CONDITIONS TO LOANS AND LETTERS OF CREDIT. The obligations of Lenders to make Loans and the issuance of Letters of Credit hereunder are subject to the satisfaction of the following conditions.
CONDITIONS TO LOANS AND LETTERS OF CREDIT. In addition to the conditions precedent stated elsewhere herein, the Lenders shall not be obligated to make new Loans to any Borrower (including the initial Loans to be made hereunder) or to issue, renew or participate in any Letter of Credit unless:
CONDITIONS TO LOANS AND LETTERS OF CREDIT or Section
CONDITIONS TO LOANS AND LETTERS OF CREDIT. Section 3.1. Conditions Precedent to Initial Loans and Letters of Credit.................50 Section 3.2. Conditions Precedent to Each Loan and Letter of Credit......................53 Section 3.3. Conditions to Increased Fixed Asset Amount Availability.....................56
CONDITIONS TO LOANS AND LETTERS OF CREDIT. 59 4.1 Conditions to Term Loans and Initial Revolving Loans........59 4.2 Conditions to Permitted Acquisitions........................61 4.3 Conditions to All Loans.....................................63 4.4 Conditions to Letters of Credit.............................63 TABLE OF CONTENTS (CONT'D) -----------------
CONDITIONS TO LOANS AND LETTERS OF CREDIT or Section 2.4(a) (Letters of Credit) or any other condition to any Borrowing or other extension of credit hereunder or any condition precedent to the effectiveness of this Agreement.
CONDITIONS TO LOANS AND LETTERS OF CREDIT. 5.01. Conditions Precedent to the Initial Loans and Letters of Credit ..........................................
5.02. Conditions Precedent to All Subsequent Revolving Loans, Swing Loans and Letters of Credit........................... -1- TABLE OF CONTENTS (continued) Page -----------
CONDITIONS TO LOANS AND LETTERS OF CREDIT. The obligation of the Lenders to make a Loan, convert a Base Rate Loan or Overnight LIBOR Loan or continue a Eurodollar Loan and of Agent to issue any Letter of Credit is conditioned, in the case of each borrowing, conversion, continuation or issuance hereunder, upon:
(a) all conditions precedent as listed in Article IV hereof shall have been satisfied;
(b) with respect to Base Rate Loans and Overnight LIBOR Loans, receipt by Agent of a Notice of Loan, such notice to be received by 12:00 P.M. on the proposed date of borrowing or conversion, and, with respect to Eurodollar Loans, by 12:00 P.M. three (3) Business Days prior to the proposed date of borrowing or conversion;
(c) with respect to Letters of Credit, satisfaction of the notice provisions set forth in subsection 2 of Section 2.1 hereof;
(d) Borrowers’ request for (i) a Base Rate Loan or an Overnight LIBOR Loan shall be in any amount, and (ii) a Eurodollar Loan shall be in an amount of not less than $250,000 increased by increments of $50,000;
(e) the fact that no Default or Event of Default shall then exist or immediately after the making, continuation or conversion of the Loan or issuance of the Letter of Credit would exist;
(f) the fact that no Material Adverse Effect, in the reasonable opinion of Agent, shall have occurred; and
(g) the fact that each of the representations and warranties contained in Article VII hereof shall be true and correct in all material respects (without duplication of materiality qualifiers) with the same force and effect as if made on and as of the date of the making, conversion or continuation of such Loan, or the issuance of the Letter of Credit, except to the extent that any thereof expressly relate to an earlier date. At no time shall Borrowers request that Eurodollar Loans be outstanding for more than four (4) different Interest Periods at any time, and, if Base Rate Loans are outstanding, then LIBOR Loans shall be limited to one (1) Interest Period at any time. Each request by Borrowers for the making of a Loan, conversion of a Base Rate Loan or Overnight LIBOR Loan or continuation of a Eurodollar Loan or for the issuance of a Letter of Credit hereunder shall be deemed to be a representation and warranty by the Credit Parties as of the date of such request as to the facts specified in (e) and (g) above. Each request for a Eurodollar Loan shall be irrevocable and binding on Borrowers and Borrowers shall indemnify Agent and the Lenders against any loss or expense inc...
CONDITIONS TO LOANS AND LETTERS OF CREDIT. The obligation of the Banks to make a Loan, convert a LIBOR Loan or Base Rate Loan or continue a LIBOR Loan and of Agent to issue any Letter of Credit is conditioned, in the case of each borrowing, conversion or continuation of a Loan or issuance of a Letter of Credit hereunder, upon:
(a) all conditions precedent as listed in Article IV hereof shall have been satisfied;
(b) with respect to Base Rate Loans, receipt by Agent of a Notice of Loan, such notice to be received by 2:00 P.M. (Cleveland, Ohio time) on the proposed date of borrowing or conversion, with respect to LIBOR Loans (other than Daily LIBOR Loans), by 2:00 P.M. (Cleveland, Ohio time) three (3) Business Days prior to the proposed date of borrowing, conversion or continuation and with respect to Daily LIBOR Loans by 2:00 P.M. (Cleveland, Ohio time) on the proposed date of borrowing. Agent shall notify each Bank of the date, amount and initial Interest Period (if applicable) promptly upon the receipt of such notice, and, in any event, by 2:00 P.M. (Cleveland, Ohio time) on the date such notice is received. On the date such Loan is to be made, each Bank shall provide Agent, not later than 3:00 P.M. (Cleveland, Ohio time), with the amount in federal or other immediately available funds, required of it;
(c) with respect to Letters of Credit, satisfaction of the notice provisions set forth in Section 2.1C hereof;
(d) Borrower’s request for (i) a Base Rate Loan shall be in an amount of not less than One Hundred Thousand Dollars ($100,000), increased by increments of Fifty Thousand Dollars ($50,000), (ii) a LIBOR Loan shall be in an amount of not less than One Million Dollars ($1,000,000), increased by increments of One Million Dollars ($1,000,000) and (iii) a Swing Line Loan shall be in an amount of not less than One Hundred Thousand Dollars ($100,000);
(e) the fact that no Default or Event of Default shall then exist or immediately after the making, conversion or continuation of the Loan or issuance of the Letter of Credit would exist; and
(f) the fact that each of the representations and warranties contained in Article VI hereof shall be true and correct with the same force and effect as if made on and as of the date of the making, conversion, or continuation of such Loan, or the issuance of the Letter of Credit, except to the extent that any thereof expressly relate to an earlier date. At no time shall Borrower request that LIBOR Loans be outstanding for more than ten (10) different Interest Perio...
CONDITIONS TO LOANS AND LETTERS OF CREDIT. Conditions Precedent to the Initial Loans and Letters of Credit 67 6.2 Conditions Precedent to All Subsequent Loans and Letters of Credit 68
