligation of the Bank to make each Loan to be made by it hereunder (including the initial Loan) is subject to the following conditions precedent:
(a) At the time of each Loan (as evidenced by a certificate executed on behalf of the Borrower if the Bank shall so require):
(i) The Borrower shall have complied and shall then be in compliance with all the terms, covenants and conditions of this Agreement which are binding on it;
(ii) There shall exist no Event of Default as defined in this Agreement or no event (including an event caused by such Loan) which would be an Event of Default but for the requirement that notice be given or time elapse or both;
(iii) The representations and warranties contained in this Agreement shall be true and correct as of the date of such Loan; and
(iv) There shall have been no material adverse change (in the Bank's reasonable judgment) in the Borrower's financial condition as evidenced by the financial information submitted to the Bank pursuant to this Agreement.
(b) All of the Loan Documents shall remain in full force and effect and the validity of any Loan Document shall not have been contested.
Subsequent Borrowing. The obligation of the Bank to make each Advance under the Line of Credit or issue a Letter of Credit hereunder (including the initial advance under the Line of Credit) is subject to the following conditions precedent:
(1) At the time of each advance (as evidenced by a certificate executed on behalf of the Borrowers if the Bank shall so require):
(a) Each of the Borrowers shall have complied and shall then be in compliance with all the terms, covenants and conditions of this Agreement which are binding on it;
(b) There shall exist no Event of Default as defined in this Agreement or no event (including an event caused by such advance) which would be an Event of Default but for the requirement that notice be given or time lapse or both;
(c) The representations and warranties contained in Article IX of this Agreement shall be true and correct in all material respects as of the date of such Advance or issuance of such Letter of Credit; and
(d) There shall have been no change which has a Material Adverse Effect (in the Bank’s reasonable judgment).
(2) All of the Loan Documents shall remain in full force and effect and the validity of any Loan Document shall not have been contested.
Subsequent Borrowing. Subject to the terms and conditions set forth herein, and upon the condition precedent that the entire amount of the Committed Loan under the Initial Borrowing shall have first been repaid in full to the satisfaction of the Administrative Agent, each Lender thereafter severally agrees to make Committed Loans to the Borrower from time to time, as Subsequent Borrowings on a revolving loan basis, subject at all times to Availability, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, and subject at all times to Availability, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. Each request for a Committed Loan shall specify the proposed use of the proceeds thereof and shall be accompanied by a Compliance Certificate and such other and further information respecting the Real Estate Projects, the Property Level Entities, and other matters as the Administrative Agent may specify from time to time in its reasonable determination.
Subsequent Borrowing. The obligation of the Bank to make each Advance under the Line of Credit, issue a Letter of Credit under the Line of Credit or issue or renew the Workers Compensation Reinsurance Letter of Credit is subject to the following conditions precedent:
(1) At the time of each Advance, issuance or renewal (as evidenced by a certificate executed on behalf of the Borrowers if the Bank shall so require):
(a) Each of the Borrowers shall have complied and shall then be in compliance with all the terms, covenants and conditions of this Agreement which are binding on it;
(b) There shall exist no Event of Default as defined in this Agreement or no event (including an event caused by such Advance, issuance or renewal) which would be an Event of Default but for the requirement that notice be given or time lapse or both;
(c) The representations and warranties contained in Article VII of this Agreement shall be true and correct in all material respects as of the date of such Advance, issuance or renewal; and
(d) There shall have been no change which has a Material Adverse Effect (in the Bank’s reasonable judgment).
(2) All of the Loan Documents shall remain in full force and effect and the validity of any Loan Document shall not have been contested.
Subsequent Borrowing. (a) The obligation of each Lender to make a Loan on the occasion of any Borrowing for the purpose of financing the acquisition of shares in the Private Sale is subject to the satisfaction of the following conditions:
(i) The representations and warranties of BorgWarner set forth in this Agreement shall be true and correct on and as of the date of such Borrowing.
(ii) At the time of and immediately after giving effect to such Borrowing, no Default shall have occurred and be continuing. Each Borrowing for the purpose of financing the acquisition of shares in the Private Sale shall be deemed to constitute a representation and warranty by BorgWarner on the date thereof as to the matters specified in subparagraphs [i] and [ii] of this clause [a].
(b) The obligation of each Lender to make a Loan on the occasion of any Borrowing for the purpose of financing the acquisition of shares in the Tender Offer is subject to the satisfaction of the following conditions:
(i) the representations of BorgWarner set forth in Sections 3.01, 3.02, 3.03 and 3.11 herein shall be true and correct on and as of the date of such Borrowing.
(ii) At the time of and immediately after giving effect to such Borrowing, no Major Default shall have occurred and be continuing. Each Borrowing for the purpose of financing the acquisition of shares in the Tender Offer shall be deemed to constitute a representation and warranty by BorgWarner on the date thereof as to the matters specified in subparagraphs [i] and [ii] of this clause [b].