CONDITIONS TO BORROWINGS Clause Samples
The "Conditions to Borrowings" clause sets out the specific requirements that must be satisfied before a borrower can access loan funds under a credit agreement. Typically, these conditions include the delivery of certain documents, confirmation that no default has occurred, and verification that all representations and warranties remain true. By establishing clear prerequisites for each borrowing, this clause ensures that lenders are protected and that funds are only disbursed when all agreed-upon standards are met, thereby reducing the risk of default and maintaining the integrity of the lending process.
CONDITIONS TO BORROWINGS. The obligations of each Lender to make Advances to Borrower hereunder is subject to the satisfaction of the following conditions:
CONDITIONS TO BORROWINGS. 20 SECTION 3.1. Conditions to First Borrowing..........................20 SECTION 3.2. Conditions to All Borrowings...........................21
CONDITIONS TO BORROWINGS. The obligation of the Bank to make any Loan is subject to the satisfaction of the following conditions:
(a) receipt by the Bank of notice as required by Section 2;
(b) the fact that, immediately before and after such Loan is made, no Default shall have occurred and be continuing;
(c) the fact that the representations and warranties of the Borrower incorporated by reference in Section 6 of this Agreement shall be true on and as of the date of such Loan; and
(d) the fact that, immediately after such Loan is made the aggregate outstanding principal amount of the Loans of the Bank will not exceed the amount of the Commitment. Each Loan hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Loan as to the truth and accuracy of the facts specified in clauses (b), (c) and (d) of this Section: provided that (i) such Loan shall not be deemed to be such a representation and warranty as to the truth and accuracy of the fact specified in clause (c) of this Section, if the aggregate outstanding principal amount of the Loans immediately after such Loan is made will not exceed the aggregate outstanding principal amount thereof immediately before such Loan is made, (ii) if the aggregate outstanding principal amount of the Loans immediately after such Loan is made will not exceed the aggregate outstanding principal amount thereof immediately before such Loan is made, then (A) such Loan shall be deemed to be a representation and warranty as to the truth and accuracy of the fact specified in clause (b) of this Section determined as if the term "Default" appearing in such clause (b) were instead the term "Event of Default" and (B) the representation contained in the last sentence of Section 4.12 of the Amended and Restated Credit Agreement shall when remade pursuant to this Section in connection with such Loan be deemed to exclude the words "Default or", (iii) the representation contained in the first sentence of Section 4.12 of the Amended and Restated Credit Agreement shall when remade pursuant to this Section in connection with such Loan be deemed to refer to "Restricted Subsidiaries" instead of "Subsidiaries", (iv) any representation and warranty contained in Article IV of the Amended and Restated Credit Agreement which by its terms is made as to matters as of a specified date shall when remade pursuant to this Section in connection with such Borrowing be deemed to be made as to matters as of such specified date and not any later...
CONDITIONS TO BORROWINGS. Section 5.1. Conditions Precedent to Initial Loans............................... 45 Section 5.2. Conditions to All Loans............................................. 47
CONDITIONS TO BORROWINGS. SECTION 4.01.
CONDITIONS TO BORROWINGS. The obligation of the Lender to fund any requested Borrowing of Delayed Draw Term Loans is subject to the satisfaction or waiver by the Lender of the following conditions precedent as of the date of Borrowing such requested Delayed Draw Term Loan:
(a) The representations and warranties of Borrower contained in Article VI or any other Loan Document, or which are contained in any agreement, certificate or notice furnished at any time under, or in connection, herewith or therewith, shall be true and correct in all material respects (provided, that, any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case, they shall be true and correct in all material respects (provided, that, any representation or warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) as of such earlier date.
(b) No Default or Event of Default shall exist, or would result from the funding of such Delayed Draw Term Loans or from the application of the proceeds thereof.
(c) The Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.
(d) The Effective Date shall have occurred. Each Request for Credit Extension submitted by the Borrower requesting a Borrowing of Delayed Draw Term Loans shall be deemed to be a representation and warranty that the conditions specified in Section 5.02(a)-(b) have been satisfied (or waived in accordance with the terms hereof) on and as of the date of the applicable Credit Extension.
CONDITIONS TO BORROWINGS. The obligation of each Lender to make a Borrowing available (including its initial Borrowing) is additionally subject to the satisfaction (or waiver in accordance with Section 9.02) of the following conditions (and, in the case of each document specified in this Section to be received by the Administrative Agent, such document shall be in form and substance satisfactory to the Administrative Agent and each Lender):
CONDITIONS TO BORROWINGS. SECTION 3.01. Conditions to First Borrowing SECTION 3.02. Conditions to All Borrowings
CONDITIONS TO BORROWINGS. 24 SECTION 3.01. Conditions to First Borrowing. . . . . . . . . . . . . . . 24 SECTION 3.02. Conditions to All Borrowings . . . . . . . . . . . . . . . 25 ARTICLE IV
CONDITIONS TO BORROWINGS. 40 Section 4.01. Conditions Precedent to Initial Loans and Letters of Credit.................................................................40