Conditions Precedent to Extensions of Credit Sample Clauses
The 'Conditions Precedent to Extensions of Credit' clause defines the specific requirements that must be satisfied before a lender is obligated to provide additional funds or credit to a borrower. Typically, these conditions may include the borrower delivering certain documents, maintaining compliance with covenants, or ensuring that no default has occurred. For example, a borrower might need to provide updated financial statements or confirm that all representations remain true before drawing on a loan facility. This clause ensures that the lender has adequate assurance of the borrower's financial health and compliance before extending further credit, thereby managing risk and protecting the lender's interests.
Conditions Precedent to Extensions of Credit. 3.1 The following conditions must be satisfied before any extension of credit governed by this agreement must be made by the Bank:
Conditions Precedent to Extensions of Credit. The obligation of Banks to extend credit to Borrower under this Agreement is subject to the satisfaction of the conditions precedent, in addition to the applicable conditions precedent set forth in Section 8 below with respect to Advances and/or Letters of Credit, that Borrower shall have delivered, or caused to be delivered, to Banks in form and substance satisfactory to Banks:
Conditions Precedent to Extensions of Credit. 3.1 Conditions Precedent to Initial Extension of Credit under each of the Credit Facilities. Before the first extension of credit governed by this agreement and any initial advance under any of the Credit Facilities, whether by disbursement of a loan, issuance of a letter of credit, or otherwise, the Borrower shall deliver to the Bank, in form and substance satisfactory to the Bank:
Conditions Precedent to Extensions of Credit. 4.01 [Reserved].
4.02 Conditions to all Extensions of Credit. In addition to any applicable conditions precedent set forth in Section 2, the obligation of each Lender to honor any Request for Extension of Credit (other than a Conversion or Continuation) is subject to the following conditions precedent:
(a) The representations and warranties contained in Section 5 (other than Sections 5.04(b) and 5.05) of this Agreement shall be correct in all material respects on and as of the date of such Extension of Credit as if made on and as of such date, except to the extent any such representation and warranty specifically relates to any earlier date, in which case such representation and warranty shall have been correct on and as of such earlier date.
(b) No Default or Event of Default exists, or would result from such Extension of Credit or the use thereof.
(c) Administrative Agent shall have timely received a Request for Extension of Credit by Requisite Notice by the Requisite Time therefor.
(d) Such Extension of Credit shall be permitted by applicable Laws. Each Request for Extension of Credit by Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of such Extension of Credit.
Conditions Precedent to Extensions of Credit after the Amendment No. 1
Conditions Precedent to Extensions of Credit. The obligation of each Lender to make Extensions of Credit hereunder is subject to satisfaction of the following conditions precedent:
Conditions Precedent to Extensions of Credit. The obligation of the Bank to provide or extend any Credit hereunder shall be subject to the further condition precedent that, at the time of each Loan, Borrower shall be in compliance with all of the provisions, warranties and conditions contained in this Agreement (or, if not in compliance with the representations and warranties hereunder, such non-compliance is disclosed to the Bank before Borrower requests a Loan and the Bank waives the non-compliance), and there shall exist no Default or Event of Default as set forth in Section 8. Each borrowing hereunder shall be deemed to be a representation and warranty by Borrower on the date of such borrowing that the representations
Conditions Precedent to Extensions of Credit. In addition to any other requirement set forth in this Agreement, Lender shall not be required to make and fund any Loan (including, without limitation, the initial Loans) unless and until the following conditions shall have been satisfied by Borrower, in the sole opinion of Lender and its counsel:
Conditions Precedent to Extensions of Credit after the Second Amendment Effective Date. Notwithstanding anything to the contrary in the Loan Agreement, Bank shall make the following advances under Facility B:
