Certain Credit Extensions Clause Samples
The 'Certain Credit Extensions' clause defines the terms and conditions under which a lender may provide specific types of credit or loans to a borrower. This clause typically outlines the eligibility criteria, limits, and procedures for drawing on lines of credit, issuing letters of credit, or making additional advances. For example, it may specify that only certain subsidiaries of the borrower can access these credit facilities or that extensions are subject to compliance with financial covenants. Its core practical function is to clearly delineate the scope and limitations of credit available under the agreement, thereby managing risk and setting expectations for both parties.
Certain Credit Extensions. Neither the Lenders nor the Issuer shall be required to make any Credit Extension:
(i) which would cause the Outstanding Credit Extensions to DPL to exceed $275,000,000 unless DPL shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals necessary for DPL to have Outstanding Credit Extensions in the applicable amount have been obtained; or
(ii) which would cause the Outstanding Credit Extensions to ACE to exceed $250,000,000 unless ACE shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals necessary for ACE to have Outstanding Credit Extensions in the applicable amount have been obtained.
Certain Credit Extensions. The obligation of:
(a) the UK Lender to make any UK Loan to any UK Borrower is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Faegre Benson ▇▇▇▇▇▇ ▇▇▇▇▇▇ LLP (or other UK counsel to Pentair UK reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to the applicable UK Borrower;
(b) the Canadian Lender to make any Canadian Loan to any Canadian Borrower is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Gowling, Strathy & ▇▇▇▇▇▇▇▇▇ (or other Canadian counsel to Pentair Canada reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to the applicable Canadian Borrower;
(c) any EMU Lender to make any EMU Loan to any EMU Borrower organized under the laws of Germany is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Faegre ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (or other German counsel to EuroPentair reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to the applicable EMU Borrower;
(d) any EMU Lender to make any EMU Loan to any EMU Borrower organized under the laws of Luxembourg is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Luxembourg counsel to Pentair Global reasonably satisfactory to the Administrative Agent as to the matters set forth on Schedule 11.03 with respect to the applicable EMU Borrower; and
(e) any EMU Lender to make any EMU Loan to any EMU Borrower organized under the laws of a jurisdiction other than Germany or Luxembourg is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of counsel (licensed to practice in such jurisdiction) to such EMU Borrower reasonably satisfactory to the Administrative Agent as to the matters set forth on Schedule 11.03 with respect to the applicable EMU Borrower.
Certain Credit Extensions. Neither the Lenders nor the Issuer shall be required to make any Credit Extension:
(i) In the case of PHI, after June 30, 2005, unless PHI shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals (including approvals of the SEC and any applicable state or federal public utilities commission) necessary for such Borrower to have Outstanding Credit Extensions in the applicable amount have been obtained.
(ii) In the case of PEPCO, after June 30, 2005, unless PEPCO shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals (including approvals of the SEC and any applicable state or federal public utilities commission) necessary for such Borrower to have Outstanding Credit Extensions in the applicable amount have been obtained.
(iii) In the case of DPL, after March 31, 2004, unless DPL shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals (including approvals of the SEC and any applicable state or federal public utilities commission) necessary for such Borrower to have Outstanding Credit Extensions in the applicable amount have been obtained.
(iv) In the case of ACE, after January 1, 2004, unless ACE shall have delivered to the Agent a certificate to the effect that (and attaching copies of) all corporate and governmental approvals (including approvals of the SEC and any applicable state or federal public utilities commission) necessary for such Borrower to have Outstanding Credit Extensions in the applicable amount have been obtained.
Certain Credit Extensions. The obligation of:
(a) the UK Lender to make any UK Loan is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Feagre, ▇▇▇▇▇▇, ▇▇▇▇▇▇ & ▇▇▇▇▇▇ (or other UK counsel to Pentair UK reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to Pentair UK;
(b) the Canadian Lender to make any Canadian Loan which would cause the aggregate principal amount of all Canadian Loans to exceed CAN$9,000,000 is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Gowling, Strathy & ▇▇▇▇▇▇▇▇▇ (or other Canadian counsel to Pentair Canada reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to Pentair Canada; and
(c) the German Lender to make any German Loan which would cause the aggregate principal amount of all German Loans to exceed DM 40,500,000 is subject to the condition precedent that the Administrative Agent shall have received (with sufficient copies for each Lender) an opinion of Feagre & ▇▇▇▇▇▇ (or other German counsel to EuroPentair reasonably satisfactory to the Administrative Agent) as to the matters set forth on Schedule 11.03 with respect to EuroPentair.
Certain Credit Extensions. Notwithstanding any other provision of this Agreement to the contrary, the obligation of each Lender to make any Credit Extension for the purpose of funding, or providing support for, any Pending Matter Payment, in whole or part, is subject to the further condition precedent that, after giving effect to such Pending Matter Payment, the Company will be in compliance with the Pending Matter Pro Forma Test.