Borrowing and borrowing restrictions Sample Clauses

The 'Borrowing and borrowing restrictions' clause defines the rules and limitations regarding a party's ability to take on debt or obtain loans during the term of an agreement. Typically, this clause outlines the types of borrowing that are permitted, sets maximum thresholds for indebtedness, and may require prior consent from the other party before new loans are taken. For example, it might prohibit the borrower from incurring additional debt beyond a certain amount or restrict borrowing from specific sources. The core function of this clause is to protect the interests of the lender or contracting party by preventing excessive or risky borrowing that could jeopardize the borrower's financial stability or the value of collateral.
Borrowing and borrowing restrictions. 6.6.1 Subject to any statutory requirements for the time being in force and to the terms and conditions herein contained, the Management Company may arrange borrowing for account of the Scheme, with the approval of the Trustee, from Banks, Financial Institutions or non-banking finance companies. The borrowing, however, shall not be resorted to, except for meeting the redemption requests and shall be repayable within a period of ninety days and such borrowing shall not exceed fifteen per cent of the Net Asset of the Scheme at the time of borrowing or such other limits as specified by the Commission Subject to any statutory requirements for the time being in force and to the terms and conditions herein contained, the Trustee may, subject to written approval of the Management Company, concur with the Management Company make varying arrangements with Banks or other financial institutions for borrowing by the Trustee for the account(s) of the Scheme provided that borrowing shall not be resorted to, except for meeting redemption request. 1 6.6.2 The charges payable to any bank or financial institution against borrowings on account of the Scheme as permissible under Clause 6.4.1 above, shall not be higher than the normal prevailing bank charges or normal market rates. 6.6.3 The maximum borrowing for the account of the Trust shall not exceed fifteen per cent of the total Net Assets Value of the Scheme or such other limit as may be provided in the Rules or Regulations1. If subsequent to such borrowing, the Net Assets are reduced as a result of depreciation in the market value of the Trust Property or redemption of Units, the Management Company shall not be under any obligation to reduce such borrowing. 6.6.4 Neither the Trustee, nor the Management Company shall be required to issue any guarantee or provide security over their own assets for securing such borrowings from banks and financial institutions. The Trustee or the Management Company shall not in any manner be liable in their personal capacities for repayment of such loans or advances. 6.6.5 1For the purposes of securing any such borrowing the Trustee may upon instruction of the Management Company mortgage, charge or pledge in any manner all or any part of the Trust Property provided that the aggregate amount secured by such mortgage, charge or pledge shall not exceed the limits provided under the Rules and/or any law for the time being in force.For the purposes of securing any such borrowing the Trustee may...
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Borrowing and borrowing restrictions. 10.1 Subject to any statutory requirements for the time being in force and to the terms and conditions herein contained, the Trustee may at any time at the request of the Management Company concur with the Management Company in making and varying Shariah Compliant arrangements with Banks or financial institutions for borrowing by the Trustee for the account of the Trust for the purpose of meeting redemption request(s) provided that: a. the borrowing shall not be resorted to, except for the purpose of redeeming any Units; b. the charge payable to such Islamic Bank or financial institution are not higher than the normal bank charges; c. the maximum borrowing for the account of the Trust shall not exceed the limit provided in the Rules (fifteen percent of the total Net Asset Value) and/or the regulations but if subsequent to such borrowing, the Net Assets have decreased as a result of depreciation in the market value of the Fund Property or redemption of Units, the Management Company shall not be under any obligation to reduce such borrowing on account of the Trust; d. the amount so borrowed shall be repayable within a period of ninety days or such time prescribed by the Rules and or regulations; e. such borrowing shall not be in contravention of the Shariah.
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Borrowing and borrowing restrictions. 8.5.1 Subject to the Constitutive Documents, the Rules, the Regulations and any other applicable law the Management Company, at any time, make varying arrangements with Banks or Financial Institutions, NBFCs and collective investment schemes for borrowing by the Fund with approval of the Trustee for the account of the Scheme; provided, that interest charges for such borrowing are not higher than the normal prevalent market mark-up/interest charges. 8.5.2 Borrowing shall not be resorted to, except for meeting the redemption requests under the Regulations or other applicable laws from time to time and such borrowing shall not exceed the limits prescribed by the Regulations. 8.5.3 For the purposes of securing any borrowing, the Trustee may on the instruction of the Management Company, mortgage, charge or pledge in any manner all or any part of Trust Property; provided, that the aggregate amount secured by such mortgage, charge or pledge shall not exceed the limits provided in the Regulations, if any; provided further, that neither the Trustee nor the Management Company shall be required to issue any guarantee or provide any security over their own assets for securing such borrowings on account of the Trust and neither shall they in any manner be liable in their personal capacities for repayment of any borrowings. 8.5.4 Neither the Trustee nor the Management Company shall incur any liability by reason of any loss to the Trust or any loss that a Unit Holder may suffer by reason of any depletion in the Net Asset Value that may result from any borrowing arrangement made hereunder in good faith.”
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Related to Borrowing and borrowing restrictions

