Conditions Precedent to Initial Borrowing definition

Conditions Precedent to Initial Borrowing. Usual and customary for facilities and transactions of this type, including evidence of authority; obtaining of necessary approvals and consents; delivery of satisfactory legal opinions; execution and delivery of definitive credit and security documentation satisfactory to the Administrative Agent; completion of all filings and other actions necessary to perfect security interests; absence of material adverse change in the business, assets, operations, condition (financial or otherwise) or prospects of the Borrower and its subsidiaries (it being agreed that the establishment of a reserve for asbestos-related liabilities that does not result in a violation of the minimum consolidated tangible net worth covenant described below will not in and of itself constitute such a material adverse change); absence of defaults, prepayment events or creation of liens under debt instruments or other agreements as a result of the transactions contemplated hereby (subject to certain de minimis exceptions to be agreed upon); absence of certain material litigation; payment of fees and expenses; and the following additional conditions: 1. The existing credit facility of JRMSA (the "JRMSA Facility") shall have been amended in a manner satisfactory to the Administrative Agent to permit the Transactions, or arrangements satisfactory to the Administrative Agent shall have been made for the termination of the JRMSA Facility and the repayment of all amounts outstanding thereunder. 2. Except as otherwise agreed by the Administrative Agent, the terms
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Conditions Precedent to Initial Borrowing. The closing and the initial funding under the Facility on the closing date (the “Closing Date”), based on Borrowing Base Availability supported by the Initial Borrowing Base Properties, shall be subject to the applicable conditions set forth on Exhibit C hereto. Governing Law: New York, including as expressly set forth in Section 21 of the Draft Credit Agreement.
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Conditions Precedent to Initial Borrowing. Usual for facilities and transactions of this type, including those specified in the Summary of Additional Conditions Precedent attached as Exhibit C to the Commitment Letter, and others appropriate to this transaction to be reasonably specified by the Agents.
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Examples of Conditions Precedent to Initial Borrowing in a sentence

  • Conditions Precedent to Initial Borrowing ...............................

  • Conditions Precedent to Initial Borrowing on the Closing Date 6.1 Credit Documents 52 6.2 No Default; Representations and Warranties 52 6.3 Fees and Expenses 52 SECTION 7.

  • Conditions Precedent 24 5.01 Conditions Precedent to Initial Borrowing Date 24 5.02 Conditions Precedent to B Term Loans 29 5.03 Conditions Precedent to Merger Date 31 5.04 Conditions Precedent to All Credit Events 31 SECTION 6.

  • The Term Loan is available for drawing by way of a single disbursement to be made on the Closing Date, subject to the satisfaction or waiver of the conditions precedent set forth below in Section 27 (Conditions Precedent to Initial Borrowing).

  • Conditions Precedent to Initial Borrowing by each Borrowing Subsidiary................................................

  • Conditions Precedent to Initial Borrowing 112150 6.1. Credit Documents 112150 6.2. Collateral 112150 6.3. Legal Opinions 114152 6.4. Refinancing 114152 6.5. Equity Investments 114152 6.6. Closing Certificates 114152 6.7. Authorization of Proceedings of Each Credit Party 114152 6.8. Fees 114153 6.9. Representations and Warranties 114153 6.10.

  • Conditions Precedent to Initial Borrowing on the Closing Date 6.1 Credit Documents 52 6.2 No Default; Representations and Warranties 52 6.3 Fees and Expenses 53 SECTION 7.

  • Conditions Precedent to Initial Borrowing on the Closing Date 6.1 Credit Documents 51 6.2 No Default; Representations and Warranties 51 6.3 Fees and Expenses 52 SECTION 7.

  • Conditions Precedent to Initial Borrowing 144 6.1. Credit Documents 144 6.2. Collateral 145 6.3. Legal Opinions 146 6.4. Refinancing 146 6.5. Equity Investments 146 6.6. Closing Certificates 146 6.7. Authorization of Proceedings of Each Credit Party 147 6.8. Fees 147 6.9. Representations and Warranties 146147 6.10.

  • Conditions Precedent to Initial Borrowing of: Same as Tranche B-2 Term Facility.


