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. 29 SECTION 3.01. Conditions to First Borrowing...........................29 SECTION 3.02. Conditions to All Borrowings............................31
CONDITIONS TO BORROWINGS. 35 Section 4.01. Conditions Precedent to Initial Loans..................................35 Section 4.02. Conditions to All Loans................................................37 ARTICLE V.
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. On the Closing Date and on any Business Day prior to the Maturity Date, the Borrower may request a Borrowing from the Lender Group in accordance with the Loan Agreement. Any Borrowing (including any Borrowing made on the Closing Date) shall be subject to the following conditions:
(a) the Servicer shall have delivered to the Agent (with a copy to the Collateral Custodian, if one has been appointed, and to the Backup Servicer) on behalf of the Borrower a Borrowing Base Certificate;
(b) all applicable conditions precedent to the Lender Group’s advance of the Borrowing under Sections 3.01, 3.02, and 3.03 of the Loan Agreement shall have been fulfilled as of such Borrowing Date.
(c) as of such date, neither the Originator nor the Borrower shall have reason to believe that its insolvency is imminent;
(d) on and as of such date, after giving effect to such Borrowing, the Availability shall exceed zero;
(e) the Originator shall have taken any action reasonably requested by the Agent or the Borrower required to maintain or evidence the ownership interest of the Borrower in the Purchased Assets and the security interest of the Agent in the Collateral.;
(f) the Originator shall have deposited, or caused to be deposited, in the Cash Management Account all Collections received with respect to each of the Loans Transferred on and after its applicable Transfer Date;
(g) each of the representations and warranties made by the Originator contained in Section 3.03 with respect to the Loans on the Closing Date shall be true and correct as of the applicable Borrowing Date (in the case of a Borrowing other than on the Closing Date, with the same effect as if then made) and each of the Borrower and the Originator shall have performed all obligations to be performed by it under the Loan Documents on or prior to such Borrowing Date; and
(h) it shall be a condition to the initial Borrowing that the Servicer shall have delivered the form of Servicer Report, to be attached hereto as Exhibit A, to the Backup Servicer and the Agent.
CONDITIONS TO BORROWINGS. SECTION 3.01.
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. The obligations of each Lender to make Advances to Intermet and the obligation of the Agent to issue Letters of Credit for the account of Intermet hereunder is subject to the satisfaction of the following conditions: