Conditions of Initial Loans Clause Samples
The "Conditions of Initial Loans" clause sets out the specific requirements that must be satisfied before a lender is obligated to provide the first disbursement of funds under a loan agreement. These conditions often include the delivery of key documents, such as evidence of corporate authority, legal opinions, and proof of compliance with applicable laws, as well as the fulfillment of any pre-agreed covenants or financial ratios. By establishing these prerequisites, the clause ensures that the lender is protected and that the borrower is fully prepared and eligible to receive the initial loan, thereby reducing the risk of default or legal complications at the outset of the lending relationship.
Conditions of Initial Loans. The obligation of each Bank to make its initial Loan hereunder is subject to the following conditions:
(a) the Agents shall have received on or before the Closing Date all of the following, in form and substance satisfactory to each Agent and each Bank, and in sufficient copies for each Bank:
Conditions of Initial Loans. The obligation of each Lender to make its initial Loans and of each L/C Issuer to Issue, or cause to be Issued, the initial Letters of Credit hereunder is subject to satisfaction of the following conditions in a manner satisfactory to Agent:
Conditions of Initial Loans. The obligation of each Lender to make Initial Loans hereunder is subject to satisfaction of the following conditions precedent:
(a) The Administrative Agent’s and the Lenders’ receipt of the items (i), (v) through (viii), (x), (xii), (xiii), (xv), (xvi), (xvii), (xxi) and (xxii) below and the Lenders’ receipt of items (ii), (iii), (iv), (ix), (xi), (xviii), (xix) and (xx) below, each properly executed by a Responsible Officer of the applicable Loan Party, each dated as of the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Lenders and their respective legal counsel:
(i) executed counterparts of this Agreement and each of the Loan Documents;
(ii) original Warrants issued to each Lender, duly executed and delivered by an Authorized Officer of Holdings;
(iii) executed counterparts of the Registration Rights Agreement;
(iv) Notes executed by the Borrowers in favor of each Lender requesting a Note;
(v) a Secretary’s certificate for each Loan Party certifying as to (A) true and complete copies of all Organization Documents of such Loan Party attached thereto, (B) resolutions of the Board of Directors or other organizational action authorizing execution, delivery and performance of all Loan Documents to which such Loan Party is a party, and (C) incumbency of officers (including specimen signatures) evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party;
(vi) certification from any applicable Governmental Authority as the Required Lenders may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in its jurisdiction of organization and in any other jurisdiction in which the failure to be so qualified could reasonably be expected to have a Material Adverse Effect, including certificates of good standing and qualification to engage in business in each applicable jurisdiction;
(vii) a favorable opinion of ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ LLP, counsel to the Loan Parties, each addressed to the Administrative Agent and each Lender and their successors and assigns, as to the matters concerning the Loan Parties and the Loan Documents as the Required Lenders may reasonably request;
(v...
Conditions of Initial Loans. The obligation of each Bank to make its initial Loan hereunder and the effectiveness of this Agreement are subject to the satisfaction of the following conditions precedent:
Conditions of Initial Loans. 38 (i) Credit Agreement and Notes........................................ 38 (ii) Resolutions; Incumbency........................................... 38 (iii) Organization Documents; Good Standing............................. 38 (iv) Legal Opinions.................................................... 39 (v)
Conditions of Initial Loans. 45 5.2 Conditions to All Borrowings.................................................. 46
Conditions of Initial Loans. The obligation of each Bank to make its initial Loan hereunder is subject to the condition that the Administrative Agent shall have received on or before the Closing Date all of the following, in form and substance satisfactory to the Administrative Agent and each Bank and (except for the instruments or documents representing Pledged Collateral) in sufficient copies for each Bank:
Conditions of Initial Loans. The obligation of each Lender to make its initial Loans hereunder on the Closing Date is subject to satisfaction of the following:
Conditions of Initial Loans. 27 (a) Credit Agreement............................................................ 27 (b)
Conditions of Initial Loans. The obligation of each Bank to make its --------------------------- initial Committed Loan hereunder, and to receive through the Administrative Agent the initial Competitive Bid Request is subject to the condition that the Administrative Agent have received on or before the Closing Date all of the following, in form and substance satisfactory to the Administrative Agent, and in sufficient copies for each Bank: