Conditions Precedent to Initial Revolving Loan Clause Samples
The 'Conditions Precedent to Initial Revolving Loan' clause sets out the specific requirements that must be satisfied before a lender is obligated to provide the first advance under a revolving credit facility. Typically, these conditions include the delivery of key documents, evidence of borrower authority, satisfaction of legal and financial covenants, and the absence of any default or material adverse change. By clearly outlining these prerequisites, the clause ensures that the lender is protected and that all necessary legal and operational steps are completed before funds are disbursed, thereby reducing risk and ensuring readiness for the loan transaction.
Conditions Precedent to Initial Revolving Loan. The obligation of the Bank to make its initial Revolving Loans, to issue Letters of Credit is subject to the condition precedent that the Bank shall have received, in form and substance satisfactory to the Bank and its counsel, the following:
(a) this Agreement, duly executed by the Credit Parties;
(b) the Sepracor Note, duly executed by the Borrower;
(c) the Biosphere Note, duly executed by Biosphere;
(d) the Guaranty Agreement duly executed by the Borrower;
(e) a certificate of the Secretary or an Assistant Secretary of the Borrower with respect to resolutions of its Board of Directors authorizing the execution and delivery of this Agreement, the Notes, and identifying the officer(s) authorized to execute, deliver and take all other actions required under this Agreement, and providing specimen signatures of such officers;
(f) a certificate signed by an Authorized Officer, certifying that the conditions of Section 3.2.(b) have been fulfilled;
(g) the certificate of incorporation of the Borrower and all amendments and supplements thereto, filed in the office of the Secretary of State of the State of Delaware, each certified by said Secretary of State as being a true and correct copy thereof;
(h) the bylaws of the Borrower and all amendments and supplements thereto, certified by the Secretary or an Assistant Secretary as being a true and correct copy thereof;
(i) a certificate of the Secretary of State of the State of Delaware, as to legal existence and good corporate standing of the Borrower in such state and listing all documents on file in the office of said Secretary of State;
(j) a certificate of the Secretary or an Assistant Secretary of Biosphere with respect to resolutions of the Board of Directors authorizing the execution and delivery of this Agreement, the Biosphere Note, and identifying the officer(s) authorized to execute, deliver and take all other actions required under this Agreement, and providing specimen signatures of such officers;
(k) a certificate signed by a principal officer of Biosphere, certifying that the conditions of Section 3.2.(b) have been fulfilled;
(l) the certificate of incorporation of Biosphere and all amendments and supplements thereto, filed in the office of the Secretary of State of the State of Delaware, each certified by said Secretary of State as being a true and correct copy thereof;
(m) the bylaws of Biosphere and all amendments and supplements thereto, certified by the Secretary or an Assistant Secretary as bein...
Conditions Precedent to Initial Revolving Loan. The obligation of Bank to make its initial Revolving Loan hereunder is subject to the fulfillment, to the satisfaction of Bank and its counsel, of each of the following conditions:
Conditions Precedent to Initial Revolving Loan. The obligation of Lender to make its initial Revolving Loan hereunder is subject to the satisfaction of the condition precedent, in addition to the applicable conditions precedent set forth in Section 12 above, that Borrower shall have delivered to Lender all of the following, each duly executed and dated the date of the initial Revolving Loan, in form and substance reasonably satisfactory to Lender:
Conditions Precedent to Initial Revolving Loan. The obligation of the Banks to make the initial Revolving Loan is subject to the fulfillment on the date hereof of each of the following conditions precedent:
Conditions Precedent to Initial Revolving Loan. The obligation of the Lender to make the initial Revolving Loan is subject to the condition precedent that the Lender shall have received all of the following to its satisfaction:
(a) Counterparts of this Agreement executed by each of the parties hereto;
(b) The Note executed and delivered by the Borrower;
(c) A certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar functions) of the Borrower with respect to each of the officers of the Borrower authorized to execute and deliver the Notices of Borrowing; and
(d) The Articles of Incorporation of the Borrower certified as of a recent date by the Secretary of State of the State of Georgia;
(e) A Certificate of Existence with respect to the Borrower issued as of a recent date by the Secretary of State of the State of Georgia and certificates of qualification to transact business or other comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which the Borrower is required to be so qualified;
(f) Copies certified by the Secretary or Assistant Secretary of the Borrower of (i) the bylaws of the Borrower and (ii) all corporate action taken by the Borrower to authorize the execution, delivery and performance of the Loan Documents to which it is a party; and
(g) Such other documents and instruments as the Lender may reasonably request.
Conditions Precedent to Initial Revolving Loan. The obligation of Lender to make the initial Revolving Loan is subject to receipt by ▇▇▇▇▇▇, on or prior to the Closing Date, of the following documents, each in form and substance satisfactory to Lender:
(a) This Agreement, duly executed by ▇▇▇▇▇▇▇▇;
(b) The Revolving Loan Note payable to ▇▇▇▇▇▇, duly executed by ▇▇▇▇▇▇▇▇;
(c) The Security Documents duly executed and delivered to ▇▇▇▇▇▇;
(d) The organizational documents of each of the Members;
(e) Certificate of Formation of Borrower;
(f) The Joint Venture Agreement duly executed by the parties thereto;
(g) The LLC Agreement duly executed by the parties thereto;
(h) A certificate of the general manager of ▇▇▇▇▇▇▇▇, dated the Closing Date, certifying that attached thereto are true and correct copies of resolutions duly adopted by the Board of Managers of Borrower and continuing in effect, which authorize the execution, delivery and performance by Borrower of this Agreement and the other Credit Documents executed or to be executed by ▇▇▇▇▇▇▇▇ and the consummation of the transactions contemplated hereby and thereby; and
(i) A certificate of the general manager of ▇▇▇▇▇▇▇▇, dated the Closing Date, certifying the incumbency, signatures and authority of the members of the Board of Managers of Borrower or other officers of Borrower authorized to execute, deliver and perform this Agreement and the other applicable Credit Documents on behalf of ▇▇▇▇▇▇▇▇.
Conditions Precedent to Initial Revolving Loan. The obligation ---------------------------------------------- of FFC to make the initial Revolving Loan is subject to receipt by FFC, on or prior to the Closing Date, of each item listed in Schedule II, each in form and ----------- substance satisfactory to FFC.
Conditions Precedent to Initial Revolving Loan. The obligation of each Lender to make its Pro Rata Share of the initial Revolving Loan is subject to (i) receipt by Administrative Agent of the following items which are to be delivered, in form and substance reasonably satisfactory to Administrative Agent and each Lender and (ii) satisfaction of the following conditions, in form and substance reasonably satisfactory to Administrative Agent and each Lender:
Conditions Precedent to Initial Revolving Loan. The obligation of Lender to make the initial Revolving Loan is subject to receipt by Lender, on or prior to the Closing Date, of the following documents, each in form and substance satisfactory to Lender:
(a) This Agreement, duly executed by Borrower;
(b) The Revolving Loan Note payable to Lender, duly executed by Borrower;
(c) The Security Documents duly executed and delivered to Lender;
(d) The organizational documents of each of the Members;
Conditions Precedent to Initial Revolving Loan. The obligation of the Agent and the Lenders to make the initial loans hereunder is subject to the satisfaction of, or waiver of, immediately prior to or concurrently with the making of such loans, the following conditions precedent: