Initial Extensions of Credit Sample Clauses

Initial Extensions of Credit. The Commitment of each Lender to make its initial Loan and of each Fronting Bank to issue its initial Letter of Credit on or after the date hereof is subject to the conditions that on or prior to the date of such Extension of Credit: (a) The Agent shall have received favorable written legal opinions of (i) (A) Xxxxx X. Xxxxx, Executive Vice President and General Counsel of TXU Business Services Company or an Associate General Counsel or a local counsel of the Borrower, and (B) Xxxxxx Xxxx Xxxxx Raysman & Xxxxxxx LLP, counsel to the Borrower, and (ii) King & Spalding LLP, special New York counsel to the Agent, in each case dated the date hereof, addressed to the Agent, the Fronting Banks and the Lenders and in form and substance satisfactory to the Agent. (b) The Agent shall have received (i) a copy of the certificate of formation, including all amendments thereto, of the Borrower, certified as of a recent date by the Secretary of State of the state of Delaware, and a certificate as to the good standing of the Borrower as of a recent date from such Secretary of State; (ii) a certificate of the Secretary or an Assistant Secretary or analogous officer of the Borrower, dated the date of this Agreement and certifying (A) that attached thereto is a true and complete copy of the limited liability company agreement of the Borrower as in effect on such date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto are true and complete copies of resolutions duly adopted by the board of managers (or any duly authorized committee thereof) of the Borrower, authorizing the execution and delivery by the Borrower of this Agreement, the Extensions of Credit to be made hereunder and the performance by the Borrower of all of its obligations hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate of formation referred to in clause (i) above has not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to such clause (i) and (D) as to the incumbency and specimen signature of each officer executing this Agreement and any other document delivered in connection herewith on behalf of the Borrower; (iii) a certificate of another officer of the Borrower as to the incumbency and specimen signature of the Secretary or Assistant Secretary or analogous officer executing the...
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Initial Extensions of Credit. On the Closing Date:
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Initial Extensions of Credit. The Commitment of each Lender to make its initial Loan and of each Fronting Bank to issue its initial Letter of Credit on or after the date hereof is subject to the conditions that on or prior to the date of such Extension of Credit: (a) The Agent shall have received favorable written legal opinions of (i) (A)
Sample 1
Initial Extensions of Credit. The obligation of any Lender to make its initial extension of credit hereunder or the obligations of the Facing Bank to issue any Letter of Credit hereunder is subject to the condition precedent that the Company deliver to the Agent each of the following, each of which shall be satisfactory in form and substance to the Agent and the Agent's counsel:
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Initial Extensions of Credit. The Revolving Commitments and the obligations of the Lenders to make Extensions of Credit hereunder shall not become effective until the date, which may not be later than March 30, 2007, on which each of the following conditions is satisfied (or waived in accordance with Section 10.02):
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Initial Extensions of Credit. The obligation of any Lender or Issuing Bank to make its initial extension of credit hereunder (whether by making an Advance or issuing a Letter of Credit) is subject to the condition precedent that (1) such extension of credit shall be made on or before June 30, 1998 and (2) the Administrative Agent shall have received the following in form and substance satisfactory to it:
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Initial Extensions of Credit. If the Borrower uses the Loans to fund the Acquisition, the conditions to effectiveness shall be satisfied on the same date as the initial extensions of credit.
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Initial Extensions of Credit. Solely with respect to the first extension of credit (provided that, Existing Letters of Credit on the Closing Date shall be permitted, together with any renewal or replacement thereof so long as the aggregate L/C Exposure does not exceed $3,000,000)) following the Closing Date, receipt of the financial information set forth in Section 5.3(c) with results satisfactory to the Lenders. Each borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder, and unless otherwise agreed by the Required Lenders each Revolving Loan Conversion shall constitute a representation and warranty by the Borrower as of the date of such extension of credit or Revolving Loan Conversion, as applicable, that the conditions contained in this Section 5.2 have been satisfied.
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Related to Initial Extensions of Credit

  • All Extensions of Credit The obligation of Lenders to make any Credit Extension hereunder (including the initial Credit Extension) is subject to the following additional 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 All Extensions of Credit The obligation of each Lender to make any Extension of Credit hereunder is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit:

  • Initial Extension of Credit The obligation of Lender to make the initial Advance or issue the initial Letter of Credit is subject to the condition precedent that Lender will have received on or before the day of such Advance or issuance of such Letter of Credit all of the following, each dated (unless otherwise indicated) the Closing Date, in form and substance satisfactory to Lender:

  • CONDITIONS OF INITIAL EXTENSION OF CREDIT The obligation of Bank to extend any credit contemplated by this Agreement is subject to the fulfillment to Bank's satisfaction of all of the following conditions:

  • Extensions of Credit The Extensions of Credit made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Revolving Credit Note and/or Swingline Note, as applicable, which shall evidence such Lender’s Revolving Credit Loans and/or Swingline Loans, as applicable, in addition to such accounts or records. Each Lender may attach schedules to its Notes and endorse thereon the date, amount and maturity of its Loans and payments with respect thereto.

  • Conditions to Closing and Initial Extensions of Credit The obligation of the Lenders to close this Agreement and to make the initial Loan or issue or participate in the initial Letter of Credit, if any, is subject to the satisfaction of each of the following conditions:

  • No Extension of Credit The Company has not, directly or indirectly, including through a Subsidiary, extended credit, arranged to extend credit, or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of the Company.

  • Conditions Precedent to all Extensions of Credit The obligation of the Lender Group (or any member thereof) to make any Revolving Loans hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: (a) the representations and warranties of each Loan Party or its Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date); and (b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from the making thereof.

  • The Commitments and Credit Extensions 2.01 The Loans.

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