Conditions to Loan Closing Sample Clauses
The "Conditions to Loan Closing" clause defines the specific requirements and actions that must be satisfied before a loan transaction can be finalized and funds disbursed. These conditions may include the borrower providing certain documents, obtaining necessary approvals, or meeting financial covenants. For example, the lender might require proof of insurance, completion of due diligence, or confirmation that no material adverse changes have occurred. This clause ensures that both parties are protected by verifying that all agreed-upon prerequisites are met before the loan is officially closed, thereby reducing the risk of disputes or unforeseen issues after disbursement.
Conditions to Loan Closing. The obligation of Lender to extend any loan or credit to Borrower under this Agreement or to make any Loan disbursements is subject to the strict satisfaction of each of the following conditions:
Conditions to Loan Closing. The City’s obligation to proceed with the Loan Closing is subject to the Applicant’s fulfillment of each of the following conditions at or prior to the Loan Closing:
a. All representations and warranties of the Applicant shall be true as of the Loan Closing.
b. The Applicant shall have delivered to the City:
(1) Evidence of Good Standing of the Applicant from the Nebraska Secretary of State.
(2) A copy of the current and correct Articles of Incorporation and Bylaws certified by an officer of the Applicant to be correct;
(3) Certified resolutions of the Directors of the Applicant authorizing this Agreement and providing for signature authority.
c. In order to secure the Loan and the Repayment, the Applicant shall have delivered to the City the following:
(1) a Security Agreement (the “Security Agreement”) covering the Applicant’s inventory, equipment and accounts. The Security Agreement shall be in the form of the attached “Exhibit B”.
(2) a guaranty (the “Guaranty”) of the ▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇ and ▇▇▇ ▇▇▇▇▇▇▇. The Guaranty shall be in the form of the attached “Exhibit C”.
d. The Applicant shall in all material respects have performed its obligations, agreements, and covenants contained in this Agreement to be performed by them, on, or before the Loan Closing.
e. There shall have been no material adverse change in the operation or financial status of the Applicant and the Loan Closing shall constitute the Applicant’s representations that there has been no such material adverse change.
f. In requesting the disbursement of the Loan, the Applicant is considered to have represented that the above conditions have been satisfied and are continuing to be satisfied.
Conditions to Loan Closing. Prior to and as a condition to the closing of the Loan, Lender must have received and approved the items (and obtained evidence of the satisfaction of the items) specified in this Section 10. These items must be fully executed where applicable, and all submissions which are not originals must be true and complete copies of these items and if requested by Lender, must be so certified by Borrower, Owner or Guarantor or both such parties (as the case may be).
Conditions to Loan Closing. 6.1 Lender shall have been satisfied that there is no Default or Event of Default under this Agreement or the other Loan Documents, and there is no litigation (existing, pending or threatened) which could cause a Material Adverse Change in the Borrower, Guarantor or the Project. The Loan Closing Date shall occur at such time as all of the conditions and requirements of this Agreement required to be performed by Borrower or other parties have been satisfied or performed. Borrower shall furnish the following to Lender at least ten (10) Business Days prior to the Loan Closing Date or at such time as is set forth below, all of which must be strictly satisfactory to Lender and ▇▇▇▇▇▇’s counsel in their sole discretion, in form, content and execution:
Conditions to Loan Closing. The Loan will close if, and only if, on or before ________, 2021, subject to the satisfaction, in the sole discretion of Lender, of each, every and all of the following conditions:
Conditions to Loan Closing. The obligation of the Lender to make the Loan hereunder is subject to the following conditions precedent, all of which shall be in form and substance satisfactory to the Lender in its sole and absolute discretion:
Conditions to Loan Closing. The obligation of the Bank to make the Loans is subject to the satisfaction of the following conditions:
(a) receipt by the Bank from the Borrower of a duly executed counterpart of this Agreement signed by the Borrower;
(b) receipt by the Bank of the duly executed Note complying with the provisions of Section 2.04;
(c) receipt by the Bank of an opinion of counsel of Luth▇▇ ▇. ▇▇▇▇▇, ▇▇q., counsel for the Borrower, substantially in the form of Exhibit G hereto, and covering such additional matters relating to the transactions contemplated hereby as the Bank may reasonably request;
(d) receipt by the Bank of a certificate from the chief executive officer or chief financial officer of the Borrower, in form and substance satisfactory to the Bank, to the effect that all representations and warranties of the Borrower contained in this Agreement and the other Loan Documents are true, correct and complete; that the Borrower is not in violation of any of the covenants contained in this Agreement and the other Loan Documents; that, after giving effect to the transactions contemplated by this Agreement, no Default or Event of Default has occurred and is continuing; and that the Borrower has satisfied each of the closing conditions;
(e) receipt by the Bank of all documents which the Bank may reasonably request relating to the existence of the Borrower, the corporate authority for and the validity of this Agreement, the Note, and any other matters relevant hereto, all in form and substance satisfactory to the Bank, including without limitation a certificate of incumbency of the Borrower, signed by the Secretary or an Assistant Secretary of the Borrower, as applicable, certifying as to the names, and incumbency of the officer or officers of the Borrower authorized to execute and deliver the Loan Documents, and certified copies of the following items as to the Borrower: (i) the Certificate of Incorporation, (ii) the Bylaws, (iii) a certificate of the Secretary of State (or other appropriate office) of the state of its incorporation as to its good standing as a corporation of such jurisdiction, and (iv) the action taken by the Board of Directors authorizing the execution, delivery and performance of this Agreement, the Note and the other Loan Documents to which the Borrower is a party; and
(f) receipt by the Bank of evidence satisfactory to the Bank that on the Closing Date the Borrower is terminating and will pay in full its existing seasonal facility provided by First U...
Conditions to Loan Closing. 17 SECTION 4.01. Conditions to Loan Closing............................................................17 SECTION 4.02. Conditions to all Loans...............................................................18 (a) Continuation of Representations and Warranties...........................................18 (b) No Existing Default......................................................................18 (c) Officer's Compliance Certificate.........................................................18
Conditions to Loan Closing. Borrower shall furnish the following to Lender at least five (5) business days prior to the Loan Closing, or, at Lender's election, prior to the time any Advance is made hereunder or at such time as is set forth below, all of which must be satisfactory to Lender and Lender's counsel in form, content and execution:
Conditions to Loan Closing. The funding by the Lender of the Loan pursuant to Section 2.04 hereof is conditioned upon the satisfaction or waiver of each of the following: