CONDITIONS TO EFFECTIVENESS AND LENDING Clause Samples
The "Conditions to Effectiveness and Lending" clause defines the specific requirements that must be satisfied before a loan agreement becomes effective and funds can be disbursed to the borrower. Typically, these conditions include the delivery of certain documents, evidence of compliance with legal and financial covenants, and the fulfillment of any regulatory or third-party approvals. For example, the borrower may need to provide proof of insurance, board resolutions, or legal opinions before the lender releases any funds. This clause ensures that the lender is protected by confirming all necessary prerequisites are met, thereby reducing the risk of default or legal complications after the loan is made.
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CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01.
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "Effective Date") on which the following conditions precedent have been satisfied it being understood and agreed that all of the conditions set forth in this Section 3.01 were satisfied on or about October 30, 2000:
(a) There shall have occurred no Material Adverse Change since December 31, 1999.
(b) There shall exist no action, suit, investigation, litigation or proceeding affecting the Company or any of its Subsidiaries pending or threatened before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect other than the matters described on Schedule 3.01(b) hereto (the "Disclosed Litigation") or (ii) purports to affect the legality, validity or enforceability of this Agreement or any Note or the consummation of the transactions contemplated hereby, and there shall have been no adverse change in the status, or financial effect on the Company or any of its Subsidiaries, of the Disclosed Litigation from that described on Schedule 3.01(b) hereto that could reasonably be expected to have a Material Adverse Effect.
(c) The Lenders shall have been given such access to the management, records, books of account, contracts and properties of the Company and its Subsidiaries as they shall have reasonably requested.
(d) All governmental and third party consents and approvals necessary in connection with the transactions contemplated hereby shall have been obtained (without the imposition of any conditions that are not acceptable to the Lenders) and shall remain in effect, and no law or regulation shall be applicable in the reasonable judgment of the Lenders that restrains, prevents or imposes materially adverse conditions upon the transactions contemplated hereby.
(e) The Company shall have notified each Lender and the Agent in writing as to the proposed Effective Date.
(f) The Company shall have paid all invoiced accrued fees and expenses of the Agent and the Lenders (including the invoiced accrued fees and expenses of counsel to the Agent).
(g) On the Effective Date, the following statements shall be true and the Agent shall have received for the account of each Lender a certificate signed by a duly authorized officer of the Company, dated the Effective Date, stating that:
(i) The representations and warranties contained in Section 4.01...
CONDITIONS TO EFFECTIVENESS AND LENDING. 22 SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01.............................22
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03 23 SECTION 3.02. Conditions Precedent to Each Revolving Credit Borrowing, Increase Date and Extension Date 24 SECTION 3.03. Conditions Precedent to Each Competitive Bid Borrowing 25 SECTION 3.04. Determinations Under Section 3.01 25
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "Effective Date") on which the following conditions precedent have been satisfied:
(a) There shall have occurred no Material Adverse Change since December 31, 2000.
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Condition Precedent to Effectiveness of Sections 2.01 and 2.13.......................................................................................... 25 SECTION 3.02. Conditions Precedent to Each Advance.................................................... 26
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03............ 38 SECTION 3.02. Conditions Precedent to Each Revolving Credit Borrowing.................... 39 SECTION 3.03. Conditions Precedent to Each Competitive Bid Borrowing..................... 40 SECTION 3.04. Conditions Precedent to Each Increase Date................................. 40 SECTION 3.05. Determinations Under Section 3.01.......................................... 41
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Amendment and Restatement 54 SECTION 3.02. Conditions Precedent to Each Borrowing and Issuance 56 SECTION 3.03. Determinations Under Section 3.01 56
CONDITIONS TO EFFECTIVENESS AND LENDING. 23 SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01..................... 23 SECTION 3.02. Conditions Precedent to Each Borrowing.................................... 25 SECTION 3.03. Determinations Under Section 3.01......................................... 26
CONDITIONS TO EFFECTIVENESS AND LENDING. SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03........................... 26 SECTION 3.02. Initial Loan to Each Designated Subsidiary................................................ 28