Borrowing Authority Clause Samples

The Borrowing Authority clause grants a party, typically a company or organization, the legal power to borrow funds under specified conditions. This clause outlines the scope of borrowing, such as limits on the amount, permissible sources of loans, and any required approvals from directors or shareholders. By clearly defining who can authorize borrowing and under what circumstances, the clause ensures financial transactions are conducted within agreed boundaries, thereby managing risk and maintaining organizational control over debt obligations.
Borrowing Authority. The Borrowing Limit established hereunder for each Fund is not in violation of the limits and restrictions or other provisions set forth in the prospectus and Statement of Additional Information of such Fund.
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Borrowing Authority. The Borrowing Resolution and Incumbency Certification attached hereto as Exhibit A and incorporated herein by this reference remains in full force and effect and no change in Borrower’s officers or signing authority has occurred.
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Borrowing Authority. Borrower agrees to furnish Bank, in form and substance reasonably satisfactory to Bank, with (i) certified copies of resolutions of the boards of directors, the managers or partners, as applicable, of each Loan Party evidencing approval of the transactions contemplated hereunder and authorizing the execution and delivery of the Loan Documents, hereunder, including incumbency and signatures of authorized officers of the applicable Loan Party; (ii) a certificate of good standing from the state of each Loan Party’s organization and from the state(s) in which a failure by any of them to be qualified to do business would have a Material Adverse Effect (each such jurisdiction being listed on the attached Schedule 5.1); (iii) copies of each Loan Party’s articles of incorporation and bylaws, membership certificate and operating agreement, partnership certificate and agreement or other constitutional documents as applicable, as in effect on the Effective Date and (iv) such other similar documents and instruments as Bank may reasonably require.
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Borrowing Authority. Authorized Signers designated by Member-Borrower (“Member”) may initiate loans from Alloya Corporate Federal Credit Union (“Alloya”). Pursuant to this POA, ▇▇▇▇▇▇ may provide Member an Advised Line of Credit. Member promises to pay Alloya, in lawful money of the United States and in immediate available funds the aggregate unpaid principal amount of all advances made to Member by Alloya pursuant to and in compliance and agreement with this POA (the “Credit Facility”), together with all relevant attachments, addenda, exhibits and/or schedules, as amended, extended, supplemented, replaced or modified from time to time, whichever is greater, on the first to occur: (i) demand or (ii) the maturity date and to pay interest at the interest rate herein provided (“Interest”) when due until the maturity date as provided in this POA on the unpaid principal amount until the maturity date.
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Borrowing Authority. The attached hereto as Exhibit A and incorporated herein by this reference remains in full force and effect and no change in Borrower’s officers or signing authority has occurred.
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Borrowing Authority. Agent shall have received, with a counterpart thereof for each Bank:
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Borrowing Authority. The Company does not assume responsibility for borrowing or raising funds on behalf of the Client or to enter into deals that require the Client to borrow or raise money. Entering into such transactions is the Client’s sole responsibility, except where the Client and the Company agree to that pursuant to a separate agreement that sets out all details and related obligations.
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Borrowing Authority. Each of the Borrower and SMF shall have provided copies of such borrowing resolutions, delegations of authority or other approvals as the Administrative Agent may request to evidence that each of them has been duly authorized to execute, deliver and perform its obligations under this Amendment, the Credit Agreement (as amended by this Amendment) and all other Loan Documents to be executed by it in connection with this Amendment.
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Borrowing Authority. The board of directors may from time to time on behalf of the Corporation, in such amounts and on such terms as it deems expedient: (a) borrow money on the credit of the Corporation: (b) issue, reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or guarantee of the Corporation, whether secured or unsecured; (c) to the extent permitted by the Business Corporation Act (Ontario), give a guarantee on behalf of the Corporation to secure performance of any present or future indebtedness, liability or obligation of any person; and (d) mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned or subsequently acquired real or personal property, movable or immovable property of the Corporation including book debts, rights, powers, franchises and undertakings, to secure any such bonds, debentures, notes or other evidences or indebtedness or guarantee or any other person or future indebtedness, liability or obligation of the Corporation.
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Related to Borrowing Authority

  • Notice of Committed Borrowing The Borrower shall give the Agent notice (a "Notice of Committed Borrowing") not later than 10:30 A.M. (New York City time) on (x) the date of each Domestic Borrowing, and (y) the third Euro-Dollar Business Day before each Euro-Dollar Borrowing, specifying: (i) the date of such Borrowing, which shall be a Domestic Business Day in the case of a Domestic Borrowing or a Euro-Dollar Business Day in the case of a Euro-Dollar Borrowing, (ii) the aggregate amount of such Borrowing, (iii) whether the Loans comprising such Borrowing bear interest initially at the Base Rate or at a Euro-Dollar Rate, and (iv) in the case of a Euro-Dollar Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition of Interest Period.

  • Borrowing Upon receipt of Proper Instructions, the Custodian shall deliver securities of a Portfolio to lenders or their agents, or otherwise establish a segregated account as agreed to by the applicable Fund on behalf of such Portfolio and the Custodian, as collateral for borrowings effected by such Portfolio, provided that such borrowed money is payable by the lender (a) to or upon the Custodian's order, as Custodian for such Portfolio, and (b) concurrently with delivery of such securities.

  • Borrowing Date Such Borrowing shall occur on or prior to March 21, 2018.

  • Procedure for Borrowing Revolving Loans Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and received by Agent no later than 10:00 a.m. (i) on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, and (ii) on the Business Day that is 1 Business Day prior to the requested Funding Date in the case of all other requests, specifying (A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 10:00 a.m. on the applicable Business Day. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request.

  • Procedure for Borrowing Swingline Loans The Borrower shall give the Agent and the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be delivered to the Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice given telephonically shall include all information to be specified in a written Notice of Swingline Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the applicable conditions set forth in Article V. for such borrowing, the Swingline Lender will make the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than 4:00 p.m. on such date.