CONDITIONS FOR BORROWING Sample Clauses
The "Conditions for Borrowing" clause sets out the specific requirements that must be satisfied before a borrower can draw down funds under a loan agreement. Typically, these conditions include providing necessary documentation, meeting financial covenants, and ensuring that no default or breach has occurred. For example, the borrower may need to deliver up-to-date financial statements or evidence of insurance coverage before receiving the loan proceeds. This clause ensures that the lender's interests are protected by confirming that all agreed-upon prerequisites are met, thereby reducing the risk of lending and promoting transparency in the borrowing process.
CONDITIONS FOR BORROWING. The Bank’s obligation to make any Loan is subject to the satisfaction, on or before the following Borrowing Dates, of the following conditions:
CONDITIONS FOR BORROWING. The obligation of the Lenders to provide the Borrowing on Drawdown date hereunder shall be subject to the fulfillment of the following terms and conditions:
(a) The Lenders shall have received the Note/s (in the form as per attached Exhibit “A”), the accompanying Loan Payment Schedule (in the form as per attached Exhibit “E”), the Notice/s of Borrowing (in the form as per attached Exhibit “C”) and the Borrowing Certificate/s (in the form as per attached Exhibit “D”) duly executed by the Borrower in favor of the Lenders evidencing the Borrowing to be made on Drawdown date.
(b) The Borrower shall have acknowledged receipt of, and shall have signified its agreement to, the duly executed disclosure statements required under the Truth in Lending Act (RA 3765) (in the form as per attached Exhibit “F”).
(c) Each of the Loan Documents shall have been duly authorized by and executed by the parties thereto, and shall be legally binding on each of them in accordance with their respective terms.
(d) The Lenders shall have received copies, certified by the Corporate Secretary of the Borrower, of the Securities and Exchange Commission Certificate of Registration, Articles of Incorporation and By Laws or other constitutive documents, as appropriate, of the Borrower, each as amended to date.
(e) The Lenders shall have received a duly sworn certificate of the Corporate Secretary or appropriate officer of the Borrower in the form as per attached Exhibit “G”.
(f) The Lenders shall have received satisfactory evidence that all fees, expenses and Taxes payable in connection with the preparation, execution and delivery of this Agreement and the Note/s have been paid in full by or on behalf of the Borrower.
(g) The Lenders shall have received such other approvals, certificates or other document which the Lenders may reasonably request from the Borrower for the execution of the Loan documents.
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1. Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note A duly executed by both Borrowers.
CONDITIONS FOR BORROWING. The Lenders' obligations to make Revolving Loans, and the Agent's obligation to issue Letters of Credit, are subject to the satisfaction, on or before the following Borrowing Dates, of the following conditions:
4.1 On or Before the Closing Date. The Agent shall have received the following, all in form, detail and content satisfactory to the Lenders:
CONDITIONS FOR BORROWING. The obligation of the Lender to provide the Borrowing on Drawdown date hereunder shall be subject to the fulfillment of the following terms and conditions:
(a) The Lender shall have received the Note/s (in the form as per attached Exhibit “A”), duly executed by the Borrower in favor of the Lender evidencing the Borrowing to be made on Drawdown date.
(b) Each of the Loan Documents shall have been duly authorized by and executed by the parties thereto, and shall be legally binding on each of them in accordance with their respective terms.
(c) The Lender shall have received copies, certified by the Corporate Secretary of the Borrower, of the Securities and Exchange Commission Certificate of Registration, Articles of Incorporation and By Laws or other constitutive documents, as appropriate, of the Borrower, each as amended to date.
(d) The Lender shall have received such other approvals, certificates or other document which the Lender may reasonably request from the Borrower for the execution of the Loan documents.
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1. Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note C duly executed by both Borrowers.
(b) The fee due under Section 2.5 hereof.
(c) A Beneficial Interest Pledge Agreement, in the form of Exhibit B, properly executed by CAL, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien in all of CAL’s beneficial interest in that certain trust described in the Trust Agreement (Aircraft MSN 30241) dated as of August 22, 2016, between ▇▇▇▇▇ Fargo Trust Company, National Association, as owner trustee (the “Owner Trustee”), and CIT Aerospace, LLC as the original Trust settlor, as amended, assigned, supplemented, restated, and modified from time to time (the “Trust Agreement”), all in form and substance reasonably satisfactory to Lender.
(d) A Trust Aircraft Security Agreement in the form of Exhibit C (the “TASA”), properly executed by the Owner Trustee, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien on the collateral described in the TASA, all in form and substance reasonably satisfactory to Lender.
(e) A third party written legal opinion opining that:
(i) CAL has the due power and authority to grant the lien described in Section 3.1(c) above;
(ii) Owner Trustee has due power and authority to grant the Lien described in Section 3.1(d) above; and
(iii) The Liens described in Sections 3.1(c) and 3.1(d) are valid and enforceable and neither violate any term or provision of the Trust Agreement.
(f) Evidence in a form reasonably acceptable to Lender that, prior to or concurrently with the execution of this Supplement, CAL acquired the interest in the trust described in the Beneficial Interest Pledge Agreement and that the trust acquired the collateral described in the TASA, and in each case, such is owned free and clear of all liens, claims and encumbrances.
(g) An Agreement to Provide Insurance in the form of Exhibit D, properly executed by the Borrowers.
CONDITIONS FOR BORROWING. Lender’s obligation to make any Loan is subject to the satisfaction or waiver by Lender in writing, on or before the following dates, of the following conditions:
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
a. Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(i) Term Note G duly executed by both Borrowers.
(ii) The Main Street Priority Loan Facility form of Borrower Certifications and Covenants in a form identical to that attached hereto as Exhibit B (the "Borrower Certifications and Covenants") executed by both Borrowers.
(iii) The fee due under Section 2.5 hereof.
(iv) Evidence in a form reasonably acceptable to Lender that Borrowers have the due power and authority to execute and perform this Supplement and Term Note G.
(v) Lender shall have received a Commitment Letter from MS Facilities LLC that it will purchase a participation interest of $41,418,000.00 aggregate principal amount of Term Loan G under the Main Street Program.
CONDITIONS FOR BORROWING. 4.1 On or Before the Date of Execution of this Agreement 28
4.2 On or Before the Effective Date 29 4.3 On or Before Each Subsequent Borrowing Date 31
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1 Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note E duly executed by all Borrowers.
(b) The fee due under Section 2.5 hereof.
(c) An Aircraft Security Agreement in the form of Exhibit C (the “ASA”), properly executed by Contrail Aviation Leasing Ireland DAC, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien on the collateral described in the ASA, all in form and substance reasonably satisfactory to Lender.
(d) A Pledge of Contrail Aviation Support, LLC’s shares of ownership of Contrail Aviation Leasing Ireland DAC in the form of Exhibit D (the “Equity Pledge”).
(e) A third party written legal opinion opining that:
(i) Contrail Aviation Support, LLC and Contrail Aviation Leasing Ireland DAC, respectively, have the due power and authority to grant the liens described in Section 3.1(c) and (d) above;
(ii) The Liens described in Sections 3.1(c) and (d) are valid and enforceable.
(f) Evidence in a form reasonably acceptable to Lender that, prior to and in no event later than the Closing Date, Contrail Aviation Leasing Ireland DAC acquired the interest in the Aircraft free and clear of all liens, claims and encumbrances other than those created by the ASA.