Initial Credit Extensions Clause Samples
The "Initial Credit Extensions" clause defines the terms and conditions under which the lender will first make funds available to the borrower at the outset of a credit agreement. This clause typically outlines the requirements that must be satisfied before any loans or credit lines are disbursed, such as the delivery of necessary documentation, completion of due diligence, and fulfillment of any preconditions. By clearly specifying these prerequisites, the clause ensures that both parties understand when and how the initial funding will occur, thereby reducing uncertainty and protecting the lender from premature or unauthorized disbursements.
Initial Credit Extensions. The Lenders shall not be required to make the initial Credit Extensions hereunder unless, prior to or concurrently with the making of such initial Credit Extensions, the following conditions precedent have been satisfied:
Initial Credit Extensions. The obligations of the Lenders and, if applicable, the Issuer, to fund the initial Credit Extensions shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 5.1.
Initial Credit Extensions. The Lenders shall not be required to make ------------------------- the initial Advance hereunder, the Swing Line Lender shall not be required to make the initial Swing Line Loan and the LC Issuers shall not be required to issue the initial Facility LC hereunder, unless (a) the representation and warranty contained in Section 6.5 is true and correct as of such date and (b) ----------- the Borrower has furnished to the Agent (with sufficient copies for the Lenders):
(i) Copies of the articles or certificate of incorporation of each of the Borrower, each of its "Significant Subsidiaries" (as defined in Regulation S-X issued pursuant to the Securities Act and the Exchange Act) and each Subsidiary the stock of which is being pledged pursuant to a Pledge Agreement, together, in each case, with all amendments, and certificates of good standing, 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 its Consolidated Subsidiaries, of its by-laws, articles or certificate of incorporation and of its Board of Directors' resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents to which the Borrower or any Consolidated Subsidiary is a party.
(iii) An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower and its Consolidated Subsidiaries, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower and its Consolidated Subsidiaries authorized to sign the Loan Documents to which the Borrower or any of its Consolidated Subsidiaries is a party, upon which certificate the Agent, the LC Issuers, the Swing Line Lender and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower.
(iv) A certificate, signed by the chief financial officer of the Borrower, stating that on the initial Borrowing Date no Default or Unmatured Default has occurred and is continuing.
(v) A written opinion of the Borrower's and its Consolidated Subsidiaries' general counsel, addressed to the Agent, the Swing Line Lender, the LC Issuers and the Lenders in form and substance reasonably acceptable to the Agent and the Lenders.
(vi) Any Notes requested by any Lender pursuant to Section 2.14 payable to the order of each such requesting Lender and the Swing Line Note.
(vii) Written money transfer instru...
Initial Credit Extensions. The obligations of each Lender and each Issuer to fund the initial Credit Extensions shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this SECTION 7.1.
Initial Credit Extensions. The obligation of each Bank to make its initial Loan and of any Issuing Bank to issue any Letter of Credit, whichever first occurs, is, in addition to the conditions precedent specified in Section 11.2, subject to the conditions precedent (and the date on which all such conditions precedent have been satisfied or waived in writing by the Banks is called the "Effective Date") that (a) the Agent shall have received all amounts which are then due and payable pursuant to Section 5 and (to the extent billed) Section 14.6, (b) the Agent shall have received evidence, reasonably satisfactory to the Agent (i) of the completion of an initial equity offering by the Company producing gross proceeds of at least $50,000,000, (ii) that the Founding Companies Acquisition has been (or concurrently with the initial borrowing will be) consummated on terms and conditions set forth in the Founding Companies Acquisition Documents, without giving effect to any amendment or other modification thereto or waiver thereunder unless consented to by the Banks, (iii) that all Debt to be Repaid has been (or concurrently with the making of the initial Loans will be) paid in full and all Liens securing such Debt have been (or concurrently with the making of the initial Loans will be) terminated, and (iv) that the Company and its Subsidiaries leases the real property necessary to operate the Founding Companies pursuant to leases acceptable to the Agent, (c) Winternitz shall have completed a review of the Equipment of the Founding Companies, (d) the Effective Date shall occur on or before June 15, 1998 and (e) all of the following, each duly executed and dated the Effective Date (or such other date as shall be satisfactory to the Agent), in form and substance satisfactory to the Agent, and each (except for the Notes, of which only the originals shall be signed) in sufficient number of signed counterparts to provide one for each Bank:
Initial Credit Extensions. The obligations of the Lenders to make Loans and the Issuer to issue Letters of Credit and continue Existing Letters of Credit as Letters of Credit under this Agreement shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth below.
Initial Credit Extensions. The obligation of the Bank to make its initial Advance and to issue any Letter of Credit, whichever first occurs, is, in addition to the conditions precedent specified in Section 10.2, subject to the conditions precedent (and the date on which all such conditions precedent have been satisfied or waived in writing by the Bank is called the "Effective Date") that (a) the Bank shall have received all amounts which are then due and payable pursuant to Section 5 and (to the extent billed) Section 12.6, (b) the Bank shall have completed its due diligence of the Borrowers and (c) the Bank shall have received all of the following, each duly executed and dated the Effective Date (or such other date as shall be reasonably satisfactory to the Bank), in form and substance reasonably satisfactory to the Bank, and each (except for the Notes, of which only the originals shall be signed) in sufficient number of signed counterparts to provide one for the Bank:
Initial Credit Extensions. The obligation of each Bank to make its ------------------------- initial Loan and of any Issuing Bank to issue any Letter of Credit, whichever first occurs, is, in addition to
(a) the Agent shall have received all amounts which are then due and payable pursuant to Section 5 and (to the extent billed) Section 14.6, and (b) all of --------- ------------ the following, each duly executed and dated the Effective Date (or such other date as shall be satisfactory to the Agent), in form and substance satisfactory to the Agent, and each (except for the Notes, of which only the originals shall be signed) in sufficient number of signed counterparts to provide one for each Bank:
Initial Credit Extensions. The obligation of each Lender to advance its initial Revolving Loan is subject to satisfaction (or waiver in accordance with Section 10.11) of the following conditions precedent:
(a) The Administrative Agent shall have received (including by facsimile or other electronic means) signature pages to (1) this Agreement, duly executed by the parties hereto, (2) the Subsidiary Guaranty, duly executed by each Guarantor as of the Effective Date, (3) the Co-Borrower Cross-Guaranty, duly executed by the Borrowers as of the Effective Date,
Initial Credit Extensions. The obligation of each Bank to make its initial Loan and of any Issuing Bank to issue any Letter of Credit, whichever first occurs, is, in addition to the conditions precedent specified in Section 11.2, subject to the conditions precedent (and the date on which all such conditions precedent have been satisfied or waived in writing by the Banks is called the "Effective Date") that (a) the Agent shall have received all amounts which are then due and payable pursuant to Section 5 and (to the extent billed) Section 14.6, (b) the Agent shall have completed its due diligence of the Borrowers and (c) the Agent shall have received all of the following, each duly executed and dated the Effective Date (or such other date as shall be satisfactory to the Agent), in form and substance satisfactory to the Agent, and each (except for the Notes, of which only the originals shall be signed) in sufficient number of signed counterparts to provide one for each Bank: