Approved Funds Clause Samples
The "Approved Funds" clause defines which investment funds are permitted to act as lenders or participants under a loan agreement. Typically, this clause specifies criteria that funds must meet—such as being managed by a recognized financial institution or being affiliated with an existing lender—to qualify as "approved." For example, it may allow a bank to assign its loan interests to a fund that it manages or controls, provided the fund meets certain regulatory or financial standards. The core function of this clause is to provide flexibility for lenders to transfer their interests while ensuring that only reputable and financially sound entities become parties to the agreement, thereby maintaining the integrity and stability of the lending group.
Approved Funds. Notwithstanding anything to the contrary contained herein, any Lender that is a Approved Fund may create a security interest in all or any portion of the Advances owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities, provided that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this Section 9.08, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.
Approved Funds. In furtherance and not in limitation of any right or remedy of the Agent, the Issuing Banks, the Swing Line Lender or the Banks, the Borrower agrees that upon the occurrence of an Event of Default: (1) without any notice to the Borrower or other act by the Agent, the Issuing Banks, the Swing Line Lender or the Banks, the Borrower shall immediately (and shall continue during the continuance of such Event of Default) withdraw from the Approved Funds the maximum amount of cash, cash equivalents and other distributions which may be withdrawn in accordance with the terms of such Approved Fund (which in the case of the ▇▇▇▇▇▇▇ Asset Fund shall be governed by that certain Limited Partnership Agreement dated July 1, 1998 by and among Private Advisors, LLC as general partner and the Borrower as limited partner, as amended by amendments dated December 1, 1998 and Second Amendment to Limited Partnership Agreement dated February 23, 2000 and that certain Third Amendment to Limited Partnership Agreement dated October 25, 2000) which funds shall be held as collateral pursuant to arrangements satisfactory to the Agent and shall be in an amount no less than $15,000,000; and (2) grant to the Agent for the benefit of the Secured Parties a first priority lien on and security interest upon all of the Borrower’s right, title and interest in and to the Approved Funds including, without limitation, any and all rights of the Borrower as a limited partner in the ▇▇▇▇▇▇▇ Asset Fund together with any and all payments, distributions and other amounts payable to the Borrower. In connection with such liens, the Borrower shall immediately execute security agreements, financing statements and such other agreements, documents and certificates as the Agent shall reasonably request.
Approved Funds. No Loan Party nor any Subsidiary of a Loan Party shall permit an Approved Fund to: (i) create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by such Approved Fund; (ii) make Investments except: (A) in the case of the ▇▇▇▇▇▇▇ Asset Fund, in accordance with the ▇▇▇▇▇▇▇ Asset Fund Investment Policy, and (B) in the case of Approved Funds other than the ▇▇▇▇▇▇▇ Asset Fund, in the ordinary course of business and consistently with practices existing on August 28, 2004; (iii) make loans or advances to any Person except in the case of the ▇▇▇▇▇▇▇ Asset Fund as set forth in the ▇▇▇▇▇▇▇ Asset Fund Investment Policy; (iv) consolidate or merge with or into, or except as permitted under Section 5.33(ii) sell, lease or otherwise transfer any of its assets; (v) make or declare any dividend or distribution except: (A) in the case of the ▇▇▇▇▇▇▇ Asset Fund, to the Borrower in accordance with the ▇▇▇▇▇▇▇ Asset Fund Investment Policy, and (B) in the case of Approved Funds other than the ▇▇▇▇▇▇▇ Asset Fund, in the ordinary course of business and consistently with practices existing on August 28, 2004; (vi) directly or indirectly, issue, assume, create, incur or suffer to exist any Debt or the equivalent (including obligations under Capital Leases); or (vii) in the case of the ▇▇▇▇▇▇▇ Asset Fund after the Closing Date, amend or modify the limited partnership agreement pursuant to which the ▇▇▇▇▇▇▇ Asset Fund is formed. The Borrower shall not make any withdrawal from an Approved Fund unless after giving effect to such withdrawal the Borrower shall be able to fully perform its obligations under Section 6.04. In furtherance and not in limitation of the foregoing in connection with any such withdrawal, the Borrower shall obtain the acknowledgment and agreement of: (A) in the case of the ▇▇▇▇▇▇▇ Asset Fund, the general partner under the ▇▇▇▇▇▇▇ Asset Fund that such withdrawal shall not limit the Borrower’s right to withdraw funds in the future from the ▇▇▇▇▇▇▇ Asset Fund, and (B) in the case of Approved Funds other than the ▇▇▇▇▇▇▇ Asset Fund, by the manager of such Approved Fund that such withdrawal shall not limit the Borrower’s right to withdraw funds in the future from such Approved Fund.
Approved Funds. A maximum sum of Hong Kong Dollars (HK$)[MEF maximum amount] only; Provided that:
Approved Funds. A maximum sum of Hong Kong Dollars (HK$)[MEF maximum amount] only; Provided that:
(a) the total Government’s contribution (including the Funds payable by the Government) shall not exceed 50% of the Project’s Cost; and
(b) the Funds payable by the Government is subject to the additional funding conditions stipulated in Schedule 2, and that the Grantee shall deliver the Project Result under this Agreement in accordance with and achieve the approved deliverables, targets and key performance indicators of the Project as stipulated in Schedule 2.