Conditions Precedent to the Initial Extension of Credit Sample Clauses
The 'Conditions Precedent to the Initial Extension of Credit' clause sets out specific requirements that must be satisfied before a lender is obligated to provide the first loan or credit facility to a borrower. Typically, these conditions include the delivery of certain documents, evidence of compliance with laws, and confirmation that no default or adverse events have occurred. By establishing these prerequisites, the clause ensures that the lender is protected and that all necessary legal and financial safeguards are in place before any funds are disbursed.
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make the initial extensions of credit provided for hereunder is subject to the fulfillment, to the satisfaction of Agent and each Lender, of each of the conditions precedent set forth on Schedule 3.1 to this Agreement (the making of such initial extensions of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent).
Conditions Precedent to the Initial Extension of Credit. The obligation of the Lender Group (or any member thereof) to make the initial Advances (or otherwise to extend any credit provided for hereunder), is subject to the fulfillment, to the satisfaction of Agent in its Permitted Discretion, of each of the conditions precedent set forth below:
(a) the Closing Date shall occur on or before February 20, 2009;
(b) Agent shall have received a UCC Filing Authorization Letter, duly executed by Borrower and each Guarantor, together with appropriate financing statements on Form UCC-1;
(c) Agent shall have received each of the following documents, in form and substance satisfactory to Agent in its Permitted Discretion, duly executed, and each such document shall be in full force and effect:
(i) the Disbursement Letter;
(ii) the Fee Letter;
(iii) the Officers’ Certificate;
(iv) the Intellectual Property Security Agreements;
(v) originals of the Pledged Equity and Pledged Notes;
(vi) the Perfection Certificate; and
(vii) the Pay-Off Letter, together with UCC termination statements and other documentation evidencing the termination by Existing Lender of its Liens in and to the properties and assets of Borrower and its Subsidiaries;
(d) Agent shall have received a certificate from the Secretary of each Credit Party attesting to the resolutions of such Credit Party’s Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which such Credit Party is a party and authorizing specific officers of such Credit Party to execute the same;
(e) Agent shall have received copies of each Credit Party’s Governing Documents, as amended, modified, or supplemented as of the Closing Date, certified by the respective Secretary of such Credit Party;
(f) Agent shall have received a recent certificate of status with respect to each Credit Party, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such Credit Party, which certificate shall indicate that such Credit Party is in good standing in such jurisdiction;
(g) Agent shall have received recent certificates of status with respect to each Credit Party, such certificates to be issued by the appropriate officer of the jurisdictions (other than the jurisdiction of organization of such Credit Party) in which its failure to be duly qualified or licensed would constitute a Material Adverse Change, which certificates shall indicate that such Credit Party is in good standing in such jurisdictio...
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided for hereunder is subject to the fulfillment, to the satisfaction of Agent and each Lender, of each of the following conditions precedent (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent):
(a) The Confirmation Order shall be entered and in full force and effect and shall not have been appealed, stayed, reversed, vacated or otherwise modified (or subject to a motion seeking any of the foregoing) without the consent of the Required Lenders;
(b) All documents executed in connection with the implementation of the Plan of Reorganization shall be in accordance with the Plan of Reorganization and in form and substance reasonably satisfactory Agent and Required Lenders, the Effective Date of the Plan of Reorganization shall have occurred, and the Plan of Reorganization shall have been substantially consummated;
(c) Agent and the Lenders shall have received each of the following documents (originals or telecopies (followed promptly by originals)), in form and substance satisfactory to the Agent and the Required Lenders, duly executed and delivered, and each such document shall be in full force and effect:
(i) this Agreement;
(ii) the Security Agreement;
(iii) the Subsidiary Guaranty;
(iv) any Real Property Agreements requested by the Lenders;
(v) any Intellectual Property Security Agreements requested by the Lenders; and
(vi) any other agreements requested by the Lenders.
(d) Agent and the Lenders shall have received evidence that appropriate financing statements have been duly filed in such office or offices as may be necessary or, in the reasonable opinion of Agent, desirable to perfect the Agent’s Liens in and to the Collateral, and all Liens created pursuant to the Loan Documents shall have been duly perfected and registered in all relevant jurisdictions;
(e) Except as otherwise provided in the Plan of Reorganization, all Indebtedness of the Loan Parties shall have been discharged or subordinated to the Indebtedness to the Lenders under this Agreement on terms and conditions satisfactory to Required Lenders;
(f) The Agent and the Lenders shall have received all requested financial information regarding the Loan Parties in form, scope and substance acceptable to Agent and the Required Lenders;
(g) Agent and the Lenders shall have received a certificate from the Loan Parties (i) attesting t...