More Definitions of Conditions Precedent to Initial Borrowing

Conditions Precedent to Initial Borrowing. As set forth in the Commitment Letter and Exhibit D, and other customary conditions (consistent with the Existing Credit Agreement, but adjusted to reflect the SPV nature of Holdings and the SPV Borrower), including: delivery of reasonably satisfactory customary legal opinions of counsel for the SPV Borrower and for the Guarantors organized in the United States and the Security Jurisdictions (other than the Post-Closing Jurisdictions); a certificate from the chief financial officer, treasurer, or an officer with similar duties of the SPV Borrower with respect to solvency (on a combined basis after giving effect to the Transactions and the other transactions contemplated hereby), a certificate of a director, manager or officer (as applicable) of each Guarantor (other than the Post-Closing Guarantors (as defined below)) on an individual basis with respect to solvency; board and shareholder resolutions of each Loan Party (other than any Post-Closing Guarantor) approving the entry into the transactions; all documentation and other information reasonably required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act and a Beneficial Ownership Certification for the SPV Borrower or any Guarantor (other than any Post-Closing Guarantor) that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation to any Lender that has requested such certification (in each case, at least two (2) business days prior to the Closing Date but only to the extent requested in writing ten (10) business days prior to the Closing Date); customary corporate organizational documents and officers’ and public officials’ certifications of evidence of authorization and good standing in the jurisdiction of organization for the SPV Borrower and the Guarantors (other than Post-Closing Guarantors); customary closing certificates; except with respect to Collateral to be provided by Loan Parties organized in Netherlands, Iceland, Poland, and Uruguay (collectively, the “Post-Closing Jurisdictions”; and the Subsidiary Guarantors in the Post-Closing Jurisdictions, the “Post-Closing Guarantors”), all documents and instruments required for the creation and perfection of security interests in the Collateral, subject to permitted liens; except with respect to subsidiaries organized in Post-Closing Jurisdictions, execution of the Exh. B-6 Guarantees by the Guarantors, which shall be ...
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Related to Conditions Precedent to Initial Borrowing

  • Conditions Precedent shall have the meaning set forth in Clause 4.2.

  • Initial Borrowing means the first Borrowing made pursuant to this Agreement.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • Initial Borrowing Date means the date occurring on or after the Effective Date on which the initial Borrowing of Loans occurs.

  • Closing Conditions shall include, but are not limited to, SI Securities determining in its sole discretion that at the time of a closing, the Minimum Offering has been met, the investment remains suitable for investors, investors have successfully passed ID, KYC, AML, OFAC, and suitability screening, and that Issuer has completed all actions required by it as communicated by SI Securities at the time of a closing.

  • Borrowing Notice is defined in Section 2.8.

  • Borrowing means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  • Request for Credit Extension means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • Specific Conditions means the conditions in addition or in variation to the general conditions which the Commission may lay down specifically for a distribution licensee;

  • Term SOFR Borrowing means a Borrowing comprised of Term SOFR Loans.

  • RFR Borrowing means, as to any Borrowing, the RFR Loans comprising such Borrowing.

  • Refinancing Conditions the following conditions for Refinancing Debt: (a) it is in an aggregate principal amount that does not exceed the principal amount of the Debt being extended, renewed or refinanced; (b) it has a final maturity no sooner than, a weighted average life no less than, and an interest rate no greater than, the Debt being extended, renewed or refinanced; (c) it is subordinated to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (d) the representations, covenants and defaults applicable to it are no less favorable to Borrowers than those applicable to the Debt being extended, renewed or refinanced; (e) no additional Lien is granted to secure it; (f) no additional Person is obligated on such Debt; and (g) upon giving effect to it, no Default or Event of Default exists.

  • Initial Revolving Borrowing means one or more borrowings of Revolving Credit Loans or issuances or deemed issuances of Letters of Credit on the Closing Date as specified in the definition of the term “Permitted Initial Revolving Borrowing.”

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Initial Advance means the first Advance made pursuant to Article II.

  • Term B Borrowing means a borrowing consisting of simultaneous Term B Advances of the same Type made by the Term B Lenders.

  • Term Loan Extension Request has the meaning set forth in Section 2.16(a).

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Borrowing Date any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder.

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.14(f)(ii).

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Request for Extension of Credit means (a) with respect to a Borrowing of Loans (including Swing Line Loans) or the conversion or continuation of Loans, a Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.