Common use of Conditions to Effectiveness of First Amendment Clause in Contracts

Conditions to Effectiveness of First Amendment. This Amendment shall become effective (the “First Amendment Effective Date”) upon the satisfaction of the following conditions precedent: (a) the Administrative Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the signatures of the Borrowers and Lenders representing all the Lenders; (b) the 364-Day Credit Agreement, dated as of July 2, 2020, among IBM, IBMCLLC, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, shall be effective; and (c) on or before the First Amendment Effective Date, the Administrative Agent shall have received, for its own account and the account of each Lender, as applicable, the fees and expenses in the amounts and on the dates previously agreed to in writing by IBM and IBMCLLC.

Conditions to Effectiveness of First Amendment. This Amendment shall become effective (the “First Amendment Effective Date”) upon the satisfaction of the following conditions precedent: (a) the Administrative Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the signatures of the Borrowers IBM and Lenders representing all the Required Lenders; (b) the 364-Day Credit Agreement, dated as of July 2, 2020, among IBM, IBMCLLCIBM Credit LLC, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, shall be effective; and (c) on or before the First Amendment Effective Date, the Administrative Agent shall have received, for its own account and the account of each Lender, as applicable, the fees and expenses in the amounts and on the dates previously agreed to in writing by IBM and IBMCLLCIBM.