Conditions for Committed Facility Clause Samples
The 'Conditions for Committed Facility' clause defines the specific requirements that must be satisfied before a lender is obligated to provide funding under a committed credit facility. Typically, these conditions include the delivery of certain documents, evidence of compliance with financial covenants, and the absence of any default or material adverse change. By clearly outlining these prerequisites, the clause ensures that the lender is protected from undue risk and that the borrower meets all necessary obligations before accessing the facility.
Conditions for Committed Facility. The commitment as set forth in Section 6 only applies so long as –
(a) Customer satisfies the Collateral Requirements;
(b) no Default or Facility Termination Event has occurred; and
(c) there has not occurred any automatic termination as provided under Section 14.
Conditions for Committed Facility. The commitment as set forth in Section 2 only applies so long as -
(a) Customer satisfies the Collateral Requirements and
(b) no Default or Facility Termination Event has occurred.
Conditions for Committed Facility. The commitment as set forth in Sections 2 and 6 only applies so long as –
(a) Customer satisfies the Collateral Requirements (after giving effect to any applicable notice requirement or grace period);
(b) no Default or Facility Termination Event has occurred and is continuing;
(c) Customer is not bankrupt, insolvent, or subject to any bankruptcy, reorganization, insolvency or similar proceeding; and
(d) there has not occurred any termination of this Agreement (including, without limitation, pursuant to Section 15).
Conditions for Committed Facility. The commitment as set forth in Sections 2 and 6 shall become effective on the date on which the escrowed subscription funds described in that certain Escrow Agreement dated as of September 2, 2014 shall have been released to Customer (the “Escrow Release”), and such commitment shall only apply so long as –
(a) Customer satisfies the Collateral Requirements;
(b) no Default or Facility Termination Event has occurred; and
(c) there has not occurred any termination of this Agreement (including, without limitation, pursuant to Section 15).
Conditions for Committed Facility. The commitment as set forth in Sections 2 and 6 only applies so long as -
(a) Customer satisfies the Collateral Requirements;
(b) no Default or Facility Termination Event has occurred; and
(c) no termination of this Agreement has occurred as provided under Section 6(e). Notwithstanding anything to the contrary in the foregoing or elsewhere in the 40 Act Financing Agreements, upon the occurrence of an initial or final adjudication of fines, damages, judgments or other form of penalties against Customer or its property in excess of $1,000,000, in the aggregate, to the extent not covered by Customer's third party insurance, so long as they are undischarged, unvacated, unbonded or unstayed, (i) BNPP PB, Inc. shall not be obligated to make available any additional cash financing (irrespective of whether Customer may seek to repay and reborrow), and (ii) the Customer shall not be entitled to effect a Borrowing of any remaining undrawn capacity under the Maximum Commitment Financing; provided, that, Customer shall not be obligated to continue to pay the commitment fee, as set forth in Appendix B in respect of such unused amount.