(i) an additional $300,000 on the Second Amendment Effective Date (as defined in Section 8 of the Second Amendment), and up to an additional $200,000, not to exceed $50,000 per week, over the next four (4) weeks, all of which additional advances pursuant to this subsection (i), together with all other advances outstanding under this Agreement, shall bear interest at the rate of 5.8125% per annum unless and until Bank makes the advances described in subsection (ii) below; and
(ii) so long as: (A) Bank has received evidence acceptable to Bank that Borrower has raised (1) at least $1,000,000 in new cash (equity or subordinated debt) subordinated to Bank’s debt in form and substance acceptable to Bank (‘Acceptable Additional Capital’) by May 15, 2015 (with the understanding that on March 31, 2015, Borrower received $229,782.81 of new cash that will count toward such $ 1,000,000 minimum) and (2) at least another $1,000,000 of Acceptable Additional Capital by June 30, 2015; (B) no new material Events of Default shall have occurred and be continuing; and (C) Borrower shall have demonstrated to Bank’s reasonable satisfaction that Borrower has expended in connection with Borrower’s operations all of the net proceeds to Borrower of all Acceptable Additional Capital raised pursuant to subclauses (1) and (2) of clause (A) above, up to an additional $500,000 in the aggregate, not to exceed $50,000 per week, as and when necessary to permit Borrower to pay its expenses when due in accordance with the Budget delivered by Borrower to Bank pursuant to (and as defined in) Section l(d)(iii) of the Second Amendment, all of which additional advances pursuant to this subsection (ii), together with all additional advances made pursuant to subsection (i) above and all other advances outstanding under this Agreement shall bear interest at the rate of 6.25% per annum. If the Bank determines that any evidence is not satisfactory to it in its sole discretion, the Bank shall be entitled to request and receive additional information and documentation to its satisfaction prior to any such extension of credit.”
(d) The following covenants are hereby added to the Loan Agreement, failure to comply with which on a timely manner shall constitute an Event of Default:
(i) Borrower shall engage and keep engaged an investment banker ac...
Conditions Precedent to Extensions of Credit. 6.1 Conditions Precedent to the Effectiveness of this Agreement. The effectiveness of this Agreement is subject to the satisfaction of each of the following conditions precedent:
(i) Receipt by the Administrative Agent on behalf of each Lender of a counterpart original of this Agreement executed by the other Lenders and the Borrower, as applicable.
(ii) Receipt by the Administrative Agent of a copy of Amendment No. 3 to the Existing Credit Agreement and the Amendment No. 3 to the NUI Corporation Credit Agreement, in each case fully executed by the parties thereto, and each of Amendment No. 3 to the Existing Credit Agreement (other than Section 2 thereof) and Amendment No. 3 to the NUI Corporation Credit Agreement (other than Section 2 thereof) shall have become effective in accordance with the terms thereof.
(iii) Receipt by the Administrative Agent of copies of the Collateral Documents, in each case fully executed by the parties thereto, together with all documentation necessary and appropriate to convey (and confirm) a valid and, upon the filing of UCC-1 financing statements in the public offices set forth on Schedule 5(b) to the Security Agreement (to the extent such security interest may be perfected by the filing of such financing statements), perfected first-priority security interest in the Collateral (free and clear of all Encumbrances), to the extent and as more specifically enumerated in the Collateral Documents;
(iv) Receipt by the Administrative Agent of a certified copy (certified by the appropriate governmental official) of the Borrower's Certificate of Incorporation which certification is dated not more than 30 days prior to the Closing Date.
(v) Receipt by the Administrative Agent of a certificate, duly certified as of the date of the Closing by the secretary or assistant secretary of the Borrower as to (A) the By-Laws of the Borrower in effect as of the Closing, (B) the resolutions of the Borrower's Board of Directors authorizing the borrowings hereunder and the execution and delivery of this Agreement and all documents supplemental hereto, and (C) the names of the officers of the Borrower authorized to sign this Agreement and the other Loan Documents and all supplemental documentation, and which contains a true signature of each such officer.
(vi) Receipt by the Administrative Agent of a good standing certificate for the Borrower from the Secretary of State of the State of New Jersey dated not more than 30 days prior to the Closing Date.
...