Each Request for Credit Extension Clause Samples

The 'Each Request for Credit Extension' clause defines the conditions and procedures that must be met each time a borrower seeks to draw funds or request a loan under a credit agreement. Typically, this clause requires the borrower to submit a formal request, often in writing, and to confirm that all representations, warranties, and covenants remain true and in compliance at the time of the request. By establishing these requirements, the clause ensures that the lender maintains control over the disbursement of funds and that the borrower's financial and legal status is continually monitored, thereby reducing the lender's risk of default or misuse of credit.
Each Request for Credit Extension. The Lenders shall not be required to honor any Request for Credit Extension, unless on the applicable Borrowing Date: (a) no Unmatured Default or Default has occurred and is continuing or would result from such Request for Credit Extension; (b) each of the representations and warranties set forth in Article 5 (other than the representations and warranties set forth in Sections 5.05, 5.06 and 5.07) are true and correct in all material respects (except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties are true and correct in all respects) as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall have been true and correct in all respects) on and as of such earlier date; and (c) the Borrower shall have delivered a Request for Credit Extension. Each Request for Credit Extension shall constitute a representation and warranty by the Borrower that the applicable conditions contained in this ‎Section 4.03 have been satisfied as of the applicable Borrowing Date.
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Each Request for Credit Extension. Neither the Lenders nor the L/C Issuers shall be required to honor any Request for Credit Extension unless on the applicable Borrowing Date: (a) No Default or Unmatured Default has occurred and is continuing, or would result from such Advance; and (b) The representations and warranties contained in Article 5 (excluding, with respect to a Borrowing Date occurring after the Amendment Effective Date, those contained in Sections 5.05 and 5.07 which shall be made only as of the Amendment Effective Date) are true and correct as of such Borrowing Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date. Each Request for Credit Extension shall constitute a representation and warranty by the Borrower that the conditions contained in Section 4.02(a) and (b) have been satisfied.
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Each Request for Credit Extension. The Lenders shall not be required to honor any Request for Credit Extension unless on the applicable Borrowing Date: (a) No Default or Unmatured Default has occurred and is continuing, or would result from such Request for Credit Extension; (b) The representations and warranties contained in (i) Section 5.01, Section 5.02, Section 5.03, Section 5.09, Section 5.13 and Section 5.14, in each case, only with respect to the Borrower making a Request for Credit Extension (but excluding the representation and warranty contained in Section 5.13 if the Borrower making the Request for Credit Extension is Parent) and (ii) Sections 5.04 and 5.15 are, in each case, true and correct in all material respects (except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects) as of such Borrowing Date, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent such representations and warranties are qualified with “materiality” or “Material Adverse Effect” or similar terms, in which case such representations and warranties shall be true and correct in all respects) on and as of such earlier date; and (c) With respect to the initial Request for Credit Extension only, the Alliance Boots Acquisition shall have been (or, substantially contemporaneously with the borrowing of the Revolving Loans in accordance with such initial Request for Credit Extension, shall be) consummated pursuant to the Acquisition Agreement without giving effect to any modifications, consents, amendments or waivers by Walgreens thereto that in each case are materially adverse to the Lenders, unless each Agent shall have provided its written consent thereto (such consent not to be unreasonably withheld, conditioned or delayed). Each Request for Credit Extension shall constitute a representation and warranty by the applicable Borrower that the conditions contained in Section 4.02(a) and (b) have been satisfied. The initial Request for Credit Extension shall constitute a representation and warranty by the applicable Borrower that the condition contained in Section 4.02(c) has been satisfied.
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Each Request for Credit Extension. Neither the Lenders nor the L/C Issuers shall be required to honor any Request for Credit Extension unless on the applicable Borrowing Date: (a) The Effective Date shall have occurred; (b) In the case of the Initial Borrowing Date: (i) The Administrative Agent shall have received (i) audited consolidated balance sheets and related audited statements of operations, stockholders’ equity and cash flows of WBA for each of the three fiscal years most recently ended at least 90 days prior to the Initial Borrowing Date and (b) unaudited consolidated balance sheets and related unaudited statements of operations, stockholders’ equity and cash flows of WBA for each subsequent fiscal quarter ended at least 45 days prior to the Initial Borrowing Date; provided that the filing of financial statements complying with the foregoing requirements on Form 10-K or Form 10-Q, as the case may be, by WBA will satisfy the applicable conditions set forth in this clause (b)(i). The Administrative Agent acknowledges the receipt of each of (i) WBA’s Form 10-K or 10-K/A for the fiscal years ended August 31, 2015, August 31, 2016 and August 31, 2017 and Form 10-Q for the quarterly periods ended November 30, 2017, February 28, 2018 and May 31, 2018 (each of which are deemed to have been delivered by or on behalf of WBA). Notwithstanding the foregoing, in no event shall WBA be required to change its fiscal year end date; (ii) The Administrative Agent shall have received a solvency certificate from the chief financial officer or other financial officer of WBA in the form attached as Exhibit H hereto; and (iii) WBA shall have paid all fees, costs and expenses due and payable to the Administrative Agent, for itself and on behalf of the Agents and the Lenders, or its counsel on the Initial Borrowing Date and (in the case of expenses) for which WBA has received an invoice at least three (3) Business Days prior to the Initial Borrowing Date. (c) In the case of each Borrowing Date (including, for the avoidance of doubt, the Initial Borrowing Date): (i) No Default or Unmatured Default has occurred and is continuing, or would result from such Request for Credit Extension; (ii) Each of the representations and warranties contained in (i) Section 5.01, Section 5.02, Section 5.03, Section 5.07, Section 5.08, Section 5.09 and Section 5.12, in each case, only with respect to the Borrower making a Request for Credit Extension (but excluding the representation and warranty contained in Section 5.08 if th...
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Each Request for Credit Extension. The Lenders shall not be required to honor any Request for Credit Extension unless on the applicable Borrowing Date: (a) The Effective Date shall have occurred; (b) In the case of the Initial Borrowing Date: (i) The Administrative Agent shall have received (i) audited consolidated balance sheets and related audited statements of operations, stockholders’ equity and cash flows of the Borrower for each of the three fiscal years most recently ended at least 90 days prior to the Initial Borrowing Date and (b) unaudited consolidated balance sheets and related unaudited statements of operations, stockholders’ equity and cash flows of the Borrower for each subsequent fiscal quarter ended at least 45 days prior to the Initial Borrowing Date; provided that the filing of financial statements complying with the foregoing requirements on Form 10-K or Form 10-Q, as the case may be, by the Borrower will satisfy the applicable conditions set forth in this clause (i) of Section
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Each Request for Credit Extension. The Lenders shall not be required to honor any Request for Credit Extension unless on the applicable Borrowing Date: (a) No Default or Unmatured Default (in the case of any Request for Credit Extension being made solely for the purposes of financing the Acquisition substantially simultaneously with the consummation of the Acquisition Transactions on the Acquisition Closing Date, limited solely to any such Default or Unmatured Default under Section 7.05 or Section 7.06 with respect to the Borrower) has occurred and is continuing, or would result from such Request for Credit Extension;
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Related to Each Request for Credit Extension