Conditions Precedent to the Initial Extension of Credit. The obligation of the Bank to make the initial Advance or the first extension of credit to or on account of the Borrower hereunder is subject to the conditions precedent that the Bank shall have received before the date of such initial Advance or such first extension of credit all of the following, in form and substance satisfactory to the Bank:
Conditions Precedent to the Initial Extension of Credit. The ------------------------------------------------------- obligation of the Lender Group (or any member thereof) to make the initial Advance, the Term Loan A, the Term Loan B, or issue the initial Letters of Credit (or otherwise to extend any credit provided for hereunder), is subject to the fulfillment, to the reasonable satisfaction of Agent and the Lenders, of each of conditions precedent set forth below:
(a) the Closing Date shall occur on or before August 31, 1999;
(b) Agent shall have received all financing statements required by Agent, duly executed by the Obligors, and Agent shall have received searches reflecting the filing of all such financing statements;
(c) Agent shall have received each of the following documents, in form and substance satisfactory to Agent, duly executed, and each such document shall be in full force and effect:
(i) this Agreement;
(ii) the Fee Letter;
(iii) the Lockbox Agreements;
(iv) the Disbursement Letter;
(v) the Copyright Security Agreement;
(vi) the Trademark Security Agreement;
(vii) the Guaranty;
(viii) the Security Agreement;
(ix) the Suretyship Agreement;
(x) the Pledge Agreement, together with all originals of certificates or other instruments (if any) evidencing the Stock pledged pursuant to the Pledge Agreement, as well as Stock powers with respect thereto endorsed in blank;
(xi) the Intercompany Subordination Agreement;
(xii) the Pay-Off Letters; together with (y) UCC termination statements and other documentation evidencing the termination by each Existing Lender of its Liens in and to the properties and assets of the Obligors, and (z) such other documentation evidencing the termination of Liens (including the UK Lien in respect of Lloyds Bank but excluding Permitted Liens) in and to the properties and assets of the Obligors outside the United States;
(xiii) the Closing Date Assignments;
(xiv) the Registration Rights Agreement; and
(xv) the Control Agreement.
(d) Agent shall have received a certificate from the Secretary of each Obligor attesting to the resolutions of such Obligor's Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which such Obligor is a party and authorizing specific officers of such Obligor to execute the same;
(e) Agent shall have received copies of each Obligor's Governing Documents, as amended, modified, or supplemented to the Closing Date, certified by the Secretary of the applicable Obligor;
(f) Agent shall hav...
Conditions Precedent to the Initial Extension of Credit. This Agreement shall not become effective, and the Commitments hereunder shall not become effective, neither Agent nor any Lender shall have any obligation to make any extension of credit hereunder, and no Borrower or other Loan Party shall, notwithstanding anything herein to the contrary, have any obligations, duties or liabilities of an kind whatsoever hereunder, in each case until the date, upon which each of the conditions precedent set forth on Schedule 3.1 is fulfilled subject to the satisfaction of Agent and each Lender. Until the occurrence of the Closing Date, and the satisfaction or waiver of the conditions set forth on Schedule 3.1, the Existing Credit Agreement shall remain in full force and effect, subject to the terms thereof. Upon the occurrence of the Closing Date, and the satisfaction or waiver of the conditions set forth on Schedule 3.1, this Agreement shall, without the taking of any further action, be deemed to have amended and restated in its entirety the Existing Credit Agreement as provided in Section 1.6.
Conditions Precedent to the Initial Extension of Credit. The obligation of Lender to make the initial Advance (or otherwise to extend any credit provided for hereunder), is subject to the fulfillment, to the satisfaction of Lender, of each of the conditions precedent set forth below:
(a) the Closing Date shall occur on or before December 15, 2001;
(b) Lender shall have received all financing statements required by Lender, duly executed by Guarantors and Borrowers, and Lender shall have received searches reflecting the filing of all such financing statements;
(c) Lender shall have received each of the following documents, in form and substance satisfactory to Lender, duly executed, and each such document shall be in full force and effect:
(i) the Fee Letter,
(ii) the Mortgages,
(iii) the Stock Pledge Agreement,
(iv) the Guaranty,
(v) the Guarantor Security Agreement,
(vi) the Officers' Certificate,
(vii) the Trademark Security Agreement,
(viii) the Tunica Ship Mortgage,
(ix) the Subordination of Preferred Fleet Mortgage,
(x) the Subordination of Colorado Mortgage,
(xi) the Subordination of Mississippi Mortgage, (xii) the Subordination of Nevada Mortgage, and
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial Loans and of the Issuing Bank, or cause to be issued, the initial Letters of Credit, are subject to the fulfillment, to the satisfaction of Agent and each Lender, of each of the conditions precedent set forth on Schedule 3.1; provided, that no Lender shall be obligated to make its Revolving Loans and no Issuing Bank shall cause to be issued any Letters of Credit until such time as Borrower delivers to Agent a completed Borrowing Base Certificate dated as of July 31, 2017, in form and substance satisfactory to Agent.
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the satisfaction of Agent and each Lender of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent). If each of the conditions precedent set forth on Schedule 3.1 are not satisfied by [June , 2009], the Loan Documents as well as the obligations of each Lender to provide any financial accommodations under the Loan Documents shall immediately terminate.
Conditions Precedent to the Initial Extension of Credit. The obligations of the Lenders and the Issuing Bank to make the initial Extension of Credit shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02) (as used in this Section 7.01, “Extension of Credit” means the making of any Loan or the issuance of any Letter of Credit):