Determinations Under Section 7 Clause Samples
The "Determinations Under Section 7" clause defines the process and authority for making decisions or judgments as specified in Section 7 of the agreement. Typically, this clause outlines who is responsible for making such determinations—such as a party, an independent expert, or an arbitrator—and may describe the criteria or procedures to be followed. For example, it might apply to decisions about compliance, performance standards, or the occurrence of certain events. The core function of this clause is to ensure that there is a clear, agreed-upon method for resolving specific issues or questions that arise under Section 7, thereby reducing ambiguity and potential disputes between the parties.
Determinations Under Section 7. For purposes of determining compliance with the conditions specified in Sections 7.01 and 7.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that Borrower or PR Borrower (as the case may be), by notice to the Lenders, designates as the proposed date of the extension of credit, specifying its objection thereto.
Determinations Under Section 7. 01. For purposes of determining compliance with the conditions specified in Section 7.01, each Lender and each Issuing Bank shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders and the Issuing Banks unless an officer of the Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender or such Issuing Bank prior to the date that the Borrowers, by notice to the Agent, the Issuing Banks and the Lenders, designates as the proposed Agreement Effective Date, specifying its objection thereto. The Agent shall promptly notify the Issuing Banks and the Lenders of the occurrence of the Agreement Effective Date.
Determinations Under Section 7. For purposes of determining compliance with the conditions specified in Sections 7.01 and 7.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the date that Borrower, by notice to the Lenders, designates as the proposed date of the extension of credit, specifying its objection thereto.
Determinations Under Section 7. For purposes of determining ------------------------------ compliance with the conditions specified in Sections 7.01 and 7.02, each Lender and each Agent shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders, the Required Lenders, the Agent or such Agent unless an officer of Administrative Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender or Agent prior to the date that Borrower, by notice to the Administrative Agent, designates as the proposed date of the initial extension of credit, specifying its objection thereto.