Conditions to Initial Borrowings Sample Clauses

Conditions to Initial Borrowings. On the Closing Date the following actions shall be completed or satisfied to the sole satisfaction of the Agent:
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
Conditions to Initial Borrowings. The obligation of each Lender to make any Borrowings hereunder on the Closing Date is subject to the satisfaction or waiver of the following conditions precedent, in each case on or prior to the Closing Date:
Sample 1Sample 2Sample 3See All (4)
Conditions to Initial Borrowings. The obligations of any Bank to make its initial Loan shall be subject to the satisfaction of the following conditions:
Sample 1
Conditions to Initial Borrowings. The availability of the initial borrowing under the Bridge Facility on the Closing Date will be subject solely to the satisfaction or waiver of the applicable conditions set forth in Exhibit E to the Commitment Letter.
Sample 1
Conditions to Initial Borrowings. The commitment of Lender to provide the DIP Facility shall be conditioned upon satisfaction of the following conditions precedent (the date upon which all such conditions precedent shall be satisfied, the “Closing Date”): 1. The petition commencing the Bankruptcy Case shall have been filed with the Bankruptcy Court. 2. All motions and other documents to be filed with and submitted to the Bankruptcy Court in connection with the DIP Facility and the approval thereof, in form and substance reasonably satisfactory to Lender, shall have been filed with the Bankruptcy Court. 3. The execution of the promissory note made by Borrower in favor of Lender, as attached hereto as Exhibit B. 4. The entry of the Interim Financing Order by the Bankruptcy Court in form and substance reasonably acceptable to Lender. Lender’s commitment to lend as stated herein shall be expressly subject to the entry and terms of the Financing Orders (and any other necessary and appropriate court orders) by the Bankruptcy Court, which order or orders must not be subject to any stay and acceptable to Lender in its reasonable discretion; provided, that from the Closing Date until the entry of the Final Order acceptable to Lender in its reasonable discretion, Lender will make up to $716,000 of the DIP Facility commitment available on the terms and conditions specified herein and in the Interim Order. Without limiting in any way Lender’s reasonable discretion, the Financing Orders shall provide for the following, among other things: 1. That all indebtedness, liabilities and obligations of Borrower to Lender arising under the DIP Facility shall be allowed unsecured claims against the Debtor and treated pari passu with allowed third-party prepetition claims against the Debtor; 2. Adequate notice has been given to all necessary parties of the hearing pursuant to which the Bankruptcy Court has entered the applicable order; and 3. A finding that Lender has acted in good faith and the transaction was negotiated at arm’s-length. Conditions to Each Advance: Conditions precedent to each Advance under the DIP Facility shall be: (i) the absence of any Event of Default; (ii) receipt of a customary borrowing notice form the Borrower; (iii) there being no legal bar to Lender making the applicable Advance; (iv) the effectiveness of the Financing Order authorizing the DIP Facility and such Financing Order not having been reversed, vacated or stayed and not having been amended, supplemented or otherwise modified ...
Sample 1

Related to Conditions to Initial Borrowings

  • Conditions to Initial Borrowing The obligation of each Lender to extend credit to the Borrower and of each Issuing Bank to issue Letters of Credit hereunder on the Closing Date is subject only to the satisfaction, or waiver in accordance with Section 11.01, of each of the following conditions precedent, except as otherwise agreed between the Borrower and the Required Lenders:

  • Conditions to Initial Loans The agreement of each Lender to make Loans hereunder and the effectiveness of this Agreement is subject to the satisfaction, prior to or on the Closing Date, of the following conditions precedent, which conditions precedent apply to and shall be satisfied by the Borrower:

  • CONDITIONS TO BORROWINGS The obligations of each Lender to make Advances to Borrower hereunder is subject to the satisfaction of the following conditions:

  • CONDITIONS TO ALL BORROWINGS The obligations of the Lenders to make any Loan or issue any Letter of Credit, whether on or after the Closing Date, shall also be subject to the satisfaction of the following conditions precedent:

  • Conditions to Initial Advances The agreement of Lenders to make the initial Advances requested to be made on the Closing Date is subject to the satisfaction, or waiver by Agent, immediately prior to or concurrently with the making of such Advances, of the following conditions precedent:

  • Conditions Precedent to Initial Borrowing The initial Borrowing under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower and the Administrative Agent.

  • Conditions to Initial Loan The obligation of each Bank to make its initial Loan hereunder is subject to the satisfaction of the following conditions precedent:

  • Conditions to Initial Extensions of Credit The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, immediately prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent:

  • CONDITIONS TO LOANS The obligations of Lenders to make Loans are subject to satisfaction of all of the applicable conditions set forth below.

  • Conditions to Borrowing The Bank will not be obligated to make (or continue to make) advances hereunder unless (i) the Bank has received executed originals of the Note and all other documents or agreements applicable to the loans described herein, including but not limited to the documents specified in Article III (collectively with this Agreement the “Loan Documents”), in form and content satisfactory to the Bank; (ii) if the loan is secured, the Bank has received confirmation satisfactory to it that the Bank has a properly perfected security interest, mortgage or lien, with the proper priority; (iii) the Bank has received certified copies of the Borrower’s governance documents and certification of entity status satisfactory to the Bank and all other relevant documents; (iv) the Bank has received a certified copy of a resolution or authorization in form and content satisfactory to the Bank authorizing the loan and all acts contemplated by this Agreement and all related documents, and confirmation of proper authorization of all guaranties and other acts of third parties contemplated hereunder; (v) if required by the Bank, the Bank has been provided with Opinion of the Borrower’s counsel in form and content satisfactory to the Bank confirming the matters outlined in Section 2.2 and such other matters as the Bank requests; (vi) no default exists under this Agreement or under any other Loan Documents, or under any other agreements by and between the Borrower and the Bank; and (vii) all proceedings taken in connection with the transactions contemplated by this Agreement (including any required environmental assessments), and all instruments, authorizations and other documents applicable thereto, are satisfactory to the Bank and its counsel.

Time is Money Join Law Insider Premium to draft better contracts faster.