  • Initial Borrowing Before or concurrently with the initial Borrowing: (a) The Administrative Agent shall have received the favorable written opinion of L▇▇▇▇▇ & W▇▇▇▇▇▇, counsel to Borrower; (b) The Administrative Agent shall have received copies of the Borrower’s (i) Articles of Incorporation, together with all amendments and (ii) bylaws (or comparable constituent documents) and any amendments thereto, certified in each instance by its Secretary or an Assistant Secretary; (c) The Administrative Agent shall have received copies of resolutions of the Borrower’s Board of Directors authorizing the execution and delivery of the Credit Documents and the consummation of the transactions contemplated thereby together with specimen signatures of the persons authorized to execute such documents on the Borrower’s behalf, all certified in each instance by its Secretary or Assistant Secretary; (d) The Administrative Agent shall have received for each Lender that requests a Note, such Lender’s duly executed Note of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 2.9(a) hereof; (e) The Administrative Agent shall have received a duly executed counterpart of this Agreement from each of the Lenders and the Borrower; (f) The Administrative Agent shall have received a duly executed Compliance Certificate containing financial information as of March 31, 2009; (g) Except as set forth on Schedule 6.1, neither the Borrower nor any of its Subsidiaries shall have, during the period from March 31, 2009 to the Closing Date, issued, incurred, assumed, created, become liable for, contingently or otherwise, any material Indebtedness other than the issuance of commercial paper consistent with past practices; (h) The Borrower shall have paid to the Administrative Agent for the benefit of each Lender the applicable fees for providing its Commitment under this Agreement; (i) The Borrower shall have delivered the SEC Disclosure Documents which Nicor or the Borrower shall have filed with the Securities and Exchange Commission (or any governmental agency substituted therefore) or any national securities exchange on or after January 1, 2009; (j) The Credit Agreement, dated as of August 11, 2008, among the Borrower, the Administrative Agent and the other financial institutions party thereto has terminated (upon maturity or otherwise) in accordance with its terms; and (k) The Administrative Agent shall have received such other documents and information as it may reasonably request. By executing this Agreement, the Administrative Agent and each of the Lenders agrees that each condition set forth in this Section 6.1 has been satisfied.

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

  • The Commitments and Borrowings Section 2.01

  • Conditions to Borrowing The Bank will not be obligated to make (or continue to make) advances hereunder unless (i) the Bank has received executed originals of the Note and all other documents or agreements applicable to the loans described herein, including but not limited to the documents specified in Article III (collectively with this Agreement the “Loan Documents”), in form and content satisfactory to the Bank; (ii) if the loan is secured, the Bank has received confirmation satisfactory to it that the Bank has a properly perfected security interest, mortgage or lien, with the proper priority; (iii) the Bank has received certified copies of the Borrower’s governance documents and certification of entity status satisfactory to the Bank and all other relevant documents; (iv) the Bank has received a certified copy of a resolution or authorization in form and content satisfactory to the Bank authorizing the loan and all acts contemplated by this Agreement and all related documents, and confirmation of proper authorization of all guaranties and other acts of third parties contemplated hereunder; (v) if required by the Bank, the Bank has been provided with Opinion of the Borrower’s counsel in form and content satisfactory to the Bank confirming the matters outlined in Section 2.2 and such other matters as the Bank requests; (vi) no default exists under this Agreement or under any other Loan Documents, or under any other agreements by and between the Borrower and the Bank; and (vii) all proceedings taken in connection with the transactions contemplated by this Agreement (including any required environmental assessments), and all instruments, authorizations and other documents applicable thereto, are satisfactory to the Bank and its counsel.

  • Types of Loans and Borrowings For purposes of this Agreement, Loans and Borrowings, respectively, may be classified and referred to by Type (e.g., a “Eurodollar Loan” or a “Eurodollar Borrowing”).