  • Request for Credit Extension The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

  • Each Credit Extension After the Closing Date, the obligation of each Revolving Lender or Issuing Bank to make any Credit Extension is subject to the satisfaction of the following conditions: (i) In the case of any Borrowing, the Administrative Agent shall have received a Borrowing Request as required by Section 2.03 or (ii) in the case of the issuance of any Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a Letter of Credit Request as required by Section 2.05(b). (b) The representations and warranties of the Loan Parties set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of any such Credit Extension with the same effect as though such representations and warranties had been made on and as of the date of such Credit Extension; provided, that to the extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all material respects as of such date or for such period. (c) At the time of and immediately after giving effect to the applicable Credit Extension, no Default or Event of Default has occurred and is continuing. Each Credit Extension after the Closing Date shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (b) and (c) of this Section 4.02; provided, however, that the conditions set forth in this Section 4.02 shall not apply to (A) any Incremental Loan and/or (B) any Credit Extension under any Refinancing Amendment and/or Extension Amendment unless in each case the lenders in respect thereof have required satisfaction of the same in the applicable Incremental Facility Agreement, Refinancing Amendment or Extension Amendment, as applicable; it being understood and agreed that no Event of Default then exists or would exist after giving effect thereto (except in the case of the incurrence or provision of any Incremental Facility in connection with a Permitted Acquisition, Investment or similar transaction not prohibited by the terms of this Agreement, in which case, no Specified Event of Default then exists or would exist after giving effect thereto at the time of the borrowing of any Incremental Facility).

