Conditions Precedent to Drawdowns Clause Samples
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Conditions Precedent to Drawdowns. The obligation of the Lenders to make any Drawdown shall be subject to satisfaction of the following conditions precedent on or before the relevant Drawdown Date:
(a) the Agent or the Operating Facility Lender, as applicable, shall have received a Notice of Drawdown in respect of such Drawdown in accordance with Section 2.3 if required thereunder;
(b) on the relevant Drawdown Date, all representations and warranties contained in the Loan Documents shall be true and correct as if made on such date (except to the extent expressly limited to the Effective Date, in which case they shall be required to be true and correct as of the Effective Date); and
(c) no Default or Event of Default shall exist on the relevant Drawdown Date, and no Default or Event of Default shall occur as a result of the making of such Drawdown.
Conditions Precedent to Drawdowns. 6.1 The obligation of the Lender to make any Advance under this Agreement is subject to the Lender having received the requisite Drawing Notice and being satisfied on each Drawing Date of the specific conditions provided for in Appendix 2.
6.2 The Lender shall be entitled to -
6.2.1 extend the relevant period for fulfilment of any or all of the conditions; and
6.2.2 waive fulfilment of any or all of the conditions. The conditions contained in clause 6.1 are expressed to be for the sole benefit of the Lender.
6.3 The Lender shall, within 3 business days of receipt of the requisite Drawing Notice notify the Borrower whether or not it is satisfied that the conditions precedents referred to in clause 6.1 above have been fulfilled or waived and such conditions shall only be considered to have been fulfilled or waived when such notice is given.
6.4 Draw Stop In the event that the conditions provided for in Appendix 2 have not been fulfilled or waived, the Lender's obligations under this Agreement to honour any Drawing Notice or make any Advance shall be suspended.
Conditions Precedent to Drawdowns. 7 7. DRAWDOWNS.......................................................... 8 8. INTEREST........................................................... 9 8.1
Conditions Precedent to Drawdowns. The Lenders’ obligation to provide any Advance under the Credit Facilities will be subject to the following conditions precedent being met (unless waived in writing by all of the Lenders):
(a) on the initial Advance hereunder, the Borrower will have complied, or cause to be complied, with the deliveries required under Section 2.1;
(b) other than in the case of overdraft borrowings under the Operating Facility, the appropriate Notice of Borrowing, Notice of Rollover or Notice of Conversion will have been delivered in accordance with the notice provisions provided in Section 5.2;
(c) no Default or Event of Default will have occurred and be continuing or, in the case of any Advances by way of a Drawdown, will result from such Drawdown;
(d) subject to Section 11.2, each of the representations and warranties set out in Article 11 (other than those stated to be made as of a certain date) will be true and correct with the same effect as if such representations and warranties had been made on the date of such Advance;
(e) in the case of any Advances by way of a Drawdown, no Borrowing Base Shortfall will have occurred and be continuing; and
(f) after giving effect to the proposed Advance, the Loan Parties would not have any Excess Cash.
Conditions Precedent to Drawdowns. 3.1 Conditions for First Drawdown........................................................................42 3.2 Subsequent Drawdowns.................................................................................45 3.3 Waiver...............................................................................................45
Conditions Precedent to Drawdowns. 3.01 Conditions for First Drawdown 3.02 Conditions for Drawdown of Tranche 2 3.03 Conditions for Subsequent Drawdowns
Conditions Precedent to Drawdowns. ▇▇▇▇▇▇’s obligation to fund any Drawdown is subject to: (a) receipt of ▇▇▇▇▇▇▇▇’s board approval and evidence of due authorization; (b) no Event of Default then continuing; (c) the representations and warranties of Borrower being true and correct in all material respects as of the funding date; and (d) receipt of customary KYC/AML information reasonably requested by ▇▇▇▇▇▇.
Conditions Precedent to Drawdowns