  • Request for Borrowing The applicable Borrower shall give Administrative Agent notice of (i) each requested Borrowing hereunder, which notice shall be in writing (a “Request for Borrowing”), in the form of Exhibit B hereto. Each Request for Borrowing shall be irrevocable and effective upon receipt by Administrative Agent and shall be furnished to Administrative Agent: (i) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Loans denominated in Dollars to which the Term SOFR or Daily Simple SOFR Option applies; (ii) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Loans denominated in Alternative Currencies to which the Eurocurrency Rate Option applies; (iii) three (3) Business Days prior to the proposed Borrowing Date with respect to the making of Loans denominated in Alternative Currencies to which the Daily Simple RFR Option applies; and/or (iv) the same Business Day of the proposed Borrowing Date with respect to the making of a Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, provided that any such request received by Administrative Agent after 3:00 p.m. (Eastern time) ( 12 noon for Base Rate Option) shall be deemed to have been given by Borrowers on the next succeeding Business Day. Each Request for Borrowing shall specify (A) the amount of such Borrowing, (B) the date of such Borrowing, which shall be a Business Day, (C) the Interest Rate Option, and if applicable, the Interest Period, (D) the Borrowers making the Request for Borrowing, and (E) the amount of each Loan attributable to each Borrower (if applicable); and shall be accompanied or preceded by (x) a duly executed Borrowing Base Certificate dated the date of such Request for Borrowing, (y) such documents as are required to satisfy any applicable conditions precedent as provided in Section 6.2, and (z) an Investment Report dated the date of such Request for Borrowing. Administrative Agent shall promptly give notice of each Request for Borrowing to the Lenders. Each Request for Borrowing submitted by the Borrowers shall be deemed to be a representation and warranty that the conditions specified in Sections 6.1 and 6.2 and, to the extent applicable, Section 6.3, have been satisfied on and as of the date of the applicable Borrowing. No Request for Borrowing shall be valid hereunder for any purpose unless it shall have been accompanied or preceded by the information and other documents required to be delivered in accordance with this Section 2.3.

  • Initial Credit Extension The Lenders shall not be required to make the initial Credit Extension hereunder unless the Borrower has furnished to the Administrative Agent (with sufficient copies for the Lenders, in the case of all documents): (i) Copies of the articles or certificate of incorporation of the Borrower and each Guarantor, as well as any other information required by Section 326 of the USA PATRIOT ACT or necessary for the Administrative Agent or any Lender to verify the identity of the Borrower and each Guarantor as required by Section 326 of the USA PATRIOT Act, together with all amendments, and a certificate of existence/good standing, as applicable, each certified by the appropriate governmental officer in its jurisdiction of incorporation. (ii) Copies, certified by the Secretary or Assistant Secretary of the Borrower and each Guarantor, of its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents. (iii) An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower and each Guarantor, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower and each Guarantor authorized to sign the Loan Documents, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or the applicable Guarantor. (iv) A certificate, signed by the chief financial officer or treasurer of the Borrower, stating that on the initial Credit Extension Date no Default or Unmatured Default has occurred and is continuing. (v) A written opinion of counsel to the Borrower and the Guarantors, addressed to the Administrative Agent and the Lenders in the form approved by the Administrative Agent. (vi) Notes payable to the order of each of the Lenders. (vii) Written money transfer instructions, in substantially the form of Exhibit C, addressed to the Administrative Agent and signed by an Authorized Officer of the Borrower, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested. (viii) The insurance certificate described in Section 5.18. (ix) The fees due and payable in accordance with the Fee Letters. (x) If the initial Credit Extension will be the issuance of a Facility LC, a properly completed Facility LC Application. (xi) Evidence that the Existing Credit Agreement has been terminated, and that all amounts outstanding thereunder have been paid in full. (xii) Such other documents as any Lender or its counsel may have reasonably requested.

  • Conditions to Each Credit Extension The obligation of each Lender to make a Credit Extension after the Closing Date, is subject to the satisfaction, or waiver in accordance with Section 11.4, of the following conditions precedent: (a) the Administrative Agent shall have received a fully executed and delivered Funding Notice, together with the documentation and certifications required therein with respect to each Credit Extension; (b) after making the Credit Extension requested on such Credit Date, (i) the aggregate outstanding principal amount of the Revolving Loans shall not exceed the aggregate Revolving Commitments then in effect and (ii) the aggregate outstanding principal amount of the Term Loans shall not exceed the respective Term Loan Commitments then in effect (c) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) on and as of that Credit Date, except to the extent such representations and warranties relate to an earlier date, in which case they shall be true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality in which case such representation and warranty shall be true and correct in all respects) as of such earlier date; (d) as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default. Notwithstanding the foregoing, the only representations the accuracy of which shall be a condition to the availability of any Incremental Facility, the proceeds of which are used to fund a Limited Condition Acquisition, on the date such Incremental Facility is funded shall be those certain “specified representations” approved by the lenders providing such Incremental Facility and the only Defaults the absence of which shall be a condition to the availability of any Incremental Facility, the proceeds of which are used to fund a Limited Condition Acquisition, on the date such Incremental Facility is funded shall be those Defaults set forth in Sections 9.1(a), (f) and (g).